olivLaw · European equity research
SATIS GROUP Spółka Akcyjna STS.WA
Poland · GPW Warszawa · ISIN PLADVPL00029 · Vertical: Listed companies from Poland
SATIS GROUP is a Polish group active in software, headquartered in Warsaw. In fiscal 2023 the group reported no sales, while its net loss widened and equity turned negative. The situation raises questions about going concern, which depends on the success of management's measures.
At the close of 04 Nov 2026, SATIS GROUP Spółka Akcyjna (STS.WA) stock was 0.25 PLN (+0.00% on the day), with market capitalisation 3.6 m PLN, beta -0.02, 52-week range 0.19–0.37 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)
- 57.8
- strong (55–70)
- Bollinger (20, 2)
- 0.22 – 0.29
- in the lower half of the band · %B 0.49 · band width 27.2%
- SMA 50 / 200
- 0.22 / 0.27
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- 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 | +27.6% | −0.6% | +28.3 pp | — |
| 3 months | +9.5% | −4.2% | +13.7 pp | — |
| 6 months | −3.1% | +4.3% | −7.4 pp | — |
| Year to date | −5.9% | +7.5% | −13.4 pp | — |
| 1 year | −19.6% | +9.9% | −29.5 pp | +7.1% |
| 3 years | −56.8% | +49.8% | −106.6 pp | +3.3% |
| 5 years | −75.0% | +42.8% | −117.8 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 | 2.2 m | 2.5 m | 0 |
| Revenue YoY | unavailable | +16.4% | −100.0% |
| Net income | 270.7 m | -734.0 k | -9.1 m |
| Net income YoY | unavailable | −100.3% | unavailable |
| Diluted EPS | 23.27 | -0.06 | -0.65 |
| Diluted EPS YoY | unavailable | −100.3% | unavailable |
| net % | 12,493.4% | -29.1% | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 20.0 k PLN
- Financial debt
- 187.0 k PLN
- Net debt
- 167.0 k PLN
- Equity
- -8.5 m PLN
- Total assets
- 2.4 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.26x
- ROE
- unavailable
- ROA
- -512.1%
- 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 | 2.2 m | 2.5 m | 0 | esef· 08 May 2024verified |
| Cost of revenue | 2.2 m | 2.4 m | 0 | esef· 08 May 2024verified |
| Gross profit | 14.0 k | 165.0 k | 0 | esef· 08 May 2024verified |
| Operating income | 270.8 m | -617.0 k | -7.3 m | esef· 08 May 2024verified |
| Interest expense | 160.0 k | 147.0 k | 1.8 m | esef· 08 May 2024verified |
| Pre-tax income | 270.7 m | -734.0 k | -9.1 m | esef· 08 May 2024verified |
| Income tax | 0 | 0 | 0 | esef· 08 May 2024verified |
| Net income | 270.7 m | -734.0 k | -9.1 m | esef· 08 May 2024verified |
| Diluted EPS | 23.27 | -0.06 | -0.65 | esef· 08 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 421.0 k | 27.0 k | 20.0 k | esef· 08 May 2024verified |
| Inventories | 0 | 0 | 0 | esef· 08 May 2024verified |
| Current assets | 1.8 m | 1.2 m | 2.4 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 0 | 0 | 0 | esef· 08 May 2024verified |
| Goodwill | 0 | 0 | 0 | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 0 | 0 | 0 | esef· 08 May 2024verified |
| Total assets | 1.8 m | 1.2 m | 2.4 m | esef· 08 May 2024verified |
| Short-term debt | 138.0 k | 193.0 k | 187.0 k | esef· 08 May 2024verified |
| Long-term debt | 0 | 0 | 0 | esef· 08 May 2024verified |
| Current liabilities | 443.0 k | 397.0 k | 9.1 m | esef· 08 May 2024verified |
| Equity | -83.0 k | -817.0 k | -8.5 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 11.6 m | 12.2 m | 14.0 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: 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
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.6 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 | unavailable | unavailable | — |
| 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 | -3.9x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.3x | 0 (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 | 0.0% | 0 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 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
SATIS GROUP SPÓŁKA AKCYJNA (STS.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 0 PLN in 2023; YoY growth -100.0%.
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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: -3.9x
- Current ratio: 0.3x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, 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 STS.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
Scenarios are not available. input data missing
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
SATIS GROUP is a Polish group active in software, headquartered in Warsaw. In fiscal 2023 the group reported no sales, while its net loss widened and equity turned negative 1. The situation raises questions about going concern, which depends on the success of management's measures 1.
