olivLaw · European equity research
ALTUS Spółka Akcyjna ALI.WA
Poland · GPW Warszawa · ISIN PLATTFI00018 · Vertical: Listed companies from Poland
ALTUS is a Polish financial group whose core activity, managing investment funds through its subsidiary Rockbridge TFI, is under pressure from a decision of the Financial Supervision Authority that could withdraw its operating licence. Group equity stood at 135562 thousand PLN at the end of 2023, and the central question for investors is which business model will remain after the administrative disputes are resolved.
At the close of 04 Nov 2026, ALTUS Spółka Akcyjna (ALI.WA) stock was 3.80 PLN (+0.80% on the day), with market capitalisation 158.1 m PLN, P/E 17.3 on diluted EPS of 0.22 PLN over the last 12 months, dividend yield 0.64%, beta 0.06, 52-week range 2.55–3.98 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)
- 52.7
- neutral
- Bollinger (20, 2)
- 3.65 – 3.99
- in the lower half of the band · %B 0.43 · band width 8.8%
- SMA 50 / 200
- 3.70 / 3.29
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.03
- 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 | −4.5% | +0.4% | −4.9 pp | — |
| 3 months | +7.6% | −3.3% | +10.9 pp | — |
| 6 months | +35.2% | +4.0% | +31.3 pp | — |
| Year to date | +31.5% | +8.1% | +23.4 pp | — |
| 1 year | +40.7% | +10.7% | +30.0 pp | +6.3% |
| 3 years | +81.0% | +50.1% | +30.9 pp | +3.0% |
| 5 years | +120.3% | +43.6% | +76.7 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 7.4, median 9.9, max 10.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 57.7 m | 41.6 m | 54.2 m |
| Revenue YoY | unavailable | −27.9% | +30.3% |
| Net income | 8.1 m | 6.4 m | 9.2 m |
| Net income YoY | unavailable | −21.3% | +43.4% |
| Diluted EPS | 0.20 | 0.16 | 0.22 |
| Diluted EPS YoY | unavailable | −20.0% | +37.5% |
| net % | 14.1% | 15.3% | 16.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 10.0 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 135.6 m PLN
- Total assets
- 161.2 m PLN
- Debt / equity
- unavailable
- Current ratio
- 6.87x
- ROE
- 7.0%
- ROA
- 6.0%
- 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 | 57.7 m | 41.6 m | 54.2 m | esef· 07 May 2024verified |
| Operating income | 13.0 m | 10.5 m | 2.5 m | esef· 07 May 2024verified |
| Depreciation & amortisation | 671.0 k | 981.0 k | 985.0 k | esef· 07 May 2024verified |
| EBITDA | 13.6 m ≈ | 11.5 m ≈ | 3.5 m ≈ | esef· 07 May 2024derived |
| Interest expense | 996.0 k | 4.0 m | 253.0 k | esef· 07 May 2024verified |
| Pre-tax income | 12.4 m | 10.6 m | 14.5 m | esef· 07 May 2024verified |
| Income tax | 2.9 m | 2.5 m | 4.2 m | esef· 07 May 2024verified |
| Net income | 8.1 m | 6.4 m | 9.2 m | esef· 07 May 2024verified |
| Diluted EPS | 0.20 | 0.16 | 0.22 | esef· 07 May 2024verified |
| Dividend per share | 0.00 | 0.03 | 0.02 | esef· 07 May 2024derived |
≈ 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 | 5.8 m | 17.0 m | 10.0 m | esef· 07 May 2024verified |
| Current assets | 134.7 m | 136.0 m | 152.8 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 391.0 k | 1.1 m | 924.0 k | esef· 07 May 2024verified |
| Goodwill | 0 | 1.8 m | 1.8 m | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 777.0 k | 1.0 m | 1.3 m | esef· 07 May 2024verified |
| Total assets | 137.1 m | 142.6 m | 161.2 m | esef· 07 May 2024verified |
| Current liabilities | 17.3 m | 16.1 m | 22.2 m | esef· 07 May 2024verified |
| Total liabilities | 17.5 m | 16.3 m | 25.6 m | esef· 07 May 2024verified |
| Equity | 119.5 m | 126.3 m | 135.6 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 40.5 m | 39.9 m | 41.6 m | esef· 07 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 9.5 m | 7.5 m | 8.8 m | esef· 07 May 2024verified |
| Investing cash flow | -21.1 m | 5.6 m | -14.1 m | esef· 07 May 2024verified |
| Financing cash flow | -539.0 k | -2.0 m | -1.7 m | esef· 07 May 2024verified |
| Dividends paid | 0 | 1.3 m | 1.0 m | esef· 07 May 2024verified |
| Share repurchases | 0 | 0 | — | esef· 17 May 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
04 Nov 2026Source: olivLaw, closing series
