olivLaw · European equity research
LiveChat Software S.A. TXT.WA
Poland · GPW Warszawa · ISIN PLLVTSF00010 · Vertical: Listed companies from Poland
LiveChat Software S.A. of Wrocław develops text-based customer communication platforms, mainly the LiveChat product, and sells its services largely in US dollars. In the fiscal year ended 31.03.2023 the company reported a net profit above 172 million PLN, which shows the cash-generating power of its subscription model.
At the close of 05 Nov 2026, LiveChat Software S.A. (TXT.WA) stock was 37.88 PLN (−2.07% on the day), with market capitalisation 975.9 m PLN, P/E 5.7 on diluted EPS of 6.69 PLN over the last 12 months, dividend yield 12.45%, beta 0.39, 52-week range 35.96–54.80 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)
- 40.5
- weak (30–45)
- Bollinger (20, 2)
- 37.27 – 40.66
- in the lower half of the band · %B 0.18 · band width 8.7%
- SMA 50 / 200
- 40.59 / 41.99
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.87 / -0.94
- 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 | −8.5% | −0.6% | −7.8 pp | — |
| 3 months | −26.9% | −4.2% | −22.7 pp | — |
| 6 months | −7.2% | +4.3% | −11.6 pp | — |
| Year to date | −5.1% | +7.5% | −12.6 pp | — |
| 1 year | −21.5% | +9.9% | −31.4 pp | +7.1% |
| 3 years | −69.0% | +49.8% | −118.8 pp | +3.3% |
| 5 years | −70.3% | +42.8% | −113.1 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 0 percentile of its own 3-quarter history (min 21.4, median 22.2, max 32.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 179.0 m | 222.5 m | 315.7 m |
| Revenue YoY | unavailable | +24.3% | +41.9% |
| Net income | 100.2 m | 119.0 m | 172.4 m |
| Net income YoY | unavailable | +18.8% | +44.8% |
| Diluted EPS | 3.89 | 4.62 | 6.69 |
| Diluted EPS YoY | unavailable | +18.8% | +44.8% |
| net % | 56.0% | 53.5% | 54.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Mar 2023
- Cash
- 95.8 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 175.1 m PLN
- Total assets
- 197.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 6.19x
- ROE
- 115.0%
- ROA
- 102.9%
- 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 | 179.0 m | 222.5 m | 315.7 m | esef· 11 Jul 2023verified |
| Cost of revenue | 27.9 m | 32.1 m | 46.3 m | esef· 11 Jul 2023verified |
| Gross profit | 151.1 m | 190.4 m | 269.4 m | esef· 11 Jul 2023verified |
| Operating income | 107.1 m | 128.1 m | 185.5 m | esef· 11 Jul 2023verified |
| Interest expense | 14.0 k | 125.0 k | 431.0 k | esef· 11 Jul 2023verified |
| Pre-tax income | 107.1 m | 127.9 m | 185.1 m | esef· 11 Jul 2023verified |
| Income tax | 6.9 m | 8.9 m | 12.7 m | esef· 11 Jul 2023verified |
| Net income | 100.2 m | 119.0 m | 172.4 m | esef· 11 Jul 2023verified |
| Diluted EPS | 3.89 | 4.62 | 6.69 | esef· 11 Jul 2023verified |
| Weighted average diluted shares | 25.8 m | 25.8 m | 25.8 m | esef· 11 Jul 2023verified |
| Dividend per share | 2.77 | 3.94 | 4.72 | esef· 11 Jul 2023derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 59.2 m | 55.7 m | 95.8 m | esef· 11 Jul 2023verified |
| Current assets | 85.2 m | 95.5 m | 137.0 m | esef· 11 Jul 2023verified |
| Property, plant & equipment, net | 3.7 m | 3.2 m | 2.7 m | esef· 11 Jul 2023verified |
| Intangibles (excl. goodwill) | 33.1 m | 38.5 m | 57.0 m | esef· 11 Jul 2023verified |
| Total assets | 122.3 m | 137.8 m | 197.3 m | esef· 11 Jul 2023verified |
| Current liabilities | 13.4 m | 12.4 m | 22.1 m | esef· 11 Jul 2023verified |
| Equity | 107.4 m | 124.5 m | 175.1 m | esef· 11 Jul 2023verified |
| Shares outstanding at year end | 25.7 m | 25.8 m | 25.8 m | esef· 11 Jul 2023derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 106.5 m | 115.5 m | 194.8 m | esef· 11 Jul 2023verified |
| Investing cash flow | -13.8 m | -16.8 m | -32.5 m | esef· 11 Jul 2023verified |
| Financing cash flow | -72.2 m | -102.2 m | -122.2 m | esef· 11 Jul 2023verified |
| Dividends paid | 71.3 m | 101.5 m | 121.5 m | esef· 11 Jul 2023verified |
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 975.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 54.6% | 95 (vs peers) | 19% |
| 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 | 430.4x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 6.2x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 5.7x | 79 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 12.5% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial95/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial79/100 · 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
LIVECHAT SOFTWARE SPÓŁKA AKCYJNA (TXT.WA). Latest full fiscal year: 2023; data up to 2023-03-31.
Figures computed from the financial statements: revenue 315.7 m PLN in 2023; YoY growth 41.9%; net margin 54.6%; ROE 115.0%.
The estimated value range is 44.45–87.41 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 62.58 PLN, the price of 37.88 PLN leaves a potential of 65.2% (value / price − 1) and a margin of safety of 39.5% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 54.6%
- Interest coverage: 430.4x
- Current ratio: 6.2x
- P/E (TTM): 5.7x
- Shareholder yield (distributions): 12.5%
- The price is below the estimated value range
What contradicts it
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.
