Professional Polish Investment Research - Expert Analysis for Foreign Investors

Comp S.A.

CMP.WA Technology
cybersecurity retail-tech defense-sector
891.0M LTM Revenue (PLN)
-3.5% Revenue Growth (YoY)

Company Overview

Comp S.A. is a Polish IT integrator operating at the intersection of cybersecurity and retail technology. The company heads a capital group with well-known brands: Enigma (specialized security/cryptography), NonStop SOC (cybersecurity support), Elzab (multi-functional fiscal cash registers), and Insoft (retail POS software). Comp is a leading Polish supplier of secure IT systems for defence, government, and large enterprises.

Business Segments

  • IT Security/Integration - Cryptography, SOC monitoring, network design
  • Electronic Monitoring Systems (SDE) - House arrest monitoring technology
  • Fiscal Cash Registers - Elzab brand, leading market position
  • M/platform - SaaS retail services, loyalty programs, e-receipts

Key Drivers

  • Defense sector digitization and NATO interoperability requirements
  • Implementation of NIS2 directive for critical infrastructure cybersecurity. Pending president's signature.
  • Fiscal cash register replacement cycle (6-7 year lifecycle)
  • New fiscalization requirements for parking and vending (2027)
  • Growing M/platform subscription revenue base
  • Export opportunities for SDE monitoring systems

Key Risks

  • Dependence on classified government contracts
  • Cyclical nature of fiscal cash register sales
  • Competition in retail POS market
  • Historical execution challenges (now improving)
  • Low visibility on defense contract timing

What to Watch

  • M/platform subscription revenue growth trajectory
  • New fiscalization sector requirements implementation
  • Defense contract announcements
  • SDE export project wins (Armenia, Czech Republic)
  • Fiscal cash register unit sales trends

Foundational Analysis

Foundational Analysis v1.0 Last updated: 2025-07-15

Business Model

Comp operates two distinct businesses. The security/integration segment provides high-margin classified IT projects for defense and government, plus emerging SOC services. The retail segment manufactures fiscal cash registers (hardware) and provides M/platform SaaS services (recurring software). The company is shifting toward higher-margin recurring revenue streams.

Competitive Positioning

Strong moat in classified cryptography through Enigma subsidiary - few competitors have necessary security clearances. Leading position in Polish fiscal cash register market with Elzab brand. M/platform growing network effects with retail partners like Eurocash.

Economics & Capital Allocation

Mixed margin profile - high margins on security projects, moderate on hardware, improving margins on M/platform subscriptions. Subscription revenue backlog of PLN 90M+ through 2027 provides visibility. Working on cost optimization and exiting low-margin contracts.

Conservative capital allocation with focus on organic investment. Exited unprofitable international M/platform ventures. Investing in SOC capabilities and M/platform features. No significant M&A activity planned.

Long-term Risks

Defense sector budget uncertainty. Technology disruption in POS/fiscal systems. Competition from international SaaS retail platforms. Execution risk on new SOC business development.

What Would Break the Thesis

  • Loss of classified security clearances
  • Major defense contract cancellation
  • Disruption of fiscal cash register market by regulatory change
  • M/platform customer churn exceeding growth
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Contracts Intelligence

No contract data available for this company.

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Financial Performance

PLN Showing 7 quarters | Metric: Revenue (Quarterly)

