olivLaw · European equity research
SFINKS POLSKA SPÓŁKA AKCYJNA SFS.WA
Poland · GPW Warszawa · ISIN PLSFNKS00011 · Vertical: Listed companies from Poland
SFINKS POLSKA runs its own restaurants and franchises the SPHINX, CHŁOPSKIE JADŁO, The Burgers and Piwiarnia Warki brands, and also licenses the production of ready meals. Network sales grew 13.7% in 2023 (excluding Piwiarnia), but debt remains high and the company restructured obligations through an arrangement with creditors.
At the close of 05 Nov 2026, SFINKS POLSKA SPÓŁKA AKCYJNA (SFS.WA) stock was 0.39 PLN (+1.29% on the day), with market capitalisation 14.4 m PLN, beta 0.16, 52-week range 0.35–0.56 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)
- 49.2
- neutral
- Bollinger (20, 2)
- 0.37 – 0.41
- in the upper half of the band · %B 0.56 · band width 11.3%
- SMA 50 / 200
- 0.41 / 0.43
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −5.3% | −0.6% | −4.6 pp | — |
| 3 months | −11.3% | −4.2% | −7.1 pp | — |
| 6 months | −10.5% | +4.3% | −14.8 pp | — |
| Year to date | +8.5% | +7.5% | +1.0 pp | — |
| 1 year | −1.0% | +9.9% | −10.9 pp | +7.1% |
| 3 years | −61.2% | +49.8% | −111.0 pp | +3.3% |
| 5 years | −10.5% | +42.8% | −53.3 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 63.9 m | 96.9 m | 100.1 m |
| Revenue YoY | unavailable | +51.7% | +3.3% |
| Net income | -19.6 m | 21.1 m | -339.0 k |
| Net income YoY | unavailable | unavailable | −101.6% |
| Diluted EPS | -0.61 | 0.58 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | −101.7% |
| net % | -30.6% | 21.8% | -0.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 1.7 m PLN
- Financial debt
- 81.7 m PLN
- Net debt
- 80.0 m PLN
- Equity
- -70.9 m PLN
- Total assets
- 118.7 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.56x
- ROE
- unavailable
- ROA
- -0.3%
- 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 | 63.9 m | 96.9 m | 100.1 m | esef· 07 May 2024verified |
| Cost of revenue | 49.3 m | 71.4 m | 71.3 m | esef· 07 May 2024verified |
| Gross profit | 14.6 m | 25.5 m | 28.8 m | esef· 07 May 2024verified |
| Operating income | -16.5 m | 26.8 m | 9.3 m | esef· 07 May 2024verified |
| Interest expense | 16.1 m | 16.6 m | 17.2 m | esef· 07 May 2024verified |
| Pre-tax income | -19.4 m | 18.2 m | -810.0 k | esef· 07 May 2024verified |
| Income tax | 141.0 k | -3.0 m | -471.0 k | esef· 07 May 2024verified |
| Net income | -19.6 m | 21.1 m | -339.0 k | esef· 07 May 2024verified |
| Diluted EPS | -0.61 | 0.58 | -0.01 | esef· 07 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.9 m | 3.7 m | 1.7 m | esef· 07 May 2024verified |
| Receivables | 14.1 m | 14.6 m | 12.2 m | esef· 07 May 2024verified |
| Inventories | 1.5 m | 1.8 m | 1.7 m | esef· 07 May 2024verified |
| Current assets | 21.8 m | 24.8 m | 22.9 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 10.9 m | 11.6 m | 9.1 m | esef· 07 May 2024verified |
| Goodwill | 0 | 0 | 0 | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 7.3 m | 5.1 m | 5.8 m | esef· 07 May 2024verified |
| Total assets | 129.6 m | 122.7 m | 118.7 m | esef· 07 May 2024verified |
| Accounts payable | 41.9 m | 19.1 m | 18.7 m | esef· 07 May 2024verified |
| Long-term debt | 0 | 79.0 m | 81.7 m | esef· 07 May 2024verified |
| Current liabilities | 140.0 m | 42.1 m | 40.6 m | esef· 07 May 2024verified |
| Total liabilities | 229.2 m | 193.2 m | 189.6 m | esef· 07 May 2024verified |
| Equity | -99.7 m | -70.5 m | -70.9 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 32.1 m | 36.5 m | — | esef· 07 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
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 14.4 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.3% | 21 (vs peers) | 38% |
| 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 | 0.5x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
"SFINKS POLSKA" SPÓŁKA AKCYJNA (SFS.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 100.1 m PLN in 2023; YoY growth 3.3%; net margin -0.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
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
- Net margin: -0.3%
- Interest coverage: 0.5x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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% |
| SFS.WA"sfinks Polska" Spółka Akcyjna | 14.4 m | — | — | -0.3% | +3.3% | −3% / −53% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for SFS.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
SFINKS POLSKA runs its own restaurants and franchises the SPHINX, CHŁOPSKIE JADŁO, The Burgers and Piwiarnia Warki brands, and also licenses the production of ready meals. Network sales grew 13.7% in 2023 (excluding Piwiarnia) 1, but debt remains high and the company restructured obligations through an arrangement with creditors 1.