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, 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% |
| TXT.WALivechat Software Spółka Akcyjna | 975.9 m | 5.7 | 115.0% | 54.6% | +41.9% | −10% / −66% |
| 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 TXT.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 | 24.75 Total return -24% · Per year -24% | 43.56 Total return 29% · Per year 29% | 65.34 Total return 90% · Per year 90% |
| 3 years | 29.36 Total return 13% · Per year 4% | 57.61 Total return 102% · Per year 26% | 94.09 Total return 211% · Per year 46% |
| 5 years | 34.83 Total return 57% · Per year 9% | 76.19 Total return 198% · Per year 24% | 135.50 Total return 386% · Per year 37% |
- Exit P/E± 14.40
- Net margin± 10.08
- Annual revenue growth± 7.52
- Annual dilution± 0.85
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
LiveChat Software S.A. of Wrocław develops text-based customer communication platforms, mainly the LiveChat product, and sells its services largely in US dollars. In the fiscal year ended 31.03.2023 the company reported a net profit above 172 million PLN, which shows the cash-generating power of its subscription model.
SWOT
Strengths
- High profitability and strong cash generation from subscriptions, with automatic card payments.
- Solid balance sheet, with cash many times above short-term liabilities, and no financial debt in the group.
- Access to IT talent in Wrocław and developers in other regions through the remote working model.
Weaknesses
- High dependence on the US dollar, with significant currency exposure.
- Retention indicators that rose after the price changes.
- Concentration on one main product, which makes dependence on LiveChat very high.
Opportunities
- Expansion of AI features in products, which could increase value for customers.
- Development of complementary products and the text.com domain within the marketing strategy.
- A recovery in new customer acquisition, if macroeconomic conditions improve.
Threats
- Rapid technological change could affect market position if the group does not adapt.
- Growing demand for IT services could raise staffing costs.
- Competitive pressure and the economic situation in the main export markets.
Risks
- Currency riskhigh
Most sales are made in US dollars, and the group did not hedge sales transactions in the reporting period, which exposes results to exchange rate swings.
- Retention riskmedium
The price change brought a rise in the churn rate, and its later development remains to be monitored.
- Technology riskmedium
Rapid AI development could affect market position if the group does not adapt effectively.
- Staffing cost risklow
Strong demand for IT specialists could raise hiring and pay costs.
- Single-product concentration riskmedium
Revenue depends largely on one product, which makes the group sensitive to changes in its segment.
Investment thesis
What would need to be true (bull case)
- High profitability and automatic card payments could support cash generation in the coming years, if retention holds.
- The rise in ARPU after the price change shows the group can monetise its product position.
- AI features and complementary products could open new revenue sources.
What would break the thesis
- Significant currency exposure could reduce results if the dollar weakens against the złoty.
- The rise in churn after the price change could signal customer sensitivity to costs.
- Dependence on one main product could leave the group exposed to competitive pressure.
What to watch
- Development of the churn rate after the price changesQ1 2027
- Pace of new customer acquisition in the US and UK2027
- Results of AI features introduced into productsnext 10-K
- Effect of the planned group name change on product strategy2027
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 LiveChat Software S.A. group is active in software, its main activity code being 62.01.Z, software-related programming. The parent company, based in Wrocław, owns 100% of LiveChat Inc. in Boston, through which it operates in English-speaking markets. The sales model relies on customers paying automatically by card, which reduces credit risk.
Segments
LiveChat
The group's main product, a text-based customer communication tool. According to the report, price changes from May 2022 significantly raised ARPU for new customers and, from the third quarter, for the existing base as well.
Complementary products
Dedicated domains such as chatbot.com and text.com, the latter bought in December 2022, are part of the customer acquisition strategy. Management indicated that products other than LiveChat are gaining importance.
Market context
Customers are concentrated in the USA, UK, Canada and Australia, whose economic situation affects business indicators. The report states that customers from Ukraine, Russia and Belarus accounted for well under 0.5% of monthly recurring revenue. The slowdown in new customer acquisition in the second and third quarters could be linked to the global macroeconomic context.
Trends
- Price changesmixed
The 2022 price increase raised ARPU but also pushed churn to a peak. Management considers the new prices to have a positive effect on results, if retention stabilises.
- Artificial intelligencemixed
The group is developing AI-based features, some with external suppliers. The company indicates these could support growth, but rapid technological change could affect its market position if it does not adapt.
- Slower customer acquisitionheadwind
In the second and third quarters of the 2022/2023 fiscal year the pace of new customer acquisition slowed, possibly due to global macroeconomic conditions.
- Remote worktailwind
The mainly remote working model allows collaboration with developers in other cities and abroad, which could ease pressure on the local talent market.
Competitive position
The annual report does not name competitors. The customer communication software market is nonetheless contested by several global providers, and competitor actions are cited as one of the factors influencing business indicators.
- Global customer communication software providers
Not named in the report; mentioned only generically as a factor influencing business indicators.
- Developers of AI solutions for customer service
Companies offering similar AI features could change the group's market position, according to the report.
- Chat service providers in the US market
Not identified in the source; the US market is the main sales territory.
- Integrated communication platforms
Not identified in the source; they could compete for the same small and medium-sized business customers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202311 Jul 2023
- Annual report 202311 Jul 2023
- Annual report 202219 Jul 2022
- Annual report 202219 Jul 2022
Sources
- [1] Annual report, fiscal year ended 2023-03-31 (ESEF) · SEC / LiveChat Software S.A. · 31 Mar 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.