Bittnet Systems SA

BNET

Bittnet Systems SA provides IT training and integration solutions in Romania.The company operates through Education, Cloud and Infrastructure, and Business Applications and Software Development segmen...

Website | Computer Programming, Data Processing, And Other Computer Related Services | Other

Automated Financial Analysis

🤵

Financial Advisor Insight

"Momentum is currently negative, indicating caution for short-term entries. Growth forecasts are robust, which could drive future appreciation."

Sentiment: Neutral Action: Hold

"Company demonstrates strong financial health with positive growth and stability indicators."

Strong Revenue Growth (38.7% CAGR).
Undervalued based on PE (Current: 13.3 vs Fair: 15).
Bearish Trend (SMA50 < SMA200).
Forecast: Continued Revenue Growth (~20.4% next year).

Technical Analysis

Trend Bearish (Long Term)
Last Cross
Death Cross (2 years ago)
RSI (14) 37.0
SMA 50 0.12
SMA 200 0.13

Price Valuation

Current Price 0.11
Fair Value (PE 15) 0.13
Undervalued 13%
Graham Number 0.15
Upside 30%

Forecast

Rev Forecast (Next Yr) 487M
Growth Forecast 20.4%

📊 Market & Peer Context

Benchmark: BET
Volatility (Beta)
-0.04
Less Volatile than Market
Correlation
-0.02
Moves with Market
Relative Strength (1Y)
-95.62%
vs Benchmark
Index Returns (1Y)
69.8%
BET

Historical Performance

Metric 5Y 3Y 1Y YTD 6M 3M 1M 1W
BNET -70.9% -62.4% -29.3% -1.8% -14.8% -0.4% 0.0% 0.0%
BET - 132.5% 69.8% 18.5% 33.0% 5.8% 2.6% 1.7%
Alpha (Diff) - -194.9% -99.2% -20.3% -47.9% -6.3% -2.6% -1.7%

Financial Reports

Price Chart

Sector: Other

Based on Market Cap
LEADER
SCD
Zentiva S.A.
3,151M
ONE
One United Properties SA
2,964M
EVER
Evergent Investments SA
2,701M
CRC
Chimcomplex S.A.
2,531M
LION
Lion Capital S.A.
2,412M
FP
Fondul Proprietatea SA
2,339M
AQ
Aquila Part Prod Com S.A.
2,062M
INFINITY
Infinity Capital Investments S.A.
1,981M
SFG
Sphera Franchise Group S.A.
1,539M
ARS
Aerostar S.A.
1,462M
SOCP
SOCEP S.A.
1,187M
GREEN
Green Tech International S.A.
1,111M
ALR
Alro S.A.
1,071M
WINE
Purcari Wineries Public Company Limited
789M
AROBS
AROBS Transilvania Software S.A.
706M
COTE
Conpet S.A.
677M
CMVX
Comvex S.A.
662M
TTS
TTS (Transport Trade Services) S.A.
589M
IMP
Impact Developer & Contractor S.A.
567M
DN
Dn Agrar Group S.A.
463M
SMTL
Simtel Team S.A.
459M
BVB
Bursa de Valori Bucuresti SA
371M
OIL
Oil Terminal S.A.
342M
SIDG
S.C. ArcelorMittal Hunedoara S.A.
342M
IARV
IAR S.A.
319M
GSH
GRUP SERBAN HOLDING SA
312M
SCDM
S.C. Unirea Shopping Center S.A.
258M
RCHI
Societatea Comerciala Compania Hoteliera Intercontinental Romania S.A.
238M
FOSB
SC Foraj Sonde SA Craiova
237M
PPLI
Professional Imo Partners S.A.
232M

ETAPA 1 • MUST HAVE

5/8
Healthy Leverage (Debt/Equity)
1.08
Target: < 1.5
Gross Margin vs Industry
0.0% vs 0.0%
Target: > 0.0%
Operating Cash Flow vs Profit
0%
Target: > 1.0
Free Cash Flow vs Profit
375%
Target: > 0.8
ROIC (Return on Capital)
3.63%
Target: Positive
ROIC vs WACC
ROIC: 3.6% / WACC: 6,526,524.1%
Target: > WACC
ROE (Return on Equity)
-3.0%
Target: > 10%
EBITDA Positive
13.11M
Target: > 0

