FY 2025 report
Stabilny operator telekomunikacyjny z Wrocławia (internet B2B/B2O, IPTV AVIOS, Data Center): przychody +4,1% do 43,2 mln zł, ale zysk netto +41,5% do 5,49 mln zł dzięki niższym kosztom odsetek i wyższej marży operacyjnej.
Sentiment
Positive
No guidance change
KOR
FY 2025 report
Revenue
43,197,470 PLN
— YoY
Net income
5,485,388 PLN
— YoY
EBITDA
9,543,326 PLN
— YoY
Net debt / EBITDA
1.23x
— YoY
Summary
Investment thesis
- Mocna generacja gotówki: EBITDA 9,5 mln zł (marża 22%), OCF 7,4 mln zł, FCF 3,2 mln zł po CAPEX 4,1 mln zł; dług netto / EBITDA około 1,2x.
- Bilans umacnia się: kapitał własny +23% do 45,7 mln zł, dług z kredytów spadł o 2,5 mln zł do 18,9 mln zł (spłaty 2,53 mln zł rocznie), gotówka 7,1 mln zł.
- Jakość zysku ma słabsze punkty: zapasy materiałów wzrosły ponad dwukrotnie (do 5,0 mln zł, cash drain 2,76 mln zł), a 68% należności handlowych jest przeterminowanych.
- Kontrola należy do jednej osoby (Prezes: 88,7% głosów), spółki zależne nie są badane przez biegłego, a prezentacja przychodów od podmiotów powiązanych (11,2 mln zł) wymaga wyjaśnienia.
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Financials
BETA
KOR · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 43,197,470 | — | — | reported | — | 1.00 |
| EBITDA | 9,543,326 | — | — | derived | — | 0.70 |
| EBIT | 7,014,774 | — | — | reported | — | 1.00 |
| EBT | 6,174,143 | — | — | reported | — | 1.00 |
| Net income | 5,485,388 | — | — | reported | — | 1.00 |
| EPS (basic) | 1.11 | — | — | derived | — | 0.70 |
| D&A | 2,528,552 | — | — | reported | — | 1.00 |
| Interest expense | 1,160,442 | — | — | reported | — | 1.00 |
| Income tax | 694,455 | — | — | reported | — | 1.00 |
| Shares (basic) (units) | 4,936,620 | — | — | reported | — | 1.00 |
| EBITDA margin | 29.62% | — | — | reported | — | 0.70 |
| EBIT margin | 16.24% | — | — | derived | — | 0.70 |
| EBT margin | 14.29% | — | — | derived | — | 0.70 |
| Net margin | 15.37% | — | — | reported | — | 0.70 |
| D&A margin | 5.85% | — | — | derived | — | 0.70 |
| Cash | 7,142,347 | — | — | reported | — | 1.00 |
| Total debt | 18,886,167 | — | — | reported | — | 1.00 |
| Net debt | 11,743,819 | — | — | derived | — | 0.70 |
| Equity | 45,712,868 | — | — | reported | — | 1.00 |
| Total assets | 72,094,597 | — | — | reported | — | 1.00 |
| Working capital | 10,656,898 | — | — | derived | — | 0.70 |
| Current assets | 18,526,936 | — | — | reported | — | 1.00 |
| Current liabilities | 7,870,038 | — | — | reported | — | 1.00 |
| Non-current liabilities | 15,655,677 | — | — | reported | — | 1.00 |
| Inventory | 4,981,347 | — | — | reported | — | 1.00 |
| Trade receivables | 4,703,688 | — | — | reported | — | 1.00 |
| Trade payables | 3,495,936 | — | — | reported | — | 1.00 |
| CFO | 7,355,283 | — | — | reported | — | 1.00 |
| CapEx | 4,117,406 | — | — | reported | — | 1.00 |
| FCF | 3,237,876 | — | — | derived | — | 0.70 |
| FCF conversion | 33.92% | — | — | reported | — | 0.80 |
| CFO conversion | 77.07% | — | — | derived | — | 0.70 |
| ROE | 13.24% | — | — | derived | — | 0.70 |
| ROA | 7.92% | — | — | derived | — | 0.70 |
| ROCE | 10.92% | — | — | derived | — | 0.70 |
| Current ratio | 2.35x | — | — | reported | — | 1.00 |
| Quick ratio | 1.72x | — | — | derived | — | 0.70 |
