olivLaw · European equity research
LSI Software S.A. LSI.WA
Poland · GPW Warszawa · ISIN PLLSSFT00016 · Vertical: Listed companies from Poland
LSI Software S.A. is a Łódź-based group listed on the Warsaw Stock Exchange that develops and sells software and related services to businesses. For fiscal 2023 the group reported revenue of 56.928 million PLN and a net profit of 3.189 million PLN. The company is of interest because its profit is positive while its revenue mix still depends on sales of goods and materials.
At the close of 05 Nov 2026, LSI Software S.A. (LSI.WA) stock was 36.30 PLN (+0.55% on the day), with market capitalisation 118.1 m PLN, P/E 37.0 on diluted EPS of 0.98 PLN over the last 12 months, dividend yield 0.68%, beta 0.27, 52-week range 27.00–62.80 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.7
- weak (30–45)
- Bollinger (20, 2)
- 33.65 – 44.39
- in the lower half of the band · %B 0.25 · band width 27.5%
- SMA 50 / 200
- 46.31 / 44.20
- mixed trend
- MACD (12, 26, 9)
- -3.03 / -3.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −27.4% | −0.6% | −26.8 pp | — |
| 3 months | −36.5% | −4.2% | −32.4 pp | — |
| 6 months | −24.4% | +4.3% | −28.7 pp | — |
| Year to date | +23.5% | +7.5% | +16.0 pp | — |
| 1 year | +28.7% | +9.9% | +18.8 pp | +7.1% |
| 3 years | +150.3% | +49.8% | +100.5 pp | +3.3% |
| 5 years | +142.8% | +42.8% | +100.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 6.5, median 13.5, max 15.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 54.0 m | 57.4 m | 56.9 m |
| Revenue YoY | unavailable | +6.1% | −0.8% |
| Net income | 6.5 m | 2.8 m | 3.2 m |
| Net income YoY | unavailable | −57.3% | +15.7% |
| Diluted EPS | 1.98 | 0.85 | 0.98 |
| Diluted EPS YoY | unavailable | −57.1% | +15.3% |
| net % | 12.0% | 4.8% | 5.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 7.1 m PLN
- Financial debt
- 1.2 m PLN
- Net debt
- -5.9 m PLN
- Equity
- 51.2 m PLN
- Total assets
- 67.2 m PLN
- Debt / equity
- 0.02x
- Current ratio
- 1.98x
- ROE
- 6.4%
- ROA
- 4.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 54.0 m | 57.4 m | 56.9 m | esef· 08 May 2024verified |
| Cost of revenue | 37.5 m | 43.6 m | 36.8 m | esef· 08 May 2024verified |
| Gross profit | 16.6 m | 13.8 m | 20.1 m | esef· 08 May 2024verified |
| Operating income | 5.9 m | 1.6 m | 3.8 m | esef· 08 May 2024verified |
| Interest expense | 319.0 k | 431.0 k | 933.0 k | esef· 08 May 2024verified |
| Pre-tax income | 5.7 m | 1.3 m | 3.0 m | esef· 08 May 2024verified |
| Income tax | -724.0 k | -1.5 m | -193.0 k | esef· 08 May 2024verified |
| Net income | 6.5 m | 2.8 m | 3.2 m | esef· 08 May 2024verified |
| Diluted EPS | 1.98 | 0.85 | 0.98 | esef· 08 May 2024verified |
| Dividend per share | 0.00 | 0.00 | 0.25 | esef· 08 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 12.7 m | 2.8 m | 7.1 m | esef· 08 May 2024verified |
| Inventories | 5.8 m | 7.6 m | 3.9 m | esef· 08 May 2024verified |
| Current assets | 28.4 m | 21.3 m | 24.3 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 6.9 m | 9.5 m | 10.0 m | esef· 08 May 2024verified |
| Goodwill | 2.8 m | 2.8 m | 2.8 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 17.5 m | 19.3 m | 21.4 m | esef· 08 May 2024verified |
| Total assets | 60.7 m | 62.3 m | 67.2 m | esef· 08 May 2024verified |
| Long-term debt | 67.0 k | 0 | 1.2 m | esef· 08 May 2024verified |
| Current liabilities | 12.5 m | 9.9 m | 12.3 m | esef· 08 May 2024verified |
| Equity | 46.0 m | 48.8 m | 51.2 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 3.3 m | 3.2 m | 3.3 m | esef· 08 May 2024derived |
Cash flow · PLN
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 118.1 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.0% | 20 (vs peers) | 24% |
| Net margin · Quality | 5.6% | 56 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.1x | 40 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.0x | 98 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 37.0x | 16 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.7% | 10 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns· partial10/100 · 1/2 factors with a value
- Valuation· partial16/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LSI SOFTWARE S.A. (LSI.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 56.9 m PLN in 2023; YoY growth -0.8%; net margin 5.6%; ROE 6.4%.
