olivLaw · European equity research
TenderHut S.A. THG.WA
Poland · GPW Warszawa · ISIN PLTNDRH00012 · Vertical: Listed companies from Poland
TenderHut S.A. is a Polish group offering software outsourcing, LIMS solutions for laboratories and legal services through entities such as SoftwareHut and LegalHut. Revenue from sales fell 18% in 2023, and the group went through a reorganisation that cut costs and included losing control of three start-ups.
At the close of 04 Nov 2026, TenderHut S.A. (THG.WA) stock was 5.32 PLN (−0.37% on the day), with market capitalisation 10.9 m PLN, dividend yield 0.00%, beta 0.01, 52-week range 5.24–6.58 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)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 5.20 – 5.53
- in the lower half of the band · %B 0.36 · band width 6.1%
- SMA 50 / 200
- 5.50 / 5.75
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.07
- MACD above 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 | −3.3% | −4.2% | +0.9 pp | — |
| 6 months | −9.5% | +4.3% | −13.9 pp | — |
| Year to date | −9.8% | +7.5% | −17.3 pp | — |
| 1 year | −17.1% | +9.9% | −27.1 pp | +7.1% |
| 3 years | −56.3% | +49.8% | −106.2 pp | +3.3% |
| 5 years | −89.3% | +42.8% | −132.1 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 | 47.3 m | 67.9 m | 55.6 m |
| Revenue YoY | unavailable | +43.5% | −18.1% |
| Net income | 4.4 m | -10.5 m | -10.1 m |
| Net income YoY | unavailable | −337.4% | unavailable |
| Diluted EPS | 2.42 | -5.14 | -4.93 |
| Diluted EPS YoY | unavailable | −312.4% | unavailable |
| net % | 9.3% | -15.5% | -18.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 2.4 m PLN
- Financial debt
- 0 PLN
- Net debt
- -2.4 m PLN
- Equity
- 21.8 m PLN
- Total assets
- 34.3 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 1.13x
- ROE
- -35.7%
- ROA
- -24.7%
- 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 | 47.3 m | 67.9 m | 55.6 m | esef· 08 May 2024verified |
| Operating income | 3.9 m | 1.0 m | -10.5 m | esef· 08 May 2024verified |
| Depreciation & amortisation | 549.0 k | 1.0 m | 1.1 m | esef· 08 May 2024verified |
| EBITDA | 4.4 m ≈ | 2.1 m ≈ | -9.4 m ≈ | esef· 08 May 2024derived |
| Interest expense | 289.0 k | 241.0 k | 1.3 m | esef· 08 May 2024verified |
| Pre-tax income | 4.3 m | 1.9 m | -11.5 m | esef· 08 May 2024verified |
| Income tax | 1.7 m | 1.4 m | -1.3 m | esef· 08 May 2024verified |
| Net income | 4.4 m | -10.5 m | -10.1 m | esef· 08 May 2024verified |
| Diluted EPS | 2.42 | -5.14 | -4.93 | esef· 08 May 2024verified |
| Dividend per share | 0.00 | 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 | 16.5 m | 7.8 m | 2.4 m | esef· 08 May 2024verified |
| Receivables | 14.7 m | 18.2 m | 11.4 m | esef· 08 May 2024verified |
| Inventories | 60.0 k | 10.0 k | 10.0 k | esef· 08 May 2024verified |
| Current assets | 31.4 m | 28.6 m | 13.9 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 378.0 k | 245.0 k | 96.0 k | esef· 08 May 2024verified |
| Goodwill | 7.0 m | 12.4 m | 12.2 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 10.1 m | 3.1 m | 1.9 m | esef· 08 May 2024verified |
| Total assets | 52.4 m | 47.6 m | 34.3 m | esef· 08 May 2024verified |
| Accounts payable | 9.2 m | 9.3 m | 5.7 m | esef· 08 May 2024verified |
| Long-term debt | 131.0 k | 0 | 0 | esef· 08 May 2024verified |
| Current liabilities | 11.8 m | 12.0 m | 12.3 m | esef· 08 May 2024verified |
| Total liabilities | 12.8 m | 12.8 m | 12.5 m | esef· 08 May 2024verified |
| Equity | 39.6 m | 34.8 m | 21.8 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 1.8 m | 2.0 m | 2.1 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: 5 of at least 6
- score weight coverage: 33.3% 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: 10.9 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%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -37.9% | 0 (vs peers) | 31% |
| Net margin · Quality | -18.2% | 10 (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 | -8.1x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.1x | 28 (on a fixed band) | 13% |
| 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) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet11/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality4/100 · 2/3 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
TENDERHUT S.A. (THG.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 55.6 m PLN in 2023; YoY growth -18.1%; net margin -18.2%; ROE -36.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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
- ROIC: -37.9%
- Net margin: -18.2%
- Interest coverage: -8.1x
- Current ratio: 1.1x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): 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% |
| THG.WATenderhut S.A. | 10.9 m | — | -36.8% | -18.2% | −18.1% | −18% / −45% |
1- and 3-year price returns: for THG.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
TenderHut S.A. is a Polish group offering software outsourcing, LIMS solutions for laboratories and legal services through entities such as SoftwareHut and LegalHut 1. Revenue from sales fell 18% in 2023 1, and the group went through a reorganisation that cut costs and included losing control of three start-ups 1.
