olivLaw · European equity research
Xtb Spółka Akcyjna XTB.WA
Poland · GPW Warszawa · ISIN PLXTRDM00011 · Vertical: Listed companies from Poland
At the close of 06 Nov 2026, Xtb Spółka Akcyjna (XTB.WA) stock was 132.54 PLN (+4.97% on the day), with market capitalisation 15.5 bn PLN, P/E 20.3 on diluted EPS of 6.53 PLN over the last 12 months, dividend yield 1.13%, beta 0.55, 52-week range 68.02–184.16 PLN.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 126.69 – 147.06
- in the lower half of the band · %B 0.29 · band width 14.9%
- SMA 50 / 200
- 145.22 / 121.27
- mixed trend
- MACD (12, 26, 9)
- -3.86 / -3.34
- 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 | −1.8% | −0.6% | −1.2 pp | — |
| 3 months | −21.1% | −4.2% | −16.9 pp | — |
| 6 months | +31.9% | +4.3% | +27.5 pp | — |
| Year to date | +84.5% | +7.5% | +77.0 pp | — |
| 1 year | +88.2% | +9.9% | +78.2 pp | +5.9% |
| 3 years | +271.9% | +49.8% | +222.0 pp | +1.8% |
| 5 years | +728.4% | +42.8% | +685.5 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 3-quarter history (min 4.8, median 5.2, max 8.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 797.8 m | 625.6 m | 1.4 bn |
| Revenue YoY | unavailable | −21.6% | +130.9% |
| Net income | 402.1 m | 237.8 m | 766.1 m |
| Net income YoY | unavailable | −40.9% | +222.1% |
| Diluted EPS | 3.43 | 2.03 | 6.53 |
| Diluted EPS YoY | unavailable | −40.8% | +221.7% |
| net % | 50.4% | 38.0% | 53.0% |
| Free cash flow | 464.8 m | 191.2 m | 1.1 bn |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 3.2 bn PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 1.5 bn PLN
- Total assets
- 4.1 bn PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 63.3%
- ROA
- 21.1%
- FCF margin
- 78.7%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 797.8 m | 625.6 m | 1.4 bn | esef· 02 May 2023verified |
| Operating income | 515.7 m | 276.8 m | 885.7 m | esef· 02 May 2023verified |
| Depreciation & amortisation | 7.8 m | 8.9 m | 12.0 m | esef· 02 May 2023verified |
| EBITDA | 523.5 m ≈ | 285.7 m ≈ | 897.7 m ≈ | esef· 02 May 2023derived |
| Interest expense | 22.9 m | 4.3 m | 997.0 k | esef· 02 May 2023verified |
| Pre-tax income | 498.7 m | 290.5 m | 935.3 m | esef· 02 May 2023verified |
| Income tax | 96.6 m | 52.6 m | 169.2 m | esef· 02 May 2023verified |
| Net income | 402.1 m | 237.8 m | 766.1 m | esef· 02 May 2023verified |
| Diluted EPS | 3.43 | 2.03 | 6.53 | esef· 02 May 2023verified |
| Dividend per share | 0.24 | 1.79 | 1.50 | esef· 02 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.6 bn | 2.4 bn | 3.2 bn | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 639.0 k | 585.0 k | 1.4 m | esef· 02 May 2023verified |
| Total assets | 2.3 bn | 3.1 bn | 4.1 bn | esef· 02 May 2023verified |
| Total liabilities | 1.4 bn | 2.2 bn | 2.6 bn | esef· 02 May 2023verified |
| Equity | 888.3 m | 915.6 m | 1.5 bn | esef· 02 May 2023verified |
| Shares outstanding at year end | 117.2 m | 117.2 m | 117.3 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 469.1 m | 199.0 m | 1.1 bn | esef· 02 May 2023verified |
| Capex | 4.4 m | 7.8 m | 12.6 m | esef· 02 May 2023verified |
| Free cash flow | 464.8 m ≈ | 191.2 m ≈ | 1.1 bn ≈ | esef· 02 May 2023derived |
| Investing cash flow | -384.2 m | 54.9 m | -328.7 m | esef· 02 May 2023verified |
| Financing cash flow | -32.8 m | -216.2 m | -181.9 m | esef· 02 May 2023verified |
| Dividends paid | 28.2 m | 210.1 m | 176.1 m | esef· 02 May 2023verified |
≈ 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 15.5 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 53.0% | 95 (vs peers) | 13% |
| FCF conversion · Quality | 148.3% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 888.3x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 20.3x | 26 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.3% | 91 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 15.5% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality97/100 · 2/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation55/100 · 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
XTB SPÓŁKA AKCYJNA (XTB.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.4 bn PLN in 2022; YoY growth 130.9%; net margin 53.0%; ROE 63.3%.
