Spyrosoft (WSE: SPR) is a Polish software engineering company riding the secular tailwind of digital business transformations. Despite the explosive development since its founding in 2016, the company is still relatively small in size and has a significant runway for growth left to pursue. I believe the company offers an interesting investment case which can be summarized in the following points:
Hi Bastian, don't you think that in 2021 it would be better to correct the FCF by subtracting the leases from the D&A, as this increase in depreciation in 2021 is due to the new accounting rules for finance leases, where they are recorded as an increase in the D&A item.
If it were not subtracted from FCF, this actual cash outflow would be ignored.
Hello. Now that spyrosoft went too high... there is room to check a paralel company, same sector and same country? I would love to read thesis about SUNTECH if possible...
Hi Bastian, don't you think that in 2021 it would be better to correct the FCF by subtracting the leases from the D&A, as this increase in depreciation in 2021 is due to the new accounting rules for finance leases, where they are recorded as an increase in the D&A item.
If it were not subtracted from FCF, this actual cash outflow would be ignored.
Thank you very much for your Research
Hey, Bastian. I liked the article some time ago (still like it :D), but I now have a couple of comments/questions:
1) According to this article, it seems they didn't acquired Norbsoft but I may be wrong as I don't understand Polish: https://www.bankier.pl/wiadomosc/SPYROSOFT-S-A-Informacja-o-odstapieniu-od-zamiaru-nabycia-pakietu-udzialow-Norbsoft-Sp-z-o-o-i-informacja-o-podpisaniu-umowy-partnerskiej-8125531.html
2) On their strategic report for 2022-2026 they mention they've planned EBITDA marging ranging between 11%-14% (https://spyro-soft.com/wp-content/uploads/2022/05/Spyrosoft-Group-strategy-2022-2026-1.pdf - slide 19). As per their previous years, don't you think they're referring to EBIT marging? I can't find the email for investor enquiries...
Hello. Now that spyrosoft went too high... there is room to check a paralel company, same sector and same country? I would love to read thesis about SUNTECH if possible...