olivLaw · European equity research
MAXCOM Spółka Akcyjna MXC.WA
Poland · GPW Warszawa · ISIN PLMXCMS00016 · Vertical: Listed companies from Poland
MAXCOM S.A. is a Polish company whose consolidated group includes several subsidiaries and associates in telecommunications and advisory activities, as well as entities in liquidation. In 2023 the group reported EBITDA of 6 260 thousand PLN, compared with a negative figure in the prior year, which makes its trajectory worth following.
At the close of 05 Nov 2026, MAXCOM Spółka Akcyjna (MXC.WA) stock was 5.78 PLN (−0.34% on the day), with market capitalisation 17.8 m PLN, P/E 28.9 on diluted EPS of 0.20 PLN over the last 12 months, dividend yield 0.00%, beta 0.28, 52-week range 4.52–7.00 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)
- 43.8
- weak (30–45)
- Bollinger (20, 2)
- 5.35 – 6.73
- in the lower half of the band · %B 0.31 · band width 22.9%
- SMA 50 / 200
- 6.15 / 5.76
- mixed trend
- MACD (12, 26, 9)
- -0.11 / -0.09
- MACD below 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 | −9.7% | −0.6% | −9.0 pp | — |
| 3 months | −1.7% | −4.2% | +2.5 pp | — |
| 6 months | −15.7% | +4.3% | −20.1 pp | — |
| Year to date | +27.9% | +7.5% | +20.4 pp | — |
| 1 year | +9.1% | +9.9% | −0.9 pp | +7.1% |
| 3 years | −34.6% | +49.8% | −84.5 pp | +3.3% |
| 5 years | −49.7% | +42.8% | −92.6 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 50 percentile of its own 2-quarter history (min 9.1, median 27.7, max 46.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 150.7 m | 142.1 m | 139.4 m |
| Revenue YoY | unavailable | −5.7% | −1.9% |
| Net income | 3.2 m | -4.1 m | 615.0 k |
| Net income YoY | unavailable | −229.7% | unavailable |
| Diluted EPS | 1.25 | -1.52 | 0.20 |
| Diluted EPS YoY | unavailable | −221.6% | unavailable |
| net % | 2.1% | -2.9% | 0.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 3.3 m PLN
- Financial debt
- 0 PLN
- Net debt
- -3.3 m PLN
- Equity
- 58.1 m PLN
- Total assets
- 84.0 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 2.91x
- ROE
- 1.1%
- ROA
- 0.7%
- 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 | 150.7 m | 142.1 m | 139.4 m | esef· 08 May 2024verified |
| Operating income | 6.8 m | -2.4 m | 5.2 m | esef· 08 May 2024verified |
| Depreciation & amortisation | 871.0 k | 1.1 m | 1.1 m | esef· 08 May 2024verified |
| EBITDA | 7.7 m ≈ | -1.3 m ≈ | 6.3 m ≈ | esef· 08 May 2024derived |
| Interest expense | 2.4 m | 2.9 m | 4.1 m | esef· 08 May 2024verified |
| Pre-tax income | 4.3 m | -4.8 m | 1.3 m | esef· 08 May 2024verified |
| Income tax | 957.0 k | -421.0 k | 861.0 k | esef· 08 May 2024verified |
| Net income | 3.2 m | -4.1 m | 615.0 k | esef· 08 May 2024verified |
| Diluted EPS | 1.25 | -1.52 | 0.20 | esef· 08 May 2024verified |
| Dividend per share | 1.00 | 1.00 | 0.00 | esef· 08 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.6 m | 5.8 m | 3.3 m | esef· 08 May 2024verified |
| Receivables | 35.0 m | 27.5 m | 23.2 m | esef· 08 May 2024verified |
| Inventories | 55.9 m | 45.9 m | 46.6 m | esef· 08 May 2024verified |
| Current assets | 95.2 m | 81.2 m | 73.6 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 7.8 m | 5.5 m | 5.0 m | esef· 08 May 2024verified |
| Goodwill | 0 | 0 | 0 | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 707.0 k | 369.0 k | 28.0 k | esef· 08 May 2024verified |
| Total assets | 105.7 m | 92.7 m | 84.0 m | esef· 08 May 2024verified |
| Accounts payable | 10.7 m | 11.4 m | 8.0 m | esef· 08 May 2024verified |
| Long-term debt | 1.3 m | 0 | 0 | esef· 08 May 2024verified |
| Current liabilities | 36.1 m | 34.1 m | 25.3 m | esef· 08 May 2024verified |
| Total liabilities | 39.3 m | 35.0 m | 25.9 m | esef· 08 May 2024verified |
| Equity | 66.4 m | 57.7 m | 58.1 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 2.6 m | 2.7 m | 3.1 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: 49 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 17.8 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality25
- Returns0
- Balance sheet70
- Valuation61
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
Neutral profile · Score 49/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.1% | 27 (vs peers) | 16% |
| Net margin · Quality | 0.4% | 23 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.5x | 100 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 28.9x | 21 (vs peers) | 16% |
| EV/EBITDA · Valuation | 2.3x | 100 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality25/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation61/100 · 2/3 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
"MAXCOM" SPÓŁKA AKCYJNA (MXC.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 139.4 m PLN in 2023; YoY growth -1.9%; net margin 0.4%; ROE 1.0%; net debt/EBITDA -0.5x.