Market cap: 158.1 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 | 16.9% | 85 (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 | 10.1x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 6.9x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 17.3x | 47 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.6% | 9 (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· partial85/100 · 1/3 factors with a value
- Returns· partial9/100 · 1/2 factors with a value
- Valuation· partial47/100 · 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
ALTUS Spolka Akcyjna (ALI.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 54.2 m PLN in 2023; YoY growth 30.3%; net margin 16.9%; ROE 7.9%.
The estimated value range is 1.40–4.44 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.45 PLN, the price of 3.80 PLN leaves a potential of -35.6% (value / price − 1) and a margin of safety of -55.3% (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: 16.9%
- Interest coverage: 10.1x
- Current ratio: 6.9x
What contradicts it
- Shareholder yield (distributions): 0.6%
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 | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.7 bn | 39.2 | 7.8% | 2.9% | +19.8% | +22% / +211% |
| BDX.WABudimex Spółka Akcyjna | 19.2 bn | 36.0 | 41.5% | 6.2% | +8.9% | +20% / +36% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.9 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 15.5 bn | 22.1 | 17.0% | 3.9% | +18.0% | +94% / +87% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.8 bn | 20.2 | 18.1% | 12.0% | +36.5% | +9% / +55% |
| 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% | −16% / −27% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 11.9 | 15.9% | 22.1% | −21.6% | +11% / +85% |
| ACT.WAAction S.A. | 1.1 bn | 28.7 | 8.3% | 1.5% | +6.1% | +80% / +186% |
| BRS.WABoryszew Spółka Akcyjna | 887.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −27% |
| AGO.WAAgora Spółka Akcyjna | 585.6 m | — | -14.2% | -9.2% | +15.2% | +36% / +17% |
| AMB.WAAmbra S.A. | 463.4 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 386.3 m | 1.6 | 16.3% | 7.0% | −27.5% | −33% / −73% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 301.0 m | 11.1 | 8.9% | 11.6% | −22.0% | −10% / +3% |
| ART.WAArtifex Mundi S.A. | 231.4 m | 17.8 | 35.7% | 33.3% | +51.9% | +49% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 196.8 m | 9.6 | 11.4% | 13.8% | +21.8% | +0% / −20% |
| BMC.WABumech Spółka Akcyjna | 159.1 m | — | -3.4% | -3.9% | −40.0% | −35% / −48% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BBT.WABoomBit Spółka Akcyjna | 72.4 m | 4.6 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 51.9 m | 1.0 | 36.0% | 208.3% | +50.2% | −4% / +5% |
| ALG.WAAll in! Games Spółka Akcyjna | 38.1 m | — | — | -156.9% | −72.2% | −30% / −58% |
| BMX.WABioMaxima Spółka Akcyjna | 37.4 m | 63.8 | 1.2% | 1.3% | −67.5% | −29% / −44% |
| 06N.WAMagna Polonia Spółka Akcyjna | 32.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −26% / −40% |
| BCM.WABETACOM Spółka Akcyjna | 26.4 m | 17.4 | 8.0% | 0.9% | +21.3% | +6% / +3% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for ALI.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 | 2.48 Total return -34% · Per year -34% | 4.37 Total return 16% · Per year 16% | 6.56 Total return 73% · Per year 73% |
| 3 years | 2.95 Total return -21% · Per year -7% | 5.78 Total return 55% · Per year 16% | 9.44 Total return 152% · Per year 36% |
| 5 years | 3.49 Total return -5% · Per year -1% | 7.64 Total return 106% · Per year 16% | 13.59 Total return 264% · Per year 30% |
- Exit P/E± 1.44
- Net margin± 1.01
- Annual revenue growth± 0.75
- Annual dilution± 0.08
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
ALTUS is a Polish financial group whose core activity, managing investment funds through its subsidiary Rockbridge TFI, is under pressure from a decision of the Financial Supervision Authority that could withdraw its operating licence. Group equity stood at 135562 thousand PLN at the end of 2023, and the central question for investors is which business model will remain after the administrative disputes are resolved 1.
