olivLaw · European equity research
SIMFABRIC S.A. SIM.WA
Poland · GPW Warszawa · ISIN PLSMFBC00016 · Vertical: Listed companies from Poland
SimFabric S.A. is a Polish video game publishing group based in Warsaw that operates through subsidiaries in which it holds majority or minority stakes and sells its products in markets worldwide. In 2023 the group reported a net loss of -1 544 thousand PLN, while total liabilities and equity reached 29 703 thousand PLN, making its ability to fund itself in the coming period a relevant question.
At the close of 05 Nov 2026, SIMFABRIC S.A. (SIM.WA) stock was 1.26 PLN (−1.10% on the day), with market capitalisation 6.5 m PLN, dividend yield 0.00%, beta 0.05, 52-week range 1.26–1.83 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)
- 39.0
- weak (30–45)
- Bollinger (20, 2)
- 1.26 – 1.37
- in the lower half of the band · %B 0.03 · band width 9.0%
- SMA 50 / 200
- 1.38 / 1.55
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -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 | −9.7% | −0.6% | −9.1 pp | — |
| 3 months | −24.6% | −4.2% | −20.4 pp | — |
| 6 months | −21.6% | +4.3% | −26.0 pp | — |
| Year to date | −18.7% | +7.5% | −26.2 pp | — |
| 1 year | −29.6% | +9.9% | −39.5 pp | +7.1% |
| 3 years | −64.0% | +49.8% | −113.8 pp | +3.3% |
| 5 years | −93.5% | +42.8% | −136.3 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 | 9.0 m | 6.2 m | 11.3 m |
| Revenue YoY | unavailable | −30.9% | +81.5% |
| Net income | 3.3 m | -3.3 m | -1.3 m |
| Net income YoY | unavailable | −202.9% | unavailable |
| Diluted EPS | 0.52 | -0.46 | -0.25 |
| Diluted EPS YoY | unavailable | −188.5% | unavailable |
| net % | 36.2% | -53.9% | -11.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 307.0 k PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 19.3 m PLN
- Total assets
- 29.7 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.82x
- ROE
- -5.8%
- ROA
- -4.5%
- 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 | 9.0 m | 6.2 m | 11.3 m | esef· 08 May 2024verified |
| Operating income | 3.5 m | -3.6 m | -404.0 k | esef· 08 May 2024verified |
| Depreciation & amortisation | 1.0 m | 1.3 m | 2.5 m | esef· 08 May 2024verified |
| EBITDA | 4.5 m ≈ | -2.3 m ≈ | 2.1 m ≈ | esef· 08 May 2024derived |
| Interest expense | 49.0 k | 83.0 k | 1.2 m | esef· 08 May 2024verified |
| Pre-tax income | 3.5 m | -2.4 m | -1.5 m | esef· 08 May 2024verified |
| Income tax | 266.0 k | 452.0 k | 5.0 k | esef· 08 May 2024verified |
| Net income | 3.3 m | -3.3 m | -1.3 m | esef· 08 May 2024verified |
| Diluted EPS | 0.52 | -0.46 | -0.25 | esef· 08 May 2024verified |
| Dividend per share | 0.24 | 0.00 | 0.00 | esef· 08 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 | 10.1 m | 5.0 m | 307.0 k | esef· 08 May 2024verified |
| Receivables | 5.6 m | 7.8 m | 13.3 m | esef· 08 May 2024verified |
| Current assets | 17.0 m | 16.8 m | 17.2 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 101.0 k | 81.0 k | 52.0 k | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 3.7 m | 7.6 m | 9.3 m | esef· 08 May 2024verified |
| Total assets | 21.1 m | 27.9 m | 29.7 m | esef· 08 May 2024verified |
| Accounts payable | 1.8 m | 1.8 m | 9.4 m | esef· 08 May 2024verified |
| Current liabilities | 1.8 m | 1.9 m | 9.4 m | esef· 08 May 2024verified |
| Total liabilities | 2.7 m | 3.0 m | 10.4 m | esef· 08 May 2024verified |
| Equity | 18.4 m | 24.8 m | 19.3 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 6.3 m | 7.3 m | 5.1 m | esef· 08 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: 4 of at least 6
- score weight coverage: 22.9% 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: 6.5 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · 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: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -11.4% | 10 (vs peers) | 27% |
| 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 | -0.3x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.8x | 85 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial10/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 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
SIMFABRIC SPÓŁKA AKCYJNA (SIM.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 11.3 m PLN in 2023; YoY growth 81.5%; net margin -11.4%; ROE -10.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% 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: 1.8x
What contradicts it
- Net margin: -11.4%
- Interest coverage: -0.3x
- Shareholder yield (distributions): 0.0%
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, 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% |
| 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% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for SIM.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
SimFabric S.A. is a Polish video game publishing group based in Warsaw that operates through subsidiaries in which it holds majority or minority stakes and sells its products in markets worldwide. In 2023 the group reported a net loss of -1 544 thousand PLN, while total liabilities and equity reached 29 703 thousand PLN, making its ability to fund itself in the coming period a relevant question.
