olivLaw · European equity research
Sygnity S.A. SGN.WA
Poland · GPW Warszawa · ISIN PLCMPLD00016 · Vertical: Listed companies from Poland
Sygnity S.A. is a Polish provider of software and IT services, listed in Warsaw since 1995. Because its majority stake was acquired by TSS Europe B.V. in 2022, the company intends to build a group of independent IT solution providers based on its own products.
At the close of 05 Nov 2026, Sygnity S.A. (SGN.WA) stock was 92.60 PLN (−3.24% on the day), with market capitalisation 2.1 bn PLN, P/E 77.8 on diluted EPS of 1.19 PLN over the last 12 months, beta 0.43, 52-week range 67.00–100.00 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)
- 57.7
- strong (55–70)
- Bollinger (20, 2)
- 80.45 – 96.06
- in the upper half of the band · %B 0.78 · band width 17.7%
- SMA 50 / 200
- 86.28 / 78.15
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.42 / 1.77
- 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 | +5.8% | −0.6% | +6.5 pp | — |
| 3 months | +28.6% | −4.2% | +32.8 pp | — |
| 6 months | +14.3% | +4.3% | +10.0 pp | — |
| Year to date | +3.8% | +7.5% | −3.7 pp | — |
| 1 year | −7.4% | +9.9% | −17.3 pp | +7.1% |
| 3 years | +194.9% | +49.8% | +145.1 pp | +3.3% |
| 5 years | +821.4% | +42.8% | +778.6 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 4.8, median 11.7, max 18.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 204.1 m | 211.6 m |
| Revenue YoY | unavailable | +3.7% |
| Net income | 46.6 m | 27.0 m |
| Net income YoY | unavailable | −42.1% |
| Diluted EPS | 2.06 | 1.19 |
| Diluted EPS YoY | unavailable | −42.2% |
| net % | 22.8% | 12.7% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 30 Sept 2022
- Cash
- 34.5 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 169.2 m PLN
- Total assets
- 282.5 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.10x
- ROE
- 17.3%
- ROA
- 9.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 204.1 m | 211.6 m | esef· 05 Jan 2023verified |
| Cost of revenue | 139.3 m | 151.2 m | esef· 05 Jan 2023verified |
| Gross profit | 64.8 m | 60.4 m | esef· 05 Jan 2023verified |
| Operating income | 49.2 m | 25.4 m | esef· 05 Jan 2023verified |
| Interest expense | 6.2 m | 5.5 m | esef· 05 Jan 2023verified |
| Pre-tax income | 52.3 m | 23.0 m | esef· 05 Jan 2023verified |
| Income tax | 5.8 m | -4.0 m | esef· 05 Jan 2023verified |
| Net income | 46.6 m | 27.0 m | esef· 05 Jan 2023verified |
| Diluted EPS | 2.06 | 1.19 | esef· 05 Jan 2023verified |
Balance sheet · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 24.8 m | 34.5 m | esef· 05 Jan 2023verified |
| Receivables | 39.5 m | 29.4 m | esef· 05 Jan 2023verified |
| Inventories | 33.0 k | 48.0 k | esef· 05 Jan 2023verified |
| Current assets | 90.2 m | 93.9 m | esef· 05 Jan 2023verified |
| Property, plant & equipment, net | 2.3 m | 3.5 m | esef· 05 Jan 2023verified |
| Goodwill | 157.2 m | 157.2 m | esef· 05 Jan 2023verified |
| Intangibles (excl. goodwill) | 4.2 m | 7.6 m | esef· 05 Jan 2023verified |
| Total assets | 279.1 m | 282.5 m | esef· 05 Jan 2023verified |
| Accounts payable | 35.3 m | 35.7 m | esef· 05 Jan 2023verified |
| Current liabilities | 88.7 m | 85.4 m | esef· 05 Jan 2023verified |
| Total liabilities | 137.4 m | 113.3 m | esef· 05 Jan 2023verified |
| Equity | 141.6 m | 169.2 m | esef· 05 Jan 2023verified |
| Shares outstanding at year end | 22.6 m | 22.7 m | esef· 05 Jan 2023derived |
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.7% | 79 (vs peers) | 23% |
| 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 | 4.6x | 48 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 77.8x | 5 (vs peers) | 38% |
| 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 sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial79/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial5/100 · 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
SYGNITY S.A. (SGN.WA). Latest full fiscal year: 2022; data up to 2022-09-30.
Figures computed from the financial statements: revenue 211.6 m PLN in 2022; YoY growth 3.7%; net margin 12.7%; ROE 17.3%.
The estimated value range is 7.58–20.93 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.16 PLN, the price of 92.60 PLN leaves a potential of -85.8% (value / price − 1) and a margin of safety of -603.4% (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 (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.7%
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 77.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| SGN.WASygnity S.A. | 2.1 bn | 77.8 | 17.3% | 12.7% | +3.7% | −0% / +134% |
| 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% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for SGN.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 | 54.29 Total return -41% · Per year -41% | 96.02 Total return 4% · Per year 4% | 144.69 Total return 56% · Per year 56% |
| 3 years | 51.85 Total return -44% · Per year -18% | 103.25 Total return 12% · Per year 4% | 170.95 Total return 85% · Per year 23% |
| 5 years | 49.51 Total return -47% · Per year -12% | 111.03 Total return 20% · Per year 4% | 201.98 Total return 118% · Per year 17% |
- Exit P/E± 25.81
- Net margin± 18.07
- Annual revenue growth± 14.95
- Annual dilution± 1.52
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
Sygnity S.A. is a Polish provider of software and IT services, listed in Warsaw since 1995. Because its majority stake was acquired by TSS Europe B.V. in 2022, the company intends to build a group of independent IT solution providers based on its own products.
