[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Simeon Research [@SimeonResearch_](/creator/twitter/SimeonResearch_) on x 5265 followers Created: 2025-07-11 14:49:37 UTC Spyrosoft Poland - Deep Dive 🇵🇱 💡 Market cap - XXX million Euro 📊 Stats - EV/FCF 15, Rev CAGR 3yr 36%, Gross 32%, XX% Insider ownership ⚙️ Operations - Their main operation include IT consulting & software development, The offering is rather simple clients hire them to design then build and maintain their software solutions. But there is way more to be uncovered here. 🤝 Major clients are in the UK (even in the public sector) DACH region and then Poland ofc. But let us discuss the offerings a bit more, they can offer custom software both in Enterprise SE (web, backend, cloud, etc) & Embedded Software (Device software, machines). Custom software is the core of their business. They offer web + mobile app development, e-commerce, CRM but also firmware, IoT, and AI and machine learning. Their list of services is lengthy, and they can fill almost every need. It fits their one-stop approach, a provider of every need the client has. 🎯 Industries they operate at - Automotive (ADAS systems, BMS + DMS), Financials (apps, debt management, fraud detection), Geography mapping (Ordnance Survey, the UK’s national mapping agency), Retail (CRM expertise), and Healthcare (analytics, platforms compliant with regulations). 💡Strategy - Their approach is unique and the parent company targets experienced software developers over XX who know how to attract customers and talent. But maybe missing several resources that are given by SPR. These people start companies with Spyrosoft being the majority shareholder and them being the minority (credits MicroCap Summit in Konrad). Creating something very powerful in my view performance alignment across the organization. Operations are geographically distributed in lower-cost, talent-rich locations in Central and Eastern Europe & abroad. ✅️What I like - I admire the structure of the business, they run a decentralised model that encourages growth, founders oversee multiple specialized companies run by entrepreneurs/experts (often co-founders of those units) who have skin in the game. This model which reminds me of multiple companies in my portfolio, requires autonomy, let each segment flourish in its respective niche while encouraging performance. For example, the Spyrosoft Connect has XX years in CRM/Salesforce for global brands. Their team is run by very experienced engineers (to an extent veterans!), in every segment of the business they use specialists and not generalists). So they can tackle multiple niches at once. The global IT market is massive but brutally competitive It is very difficult to stand out, That said Poland is flourishing in every perspective, Software is in high demand & the EU is sending large funding packages, GDP is booming, all of which could help the bull case. Their AI segments while new are something that I need to look further. They are also looking ⚠️ What I don't like - The revenue dynamics are weak, while indeed the theory of how they are supposed to work and attack niches is nice, 25-27% of revenue according to my calculation comes from Automotives which is highly cyclical and weak in the last X years. The next-largest verticals each contributed about XX % apiece (Financial Services, Geospatial), with all other segments individually sub 10%. Their EBITDA & FCF margins are weak and in 2023-2024 growth has been reduced significantly in revenue (due to the automotive industry being weak) while key competitors have reported better growth recently and slightly better margins. On first glance, it may seem cheap relative to growth. On a closer look, I find the valuation to be fair, owning $ACP.WA I do not see any reason to get a position here ⛔️ Disc I do not own a position in the company nor plan to do so for the foreseeable future, I have some bigger priority targets! A shout out to my friend @PolePosInvest who helped me with this He has great content on Polish stocks!  XXXXX engagements  **Related Topics** [insider](/topic/insider) [rev](/topic/rev) [euro](/topic/euro) [market cap](/topic/market-cap) [deep dive](/topic/deep-dive) [poland](/topic/poland) [Post Link](https://x.com/SimeonResearch_/status/1943684104353980618)
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Simeon Research @SimeonResearch_ on x 5265 followers
Created: 2025-07-11 14:49:37 UTC
Spyrosoft Poland - Deep Dive 🇵🇱
💡 Market cap - XXX million Euro 📊 Stats - EV/FCF 15, Rev CAGR 3yr 36%, Gross 32%, XX% Insider ownership
⚙️ Operations - Their main operation include IT consulting & software development, The offering is rather simple clients hire them to design then build and maintain their software solutions. But there is way more to be uncovered here.
🤝 Major clients are in the UK (even in the public sector) DACH region and then Poland ofc.
But let us discuss the offerings a bit more, they can offer custom software both in Enterprise SE (web, backend, cloud, etc) & Embedded Software (Device software, machines). Custom software is the core of their business.
They offer web + mobile app development, e-commerce, CRM but also firmware, IoT, and AI and machine learning. Their list of services is lengthy, and they can fill almost every need. It fits their one-stop approach, a provider of every need the client has.
🎯 Industries they operate at - Automotive (ADAS systems, BMS + DMS), Financials (apps, debt management, fraud detection), Geography mapping (Ordnance Survey, the UK’s national mapping agency), Retail (CRM expertise), and Healthcare (analytics, platforms compliant with regulations).
💡Strategy - Their approach is unique and the parent company targets experienced software developers over XX who know how to attract customers and talent. But maybe missing several resources that are given by SPR. These people start companies with Spyrosoft being the majority shareholder and them being the minority (credits MicroCap Summit in Konrad). Creating something very powerful in my view performance alignment across the organization.
Operations are geographically distributed in lower-cost, talent-rich locations in Central and Eastern Europe & abroad.
✅️What I like - I admire the structure of the business, they run a decentralised model that encourages growth, founders oversee multiple specialized companies run by entrepreneurs/experts (often co-founders of those units) who have skin in the game.
This model which reminds me of multiple companies in my portfolio, requires autonomy, let each segment flourish in its respective niche while encouraging performance. For example, the Spyrosoft Connect has XX years in CRM/Salesforce for global brands. Their team is run by very experienced engineers (to an extent veterans!), in every segment of the business they use specialists and not generalists). So they can tackle multiple niches at once.
The global IT market is massive but brutally competitive It is very difficult to stand out, That said Poland is flourishing in every perspective, Software is in high demand & the EU is sending large funding packages, GDP is booming, all of which could help the bull case. Their AI segments while new are something that I need to look further. They are also looking
⚠️ What I don't like - The revenue dynamics are weak, while indeed the theory of how they are supposed to work and attack niches is nice, 25-27% of revenue according to my calculation comes from Automotives which is highly cyclical and weak in the last X years.
The next-largest verticals each contributed about XX % apiece (Financial Services, Geospatial), with all other segments individually sub 10%.
Their EBITDA & FCF margins are weak and in 2023-2024 growth has been reduced significantly in revenue (due to the automotive industry being weak) while key competitors have reported better growth recently and slightly better margins.
On first glance, it may seem cheap relative to growth. On a closer look, I find the valuation to be fair, owning $ACP.WA I do not see any reason to get a position here
⛔️ Disc I do not own a position in the company nor plan to do so for the foreseeable future, I have some bigger priority targets!
A shout out to my friend @PolePosInvest who helped me with this He has great content on Polish stocks!
XXXXX engagements
