olivLaw · European equity research
XTPL S.A. XTP.WA
Poland · GPW Warszawa · ISIN PLXTPL000018 · Vertical: Listed companies from Poland
XTPL is a Polish maker of precision printing equipment that develops UPD technology for manufacturing circuits and components in the display, semiconductor and PCB industries. In fiscal 2023 the company reported sales revenue of 15.475 million PLN, up on the prior year, but remained loss-making, and its year-end cash of 27.275 million PLN was largely raised through a share issue. The question now is whether sales from advanced pilot projects can turn into repeat commercial deliveries.
At the close of 05 Nov 2026, XTPL S.A. (XTP.WA) stock was 69.00 PLN (+2.68% on the day), with market capitalisation 158.6 m PLN, beta 0.43, 52-week range 54.70–81.80 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.1
- weak (30–45)
- Bollinger (20, 2)
- 65.14 – 76.35
- in the lower half of the band · %B 0.34 · band width 15.9%
- SMA 50 / 200
- 73.49 / 68.70
- mixed trend
- MACD (12, 26, 9)
- -1.57 / -1.44
- 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 | −9.8% | −0.6% | −9.2 pp | — |
| 3 months | −6.5% | −4.2% | −2.3 pp | — |
| 6 months | +12.2% | +4.3% | +7.9 pp | — |
| Year to date | −5.2% | +7.5% | −12.7 pp | — |
| 1 year | −3.5% | +9.9% | −13.4 pp | +7.1% |
| 3 years | −54.6% | +49.8% | −104.5 pp | +3.3% |
| 5 years | +28.0% | +42.8% | −14.8 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 4.7 m | 12.8 m | 15.5 m |
| Revenue YoY | unavailable | +172.6% | +20.7% |
| Net income | -6.6 m | -2.1 m | -4.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 3.16 | -1.02 | -2.06 |
| Diluted EPS YoY | unavailable | −132.3% | unavailable |
| net % | -139.8% | -16.7% | -31.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 27.3 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 33.6 m PLN
- Total assets
- 47.9 m PLN
- Debt / equity
- unavailable
- Current ratio
- 3.55x
- ROE
- -25.8%
- ROA
- -14.8%
- 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 | 4.7 m | 12.8 m | 15.5 m | esef· 02 May 2024verified |
| Cost of revenue | 4.8 m | 6.8 m | 8.4 m | esef· 02 May 2024verified |
| Gross profit | -80.0 k | 6.0 m | 7.0 m | esef· 02 May 2024verified |
| Research & development | 4.3 m | 6.1 m | 5.0 m | esef· 02 May 2024verified |
| Operating income | -6.3 m | -1.8 m | -4.8 m | esef· 02 May 2024verified |
| Interest expense | 255.0 k | 321.0 k | 384.0 k | esef· 02 May 2024verified |
| Pre-tax income | -6.6 m | -2.1 m | -4.8 m | esef· 02 May 2024verified |
| Income tax | 0 | 19.0 k | 23.0 k | esef· 02 May 2024verified |
| Net income | -6.6 m | -2.1 m | -4.9 m | esef· 02 May 2024verified |
| Diluted EPS | 3.16 | -1.02 | -2.06 | esef· 02 May 2024verified |
| Weighted average diluted shares | 2.1 m | 2.1 m | 2.3 m | esef· 02 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.6 m | 6.0 m | 27.3 m | esef· 02 May 2024verified |
| Inventories | 560.0 k | 948.0 k | 1.8 m | esef· 02 May 2024verified |
| Current assets | 7.1 m | 9.7 m | 33.3 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 2.6 m | 4.3 m | 5.1 m | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 2.8 m | 3.4 m | 9.5 m | esef· 02 May 2024verified |
| Total assets | 12.5 m | 17.5 m | 47.9 m | esef· 02 May 2024verified |
| Current liabilities | 5.9 m | 7.1 m | 9.4 m | esef· 02 May 2024verified |
| Equity | 5.0 m | 4.0 m | 33.6 m | esef· 02 May 2024verified |
| Shares outstanding at year end | — | 2.0 m | 2.3 m | esef· 02 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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 158.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -31.3% | 8 (vs peers) | 38% |
| 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 | -12.6x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
XTPL Spółka Akcyjna (XTP.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 15.5 m PLN in 2023; YoY growth 20.7%; net margin -31.3%; ROE -25.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.5x
What contradicts it
- Net margin: -31.3%
- Interest coverage: -12.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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% |
| XTP.WAXTPL Spółka Akcyjna | 158.6 m | — | -25.8% | -31.3% | +20.7% | −6% / −58% |
| 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 XTP.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
XTPL is a Polish maker of precision printing equipment that develops UPD technology for manufacturing circuits and components in the display, semiconductor and PCB industries. In fiscal 2023 the company reported sales revenue of 15.475 million PLN, up on the prior year, but remained loss-making, and its year-end cash of 27.275 million PLN was largely raised through a share issue. The question now is whether sales from advanced pilot projects can turn into repeat commercial deliveries.
