FY 2025 report
Model biznesowy pre-finansowania wieloletnich spraw odszkodowawczych za wynagrodzenie za sukces generuje bilans zdominowany przez szacunkowe, długoterminowe należności (27,6 mln zł) o niepewnej wymagalności.
Sentiment
Cautious
No guidance change
AUX
FY 2025 report
Revenue
7.21 m PLN
— YoY
Net income
0.31 m PLN
— YoY
EBITDA
0.67 m PLN
— YoY
Net debt / EBITDA
-0.28x
— YoY
Summary
Investment thesis
- Segment abonamentowy (usługi prawne w modelu subskrypcyjnym) rośnie 46% r/r i już stanowi 24% przychodów — jedyny wyraźnie zdrowy silnik wzrostu w 2025 r.
- Rdzeń biznesu (kontraktacja nowych roszczeń komunikacyjnych) skurczył się 27,8% r/r, co jest istotnym sygnałem ostrzegawczym dla przyszłych przychodów.
- Auditor od lat kwestionuje prezentację 31,1 mln zł należności/przychodów przyszłych okresów oraz sygnalizuje ryzyko zwrotu 7,1 mln zł zaliczek ze sprzedaży wierzytelności.
- Spółka jest wolna od zadłużenia bankowego, ma dodatnią pozycję gotówkową netto i wysoką płynność bieżącą, ale konwersja zysku na gotówkę jest niska.
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Financials
BETA
AUX · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 7.21 | — | — | reported | — | 1.00 |
| EBITDA | 0.67 | — | — | reported | — | 0.90 |
| EBIT | 0.3 | — | — | reported | — | 1.00 |
| EBT | 0.33 | — | — | reported | — | 1.00 |
| Net income | 0.31 | — | — | reported | — | 1.00 |
| D&A | 0.37 | — | — | reported | — | 1.00 |
| Interest expense | 0.04 | — | — | reported | — | 1.00 |
| EBITDA margin | 9.29% | — | — | reported | — | 0.90 |
| EBIT margin | 4.21% | — | — | reported | — | 0.95 |
| Net margin | 4.35% | — | — | reported | — | 0.95 |
| Cash | 0.73 | — | — | reported | — | 1.00 |
| Total debt | 0.54 | — | — | derived | — | 0.90 |
| Net debt | -0.19 | — | — | derived | — | 0.90 |
| Equity | 9.7 | — | — | reported | — | 1.00 |
| Total assets | 46.5 | — | — | reported | — | 1.00 |
| Working capital | 12.57 | — | — | derived | — | 0.90 |
| Current assets | 14.87 | — | — | reported | — | 1.00 |
| Current liabilities | 2.3 | — | — | reported | — | 0.90 |
| CFO | 0.21 | — | — | reported | — | 1.00 |
| CapEx | 0.02 | — | — | reported | — | 1.00 |
| FCF | 0.19 | — | — | derived | — | 0.90 |
| FCF conversion | 28.32% | — | — | reported | — | 0.80 |
| CFO conversion | 31.43% | — | — | reported | — | 0.80 |
| Dividends paid | 0.05 | — | — | reported | — | 1.00 |
| ROE | 3.29% | — | — | reported | — | 0.90 |
| ROA | 0.67% | — | — | reported | — | 0.90 |
| Current ratio | 6.47x | — | — | reported | — | 0.95 |
| Cash ratio | 0.32x | — | — | reported | — | 0.90 |
| Interest coverage | 7.47x | — | — | reported | — | 0.90 |
| Net debt / EBITDA | -0.28x | — | — | reported | — | 0.80 |
| Debt / equity | 0.06x | — | — | reported | — | 0.85 |
| Debt / assets | 0.02x | — | — | reported | — | 0.80 |
| Net debt / equity | -0.05x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | 3.14% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 1.69% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | -35.86% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | -34.58% | — | — | reported | — | 0.95 |
| EBITDA margin Δ (YoY) | 0.2 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | -2.92 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -1.36 pp | — | — | reported | — | 1.00 |
FY 2025 · Δ YoY
Revenue
7.21
—
7.21
—
- FY 2024
- —
EBITDA
0.67
—
0.67
—
- FY 2024
- —
EBIT
0.3
—
0.3
—
- FY 2024
- —
EBT
0.33
—
0.33
—
- FY 2024
- —
Net income
0.31
—
0.31
—
- FY 2024
- —
D&A
0.37
—
0.37
—
- FY 2024
- —
Interest expense
0.04
—
0.04
—
- FY 2024
- —
EBITDA margin
9.29%
—
9.29%
—
- FY 2024
- —
EBIT margin
4.21%
—
4.21%
—
- FY 2024
- —
Net margin
4.35%
—
4.35%
—
- FY 2024
- —
Cash
0.73
—
0.73
—
- FY 2024
- —
Total debt
0.54
—
0.54
—
- FY 2024
- —
Net debt
-0.19
—
-0.19
—
- FY 2024
- —
Equity
9.7
—
9.7
—
- FY 2024
- —
Total assets
46.5
—
46.5
—
- FY 2024
- —
Working capital
12.57
—
12.57
—
- FY 2024
- —
Current assets
14.87
—
14.87
—
- FY 2024
- —
Current liabilities
2.3
—
2.3
—
- FY 2024
- —
CFO
0.21
—
0.21
—
- FY 2024
- —
CapEx
0.02
—
0.02
—
- FY 2024
- —
FCF
0.19
—
0.19
—
- FY 2024
- —
FCF conversion
28.32%
—
28.32%
—
- FY 2024
- —
CFO conversion
31.43%
—
31.43%
—
- FY 2024
- —
Dividends paid
0.05
—
0.05
—
- FY 2024
- —
ROE
3.29%
—
3.29%
—
- FY 2024
- —
ROA
0.67%
—
0.67%
—
- FY 2024
- —
Current ratio
6.47x
—
6.47x
—
- FY 2024
- —
Cash ratio
0.32x
—
0.32x
—
- FY 2024
- —
Interest coverage
7.47x
—
7.47x
—
- FY 2024
- —
Net debt / EBITDA
-0.28x
—
-0.28x
—
- FY 2024
- —
Debt / equity
0.06x
—
0.06x
—
- FY 2024
- —
Debt / assets
0.02x
—
0.02x
—
- FY 2024
- —
Net debt / equity
-0.05x
—
-0.05x
—
- FY 2024
- —
Revenue growth (YoY)
3.14%
—
3.14%
—
- FY 2024
- —
EBITDA growth (YoY)
1.69%
—
1.69%
—
- FY 2024
- —
EBIT growth (YoY)
-35.86%
—
-35.86%
—
- FY 2024
- —
Net income growth (YoY)
-34.58%
—
-34.58%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
0.2 pp
—
0.2 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-2.92 pp
—
-2.92 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-1.36 pp
—
-1.36 pp
—
- FY 2024
- —