Quarterly Data

Metric 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3
Income Statement Revenue (Quarterly) 153.1M 207.8M 197.0M 345.4M 168.5M 187.0M 190.0M
Income Statement Gross Profit (Quarterly) 54.2M 73.8M 59.4M 99.4M 62.4M 71.5M 62.6M
Income Statement EBITDA (Quarterly) 28.2M 37.0M 24.9M 31.7M 32.3M 39.9M 26.9M
Income Statement EBIT (Quarterly) 15.7M 23.8M 12.6M 19.0M 20.0M 27.6M 14.7M
Income Statement Net Income (Quarterly) 9.7M 11.3M 6.0M 11.8M 13.6M 23.1M 15.0M
Costs Selling & Distribution Costs 24.5M 30.1M 29.8M 44.7M 28.3M 26.3M 30.1M
Costs Administrative Expenses 15.2M 18.5M 15.7M 29.9M 17.3M 18.5M 15.3M
Cash Flow Operating Cash Flow -86.1M 17.9M 26.6M 246.2M -112.4M -13.7M 19.8M
Cash Flow Capital Expenditure -9.0M -17.1M -9.9M -61.7M -8.2M -17.1M -26.0M
Cash Flow Free Cash Flow -77.1M 35.0M 36.5M 307.8M -104.2M 3.4M 45.8M
Cash Flow Depreciation & Amortization 12.5M 13.2M 12.2M 12.8M 12.3M 12.3M 12.2M
LTM Metrics Revenue (LTM) 153.1M 360.9M 557.8M 903.3M 918.7M 897.9M 891.0M
LTM Metrics EBITDA (LTM) 28.2M 65.2M 90.1M 121.8M 125.9M 128.7M 130.7M
LTM Metrics Net Income (LTM) 9.7M 21.0M 27.0M 38.8M 42.7M 54.5M 63.6M
Profitability Gross Margin 35.4% 35.5% 30.2% 28.8% 37.0% 38.3% 33.0%
Profitability EBITDA Margin 18.4% 17.8% 12.6% 9.2% 19.1% 21.3% 14.2%
Profitability EBIT Margin 10.2% 11.5% 6.4% 5.5% 11.9% 14.8% 7.7%
Profitability Net Margin 6.4% 5.4% 3.0% 3.4% 8.1% 12.4% 7.9%
Profitability ROIC - - - - 7.4% 8.5% 8.7%
Profitability Cash Conversion -885.0% 158.0% 444.0% 2094.0% -823.0% -59.0% 132.0%
Balance Sheet Current Assets 298.4M 348.7M 344.0M 485.2M 289.6M 304.5M 294.0M
Balance Sheet Current Liabilities 292.9M 322.4M 309.9M 419.2M 243.6M 240.2M 229.1M
Balance Sheet Inventories 81.0M 92.7M 81.6M 70.8M 79.3M 88.2M 81.0M
Balance Sheet Total Equity 450.5M 461.6M 467.9M 458.2M 450.9M 472.4M 487.7M
Balance Sheet Total Debt 158.5M 162.3M 145.7M 107.1M 107.3M 112.2M 109.4M
Balance Sheet Cash & Equivalents 26.9M 34.3M 27.6M 200.1M 51.5M 26.5M 28.2M
Balance Sheet Invested Capital 582.2M 589.5M 586.0M 365.2M 506.7M 558.2M 568.9M
Ratios Current Ratio 1.02 1.08 1.11 1.16 1.19 1.27 1.28
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Revenue (Quarterly) - Visual Analysis

Revenue (Quarterly) (PLN)
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Growth Rates (QoQ% and YoY%)
Quarter-over-Quarter Year-over-Year
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Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.

Recent News & Developments

Sentiment Analysis (Last 6 Months)
Positive 80%
Neutral 20%
Negative 0%

Based on 5 articles

2026-01-28
ESPI positive

Comp S.A. Acquires 380,953 Shares in Share Buyback Program

Warsaw-based technology group Comp S.A. has announced the acquisition of 380,953 of its own shares at a price of 63.00 PLN per share on December 19, 2025, as part of its share buyback program. The transaction, conducted under the authorization granted by the company’s General Meeting resolutions, represents approximately 1.86% of the company’s share capital and voting rights. The total nominal value of the acquired shares amounts to 190,476.50 PLN.

The buyback program, initiated on December 8, 2025, received offers from shareholders for a total of 15,119,568 shares, resulting in a reduction rate of 97.48%. Prior to the transaction, Comp S.A. did not hold any treasury shares. Following the acquisition, the company now holds 380,953 shares, which may be subject to cancellation based on future resolutions by the General Meeting. The company clarified that voting rights from these shares will not be exercised at the General Meeting.

Comp S.A. also confirmed that the acquisition did not require notification to the Polish Financial Supervision Authority, as it did not exceed the thresholds outlined in the Public Offering Act.

Relevance: This development aligns with Comp S.A.'s strategic financial management and shareholder value enhancement, which are critical to its operations in IT, cybersecurity, and retail technology solutions.

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2026-01-28
Biznes PAP positive

Cybersecurity Market in Poland Poised for Rapid Growth Amid Rising Threats and Regulatory Changes

The cybersecurity sector in Poland is projected to be one of the fastest-growing segments of the IT market in the coming years, driven by increasing cyber threats, regulatory pressures, and the continued migration of businesses to cloud environments, according to a report by PMR Market Experts. Preliminary data for 2025 indicates that the Polish cybersecurity market could reach a value of PLN 3.5 billion.

Key findings reveal that nearly two-thirds of respondents identified cybersecurity as the top IT investment priority for 2024 and 2025, with 43% considering it the most critical area of IT spending. The report highlights a sharp rise in cybersecurity incidents, with CERT Polska data showing a 62% year-on-year increase in reported cases in 2024, surpassing 600,000 notifications and 103,000 registered incidents, 95% of which were phishing attacks. This trend continued into 2025, with over 550,000 notifications and 200,000 incidents recorded by October.

