olivLaw · European equity research
NTT SYSTEM S.A. NTT.WA
Poland · GPW Warszawa · ISIN PLNTSYS00013 · Vertical: Listed companies from Poland
NTT SYSTEM S.A. is a Polish company whose consolidated group, besides the parent, includes a single subsidiary. The available source describes the group structure and shareholding but contains no revenue or profit figures, so the financial analysis stays limited to these elements.
At the close of 05 Nov 2026, NTT SYSTEM S.A. (NTT.WA) stock was 27.20 PLN (−11.40% on the day), with market capitalisation 367.9 m PLN, P/E 22.3 on diluted EPS of 1.22 PLN over the last 12 months, dividend yield 1.10%, beta 0.38, 52-week range 8.56–40.00 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)
- 46.9
- neutral
- Bollinger (20, 2)
- 20.19 – 41.22
- in the lower half of the band · %B 0.33 · band width 68.5%
- SMA 50 / 200
- 22.30 / 15.20
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.27 / 4.11
- 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 | +35.3% | −0.6% | +36.0 pp | — |
| 3 months | +74.4% | −4.2% | +78.5 pp | — |
| 6 months | +138.6% | +4.3% | +134.3 pp | — |
| Year to date | +179.3% | +7.5% | +171.8 pp | — |
| 1 year | +198.2% | +9.9% | +188.3 pp | +7.1% |
| 3 years | +439.7% | +49.8% | +389.8 pp | +3.3% |
| 5 years | +407.5% | +42.8% | +364.6 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 100 percentile of its own 2-quarter history (min 3.9, median 3.9, max 3.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 1.2 bn | 1.2 bn |
| Revenue YoY | unavailable | +8.1% |
| Net income | 17.9 m | 16.5 m |
| Net income YoY | unavailable | −7.8% |
| Diluted EPS | 1.32 | 1.22 |
| Diluted EPS YoY | unavailable | −7.6% |
| net % | 1.6% | 1.3% |
| Free cash flow | 30.3 m | -15.9 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 30.3 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 173.6 m PLN
- Total assets
- 379.5 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.57x
- ROE
- 9.9%
- ROA
- 4.4%
- FCF margin
- -1.3%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | esef· 04 May 2023verified |
| Cost of revenue | 1.1 bn | 1.2 bn | esef· 04 May 2023verified |
| Gross profit | 63.0 m | 69.8 m | esef· 04 May 2023verified |
| Operating income | 23.3 m | 29.0 m | esef· 04 May 2023verified |
| Interest expense | 2.9 m | 9.8 m | esef· 04 May 2023verified |
| Pre-tax income | 21.3 m | 20.4 m | esef· 04 May 2023verified |
| Income tax | 3.4 m | 3.9 m | esef· 04 May 2023verified |
| Net income | 17.9 m | 16.5 m | esef· 04 May 2023verified |
| Diluted EPS | 1.32 | 1.22 | esef· 04 May 2023verified |
| Dividend per share | 0.15 | 0.30 | esef· 04 May 2023verified |
Balance sheet · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 20.2 m | 30.3 m | esef· 04 May 2023verified |
| Inventories | 133.8 m | 154.4 m | esef· 04 May 2023verified |
| Current assets | 308.0 m | 322.8 m | esef· 04 May 2023verified |
| Property, plant & equipment, net | 18.6 m | 18.5 m | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 31.8 m | 31.6 m | esef· 04 May 2023verified |
| Total assets | 365.4 m | 379.5 m | esef· 04 May 2023verified |
| Current liabilities | 205.1 m | 205.6 m | esef· 04 May 2023verified |
| Total liabilities | 205.4 m | 205.9 m | esef· 04 May 2023verified |
| Equity | 159.9 m | 173.6 m | esef· 04 May 2023verified |
| Shares outstanding at year end | 13.6 m | 13.5 m | esef· 04 May 2023derived |
Cash flow · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 30.6 m | -15.6 m | esef· 04 May 2023verified |
| Capex | 312.0 k | 276.0 k | esef· 04 May 2023verified |
| Free cash flow | 30.3 m ≈ | -15.9 m ≈ | esef· 04 May 2023derived |
| Investing cash flow | -286.0 k | -269.0 k | esef· 04 May 2023verified |
| Financing cash flow | -25.1 m | 25.9 m | esef· 04 May 2023verified |
| Dividends paid | 2.0 m | 4.1 m | esef· 04 May 2023verified |
| Share repurchases | 8.0 k | 0 | esef· 04 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 367.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.3% | 41 (vs peers) | 13% |
| FCF conversion · Quality | -96.0% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.0x | 23 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 22.3x | 26 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.3% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality21/100 · 2/3 factors with a value
- Returns· partial16/100 · 1/2 factors with a value
- Valuation15/100 · 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
NTT SYSTEM S.A. (NTT.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.2 bn PLN in 2022; YoY growth 8.1%; net margin 1.3%; ROE 9.9%.
The estimated value range is 7.77–21.46 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.50 PLN, the price of 27.20 PLN leaves a potential of -50.4% (value / price − 1) and a margin of safety of -101.5% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: -96.0%
- Interest coverage: 3.0x
- P/E (TTM): 22.3x
- FCF yield: -4.3%
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| NTT.WANtt System S.A. | 367.9 m | 22.3 | 9.9% | 1.3% | +8.1% | +204% / +415% |
| 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% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for NTT.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 | 16.66 Total return -38% · Per year -38% | 29.41 Total return 9% · Per year 9% | 44.23 Total return 64% · Per year 64% |
| 3 years | 17.36 Total return -33% · Per year -13% | 34.37 Total return 30% · Per year 9% | 56.58 Total return 113% · Per year 29% |
| 5 years | 18.10 Total return -29% · Per year -7% | 40.17 Total return 55% · Per year 9% | 72.39 Total return 175% · Per year 22% |
- Exit P/E± 8.59
- Net margin± 6.01
- Annual revenue growth± 4.77
- Annual dilution± 0.51
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
NTT SYSTEM S.A. is a Polish company whose consolidated group, besides the parent, includes a single subsidiary. The available source describes the group structure and shareholding but contains no revenue or profit figures, so the financial analysis stays limited to these elements.