SWOT
Strengths
- The group has a defined software activity and completed a share issue that brought new capital in fiscal 2023 1.
- The corporate structure is clear, with a parent company registered in Poland and an identified governing body 1.
- Management reports concrete measures to restore financial position, which could support continuity if implemented 1.
Weaknesses
- The group generated no sales revenue in fiscal 2023 and recorded a substantial net loss 1.
- Equity is negative and operating cash flow is negative, pointing to liquidity pressure 1.
- The large provisions set up in 2023 reflect unresolved operational or legal risks whose nature is not detailed in the extract 1.
Opportunities
- If recovery measures take hold, the group could return to software revenue and reduce reliance on equity issuances 1.
- Cutting structural costs could improve operating results if management controls expenses 1.
- A partnership or transaction with investors could bring funding without worsening the capital structure 1.
Threats
- If equity financing is no longer available, the group could struggle to meet current obligations 1.
- Going concern is conditional on the success of management's measures, which introduces significant uncertainty 1.
- Exchange rates and software market developments could influence reported results, and the source gives no estimate of these effects 1.
Risks
- Going concernhigh
The report states the statements were prepared on a going concern basis, but this depends on the success of management's measures 1. If the measures fail, insolvency risk could rise.
- Negative equityhigh
Negative equity means liabilities exceed assets, which limits access to additional financing 1.
- Absence of revenuehigh
The lack of sales in fiscal 2023 makes it hard to cover fixed costs without external funding 1.
- Large provisionsmedium
Significant provisions may reflect contingent obligations whose development could affect future results 1.
- Currency effectslow
Euro presentation depends on NBP rates, introducing a conversion effect on reported figures 1.
Investment thesis
What would need to be true (bull case)
- If management stabilises the financial position, the group could return to revenue-generating software activity.
- The 2023 capital raise shows shareholder access to funding, which could support a recovery period.
- Reducing operating losses could quickly improve liquidity if the cost structure is adjusted.
What would break the thesis
- Negative equity and the absence of revenue in 2023 suggest a fragile financial position that may not recover quickly.
- Reliance on new equity issues could dilute existing shareholders without a sufficient improvement in the business.
- Large provisions and negative operating cash flow could add pressure if the obligations materialise.
What to watch
- Evolution of software revenue and resumption of sales2024
- Progress of the Management Board's recovery measures2024
- Trend in negative equity and operating cash flownext annual report
- Nature and development of provisions set up in 2023next 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 main activity of the parent company and the group is linked to software, according to the general information note in the 2023 annual report 1. The parent company is a joint-stock company registered in Poland, in Warsaw 1. The 2023 report shows the group had no sales revenue, while in 2022 revenue was 2 523 thousand PLN 1.
The financial structure weakened in 2023: equity was negative at -8 528 thousand PLN, and total assets stood at 2 365 thousand PLN 1. The group posted a net loss of 9 107 thousand PLN and set up provisions of 8 605 thousand PLN, mainly other provisions 1. Operating cash flow was negative at -1 399 thousand PLN 1.
Financing in 2023 relied on a share issue, which brought 1 396 thousand PLN into financing cash flows 1. The report notes that going concern depends on the success of the Management Board's measures to improve financial position and liquidity 1.
Segments
Market context
The annual report contains no data on the size of the Polish software market or the group's share of it 1. For 2023 only the group's accounting figures are available, including the EUR exchange rate used for euro presentation 1.
The market environment is not described quantitatively in the source, so any conclusion about demand for the group's products remains speculative based on this document 1.
Trends
- Reliance on equity financingmixed
The share issue brought 1 396 thousand PLN in 2023, and without such inflows the group would need other funding sources 1. If issuances continue, dilution of shareholders could become an important factor.
- Negative equityheadwind
Negative equity and a high net loss limit the group's financial flexibility, especially if creditors demand repayment 1.
- Recovery measurestailwind
The Management Board reports actions to improve financial position; if they succeed, going concern could be supported 1.
- Exchange rate conditionsmixed
Euro presentation depends on NBP rates, and currency fluctuations can change the euro value of reported results 1.
Competitive position
The annual report does not identify the group's competitors or describe its competitive position in the market 1. For this reason any direct comparison should be made with caution.
Competitive analysis remains limited to the accounting information in the report, which contains no data on market shares or named competitors 1.
- Competitors not named in the source
The source does not identify competitors; no verifiable list can be drawn from the document.
- Polish software vendors
General category, not confirmed by the report; no verified ticker.
- International software companies
Not named in the document; not checked for US listing.
- Group-related partners
The source gives no data on direct rivalry with named entities.
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 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / SATIS GROUP 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.