The estimated value range is 4.33–10.11 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 6.76 PLN, the price of 36.30 PLN leaves a potential of -81.4% (value / price − 1) and a margin of safety of -437.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- ROIC: 7.0%
- P/E (TTM): 37.0x
- Shareholder yield (distributions): 0.7%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| LSI.WALsi Software S.A. | 118.1 m | 37.0 | 6.4% | 5.6% | −0.8% | +32% / +136% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for LSI.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20.32 Total return -44% · Per year -44% | 36.02 Total return -0% · Per year -0% | 54.39 Total return 51% · Per year 51% |
| 3 years | 17.69 Total return -50% · Per year -21% | 35.47 Total return -0% · Per year -0% | 59.10 Total return 65% · Per year 18% |
| 5 years | 15.40 Total return -55% · Per year -15% | 34.94 Total return -0% · Per year -0% | 64.21 Total return 81% · Per year 13% |
- Exit P/E± 8.87
- Net margin± 6.21
- Annual revenue growth± 5.37
- Annual dilution± 0.52
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
LSI Software S.A. is a Łódź-based group listed on the Warsaw Stock Exchange that develops and sells software and related services to businesses. For fiscal 2023 the group reported revenue of 56.928 million PLN and a net profit of 3.189 million PLN 1. The company is of interest because its profit is positive while its revenue mix still depends on sales of goods and materials 1.
SWOT
Strengths
- The group has a positive net profit and a capital structure with a high level of equity, giving it a solid financial base 1.
- Service and product revenue increased, indicating an activity with a recurring component 1.
- The company maintains enough liquidity to finance its current activity, according to the report 1.
Weaknesses
Opportunities
Risks
- Currency riskmedium
A significant part of purchases is denominated in foreign currencies, and exchange-rate moves could affect results if exposure is not fully hedged 1.
- Interest rate risklow
Interest exposure comes from leases and loans; the reported sensitivity is low, but higher rates could raise financing costs 1.
- Shareholder concentration riskmedium
The main shareholder holds half of the votes, which could influence strategic decisions and the position of minority investors 1.
- Liquidity riskmedium
Short-term financial obligations depend on available credit lines; a reduction in these could strain liquidity 1.
- Customer credit riskmedium
A material share of trade receivables is overdue, and failure to collect them could affect results if clients do not meet their obligations 1.
Investment thesis
What would need to be true (bull case)
- Growth in service and product revenue together with a positive net profit could support a consolidation of recurring activity 1.
- High equity and available liquidity could give flexibility for investment in development 1.
- If expansion through foreign subsidiaries succeeds, it could diversify the group's revenue sources 1.
What to watch
- Trend in revenue from goods and materials2024
- Level of investment in intangible and tangible assets2024
- Impact of currency moves on acquisition costs2024
- Collection of overdue trade receivables2024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The LSI Software group comprises the parent in Łódź and several wholly owned subsidiaries, including LSI Software s.r.o., GiP Sp. z o.o. and Positive Software USA LLC, plus a 50% stake in BluePocket S.A., which is not consolidated because control was lost 1. Revenue comes from products, services and sales of goods and materials 1. The year 2023 closed with a net profit of 3.189 million PLN, against 2.757 million PLN in 2022 1. Cash and equivalents at 31 December 2023 stood at 7.093 million PLN 1.
The management board changed in 2023: one member was appointed in March and a vice president resigned the same month 1. The financial statements are audited by KPW Audyt Sp. z o.o. 1.
Segments
Services
Service revenue reached 21.899 million PLN in 2023, up from 19.704 million PLN in 2022, making it the largest revenue category of the group 1.
Products
Product revenue rose to 14.590 million PLN in 2023 from 10.679 million PLN in 2022 1.
Goods and materials
Sales of goods and materials fell to 20.439 million PLN in 2023 from 26.983 million PLN in 2022, indicating a contraction in this activity 1.
Market context
The group serves corporate clients in Poland and other European markets and is listed on the Warsaw Stock Exchange under the symbol LSISOFT in the IT sector 1. The company reports that part of its activity is conducted in foreign currency, with about 30% of sales transactions denominated in currencies other than the reporting currency 1.
The annual report does not detail the size of the specific software market, so the assessment of competitive position relies on the company's financial data and revenue mix 1.
Trends
- Growth in service and product revenuetailwind
Service and product revenue grew in 2023, suggesting a shift toward recurring activity, though this could be affected if demand for new products slows 1.
- Decline in goods salesheadwind
Sales of goods and materials declined in 2023; if the decline continues it could reduce gross margin and the share of higher value-added revenue 1.
- Currency fluctuationsmixed
The company notes exposure to currency risk, with foreign-currency purchases above 80% of acquisition costs; exchange-rate moves could affect results if not hedged 1.
- Ukraine conflict and sanctionsheadwind
The report states the group has no direct investments in Ukraine or Russia, but geopolitical tensions could affect economic relations and market uncertainty 1.
Competitive position
The annual report does not explicitly name the group's competitors, so direct comparisons cannot be drawn from the available sources 1.
The company's competitive position would depend on its ability to sustain its own services and products while sales of traded goods are declining 1.
- Competitors not named in source
The annual report does not name competitors, so no tickers can be given from the supplied sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / LSI Software S.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.