olivLaw · European equity research
VOTUM S.A. VOT.WA
Poland · GPW Warszawa · ISIN PLVOTUM00016 · Vertical: Listed companies from Poland
VOTUM S.A. is a Polish group developing claims recovery services for clients, mainly in personal injury cases and disputes over bank loans. The 2023 annual report shows the group reconfiguring its business model and correcting some figures from earlier periods, so the assessment of revenue and assets depends on the discount assumptions used.
At the close of 05 Nov 2026, VOTUM S.A. (VOT.WA) stock was 39.20 PLN (−1.38% on the day), with market capitalisation 463.4 m PLN, P/E 3.5 on diluted EPS of 11.16 PLN over the last 12 months, dividend yield 6.38%, beta 0.40, 52-week range 38.85–52.70 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)
- 26.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 36.77 – 47.66
- in the lower half of the band · %B 0.22 · band width 25.8%
- SMA 50 / 200
- 43.46 / 45.17
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.47 / -1.17
- 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 | −13.5% | −0.6% | −12.8 pp | — |
| 3 months | −9.9% | −4.2% | −5.7 pp | — |
| 6 months | −24.2% | +4.3% | −28.5 pp | — |
| Year to date | −14.0% | +7.5% | −21.5 pp | — |
| 1 year | −13.8% | +9.9% | −23.7 pp | +7.1% |
| 3 years | −12.9% | +49.8% | −62.7 pp | +3.3% |
| 5 years | +176.1% | +42.8% | +133.2 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 4.1, median 6.1, max 19.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 195.6 m | 302.2 m | 387.1 m |
| Revenue YoY | unavailable | +54.5% | +28.1% |
| Net income | 10.1 m | 91.1 m | 131.9 m |
| Net income YoY | unavailable | +804.2% | +44.9% |
| Diluted EPS | 0.84 | 7.65 | 11.16 |
| Diluted EPS YoY | unavailable | +810.7% | +45.9% |
| net % | 5.1% | 30.1% | 34.1% |
| Free cash flow | -762.0 k | 17.0 m | 38.6 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 12.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 258.5 m PLN
- Total assets
- 444.2 m PLN
- Debt / equity
- unavailable
- Current ratio
- 3.14x
- ROE
- 63.8%
- ROA
- 36.7%
- FCF margin
- 10.0%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 195.6 m | 302.2 m | 387.1 m | esef· 01 May 2024verified |
| Operating income | 17.5 m | 111.5 m | 158.7 m | esef· 01 May 2024verified |
| Depreciation & amortisation | 2.6 m | 2.8 m | 3.5 m | esef· 01 May 2024verified |
| EBITDA | 20.1 m ≈ | 114.4 m ≈ | 162.2 m ≈ | esef· 01 May 2024derived |
| Interest expense | 1.5 m | 3.4 m | 3.8 m | esef· 01 May 2024verified |
| Pre-tax income | 16.4 m | 111.3 m | 165.9 m | esef· 01 May 2024verified |
| Income tax | 6.3 m | 19.4 m | 32.0 m | esef· 01 May 2024verified |
| Net income | 10.1 m | 91.1 m | 131.9 m | esef· 01 May 2024verified |
| Diluted EPS | 0.84 | 7.65 | 11.16 | esef· 01 May 2024verified |
| Dividend per share | 0.35 | 0.41 | 2.50 | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.1 m | 10.4 m | 12.2 m | esef· 01 May 2024verified |
| Receivables | 15.4 m | 16.9 m | 21.0 m | esef· 01 May 2024verified |
| Inventories | 839.0 k | 1.1 m | 1.3 m | esef· 01 May 2024verified |
| Current assets | 67.0 m | 188.8 m | 269.4 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 27.5 m | 28.8 m | 30.0 m | esef· 01 May 2024verified |
| Goodwill | 17.7 m | 15.8 m | 15.8 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 1.3 m | 988.0 k | 730.0 k | esef· 01 May 2024verified |
| Total assets | 132.6 m | 275.7 m | 444.2 m | esef· 01 May 2024verified |
| Accounts payable | 19.8 m | 55.2 m | 77.2 m | esef· 01 May 2024verified |
| Current liabilities | 42.0 m | 71.5 m | 85.9 m | esef· 01 May 2024verified |
| Total liabilities | 63.1 m | 120.9 m | 185.7 m | esef· 01 May 2024verified |
| Equity | 69.5 m | 154.8 m | 258.5 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 12.0 m | 11.9 m | 11.8 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 205.0 k | 18.4 m | 41.0 m | esef· 01 May 2024verified |
| Capex | 967.0 k | 1.4 m | 2.4 m | esef· 01 May 2024verified |
| Free cash flow | -762.0 k ≈ | 17.0 m ≈ | 38.6 m ≈ | esef· 01 May 2024derived |
| Investing cash flow | -2.3 m | -503.0 k | -2.9 m | esef· 01 May 2024verified |
| Financing cash flow | -2.6 m | -11.7 m | -36.3 m | esef· 01 May 2024verified |
| Dividends paid | 4.2 m | 4.9 m | 30.1 m | esef· 01 May 2024verified |
≈ 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 463.4 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 34.1% | 95 (vs peers) | 12% |
| FCF conversion · Quality | 29.3% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 41.8x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 3.5x | 84 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 6.5% | 93 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 78.1% | 60 (on a fixed band) | 8% |
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
- Quality47/100 · 2/3 factors with a value
- Returns80/100 · 2/2 factors with a value
- Valuation91/100 · 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
VOTUM S.A. (VOT.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 387.1 m PLN in 2023; YoY growth 28.1%; net margin 34.1%; ROE 64.6%.
