olivLaw · European equity research
Spyrosoft S.A. SPR.WA
Poland · GPW Warszawa · ISIN PLSPRSF00011 · Vertical: Listed companies from Poland
Spyrosoft S.A. is a Polish software development group that delivers custom software and IT services to clients across several countries, with a project-based model built on short and medium-term contracts. In fiscal 2023 the group reported operating cash flow of 11909,60 thousand zł and total equity of 108847,05 thousand zł.
At the close of 05 Nov 2026, Spyrosoft S.A. (SPR.WA) stock was 325.00 PLN (−0.61% on the day), with market capitalisation 354.6 k PLN, P/E 18.0 on diluted EPS of 18.07 PLN over the last 12 months, beta 0.40, 52-week range 319.00–600.00 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)
- 42.8
- weak (30–45)
- Bollinger (20, 2)
- 314.91 – 336.89
- in the lower half of the band · %B 0.46 · band width 6.7%
- SMA 50 / 200
- 358.88 / 417.36
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -7.54 / -10.19
- 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 | −0.3% | −0.6% | +0.3 pp | — |
| 3 months | −18.3% | −4.2% | −14.2 pp | — |
| 6 months | −23.7% | +4.3% | −28.0 pp | — |
| Year to date | −43.4% | +7.5% | −50.9 pp | — |
| 1 year | −33.5% | +9.9% | −43.5 pp | +7.1% |
| 3 years | −18.8% | +49.8% | −68.6 pp | +3.3% |
| 5 years | +57.8% | +42.8% | +14.9 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 33 percentile of its own 3-quarter history (min 15.8, median 19.8, max 32.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 173.4 m | 331.5 k | 416.1 k |
| Revenue YoY | unavailable | −99.8% | +25.5% |
| Net income | 14.7 m | 26.7 k | 19.7 k |
| Net income YoY | unavailable | −99.8% | −26.3% |
| Diluted EPS | 13.68 | 24.55 | 18.07 |
| Diluted EPS YoY | unavailable | +79.5% | −26.4% |
| net % | 8.5% | 8.1% | 4.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 44.7 k PLN
- Financial debt
- 0 PLN
- Net debt
- -44.7 k PLN
- Equity
- 108.8 k PLN
- Total assets
- 198.5 k PLN
- Debt / equity
- 0.00x
- Current ratio
- 1.78x
- ROE
- 20.3%
- ROA
- 10.8%
- 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 | 173.4 m | 331.5 k | 416.1 k | esef· 07 May 2024verified |
| Cost of revenue | 113.1 m | 221.8 k | 285.6 k | esef· 07 May 2024verified |
| Gross profit | 60.3 m | 109.6 k | 130.5 k | esef· 07 May 2024verified |
| Operating income | 23.1 m | 45.1 k | 30.9 k | esef· 07 May 2024verified |
| Interest expense | 1.0 m | 2.4 k | 8.5 k | esef· 07 May 2024verified |
| Pre-tax income | 23.0 m | 43.7 k | 23.6 k | esef· 07 May 2024verified |
| Income tax | 4.8 m | 6.4 k | -152 | esef· 07 May 2024verified |
| Net income | 14.7 m | 26.7 k | 19.7 k | esef· 07 May 2024verified |
| Diluted EPS | 13.68 | 24.55 | 18.07 | esef· 07 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 16.5 m | 34.2 k | 44.7 k | esef· 07 May 2024verified |
| Inventories | 0 | 45 | 16 | esef· 07 May 2024verified |
| Current assets | 63.7 m | 115.3 k | 143.8 k | esef· 07 May 2024verified |
| Property, plant & equipment, net | 14.6 m | 24.9 k | 23.1 k | esef· 07 May 2024verified |
| Goodwill | 0 | 18.7 k | 18.7 k | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 1.8 m | 417 | 6.8 k | esef· 07 May 2024verified |
| Total assets | 82.8 m | 165.7 k | 198.5 k | esef· 07 May 2024verified |
| Long-term debt | 0 | 5.6 k | 0 | esef· 07 May 2024verified |
| Current liabilities | 29.6 m | 59.5 k | 80.8 k | esef· 07 May 2024verified |
| Total liabilities | 36.0 m | 80.6 k | 89.7 k | esef· 07 May 2024verified |
| Equity | 46.8 m | 85.1 k | 108.8 k | esef· 07 May 2024verified |
| Shares outstanding at year end | 1.1 m | 1.1 k | 1.1 k | 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 354.6 k PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · 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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 43.1% | 100 (vs peers) | 28% |
| Net margin · Quality | 4.7% | 56 (vs peers) | 17% |
| 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 | 3.7x | 33 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 18.0x | 32 (vs peers) | 28% |
| 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 sheet53/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial32/100 · 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
SpyroSoft S.A. (SPR.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 416.1 k PLN in 2023; YoY growth 25.5%; net margin 4.7%; ROE 26.6%.
The estimated value range is 115.15–317.78 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 199.90 PLN, the price of 325.00 PLN leaves a potential of -38.5% (value / price − 1) and a margin of safety of -62.6% (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: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 43.1%
- Current ratio: 1.8x
What contradicts it
- 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, 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% |
| 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% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for SPR.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 | 212.31 Total return -35% · Per year -35% | 373.63 Total return 15% · Per year 15% | 560.45 Total return 72% · Per year 72% |
| 3 years | 251.83 Total return -23% · Per year -8% | 494.13 Total return 52% · Per year 15% | 807.05 Total return 148% · Per year 35% |
| 5 years | 298.71 Total return -8% · Per year -2% | 653.49 Total return 101% · Per year 15% | 1,162.15 Total return 258% · Per year 29% |
- Exit P/E± 123.53
- Net margin± 86.47
- Annual revenue growth± 64.49
- Annual dilution± 7.27
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
Spyrosoft S.A. is a Polish software development group that delivers custom software and IT services to clients across several countries, with a project-based model built on short and medium-term contracts. In fiscal 2023 the group reported operating cash flow of 11909,60 thousand zł and total equity of 108847,05 thousand zł 1.