The report also notes a shift in the market structure, with a declining focus on hardware investments and growing emphasis on services and software, fueled by the adoption of cloud computing and SaaS models. Regulatory changes, particularly the implementation of the EU's NIS2 directive into Polish law, are expanding the scope of organizations required to adopt robust cybersecurity measures. Key sectors such as energy, transport, finance, healthcare, and digital services must now implement risk management systems, report major incidents, and establish dedicated cybersecurity structures.

Artificial intelligence is also emerging as a significant factor in cybersecurity, though its impact remains debated. While 40% of surveyed companies believe AI could reduce their security levels, 23% see it as an opportunity to enhance IT protection.

Relevance to Comp S.A.: The growing cybersecurity market and regulatory changes, such as the NIS2 directive, align with Comp S.A.'s focus on high-margin IT and cybersecurity services, presenting significant opportunities for recurring revenues and expanded market presence.

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2025-12-22
ESPI positive

JT Inwestycje Acquires Over 5% Stake in Comp S.A. Following Merger

Comp S.A., a leading Polish technology group specializing in IT and cybersecurity services, has announced that JT Inwestycje Alternatywna Spółka Inwestycyjna sp. z o.o. has acquired a 5.71% stake in the company following its merger with CE Management Group sp. z o.o. The transaction, finalized on December 18, 2025, resulted in JT Inwestycje holding 1,170,005 shares, granting it a significant voting power within Comp S.A.

Subsequently, JT Inwestycje reduced its stake slightly to 5.56% after selling 29,481 shares during a share buyback program on December 19, 2025. The updated shareholding now stands at 1,140,524 shares, reflecting its adjusted voting rights.

This development highlights the growing interest in Comp S.A., whose diversified portfolio includes high-margin cybersecurity services and retail-oriented hardware and software solutions. The acquisition underscores the strategic importance of Comp S.A. in Poland's technology and cybersecurity sectors.

Relevance: The article is relevant as it demonstrates investor confidence in Comp S.A.'s business model, which benefits from increasing demand for cybersecurity solutions and fiscalization technologies, aligning with the company's growth strategy.

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2025-12-22
ESPI neutral

Comp S.A. Announces Notification of Share Disposal by JT Inwestycje Alternatywna Spółka Inwestycyjna

Comp S.A., a leading Polish technology group, has disclosed the receipt of a notification regarding the disposal of shares in the company. The transaction was conducted by JT Inwestycje Alternatywna Spółka Inwestycyjna sp. z o.o., an entity closely associated with Robert Tomaszewski, the President of the Management Board of Comp S.A. The disposal involved 29,481 shares at a price of 63 PLN per share, executed on December 19, 2025, outside the trading system as part of a share buyback program. The notification was submitted in accordance with Article 19(1) of the MAR regulation.

This development is significant for Comp S.A. as it reflects the ongoing financial activities and governance within the company, which are crucial for maintaining transparency and investor confidence in its operations.

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2025-12-19
ESPI positive

Comp S.A. Acquires 380,953 Shares in Share Buyback Program

Warsaw-based technology group Comp S.A. has successfully acquired 380,953 of its own shares as part of a share buyback program authorized by resolutions passed during the company’s Ordinary General Meetings in 2024 and 2025. The shares were purchased at a price of 63.00 PLN per share, amounting to a total nominal value of 190,476.50 PLN. This acquisition represents approximately 1.86% of the company’s share capital and voting rights at the General Meeting.

The buyback program, announced on December 8, 2025, received significant interest from shareholders, with offers submitted for a total of 15,119,568 shares. Due to high demand, the reduction rate for the buyback was set at 97.48%. Prior to this transaction, Comp S.A. did not hold any treasury shares. Following the acquisition, the company now holds 380,953 shares, which may be subject to cancellation based on future resolutions by the General Meeting.

The company clarified that voting rights attached to the acquired shares will not be exercised, and the transaction did not require notification to the Polish Financial Supervision Authority as it did not exceed regulatory thresholds.

Relevance: This development aligns with Comp S.A.’s strategic financial management, enhancing shareholder value while maintaining flexibility for future corporate actions. It reflects the company’s robust position in managing its capital structure amidst its focus on IT, cybersecurity, and retail technology solutions.

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2026 EPS Estimates

Last updated: 2025-07-15
Bear Case
2026 EPS: PLN 55
Assumptions:
  • Defense contract delays, fiscal market decline, M/platform churn
Base Case
2026 EPS: PLN 85
Assumptions:
  • 6% revenue CAGR, 15% EBITDA margin, stable defense spending
Bull Case
2026 EPS: PLN 110
Assumptions:
  • M/platform acceleration, SDE export wins, fiscal replacement cycle peak
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Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.

Key Metrics

Company-specific performance indicators tailored to Comp S.A.'s business model.

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Recurring Revenue
Order Backlog
MRR/ARR
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Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.