SWOT
Strengths
- The group has substantial equity, which supports its capacity to continue activity during regulatory uncertainty 1.
- Liquidity management is supported by a high level of cash holdings and the absence of significant financial debt, apart from current obligations 1.
- The limited exposure of the funds to the Russian market restricts the impact of geopolitical events on asset value 1.
Weaknesses
- The parent company's core activity was halted by the loss of its management licence, which leaves future revenue base uncertain 1.
- The group depends on a relatively small number of operating subsidiaries, which concentrates risk in fund management activity 1.
- Administrative penalties imposed on the company were upheld in court, which affects the reputation and legal standing of the group 1.
Opportunities
- If the administrative court admits an appeal, the group could keep or regain its licence and continue managing funds 1.
- Management is analysing alternative business scenarios, which could open new revenue lines within the same group 1.
- A strong capital structure could allow the group to finance any new projects without external borrowing 1.
Threats
- A definitive withdrawal of the licence could end the main business and the management fees it generates 1.
- Court actions brought by the former fund administrator and by fund participants could create unforeseen financial obligations 1.
- Strict regulation of fund managers in Poland may lead to further sanctions or restrictions 1.
Risks
- Withdrawal of the management licencehigh
The decision of the Financial Supervision Authority to withdraw the licence could end the group's main business, and the outcome of the judicial procedure remains uncertain at the report date 1.
- Administrative sanctionsmedium
The monetary penalties imposed on the company, upheld by the administrative court, could be followed by further measures from the supervisory authority 1.
- Litigation with the former fund administratorhigh
The compensation claims made by GetBack S.A. could generate financial obligations if the court allows them, although the company contests them 1.
- Litigation with fund participantsmedium
Actions by former participants in a real estate fund could lead to defence costs and possible damages, with an impact that is difficult to estimate from the source 1.
- Dependence on a single revenue modelmedium
The group's revenues depend largely on management fees, so any change to the framework of its activity could quickly affect results 1.
Investment thesis
What would need to be true (bull case)
- If the court admits the company's appeal, the group could keep its licence and continue managing funds, with current equity as support 1.
- Solid equity and high liquidity give management room to manoeuvre during the period of uncertainty 1.
- Limited exposure to Russia and a portfolio of high-quality assets could limit the volatility of results 1.
What would break the thesis
- If the decision to withdraw the licence becomes final, the group could lose its main source of income and would have to fundamentally redefine its business model 1.
- Litigation with the former administrator and with fund participants could generate financial obligations that erode equity 1.
- The heavy weight of a single business segment makes the group vulnerable to any change in regulation or demand for its services 1.