SWOT
Strengths
- The Group owns several food service brands and a franchise model that can expand the network without large capital investment 1.
- Network sales rose in 2023, showing demand recovering after the restriction period 1.
- The company restructured its obligations through the creditor arrangement and restructuring financing, which improved liquidity 1.
Weaknesses
- Indebtedness remains high, and the company says it has practically no ability to raise external financing 1.
- The credit facility includes financial covenants the company had not met at the balance sheet date, exposing it to contractual risk 1.
- The sector carries high fixed rent and staff costs, making margins sensitive to sales declines 1.
Opportunities
Risks
- High indebtednesshigh
Debt and provisions remain at a high level, and debt service depends on operating cash flows 1.
- Breach of credit covenantshigh
The company had not met financial covenants at the balance sheet date; the bank has rights to terminate or raise the margin 1.
- Energy and raw material costsmedium
Energy, gas and food prices could squeeze margins, and some contracts may prove insufficient 1.
- Currency and interest rate exposuremedium
Euro-denominated rents and the variable-rate loan could raise costs if currency or rates move 1.
- Disputes with landlordslow
Some landlords challenged terminations of leases without notice during the pandemic, which could lead to claims 1.
Investment thesis
What would need to be true (bull case)
- If 2023 sales growth continues and conversion to franchising reduces debt, the company could materially improve its financial position 1.
- A franchise model without own investment could let the network expand faster than available capital would otherwise allow 1.
- Falling inflation and a recovery in consumption could support restaurant margins 1.
What would break the thesis
What to watch
- Trend in network sales and operating result2024
- Compliance with the bank loan's financial covenants2024
- Pace of converting own restaurants to franchised operation2024
- Decision on the PFR subsidy and the level of debtnext annual report
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 Group's main activity is operating restaurants and granting franchisees the right to run SPHINX, CHŁOPSKIE JADŁO, The Burgers and Piwiarnia Warki restaurants, whose brands are directly owned by the parent company 1. The Group also licenses the production and sale of ready meals bearing its brands 1. The annual report explains that the long-term strategy involves growing the network through franchising, a model that requires no investment outlays from the Group, and converting its own restaurants to franchised ones 1.
Segments
Own restaurants
Restaurants operated directly by the Group generate food service sales; in 2023 network sales grew 13.7% year on year, excluding the Piwiarnia network 1. The company is converting some of these locations to franchised operation, which could reduce direct exposure to operating costs 1.
Trends
- Post-pandemic recovery in consumptiontailwind
Network sales rose in 2023 and the company notes falling inflation, which could support restaurant demand 1.
- Labour and energy costsheadwind
The report shows wages rising with legislative changes and energy and gas prices affecting profitability; if these costs stay high, margins could come under pressure 1.
- Interest rate and currency exposuremixed
The credit line carries a variable rate and some rents are indexed to the euro; the company shows such movements could raise financing costs or reduce results 1.
- Interest in franchisingtailwind
The company reports growing interest in its franchise offer, which could speed up network expansion without large own capital 1.
Competitive position
The annual report does not explicitly name competitors, so the market is described in general terms as a food service industry under pressure on prices and costs 1. The company differentiates itself through its own brands and its franchise model 1.
- Polish food service operators
The report names no competitors; only Polish food service operators are mentioned generically, and the company notes demand and costs affect them all.
- Franchised restaurant chains
Competition for franchise investors is not detailed in the sources; the company only notes that interest in its offer has grown.
- Ready-meal producers
The source mentions licensing ready-meal production but does not identify direct competitors.
- Other regional food service brands
The company does not name specific competitors in the report; the comparison remains general.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / SFINKS POLSKA 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.