SWOT
Strengths
- The group has a structure of subsidiaries specialised in computer game production, which allows project diversification.
- Sales take place worldwide, giving access to several markets.
- Consolidating certain subsidiaries with minority stakes reflects close operational cooperation.
Weaknesses
- The group reported a net loss in 2023 and negative operating cash flow.
- Equity declined during the year, reflecting losses and transactions with non-controlling interests.
- The report does not present consolidated revenue, which complicates the assessment of performance.
Opportunities
- Investment in fixed assets could support new product launches and revenue growth.
- Global markets offer growth potential for the group's games.
- If collections on receivables improve, the group's liquidity could be strengthened.
Threats
- Competition in the computer game industry is intense, with many publishers active in the same markets.
- If losses continue, funding from internal sources could become insufficient.
- Currency movements could affect the value of assets and results expressed in zloty.
Risks
- Net loss and declining equityhigh
The 2023 net loss and the reduction in equity could limit the group's capacity to finance new projects without other sources of capital.
- Negative operating cash flowhigh
The negative operating cash flow in 2023 shows that activity did not generate enough cash to cover current expenses.
- Rising receivablesmedium
Growth in receivables absorbed cash. If collections are delayed, pressure on liquidity could increase.
- Consolidation of entities with minority stakesmedium
Consolidating subsidiaries in which the group holds less than half of the capital could raise questions about effective control and the presentation of results.
- Currency exposurelow
Activity in international markets and exchange rates can influence results expressed in zloty.
Investment thesis
What would need to be true (bull case)
- If investments in fixed assets and new projects generate revenue, the group could return to positive operating cash flow.
- Presence in global markets offers growth potential that could offset current losses.
- A structure of specialised subsidiaries could allow diversification of the game portfolio.
What would break the thesis
- If net losses continue, equity could decline further.
- Negative operating cash flow could force the group to seek new funding, with consequences for shareholders.
- Intense competition in the industry could limit the ability to earn stable revenue.
What to watch
- Trajectory of net loss and equity2024
- Operating cash flow of the group2024
- Development of receivables and collections2024
- Results of consolidated subsidiaries with minority stakesnext annual report
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 SIMFABRIC group's core business is publishing computer games, carried out by the parent company and several subsidiaries. According to the 2023 annual report 1, operations take place in Poland, although sales of the group's products occur worldwide. The parent company is based in Warsaw and is registered in Poland's National Court Register.
The group comprises Mobile Fabric S.A., VRFabric S.A., Blind Warrior sp. z o.o. and GR Games S.A., all active in computer game production. Although it holds less than 50% of VRFabric, Blind Warrior and GR Games, the company consolidates these entities, citing voting rights and close operational cooperation 1.
Financially, the group recorded a negative operating cash flow in 2023 and capital expenditure on fixed and intangible assets, while growth in receivables absorbed cash. The report 1 does not present a consolidated revenue figure, which limits the assessment of operating performance.
Segments
Computer game production
The main segment is the development and publishing of computer games, carried out through the group's subsidiaries. This is the only activity described in the note on core business 1.
Production subsidiaries
Subsidiaries Mobile Fabric, VRFabric, Blind Warrior and GR Games are active in the same field. Mobile Fabric reports revenue of 2 078 thousand PLN for 2023 and VRFabric of 6 530 thousand PLN, according to subsidiary financial data in the annual report 1.
Market context
The 2023 annual report 1 does not provide data on the size of the global computer game market or the group's share of it. It can only be noted that sales take place worldwide, which places the company in competition on an international market.
Domestically, the group operates in Poland, where its headquarters and subsidiaries are located. Without market data from the sources, assessing its competitive position remains limited to the group structure and 2023 financial indicators.
Trends
- Consolidating subsidiaries with minority stakesmixed
The group consolidates entities in which it holds less than 50% of capital, based on voting rights and close cooperation. This practice could affect how revenues and losses are presented in coming periods.
- Net losses in 2023headwind
The group reported a net loss in 2023, and equity declined during the year. If the loss trend continues, funding from internal sources could become a challenge.
- Rising receivablesheadwind
Changes in receivables absorbed cash in 2023, contributing to the negative operating cash flow. The trajectory of collections could influence liquidity.
- Investment in fixed assetsmixed
The group continued investing in fixed and intangible assets in 2023. If these investments generate future revenue, they could support a recovery in activity.
Competitive position
The annual report 1 does not explicitly name the group's competitors. Based on the nature of the business, direct competition would come from other publishers and developers of computer games selling on global markets.
Assessing the group's relative position is limited by the lack of comparative data in the available sources. Without information on market share or competitor returns, no firm conclusions can be drawn about its competitive advantage.
- Unnamed competitors from source
The annual report names no competitors; these are game publishers active in global markets.
- Other computer game developers
General competition in game production; no names identified in the source.
- Polish game developers
Local competition in Poland, where the group is headquartered and its subsidiaries are located.
- International game publishers
Competition in global markets where the group sells its products; no names provided by the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202231 May 2023
- Annual report 202131 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / SIMFABRIC 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.