What to watch
- Outcome of the appeal before the Supreme Administrative Court against the decision of the Voivodeship Administrative Court2024
- Final decision on the withdrawal of the management licence and any new business purpose proposed to shareholdersnext 10-K
- Progress of the claims brought by GetBack S.A. and by participants in the real estate fund2025
- Level of management fees and the trend in assets of funds managed by Rockbridge TFIQ1 2025
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
According to the consolidated annual report for 2023, ALTUS S.A. is headquartered in Warsaw and is the parent company of the group. Until it lost its licence on 5 February 2020, the company carried on activity in creating and managing investment funds and foreign funds, including brokerage in the sale and redemption of fund units, representation of those funds to third parties and management of collective securities portfolios 1. The group currently includes ALTUS Agent Transferowy Sp. z o.o., which operates in financial services, and Rockbridge Towarzystwo Funduszy Inwestycyjnych S.A., which creates and manages investment funds 1. The management board consists of a president and one board member, and the supervisory board has five members 1.
The report notes that the issuer is awaiting final resolution of administrative proceedings before the Financial Supervision Authority and that the outcome could materially affect its future activity, both in scope and financially 1. If the withdrawal of the licence remains in force, management would propose a new business purpose to shareholders at the general meeting, and it is currently analysing alternative scenarios for the business 1.
The group's assets consist of bank deposits, treasury bonds and investment certificates of funds managed by Rockbridge TFI 1. The financial statements were prepared on a going concern basis, and the sources indicate that at the report date there were no circumstances threatening the continuation of activity by group companies 1.
Segments
Market context
The source describes the market in which the group operates through the Polish regulatory framework for investment funds and their alternatives, as applied by the Financial Supervision Authority 1. The report does not provide data on the size of the market or the group's market share, so its competitive position cannot be assessed from this source alone 1.
The group's activity depends on access to licences and on the outcome of administrative litigation, and regulatory pressure on fund managers in Poland is therefore the decisive factor for its outlook 1.
Trends
- Disputes with the supervisory authorityheadwind
Administrative and judicial proceedings over the withdrawal of the licence could change the group's business model, which could affect recurring income from fund management 1.
- Stability of assets under managementmixed
If the assets of funds managed by Rockbridge TFI remain stable, management fees could support group revenues during the period of uncertainty 1.
- Limited exposure to Russiatailwind
The issuer states that its funds have little exposure to Russia, which limits the impact of the war in Ukraine on asset value 1.
- Litigation over earlier fundsheadwind
Several court actions linked to funds previously managed, such as those brought by GetBack S.A. and former participants in a real estate fund, could generate additional costs or financial obligations 1.
Competitive position
The analysed source does not name the group's competitors and does not describe the company's market share 1. By nature of the business, competitors include other investment fund managers authorised in Poland, but no names are supported by the document analysed 1.
The group's competitive position depends on its ability to obtain or keep its management licence, a factor that sets it apart from competitors not affected by the same administrative decisions 1.
- Other investment fund managers in Poland
The source does not name competitors; the category covers firms authorised by the same regulator that are not identified in the document 1.
- Banks with fund management divisions
The source does not confirm the presence of these entities in the relevant market; the category is mentioned only as a possible competitive segment, without verified data 1.
- Foreign fund managers active in Poland
The source does not describe these firms; they are not identified in the document and cannot be evaluated from it 1.
- Real estate investment funds
The source refers to real estate funds only in the context of earlier litigation; there is no data on their competitive position 1.
News & filings
In the press
- FOTO Succes după proteste: Fabricarea în România de sisteme de interceptare. Carfil Brașov pune bazele unui parteneriat cu producătorul grec de drone Altus. În vară, angajații au ieșit în stradă, șefii le-au cerut să aibă răbdare încă două luni - Profit.roProfit.ro · 21 Oct 2026 · RO
- FOTO Succes după proteste: Fabricarea în România de sisteme de interceptare. Carfil Brașov pune bazele unui parteneriat cu producătorul grec de drone Altus. În vară, angajații au ieșit în stradă, șefii le-au cerut să aibă răbdare încă două luniProfit.ro · 21 Oct 2026 · RO
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 / ALTUS Spółka Akcyjna · 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.