The estimated value range is 1.27–3.52 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.21 PLN, the price of 5.78 PLN leaves a potential of -61.7% (value / price − 1) and a margin of safety of -161.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 49/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.5x
- Current ratio: 2.9x
- EV/EBITDA: 2.3x
What contradicts it
- ROIC: 8.1%
- Net margin: 0.4%
- Interest coverage: 1.3x
- P/E (TTM): 28.9x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| 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% |
| MXC.WA"maxcom" Spółka Akcyjna | 17.8 m | 28.9 | 1.0% | 0.4% | −1.9% | +13% / −38% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for MXC.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 | 3.20 Total return -45% · Per year -45% | 5.67 Total return -2% · Per year -2% | 8.57 Total return 48% · Per year 48% |
| 3 years | 2.72 Total return -53% · Per year -22% | 5.46 Total return -5% · Per year -2% | 9.11 Total return 58% · Per year 16% |
| 5 years | 2.31 Total return -60% · Per year -17% | 5.26 Total return -9% · Per year -2% | 9.70 Total return 68% · Per year 11% |
- Exit P/E± 1.37
- Net margin± 0.96
- Annual revenue growth± 0.84
- Annual dilution± 0.08
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
MAXCOM S.A. is a Polish company whose consolidated group includes several subsidiaries and associates in telecommunications and advisory activities, as well as entities in liquidation. In 2023 the group reported EBITDA of 6 260 thousand PLN, compared with a negative figure in the prior year, which makes its trajectory worth following.1
SWOT
Strengths
- The group turned a negative EBITDA into a positive one within a single year. Its structure includes diversified stakes in companies in Poland, Lithuania and Asia.
- The group uses natural hedging and forward instruments to reduce currency exposure. These measures could limit the impact of exchange rate fluctuations.
- The group closely monitors customer credit and insures part of its receivables, which reduces the risk of non-payment.
Weaknesses
- Net debt remains high relative to the group's ability to generate EBITDA. This limits the group's financial flexibility.
- The group's results depend on a few associates and subsidiaries, and some of these are in liquidation. This complicates the assessment of overall performance.
- Significant currency exposure, especially to the US dollar, could generate accounting losses when exchange rates move.
Opportunities
- If EBITDA continues to grow, the group could reduce its debt and improve its capital structure.
- Completing the ongoing liquidations could release capital and simplify the group's structure.
- Stakes in technology-sector associates could generate additional income if their activity grows.
Threats
- Geopolitical instability and rising energy prices could affect costs and demand in the region.
- If exchange rates move significantly, the group's accounting results could be negatively affected.
- A rise in interest rates could increase the cost of financing, given the volume of existing loans.
Risks
- High indebtednesshigh
The group's net debt remains significant, and servicing it could become a burden if EBITDA declines again.
- Currency exposuremedium
Revenues and costs in USD, EUR and GBP create exchange rate risks that can affect financial results.
- Customer credit riskmedium
The group grants deferred payment terms, which could generate losses if some customers become insolvent.
- Liquidation of entitieslow
Ongoing liquidation processes could generate unforeseen costs or losses on existing investments.
- Geopolitical uncertaintylow
The war in Ukraine has created volatility in energy and currency markets, which could affect the group indirectly.
Investment thesis
What would need to be true (bull case)
- The swing of EBITDA from a negative to a positive value could indicate a lasting improvement in operations, if it is confirmed in the following periods.
- Narrowing the perimeter through liquidations could simplify the group and focus resources on its most profitable activities.
- The hedging policy and monitoring of customer credit could limit unforeseen losses.
What would break the thesis
- High net debt could limit the group's capacity to invest or to return value to shareholders.
- A single year of positive EBITDA does not provide a sufficient basis to conclude that the recovery is sustainable.
- The reduction in headcount and the liquidations could reflect difficulties in the group's core business.
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 MAXCOM group consists of the parent company MAXCOM S.A. and several entities, including subsidiaries in Hong Kong and Shenzhen, as well as stakes in associates in Poland and Lithuania. According to the annual report for 2023, the group had net debt of 12 911 thousand PLN as at 31 December 2023.1
In 2023 the subsidiary Teledoktor24 sp. z o.o. was deregistered after liquidation, and Wisko International Sp. z o.o. entered liquidation in June 2023. These changes show a narrowing of the group perimeter compared with earlier years.1
Segments
Investments in associates
The group holds minority stakes in associates such as COMTEL Group and UAB Rubbee, accounted for under the equity method. The net carrying value of these investments is small relative to the group's total assets.1
Operating subsidiaries
The subsidiaries Maxcom International Co Limited and Maxcom (Shenzhen) Technology Co., Ltd. are entities controlled by the group in Hong Kong and China. Their operating role within the group is not detailed in the annual report presented.1
Market context
The annual report does not describe in detail the market in which MAXCOM operates or its market share. The source notes that the group has currency exposure to USD, EUR and GBP, so its results depend partly on the movement of these currencies.1
Trends
- EBITDA recoverytailwind
EBITDA moved from a negative value in 2022 to 6 260 thousand PLN in 2023, suggesting an improvement in operating profitability. If this trend holds, it could support a reduction of net debt.1
- Lower headcountmixed
The group's average headcount fell in 2023 compared with 2022, which may reflect restructuring or a narrower perimeter. The effect on costs and operating capacity is not quantified in the source.1
- Ukraine-related uncertaintyheadwind
The conflict in Ukraine has generated volatility in commodity prices, exchange rates and energy prices. The group states it had no significant impact on 2023 results, but it could be affected if the economic environment deteriorates.1
Competitive position
The source provided does not identify MAXCOM's competitors or describe its competitive position. A competitive analysis cannot be built from the annual report alone.1
- No competitors named in the source
The annual report does not name any direct competitors of the group.
- Local telecommunications participants
Other operators may exist in the segments where the group holds stakes, but the source does not specify them.
- Polish consultancy providers
Consulting activities of some stakes could compete with other local providers.
- Asian manufacturers
The Hong Kong and Shenzhen subsidiaries operate in a regional competitive environment, but the source does not name specific firms.
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 202218 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / MAXCOM Spółka Akcyjna · 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.