FY 2025 report
Lider cyfrowej reklamy zewnętrznej (DOOH) o wyjątkowej rentowności: marża EBITDA 59%, marża EBIT 45%, zysk netto Jednostki Dominującej 37,6 mln zł (+50% r/r).
Sentiment
Positive
No guidance change
DIG
FY 2025 report
Revenue
112.92 m PLN
— YoY
Net income
37.61 m PLN
— YoY
EBITDA
66.91 m PLN
— YoY
Net debt / EBITDA
2.71x
— YoY
Summary
Investment thesis
- Przejęcie Braughman Group Media Outdoor (131,5 mln zł, 31.10.2025) zwiększyło skalę sprzedażową co najmniej 2,5-krotnie, ale w wynikach 2025 jest tylko 2 miesiące konsolidacji (27,1 mln zł przychodów).
- Akwizycja zmieniła profil bilansu: dług z leasingiem 205,7 mln zł, wartość firmy 125,9 mln zł (35% aktywów), płynność bieżąca spadła do 0,8, dług netto/EBITDA 2,7x (0,8x bez leasingu).
- Spółka silnie generuje gotówkę (CFO 53,9 mln zł, 81% EBITDA) i wypłaciła rekordową dywidendę, ale po przejęciu wypłata z zysku 2025 jest niepewna.
- Kluczowe zależności: broker Polsat Media (ok. 42% sprzedaży, wyłączność), akcjonariusz większościowy Epicom Ltd. (53,6%) oraz powodzenie integracji i digitalizacji przejętych nośników.
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Financials
BETA
DIG · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 112,919 | — | — | reported | — | 1.00 |
| EBITDA | 66,905 | — | — | reported | — | 1.00 |
| EBIT | 50,519 | — | — | reported | — | 1.00 |
| EBT | 49,776 | — | — | reported | — | 1.00 |
| Net income | 37,613 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 9.03 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 8.98 | — | — | reported | — | 1.00 |
| D&A | 16,386 | — | — | derived | — | 0.80 |
| Shares (basic) (m units) | 4.17 | — | — | reported | — | 1.00 |
| EBITDA margin | 59.25% | — | — | derived | — | 1.00 |
| EBIT margin | 44.74% | — | — | derived | — | 1.00 |
| Net margin | 33.31% | — | — | derived | — | 0.90 |
| Cash | 24,131 | — | — | reported | — | 1.00 |
| Total debt | 205,662 | — | — | reported | — | 0.90 |
| Net debt | 181,531 | — | — | derived | — | 0.80 |
| Equity | 108,345 | — | — | reported | — | 1.00 |
| Total assets | 364,438 | — | — | reported | — | 1.00 |
| Working capital | -18,259 | — | — | derived | — | 1.00 |
| Current assets | 81,633 | — | — | reported | — | 1.00 |
| Current liabilities | 99,892 | — | — | reported | — | 1.00 |
| Non-current liabilities | 156,202 | — | — | reported | — | 1.00 |
| Trade payables | 24,069 | — | — | reported | — | 0.90 |
| Goodwill | 126,269 | — | — | reported | — | 1.00 |
| CFO | 53,946.76 | — | — | reported | — | 1.00 |
| CFO conversion | 80.63% | — | — | derived | — | 1.00 |
| Dividends paid | 10,039.3 | — | — | reported | — | 0.60 |
| Current ratio | 0.82x | — | — | derived | — | 1.00 |
| Cash ratio | 0.24x | — | — | derived | — | 1.00 |
| Net debt / EBITDA | 2.71x | — | — | derived | — | 0.70 |
| Debt / equity | 1.9x | — | — | derived | — | 0.80 |
| Debt / assets | 0.56x | — | — | derived | — | 0.80 |
| Net debt / equity | 1.68x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 51.23% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 53.04% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | 59.37% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | 49.55% | — | — | derived | — | 1.00 |
| EPS growth (YoY) | 49.5% | — | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 0.7 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 2.28 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
112,919
—
112,919
—
- FY 2024
- —
EBITDA
66,905
—
66,905
—
- FY 2024
- —
EBIT
50,519
—
50,519
—
- FY 2024
- —
EBT
49,776
—
49,776
—
- FY 2024
- —
Net income
37,613
—
37,613
—
- FY 2024
- —
EPS (basic)
(PLN)
9.03
—
9.03
—
- FY 2024
- —
EPS (diluted)
(PLN)
8.98
—
8.98
—
- FY 2024
- —
D&A
16,386
—
16,386
—
- FY 2024
- —
Shares (basic)
(m units)
4.17
—
4.17
—
- FY 2024
- —
EBITDA margin
59.25%
—
59.25%
—
- FY 2024
- —
EBIT margin
44.74%
—
44.74%
—
- FY 2024
- —
Net margin
33.31%
—
33.31%
—
- FY 2024
- —
Cash
24,131
—
24,131
—
- FY 2024
- —
Total debt
205,662
—
205,662
—
- FY 2024
- —
Net debt
181,531
—
181,531
—
- FY 2024
- —
Equity
108,345
—
108,345
—
- FY 2024
- —
Total assets
364,438
—
364,438
—
- FY 2024
- —
Working capital
-18,259
—
-18,259
—
- FY 2024
- —
Current assets
81,633
—
81,633
—
- FY 2024
- —
Current liabilities
99,892
—
99,892
—
- FY 2024
- —
Non-current liabilities
156,202
—
156,202
—
- FY 2024
- —
Trade payables
24,069
—
24,069
—
- FY 2024
- —
Goodwill
126,269
—
126,269
—
- FY 2024
- —
CFO
53,946.76
—
53,946.76
—
- FY 2024
- —
CFO conversion
80.63%
—
80.63%
—
- FY 2024
- —
Dividends paid
10,039.3
—
10,039.3
—
- FY 2024
- —
Current ratio
0.82x
—
0.82x
—
- FY 2024
- —
Cash ratio
0.24x
—
0.24x
—
- FY 2024
- —
Net debt / EBITDA
2.71x
—
2.71x
—
- FY 2024
- —
Debt / equity
1.9x
—
1.9x
—
- FY 2024
- —
Debt / assets
0.56x
—
0.56x
—
- FY 2024
- —
Net debt / equity
1.68x
—
1.68x
—
- FY 2024
- —
Revenue growth (YoY)
51.23%
—
51.23%
—
- FY 2024
- —
EBITDA growth (YoY)
53.04%
—
53.04%
—
- FY 2024
- —
EBIT growth (YoY)
59.37%
—
59.37%
—
- FY 2024
- —
Net income growth (YoY)
49.55%
—
49.55%
—
- FY 2024
- —
EPS growth (YoY)
49.5%
—
49.5%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
0.7 pp
—
0.7 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
2.28 pp
—
2.28 pp
—
- FY 2024
- —