Cyber_Folks SA (CBF) · Q1 2026 results and valuation

At 20.0% growth a year (3-year revenue growth), the model's fair value is 269.32 zł a share — the stock trades 28% below it. Today's price assumes 15.6% growth a year.

1. Figure

   The tax profit calculated from the transaction for the period ending June 30, 2026, amounted to 96,708 thousand PLN.

   Source quote

   “cyber_Folks Capital Group Condensed interim consolidated financial statements for the 6-month period ended June 30, 2026 (in thousands of PLN) Notes presented on pages 10-72 form an integral part of the condensed interim consolidated financial statements of legal entities (CIT) calculated from the tax profit on this transaction amounted to 96,708 thousand PLN.”

2. Figure

   The Group's total equity increased by 410,432 thousand PLN, of which 292,877 thousand PLN belongs to the parent entity's shareholders and 117,555 thousand PLN to non-controlling interests.

   Source quote

   “As a result, the total increase in the Group's equity amounted to PLN 410,432 thousand, of which PLN 292,877 thousand is attributable to the shareholders of the parent entity, and PLN 117,555 thousand to non-controlling interests.”

3. Figure

   The estimated acquisition price was 54,101 thousand EUR, of which 53,967 thousand EUR was paid on the closing date.

   Source quote

   “The estimated acquisition price amounted to EUR 54,101 thousand (of which EUR 53,967 thousand was paid on the closing date).”

4. Figure

   The parent company acquired 190 shares in Sellintegro Sp. on June 9, 2026, expanding its ownership in the entity.

   Source quote

   “On June 9, 2026, the Parent Company entered into a share purchase agreement under which it acquired 190 shares in the entity Sellintegro Sp.”

5. Figure

   The Group incurred transaction costs of 2,601 thousand PLN for e-commerce unit acquisitions, including 2,189 thousand PLN in external services and 412 thousand PLN in taxes and fees.

   Source quote

   “During the reporting period, the Group incurred transaction costs (legal, transaction, due diligence, and integration costs) related to the acquisition of entities in the e-commerce segment in the total amount of 2,601 thousand PLN, of which 2,189 thousand PLN was recognized under the item of outsourced services costs, and 412 thousand PLN as taxes and fees.”

Typical for a company report — more cautious than in Q1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone

“The Group's business model is based on providing solutions covering the full value chain, starting from the design and development of its own technology products, through their infrastructure-side maintenance and development, up to...”

“The realization of risk may have a negative impact on revenue growth prospects, debt.”

“In the case of acquisitions carried out outside of Poland, the risk also constitutes a possible lack of”