SWOT
Strengths
Weaknesses
Opportunities
Threats
- If pilot projects do not convert into contracts, revenue could remain below the level needed for self-financing.
- Currency fluctuations may affect results, since some purchases and receipts are in foreign currency 1.
- Competition from traditional technologies and other equipment suppliers could limit pricing and market share.
Risks
- Recurring losseshigh
The company reported a net loss in 2023, and continuation of this trend could require new funding sources 1.
- Dependence on grantsmedium
Part of revenue comes from public funding, and a reduction or delay in grants could affect sales 1.
- Currency risklow
Purchases and receipts in euro and dollar could have negative effects on results if exchange rates move 1.
- Guarantees and contingent obligationsmedium
The company issued promissory notes in favour of lenders and grant programmes, which could become payable if obligations are not met 1.
- Concentration on pilot projectsmedium
If advanced projects are delayed or do not convert into contracts, the growth timeline could slip.
Investment thesis
What would need to be true (bull case)
- If advanced projects at industrial customers convert into repeat deliveries, revenue growth could reduce dependence on external funding 1.
- In-house technology and liquidity from the share issue provide a base for developing new equipment models 1.
- Access to research programmes could finance a significant part of future development effort 1.
What would break the thesis
- The net loss and need for additional funding could lead to further share issues or borrowing, affecting existing shareholders.
- Dependence on grants and on the timing of public programmes could make revenue harder to predict.
- If advanced projects do not convert into contracts, sales could stay low relative to development spending.
What to watch
- Conversion of advanced projects into commercial contracts2024
- Trajectory of the net loss and research spending2024
- New grant programmes and their value2024
- Any contracts financed with debtnext 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
XTPL S.A. group develops and sells UPD technology and aims to integrate it into the production lines of industrial customers. According to the annual report, four of the nine projects aimed at implementing the technology on lines of display, semiconductor and PCB companies are at an advanced stage 1. Management suggests this could increase the number of deliveries in coming periods and could strengthen operating cash flow 1.
Revenue is split between product and service sales and grant income, and in 2023 grants represented a significant part of revenue 1. The company continues to spend on research and development and capitalises part of these costs as intangible assets 1. The group was also funded in 2023 by a share issue that brought in substantial capital 1.
Management states that existing cash resources ensure continuity of operations for the next 12 months, and that growing sales could finance development in later years 1. If a significant contract is signed with an industrial partner, the board does not rule out partly financing it with debt 1.
Segments
Products and services
Sales of products and services, including equipment and services for industrial customers, made up the largest part of sales revenue in 2023, at 13.418 million PLN 1.
Grants
Grant income tied to publicly funded research projects was 2.057 million PLN in 2023 1. This segment depends on the timing and eligibility of funding programmes.
Research and development
The company capitalised development costs, and the net value of intangibles under development rose markedly in 2023 1. This segment directly affects the ability to launch new equipment models.
Market context
XTPL targets precision manufacturing for displays, semiconductors and PCBs, where high-resolution printing could replace more costly processes. The figures show sales are still small relative to funding needs, and commercial launch depends on turning advanced projects into contracts 1.
The company transacts in euro and dollar, and currency exposure is monitored in the context of purchases and receipts 1. Market risk remains tied to the investment cycles of industrial manufacturers.
Trends
- Adoption of precision printing technologiestailwind
Electronics manufacturers seek more precise and efficient processes, which could speed adoption of UPD solutions if pilot projects become commercial contracts 1.
- Dependence on public fundingheadwind
Grant income is an important part of revenue, and the schedule of funding programmes could affect results if grants shrink 1.
- Capital raisingmixed
Share issues supported liquidity in 2023, but raising new capital could become more costly if losses persist 1.
- Research and development costsheadwind
Development spending and its capitalisation influence accounting profit, and higher amortisation could keep weighing on results 1.
Competitive position
The annual report does not explicitly name competitors in the supplied sources, so the competitive landscape is described only in general terms. The company competes mainly with traditional lithography technologies and other precision printing equipment suppliers for electronics.
XTPL's potential advantage could come from advanced projects with industrial customers and from in-house developed intellectual property, but the sources do not allow a quantitative comparison with rivals.
- Semiconductor lithography suppliers
Makers of advanced lithography processes, indirect competitors in precision manufacturing.
- Industrial electronics printing equipment suppliers
Companies selling printing solutions for electronics that could compete for the same industrial contracts.
- Display manufacturing equipment makers
Suppliers of display production equipment that may offer alternatives to customers in the same sector.
- PCB metallisation process suppliers
Companies with alternative processes for printed circuit board fabrication, relevant to the same customer base.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / XTPL 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.