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Poland's largest pay-TV and mobile telecom group, providing satellite/cable TV, the Plus mobile network and media content.
Poland's largest pay-TV and mobile telecom group, providing satellite/cable TV, the Plus mobile network and media content.
Households subscribe to bundles of satellite TV, mobile and internet on contracts, so cross-selling matters. The group also owns Polsat TV channels, which earn advertising revenue, so its income mixes subscriptions with ad spending.
In one line: Poland's largest pay-TV and mobile operator combined, like a Polish Comcast/Charter.
Moat: narrow (scale, installed base, brand). Largest Polish satellite pay-TV base plus integrated mobile network scale.
Headquarters: Warsaw, Poland · Founded: 2007
Size Cyfrowy Polsat (CPS.WA) is a Poland Communication Services company (Cable/Satellite TV) with a market value of $2.08B, the 30th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 12.76 on 6 Nov 2026.
Performance Over six months the shares fell 23.9%, against -11.9% for the median peer and +14.3% for the Poland market (cap-weighted) — lowest of 13 in its peer set.
Growth Revenue was unchanged over the last twelve months (peer median -4.0%); the operating margin is 9.5% (peer median 2.5%).
Valuation It trades at 14.5× forward earnings against a peer median of 8.1× (2nd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.5 points below its cost of capital (8.5% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 14.5B | PLN 14.3B | PLN 14.3B | PLN 13.6B | PLN 12.9B |
| Revenue growth | — | 0% | +5% | +6% | — |
| Gross profit | PLN 3.48B | PLN 3.41B | PLN 3.57B | PLN 3.04B | PLN 3.26B |
| EBITDA | PLN 3.12B | PLN 3.10B | PLN 3.31B | PLN 3.06B | PLN 3.38B |
| Net income | -PLN 2.42B | -PLN 2.55B | PLN 710M | PLN 278M | PLN 900M |
| Free cash flow | PLN 1.37B | PLN 902M | PLN 792M | -PLN 26.5M | PLN 432M |
| Capital expenditure | PLN 1.25B | PLN 1.61B | PLN 1.78B | PLN 1.60B | PLN 1.63B |
| Total debt | PLN 15.0B | PLN 15.2B | PLN 15.2B | PLN 15.6B | PLN 10.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cyfrowy Polsat CPS.WA | $2.08B | -24% | 0% | 10% | 14.5× | 6.6% |
| Orange Polska OPL.WA | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% |
| Canal+ CAN.L | $3.11B | +2% | +10% | 4% | 9.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CPS.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.7% | +2.0% | lowest of 13 |
| 6-month return | -23.9% | -11.9% | lowest of 13 |
| Distance from 52-week high | -31.2% | -31.4% | 7th highest of 13 |
| Revenue growth (TTM) | 0.0% | -4.0% | 6th highest of 13 |
| Operating margin | 9.5% | 2.5% | 4th highest of 13 |
| Forward P/E | 14.5× | 8.1× | 2nd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 6.6% | 10.5% | 5th least demanding of 9 |
| Growth delivered (Del g) | +3.7% | -1.5% | 4th highest of 9 |
| Hurdle (Req g minus delivered) | +3.0 pp | -1.2 pp | 5th least demanding of 9 |
| ROIC minus cost of capital | -4.5 pp | -0.0 pp | 6th lowest of 12 |
| EV / EBITDA | 6.8× | 10.4× | 3rd cheapest of 6 |
| Net debt / EBITDA | 3.9× | 3.4× | 2nd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cyfrowy Polsat CPS.WA | Poland | $2.08B | -24% | 0% | 10% | 14.5× | 6.6% | +3.7% |
| Wasu Media 000156.SZ | China | $2.17B | +5% | -4% | 2% | n/a | -6.9% | +3.9% |
| Jiangsu Broadcasting Cable Information Network 600959.SS | China | $2.42B | -17% | -8% | -8% | n/a | n/a | n/a |
| Cogeco Communications CCA.TO | Canada | $1.67B | -13% | -4% | 26% | 7.8× | -8.9% | +2.2% |
| Canal+ CAN.L | United Kingdom | $3.11B | +2% | +10% | 4% | 9.2× | n/a | n/a |
| Guizhou Broadcasting & TV Information Network 600996.SS | China | $1.22B | -23% | -7% | -89% | n/a | 30.2% | -18.3% |
| Oriental Pearl 600637.SS | China | $4.07B | -19% | -7% | 3% | 29.9× | 15.5% | -5.7% |
| Versant Media VSNT | United States | $4.59B | -18% | -4% | 18% | 5.5× | -13.9% | -5.1% |
| Guangxi Beitou Technology 600936.SS | China | $925M | -11% | +13% | 2% | n/a | 15.7% | +10.6% |
| Shenzhen Topway Video Communication 002238.SZ | China | $810M | -8% | -16% | -22% | n/a | 16.0% | -5.8% |
| Stingray RAY.TO | Canada | $786M | +11% | +32% | 20% | 8.1× | 5.5% | +13.1% |
| Hubei Broadcasting & Television Information Network 000665.SZ | China | $698M | -15% | +1% | -48% | n/a | n/a | n/a |
| Viaplay VPLAY-A.ST | Sweden | $615M | +32% | +20% | 3% | n/a | n/a | n/a |