The estimated value range is 71.11–196.26 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 123.46 PLN, the price of 39.20 PLN leaves a potential of 214.9% (value / price − 1) and a margin of safety of 68.2% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 34.1%
- Interest coverage: 41.8x
- Current ratio: 3.1x
- P/E (TTM): 3.5x
- FCF yield: 8.3%
- Shareholder yield (distributions): 6.5%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 29.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| VOT.WAVotum S.A. | 463.4 m | 3.5 | 64.6% | 34.1% | +28.1% | −17% / −6% |
| 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 VOT.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 | 25.62 Total return -29% · Per year -29% | 45.08 Total return 22% · Per year 22% | 67.62 Total return 81% · Per year 81% |
| 3 years | 30.38 Total return -4% · Per year -1% | 59.62 Total return 78% · Per year 21% | 97.37 Total return 180% · Per year 41% |
| 5 years | 36.04 Total return 25% · Per year 5% | 78.85 Total return 151% · Per year 20% | 140.22 Total return 323% · Per year 33% |
- Exit P/E± 14.90
- Net margin± 10.43
- Annual revenue growth± 7.78
- Annual dilution± 0.88
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
VOTUM S.A. is a Polish group developing claims recovery services for clients, mainly in personal injury cases and disputes over bank loans. The 2023 annual report shows the group reconfiguring its business model and correcting some figures from earlier periods, so the assessment of revenue and assets depends on the discount assumptions used.
SWOT
Strengths
- The success-linked remuneration model aligns the group's interests with those of its clients, and expected losses in the bank segment are estimated at a low level because of this model 1.
- The group prepares complete consolidated statements, with clear consolidation procedures and elimination of intragroup transactions 1.
- Credit risk management is described as prudent, with documented assumptions for expected losses in each segment 1.
Weaknesses
- Corrections to the 2022 figures point to weaknesses in the quality of comparative information and in account reconciliation 1.
- Revenue depends on the results of proceedings, which are hard to predict and can vary considerably from one year to the next 1.
- The valuation of assets from proceedings depends on discount assumptions sensitive to interest rate levels, which adds accounting uncertainty 1.
Opportunities
- Diversifying operations into specialised subsidiaries could allow more efficient management of each business line 1.
- If recovery procedures become more predictable, revenue transparency could improve after the 2023 adjustments.
- Applying IFRS 17 and preparing for IFRS 18 could bring clearer presentation of results by segment.
Threats
- Changes in the interest rate environment can alter the value of receivables from proceedings and affect reported results.
- If banking institutions enter restructuring procedures, the group's revenue and assets could be reassessed, as happened with a resolution procedure for a bank 1.
- Regulatory changes in consumer litigation could reduce case volumes or the value of compensation recovered.
Risks
- Discount assumptionsmedium
The value of assets from proceedings depends on the discount rates chosen, and changes to them can alter reported results 1.
- Corrections to prior periodsmedium
Adjustments to comparative figures could reduce confidence in historical series if further corrections emerge.
- Bank restructuring riskmedium
Restructuring procedures at a partner bank could change the group's revenue and assets, as noted in the report 1.
- Revenue concentration on proceedingshigh
Results depend on the number and value of favourable judgments, which makes revenue sensitive to the judicial cycle.
- Dependence on group structurelow
Redistributing operations to subsidiaries can complicate consolidation and the interpretation of results by entity.