SWOT
Strengths
- A diversified portfolio of IT, legal and laboratory solution services, which may reduce dependence on a single business line 1.
- International presence through subsidiaries in several countries, which could support access to clients in different regions 1.
- A leaner cost base after the 2023 reorganisation, which could improve results if revenue stabilises 1.
Weaknesses
Opportunities
Risks
- Going concern and liquidityhigh
Management noted that going-concern risks exist but considers liquidity risk not significant 1.
- Rising debthigh
Higher borrowings could raise financing costs and pressure cash flows 1.
- Loss of control over start-upsmedium
Deconsolidation could limit benefits from the development of these entities 1.
- Execution of the reorganisationmedium
Closing the Danish and Chinese subsidiaries could bring unexpected costs 1.
- Currency risklow
Movements in euro, dollar, sterling and renminbi rates could affect consolidated results 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in revenue and net loss versus 20232024
- Cash and borrowings level after the share issueQ1 2025
- Completion of closing the Danish and Chinese subsidiaries2024
- Outcome of stage III of the Brainhint acquisition2024
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 TenderHut group operates as a holding with operating entities in Poland, Denmark, the US and China, grouped into three lines: software outsourcing services, LIMS/LIS/LES solutions for laboratories, and venture building together with own digital products 1. The parent is TenderHut S.A., subsidiaries are fully consolidated, while Nordic Tech House AB and Stockambit S.A. are accounted for under the equity method 1. For 2023 the group reported a net loss of 11,272 thousand zł 1.
In 2023 the company cut its offices from 13 to 6, reduced staff and subcontracting costs and lost control over Holo4Med S.A., Holo4Labs S.A. and Zonifero S.A., becoming a technology partner to them 1. SoftwareHut Nordic APS and SolutionForLabs Guangzhou Limited are due to close in 2024, with activity continuing through the Polish entities 1.
Funding remains under pressure: cash at 31 December 2023 was 2,363 thousand zł, while loans and borrowings rose to 5,734 thousand zł 1. Management noted a share issue completed in April 2024 and the sale of unneeded assets as funding sources 1.
Segments
Software outsourcing services
This line covers software development for clients through SoftwareHut Sp. z o.o., SoftwareHut LLC and other programming entities such as Evertop, Intelilex and Kiss Digital 1.
LIMS/LIS/LES solutions
Solution4Labs and SolutionForLabs provide laboratory process optimisation services; this line had its closest links to Holo4Labs and Holo4Med, which later left the consolidation perimeter 1.
Venture building and digital products
The group develops own products and holds start-ups such as Grow Uperion, Brainhint and Stockambit, some with varying control stakes 1.
Market context
The group's activity takes place in IT outsourcing markets in Central and Northern Europe, with presence in the US and China through dedicated subsidiaries 1. The source document gives no data on market size or shares.
Demand for software development services depends on corporate client budgets, and for laboratory solutions on investment in laboratory digitalisation 1. The 18% fall in revenue in 2023 points to pressure on that demand 1.
Trends
- Lower operating coststailwind
The company cut office, staff and marketing costs, which could support margins if revenue stabilises 1.
- Remote workmixed
The move to remote work allowed smaller office space but could affect how the group collaborates with clients 1.
- Falling sales revenueheadwind
Revenue fell in 2023, and if the trend continues liquidity pressure could increase 1.
- Sale of start-up stakesmixed
Selling stakes was used as a funding source, which could reduce assets but brings in cash 1.
Competitive position
The source document does not name competitors. The IT outsourcing and laboratory software markets are fragmented, and the group likely competes with local and international software development firms 1.
The group's position depends on keeping clients in a competitive market and holding stable prices; the source gives no market share data 1.
- IT outsourcing firms
The source does not name competitors; these are software development firms in Poland and the region.
- Laboratory software providers
LIMS vendors comparable to the Solution4Labs line, not identified in the source.
- Venture building firms
Investors and builders of start-ups the group could compete with for projects.
- Social finance platforms
Competitors of Stockambit, in which the company holds a minority stake.
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 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / TenderHut 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.