| Cash ratio | 0.91x | — | — | derived | — | 0.70 |
| Interest coverage | 6.04x | — | — | derived | — | 0.70 |
| Net debt / EBITDA | 1.23x | — | — | reported | — | 0.90 |
| Debt / equity | 0.41x | — | — | derived | — | 0.70 |
| Debt / assets | 0.26x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.26x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 6.8% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 44.6% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 16.12% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 187.15% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 41.48% | — | — | derived | — | 0.70 |
| FCF growth (YoY) | -31.18% | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 1.67 pp | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 3.35 pp | — | — | derived | — | 0.70 |
FY 2025 · Δ YoY
Revenue
43,197,470
—
43,197,470
—
- FY 2024
- —
EBITDA
9,543,326
—
9,543,326
—
- FY 2024
- —
EBIT
7,014,774
—
7,014,774
—
- FY 2024
- —
EBT
6,174,143
—
6,174,143
—
- FY 2024
- —
Net income
5,485,388
—
5,485,388
—
- FY 2024
- —
EPS (basic)
1.11
—
1.11
—
- FY 2024
- —
D&A
2,528,552
—
2,528,552
—
- FY 2024
- —
Interest expense
1,160,442
—
1,160,442
—
- FY 2024
- —
Income tax
694,455
—
694,455
—
- FY 2024
- —
Shares (basic)
(units)
4,936,620
—
4,936,620
—
- FY 2024
- —
EBITDA margin
29.62%
—
29.62%
—
- FY 2024
- —
EBIT margin
16.24%
—
16.24%
—
- FY 2024
- —
EBT margin
14.29%
—
14.29%
—
- FY 2024
- —
Net margin
15.37%
—
15.37%
—
- FY 2024
- —
D&A margin
5.85%
—
5.85%
—
- FY 2024
- —
Cash
7,142,347
—
7,142,347
—
- FY 2024
- —
Total debt
18,886,167
—
18,886,167
—
- FY 2024
- —
Net debt
11,743,819
—
11,743,819
—
- FY 2024
- —
Equity
45,712,868
—
45,712,868
—
- FY 2024
- —
Total assets
72,094,597
—
72,094,597
—
- FY 2024
- —
Working capital
10,656,898
—
10,656,898
—
- FY 2024
- —
Current assets
18,526,936
—
18,526,936
—
- FY 2024
- —
Current liabilities
7,870,038
—
7,870,038
—
- FY 2024
- —
Non-current liabilities
15,655,677
—
15,655,677
—
- FY 2024
- —
Inventory
4,981,347
—
4,981,347
—
- FY 2024
- —
Trade receivables
4,703,688
—
4,703,688
—
- FY 2024
- —
Trade payables
3,495,936
—
3,495,936
—
- FY 2024
- —
CFO
7,355,283
—
7,355,283
—
- FY 2024
- —
CapEx
4,117,406
—
4,117,406
—
- FY 2024
- —
FCF
3,237,876
—
3,237,876
—
- FY 2024
- —
FCF conversion
33.92%
—
33.92%
—
- FY 2024
- —
CFO conversion
77.07%
—
77.07%
—
- FY 2024
- —
ROE
13.24%
—
13.24%
—
- FY 2024
- —
ROA
7.92%
—
7.92%
—
- FY 2024
- —
ROCE
10.92%
—
10.92%
—
- FY 2024
- —
Current ratio
2.35x
—
2.35x
—
- FY 2024
- —
Quick ratio
1.72x
—
1.72x
—
- FY 2024
- —
Cash ratio
0.91x
—
0.91x
—
- FY 2024
- —
Interest coverage
6.04x
—
6.04x
—
- FY 2024
- —
Net debt / EBITDA
1.23x
—
1.23x
—
- FY 2024
- —
Debt / equity
0.41x
—
0.41x
—
- FY 2024
- —
Debt / assets
0.26x
—
0.26x
—
- FY 2024
- —
Net debt / equity
0.26x
—
0.26x
—
- FY 2024
- —
Revenue growth (YoY)
6.8%
—
6.8%
—
- FY 2024
- —
EBITDA growth (YoY)
44.6%
—
44.6%
—
- FY 2024
- —
EBIT growth (YoY)
16.12%
—
16.12%
—
- FY 2024
- —
Net income growth (YoY)
187.15%
—
187.15%
—
- FY 2024
- —
EPS growth (YoY)
41.48%
—
41.48%
—
- FY 2024
- —
FCF growth (YoY)
-31.18%
—
-31.18%
—
- FY 2024
- —
EBIT margin Δ (YoY)
1.67 pp
—
1.67 pp
—
- FY 2024
- —
Net margin Δ (YoY)
3.35 pp
—
3.35 pp
—
- FY 2024
- —