SWOT
Strengths
- A simple group structure with a single fully owned subsidiary, which facilitates control and consolidation 1.
- The report indicates the absence of circumstances that would call going concern into question 1.
- Accounting policies applied consistently between years, with no significant corrections of prior periods 1.
Weaknesses
- The source provides no revenue, profit or asset figures, which limits the assessment of financial performance.
- The description of operating activity is very brief, with no details on products, customers or markets.
- Shareholder concentration, with a major shareholder holding almost a quarter of capital, could influence governance decisions 1.
Opportunities
- Clarification of accounting rules could simplify reporting in coming years if applied in good time.
- Expansion of the group through new subsidiaries could be pursued if the strategy provides for it, but the source does not mention this.
- A more detailed report on activities could improve transparency for investors.
Threats
- New accounting standards could lead to reclassifications of liabilities if they take effect without preparation.
- The impact of deferred tax on complex transactions remains unestimated, which creates uncertainty.
- Dependence on a single subsidiary for the operating side could expose the group to concentrated risks.
Risks
- Uncertainty over the impact of new standardsmedium
Management cannot reliably estimate the effect of some IAS amendments, which leaves an area of uncertainty in reporting 1.
- Reclassification of liabilitiesmedium
The amendment on current and non-current classification could change the presentation of the balance sheet if applied 1.
- Shareholder concentrationmedium
A majority shareholder with almost a quarter of capital could influence voting at the general meeting 1.
- Dependence on a single subsidiarylow
Operating activity concentrated in a single subsidiary could amplify the effects of any local problems 1.
- Lack of financial data in the sourcehigh
The absence of revenue and profit figures in the document reviewed limits the ability to assess the actual financial risk.
Investment thesis
What would need to be true (bull case)
- A clear group structure, with a fully owned subsidiary, could facilitate execution of the strategy if it is communicated.
- The absence of material effects from new accounting standards could keep reporting stable in coming years 1.
- Going concern is not questioned in the report, which suggests a financial base without immediate alarms 1.
What would break the thesis
- The lack of revenue and profit figures in the source could hide performance problems that cannot be assessed from the document.
- Shareholder concentration could lead to decisions that do not reflect the interests of minority shareholders.
- The unestimated impact of new standards could bring unforeseen adjustments to the balance sheet.
What to watch
- Annual report for the following year, with revenue and profit figures2023
- Application of the IAS 12 amendment on deferred tax2023
- Application of the IAS 1 amendment on liability classification2023
- Any changes in the shareholding structurenext 10-K
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
According to the annual report for 2022, the NTT System capital group consists of NTT System S.A., as the top-level parent, and the subsidiary NTT Technology Sp. z o.o., in which the issuer holds 100% of capital and 100% of votes 1. The subsidiary is fully consolidated, and the financial year of both entities coincides with the calendar year 1. The statements are prepared in Polish zloty (PLN) 1.
In terms of ownership, at 31 December 2022 the largest shareholder held 24.33% of capital, and the top five shareholders together with other entities accounted for the entire share capital of 13,850,000 shares 1. The source does not describe the group's operating activity in detail.
The accounting standards applied are IFRS as endorsed by the EU, and in 2022 the group applied the same accounting policies as in 2021 without voluntary changes 1. No corrections of fundamental errors materially affecting the financial position were made 1.
Segments
NTT Technology Sp. z o.o.
The group's only subsidiary, wholly owned by the issuer, is consolidated in the 2022 report 1. The source does not detail its revenues or activities.
Parent company NTT System S.A.
The parent company, which prepares the consolidated report, has no separately described segment in the source 1. Operating details are not available in the document reviewed.
Market context
The source contains no information about the market in which the group operates, the size of the sector or market share. A sector analysis cannot be carried out from the 2022 annual financial report alone 1.
The report only states that there are no circumstances indicating a threat to going concern in the foreseeable future 1. This is an accounting statement, not an assessment of market prospects.
Trends
- IFRS 17 insurance contracts standardmixed
Entry into force of IFRS 17 from 1 January 2023 should not affect the amounts in the financial statements, because the group does not issue insurance contracts 1. The effect is therefore neutral for NTT System.
- Classification of short and long-term liabilitiesmixed
The amendment to IAS 1 on classifying liabilities as current or non-current could lead to reclassifications between the two categories if applied on the scheduled date 1. The impact was not quantified in the source.
- Deferred tax on single transactionsheadwind
The amendment to IAS 12 applicable from 1 April 2023 could change the recognition of deferred tax on transactions such as leases 1. Management stated it cannot reliably estimate the impact 1.
- Clarification of accounting policies and estimatestailwind
The amendments to IAS 1 and IAS 8 emphasise disclosure of material accounting policies and the distinction between estimates and policy changes 1. The effect on reporting could be limited, but has not yet been assessed 1.
Competitive position
The source analysed does not identify competitors and does not describe NTT System's competitive position. The list below is therefore left unspecified based on the documents provided.
A comparison with competitors would require market reports or filings of companies in the same sector, which are not among the sources analysed 1.
- Not named in source
The source does not name direct competitors of the group.
- Not named in source
There is not enough data to identify a second competitor.
- Not named in source
No sector comparison is possible on the basis of the report available.
- Not named in source
The list of competitors remains unspecified in the document provided.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202204 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / NTT SYSTEM S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.