Investment thesis
What would need to be true (bull case)
- If the success-based model holds and proceedings conclude favourably, the group's revenue could become more predictable and its assets from proceedings could be realised more efficiently 1.
- Transparent recalculation of the 2022 figures and the reorganisation of operations could strengthen confidence in the group's long-term reporting.
- Diversifying services into subsidiaries could reduce reliance on a single operator and create room for growth in distinct segments.
What would break the thesis
- If interest rates stay high, discounting receivables could reduce the present value of receipts, and results could come in weaker than expected.
- Repeated corrections to historical figures could affect comparability and prompt investors to request additional explanations.
- If restructurings in the banking sector spread, the group could be forced to reassess more assets and accept further accounting impacts.
What to watch
- How the corrections applied to comparative figures develop2024
- How discount rates change in new judgments2024
- Effect of moving operations into subsidiaries on revenue by entity2024
- Application of IFRS 17 and preparation for IFRS 18 in the group's reportsnext 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
The VOTUM group, with the parent company VOTUM S.A., operates as a consolidated group whose subsidiaries report in Polish zloty 1. Its main activity is dochodzenie roszczeń, meaning managing the processes through which clients obtain compensation. Revenue is tied to the results of these proceedings, and part of the remuneration is a success fee paid from the amounts recovered for the client 1.
The report states that in the current business model, the claims recovery service for indexed and foreign-currency loans is operated exclusively by subsidiaries rather than the parent, following a diversification policy 1. This change led to reallocating part of the earlier revenue to the relevant subsidiaries.
In 2023 the group corrected the comparative figures for 2022 and 1 January 2022, including recalculating the discount applied to MSSF 15 assets and reclassifying provisions for commissions and unused leave 1. Management considered the effect on consolidated results not significant, though it did affect the individual company results 1.
Segments
Personal injury claims recovery
In the personal injury segment, the group recognises advances paid to clients and costs incurred on cases to be settled from compensation obtained in future periods. Expected credit losses are estimated statistically on the basis of historical effectiveness, with an indicator of 5.62% set under the group's methodology 1.
Bank contract claims recovery
In the segment of indexed or foreign-currency bank loans, the group's remuneration is generally withheld from the claims obtained for the client, which limits credit risk. Effectiveness is measured as the ratio of favourable second-instance judgments to all second-instance judgments, and expected losses are estimated at zero because of the settlement model 1.
Assignment of receivables
The report also covers assignments of receivables, with the cost of acquiring them classified at fair value through profit or loss 1. Information in the analysed source is limited for this segment, and further detail should be checked in the report's notes.
Market context
The market in which the group operates is linked to consumer disputes in the Polish banking sector and to personal injury compensation proceedings. Source 1 gives no data on market size or the group's share, so conclusions about its competitive position cannot be drawn from this document.
The interest rate environment has influenced the valuation of long-term claims, with the group using government bond yields as discount rates. If these yields change, the value of assets from proceedings could be affected differently for judgments in later years.
Trends
- Rising interest ratesmixed
Discount rates used for 2022 and 2023 judgments were linked to government bond yields, which changed the value of assets from proceedings. If rates remain high, discounting could reduce the present value of future receipts.
- Business model reconfigurationmixed
Moving service operation to specialised subsidiaries may reduce risk concentration, but it also changes how revenue is split between the parent and subsidiaries. The effect depends on how this diversification policy is executed.
- Corrections to prior periodsheadwind
The 2023 corrections reallocated revenue and recalculated discounts, making comparison with earlier years harder. If such adjustments recur, transparency of results could suffer.
- New accounting standardsmixed
The entry into force of IFRS 17 and preparation for IFRS 18 require adjustments to presentation and notes. The impact depends on how the group applies them and on the data available in future reports.
Competitive position
Source 1 does not identify the group's competitors or describe its market position. The competitive analysis is therefore limited to the point that claims recovery services can also be offered by other law and consultancy firms specialised in consumer disputes.
The group's differentiation could come from its success-based remuneration model and its capacity to handle large case volumes, but these elements are not quantified in the report analysed.
- Legal consultancy firms specialised in consumer disputes
The source does not name competitors, and no specific firm is identified in the document analysed.
- Claims recovery service providers
A general category of possible competitors; the source gives no names or market shares.
- Law firms specialised in personal injury
Potential competition in the personal injury segment, with no size data in the source.
- Bank claims recovery operators
Potential competition in the indexed-loan segment, with no nominal identification in the document.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202210 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / VOTUM 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.