SWOT
Strengths
- Diversified client portfolio with no excessive dependence on a single client, according to management's assessment.
- Most revenue comes from contracts of a stable character with relatively long notice periods.
- A solid consolidated equity base that provides room for expansion.
Weaknesses
- Short-term liabilities have risen considerably, increasing pressure on liquidity.
- Many contracts are short-term, which makes revenue harder to forecast.
- Poland is not the main sales market, which means exposure to demand in other countries.
Opportunities
- Technological progress could generate additional demand for software development services.
- Expansion into foreign markets could bring new clients and reduce dependence on local conditions.
- Clients that stay after a first contract can become long-term partners.
Threats
- An economic slowdown could reduce clients' IT investment budgets.
- Cyber attacks could interrupt services and damage the group's reputation.
- Tax authorities could challenge transfer pricing between group entities.
Risks
- Loss of key clientsmedium
An important client may decide not to continue, and a lack of new orders could weigh on revenue for a period.
- IT system disruptionshigh
Cyber attacks or errors could interrupt services and lead to data leaks, with impact on reputation.
- Transfer pricingmedium
If tax authorities challenge the transfer pricing documentation, the group could be required to pay additional taxes, interest and penalties.
- Slower growthmedium
Recruitment difficulties and macroeconomic conditions could slow expansion below the planned pace.
- Collection of receivableslow
Clients that pay late or not at all could affect liquidity and require provisions.
Investment thesis
What would need to be true (bull case)
- If demand for software development stays supported by technological progress, the group could benefit from a portfolio of recurring contracts.
- Diversifying clients and expanding into foreign markets could reduce the sensitivity of revenue to a single economy.
- A consolidated equity base could support investment in staff and in the development of the offering.
What would break the thesis
- If clients' IT budgets contract, short-term contracts could fall quickly, affecting revenue.
- Rising short-term liabilities could limit financial flexibility if operating cash flow does not improve.
- A cybersecurity incident could damage client confidence and generate unforeseen costs.
What to watch
- Trend in operating cash flow and short-term liabilitiesnext annual report
- Share of revenue from foreign markets versus Poland2024
- Status of challenges to transfer pricing documentationnext annual report
- Number of new clients and retention of existing clients2025
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 Spyrosoft group, headquartered in Poland, develops and delivers custom software, programming services and IT solutions for corporate clients. Its activity is organised around projects billed on hours worked or at a fixed price, and revenue is recognised as services are performed 1. The annual report shows the group also includes associated entities and subsidiaries with non-controlling shareholders 1.
The financial structure at 31.12.2023 shows short-term liabilities rising significantly compared with the prior year, and the group drew credit and loans of 28304,71 thousand zł in 2023 1. Total liabilities exceed equity, so external financing plays an important role in the business 1.
The client base is described as diversified, and most contracts have a stable character with notice periods typically of 3 to 6 months 1. The company intends to widen its client base by growing its presence in foreign markets 1.
Segments
Time-and-material software development
Contracts settled on hours actually worked at an agreed rate generate revenue recognised at the end of each period based on hours delivered 1.
Fixed-price projects
Fixed-price projects are recognised according to the degree of completion, estimated from costs incurred against planned costs, which involves estimates that can affect results between periods 1.
Market context
The annual report indicates that demand for IT services depends on enterprise spending, and investment in ICT solutions by small and medium-sized companies is driven mainly by adapting to technical progress 1. The group notes that Poland is not its main sales market, so its activity depends on demand in other countries 1.
Demand for programming services remains high amid rapid technological progress, but the economic climate and high inflation could slow the group's growth, according to management's assessment 1.
Trends
- Accelerating digitalisationtailwind
Pressure from technological progress creates continuing demand for software development, which could support growth in the IT sector 1.
- Economic slowdown and inflationheadwind
High inflation and an economic slowdown can reduce client budgets and lengthen decision cycles, slowing the pace of growth 1.
- Shortage of specialists and staff costsmixed
Attracting qualified sales staff and programmers is costly and time-consuming, which may limit how fast the group can expand 1.
- Expansion into foreign marketsmixed
Building a presence in markets outside Poland could diversify the client base and reduce dependence on one market, but it also brings tax and transfer pricing risks 1.
Competitive position
The available source does not give a detailed picture of competitors. The report only notes that the market is fragmented and that software development is served by many providers, without naming rival companies 1. A comparison with other players therefore needs additional sources.
The group's differentiation rests on service quality and long-term client relationships, according to the strategy described in the report 1. Competitive risk also arises because solutions built for one client can be reused by third parties 1.
- Software development service providers in Poland and abroad
The source does not name competitors, only noting that the market is competitive and that clients can move to other providers.
- IT outsourcing firms in Central and Eastern Europe
Active in the same time-and-material and fixed-price segments; the source gives no market share data.
- Global consulting and IT services companies
Can compete for large corporate projects by delivering from lower-cost centres.
- Clients' in-house development teams
Clients may build their own development capacity, reducing demand for external services.
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 / Spyrosoft 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.