SWOT
Strengths
- Stable clients that generate most of the revenues and maintenance contracts that provide recurring flow.
- Financial support and know-how from a strategic investor experienced in M&A transactions.
- Diversified activity across sectors and products, carried out from several locations in the country.
Weaknesses
- Dependence on a limited number of stable clients, which could make revenues vulnerable to loss of a major contract.
- The portfolio of proprietary products is still being built, and profitability depends on the success of this transition.
- The group structure includes companies in liquidation or bankruptcy, which complicates the overall picture.
Opportunities
- Client migration to the cloud could open new recurring revenue through proprietary products.
- Acquisitions of independent IT solution providers, funded from surplus cash, could expand the group.
- Extending the offering to new vertical sectors could reduce dependence on current clients.
Threats
- Cost pressure and currency volatility could reduce margins.
- Economic uncertainty could lead clients to postpone IT investments.
- The regional conflict could produce indirect effects on the economy and on demand for IT services.
Risks
- Client concentrationhigh
If a small number of stable clients reduced orders, revenues could fall significantly.
- Cost inflationhigh
Management identifies cost pressure as the main factor that could affect group results.
- Currency riskmedium
Uncertainty in exchange rates could affect results, particularly in contracts with imported components.
- Geopolitical effectsmedium
Management cannot yet assess the long-term effects of the conflict in Ukraine on the regional economy.
- Execution of the cloud strategymedium
If development of proprietary cloud products were delayed, the profitability plan could be postponed.
Investment thesis
What would need to be true (bull case)
- If the transition to proprietary cloud products succeeds, the group could obtain recurring revenues that are more predictable than one-off projects.
- Support from the strategic shareholder could accelerate acquisitions and the consolidation of a group of IT providers.
- Maintenance contracts and stable clients could sustain cash flow even in periods of uncertainty.
What would break the thesis
- If cost pressure persists, margins could remain under strain even with stable revenues.
- Dependence on a few large clients could make results vulnerable to contract losses.
- If development of proprietary products is delayed, the profitability strategy could remain only a plan.
What to watch
- Development of maintenance revenues and of stable client revenuesnext 10-K
- Progress of proprietary cloud products and any new contracts2027
- Effect of cost inflation on marginsQ1 2027
- Possible acquisitions of independent IT solution providers2027
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 Sygnity group develops software and provides consulting in the area of computer equipment, an activity carried out through the subsidiary Sygnity Business Solutions S.A. in Zielona Góra 1. The company has been listed on the Warsaw Stock Exchange since 1995 1. According to the annual report, stable clients generate over 90% of revenues, and maintenance contracts account for over 30% of revenues 1.
The shareholder structure changed in 2022: TSS Europe B.V. directly acquired 72.68% of the share capital, exceeding the 50% threshold of votes, following a tender offer launched in March 2022 1. The highest-level parent is Constellation Software Inc 1.
Management presented a development plan that includes expanding the cloud offering, launching Sygnity's own software in a cloud model and building proprietary products within existing projects 1. The report notes that these initiatives could broaden the portfolio of own products and services and could improve profitability 1.
Segments
Software and IT services
The main segment covers development, delivery and maintenance of software for existing clients, with maintenance contracts that stabilise revenues 1.
Proprietary cloud products
The company develops its own software solutions for the cloud model, using the infrastructure of global providers to reach existing and new clients 1.
Investments
The group also holds a 33% interest in Budimex S.A. Sygnity S.A. sp. j., a project company accounted for under the equity method 1.
Market context
Sygnity operates in the Polish IT services market, where commercial and institutional clients outsource development and maintenance of systems. The report shows that economic uncertainty could reduce IT investment budgets of commercial clients 1.
Cost inflation and currency volatility are, in management's view, the most important factors that could affect group results 1. The company has stated that it has not so far recorded major disruptions to supply chains 1.
Trends
- Migration to the cloudtailwind
Clients are moving to cloud solutions, and Sygnity is developing its own products in this model. If the transition succeeds, it could open new recurring revenue 1.
- Consolidation under a strategic investortailwind
The takeover by TSS Europe B.V. introduced a strategic shareholder that supports acquisitions and group strategy, which could accelerate building a group of IT providers 1.
- Inflationary pressureheadwind
Management sees rising costs and currency uncertainty as the main risk to results, especially if clients delay IT investments 1.
- Geopolitical uncertainty in the regionmixed
The conflict in Ukraine has not so far disrupted operations, but management does not rule out indirect effects on the regional economy and on client investment 1.
Competitive position
Sygnity competes in software and IT services with local integrators and developers, as well as with global providers offering cloud platforms. The analysed sources do not identify competitors in detail, so this assessment rests on the activity profile described in the report 1.
The group's stated advantage lies in its stable clients and maintenance contracts, and access to a strategic investor could support acquisitions 1. This position could, however, be challenged by providers that own broader cloud platforms 1.
- Local Polish IT integrators
Software and services firms competing for the same development and maintenance contracts; the sources do not name them individually.
- Global cloud platform providers
Companies whose infrastructure Sygnity uses for its cloud products and which could compete directly with clients' own solutions.
- Regional software developers
Firms offering solutions for the same vertical sectors in which Sygnity builds proprietary products.
- The strategic shareholder's IT group
Companies in the structure of TSS Europe B.V. and Constellation Software could become partners or competitors depending on group strategy.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202205 Jan 2023
Sources
- [1] Annual report, fiscal year ended 2022-09-30 (ESEF) · SEC / Sygnity S.A. · 30 Sept 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.