The estimated value range is 38.58–113.62 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 66.75 PLN, the price of 132.54 PLN leaves a potential of -49.6% (value / price − 1) and a margin of safety of -98.6% (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 (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 53.0%
- FCF conversion: 148.3%
- Interest coverage: 888.3x
- FCF yield: 7.3%
- Payout ratio (FCF): 15.5%
What contradicts it
- P/E (TTM): 20.3x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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 | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.0 bn | 37.8 | 7.8% | 2.9% | +19.8% | +18% / +199% |
| BDX.WABudimex Spółka Akcyjna | 18.9 bn | 35.3 | 41.5% | 6.2% | +8.9% | +18% / +33% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.7 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| XTB.WAXtb Spółka Akcyjna | 15.5 bn | 20.3 | 63.3% | 53.0% | +130.9% | +88% / +298% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.6 | 18.1% | 12.0% | +36.5% | +6% / +50% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −15% / −26% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +88% |
| ACT.WAAction S.A. | 999.4 m | 27.2 | 8.3% | 1.5% | +6.1% | +71% / +171% |
| BRS.WABoryszew Spółka Akcyjna | 874.1 m | 8.2 | 6.3% | 1.6% | +8.4% | −25% / −28% |
| AGO.WAAgora Spółka Akcyjna | 588.0 m | — | -14.2% | -9.2% | +15.2% | +37% / +18% |
| AMB.WAAmbra S.A. | 462.9 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 344.7 m | 1.4 | 16.3% | 7.0% | −27.5% | −40% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 298.5 m | 11.0 | 8.9% | 11.6% | −22.0% | −11% / +2% |
| ART.WAArtifex Mundi S.A. | 229.7 m | 17.7 | 35.7% | 33.3% | +51.9% | +48% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 192.4 m | 9.4 | 11.4% | 13.8% | +21.8% | −2% / −22% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BMC.WABumech Spółka Akcyjna | 156.9 m | — | -3.4% | -3.9% | −40.0% | −36% / −49% |
| BBT.WABoomBit Spółka Akcyjna | 71.9 m | 4.5 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.6 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 36.3 m | 62.0 | 1.2% | 1.3% | −67.5% | −31% / −46% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.1 m | 0.5 | 115.4% | 964.7% | +13.0% | −29% / −43% |
| BCM.WABETACOM Spółka Akcyjna | 26.3 m | 17.3 | 8.0% | 0.9% | +21.3% | +6% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 13.8 m | — | -25.8% | -117,400.0% | −97.7% | −26% / −45% |
1- and 3-year price returns: for XTB.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 | 86.61 Total return -34% · Per year -34% | 152.42 Total return 16% · Per year 16% | 228.63 Total return 74% · Per year 74% |
| 3 years | 102.73 Total return -19% · Per year -7% | 201.58 Total return 57% · Per year 16% | 329.23 Total return 154% · Per year 36% |
| 5 years | 121.86 Total return -2% · Per year -0% | 266.59 Total return 110% · Per year 16% | 474.09 Total return 269% · Per year 30% |
- Exit P/E± 50.39
- Net margin± 35.28
- Annual revenue growth± 26.31
- Annual dilution± 2.96
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202115 Mar 2022
- Annual report 202015 Mar 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.