ETAPA 2 • CRITERII

4/9
Interest Coverage
Target: > 3x • 0.0x
Miss
Net Margin vs Industry
Target: > 0.0% • 1.3%
Passed
ROA vs Industry
Target: > 3.6% • 1.8%
Miss
Current Ratio
Target: > 1.5 • 1.13
Miss
Assets Growth (5y)
Target: > 0% • 34.5% CAGR
Passed
FCF CAGR (5y)
Target: > 5% • 29.2%
Passed
EV/EBITDA vs Industry
Target: < Industry • 0.0 vs 0.0
Miss
Net Debt / EBITDA
Target: < 3 • 6.35
Miss
Revenue CAGR (5y)
Target: > 5% • 38.7%
Passed

SNAPSHOT COMPANIE

Capitalizare
0.07B RON
EBITDA
13.11M
P/E Ratio
13.32
PEG Ratio
0.34
Dividend Yield
0.00%
Beta
-0.04
Valoare Intrinsecă (Graham)
0.15 RON
Discount
+29.8%

Balance Sheet

Annual Data
Metric TTM 2024 2023 2022 2021
Fiscal Year 2,025 2,024 2,023 2,022 2,021
Fiscal Quarter Q3 Q4 Q4 Q4 Q4
Cash & Equivalents 33,626,507 73,355,404 70,013,172 42,300,365 23,403,197
Short-Term Investments 3,389,843 - - 13,790,384 17,919,885
Totalcash 37,016,350 79,066,073 81,369,916 56,090,749 41,323,082
Cash Growth -16.78% -2.83% 45.07% 35.74% 56.93%
Accounts Receivable 54,257,916 105,920,420 58,729,184 60,697,390 32,027,010
Other Receivables 15,838,900 18,138,601 13,974,095 - -
Receivables 70,096,816 124,059,021 72,703,279 60,697,390 32,027,010
Inventory 21,445,018 20,136,594 11,085,537 2,777,973 1,184,962
Prepaid Expenses - - - - -
Other Current Assets - - -1 - -
Assetsc 128,558,184 223,261,688 165,158,731 119,566,112 74,535,054
Property, Plant & Equipment 25,563,667 29,470,909 32,699,563 27,808,467 2,352,513
Long-Term Investments 6,131,886 1,271,853 2,797,885 2,918,940 1,996,840
Goodwill 64,531,266 67,950,004 79,079,083 57,528,189 40,771,174
Other Intangible Assets 8,817,968 8,661,920 9,653,554 9,077,001 9,219,368
Other Long-Term Assets -1,324,420 378,634 695,986 2,426,167 2,041,467
Assets 239,368,994 335,160,771 293,881,073 220,596,700 131,113,189
Accounts Payable 68,073,230 136,778,390 95,460,369 58,599,685 41,337,088
Accrued Expenses - 9,362,587 - 4,772,135 -
Current Portion of Long-Term Debt 25,602,966 16,141,474 8,589,801 39,193,143 4,754,900
Current Portion of Leases 6,981,641 6,422,410 6,419,839 4,693,525 540,786
Current Income Taxes Payable 92,552 794,758 622,641 284,250 294,606
Current Unearned Revenue 15,428,974 19,038,100 7,878,495 699,210 -
Other Current Liabilities 14,611,304 8,704,944 26,115,195 14,793,344 9,994
Total Current Liabilities 130,790,667 197,242,663 145,086,340 123,035,292 46,937,374
Long-Term Debt 35,467,659 43,243,587 43,317,062 20,775,915 30,372,260
Long-Term Leases 14,731,362 17,479,202 19,184,756 19,290,728 676,929
Long-Term Unearned Revenue - - - - -
Long-Term Deferred Tax Liabilities - - - - -
Other Long-Term Liabilities 1 1 5,000,000 - 624,136
Total Liabilities 180,989,689 257,965,453 212,588,158 163,101,935 78,610,699
Common Stock 63,417,672 63,417,672 63,417,672 52,848,060 48,043,690
Additional Paid-In Capital 31,934,768 31,934,768 31,934,768 9,738,583 14,542,953
Retained Earnings -14,516,677 3,685,633 -6,358,592 2,474,612 7,833,499
Comprehensive Income & Other -28,591,269 -28,669,257 -16,150,032 -11,390,433 -19,082,503
Total Common Equity 52,244,494 70,368,816 72,843,816 53,670,822 51,337,639
Equity 58,379,305 77,195,318 81,292,915 57,494,765 52,502,490
Total Liabilities & Equity 239,368,994 335,160,771 293,881,073 220,596,700 131,113,189
Filing Date Shares Outstanding 634,176,714 634,176,714 624,929,514 634,176,714 528,480,594
Total Common Shares Outstanding 634,176,714 630,176,714 624,929,514 528,480,595 528,480,594
Book Value Per Share 0.08 0.11 0.12 0.10 0.10
Tangible Book Value -21,104,740 -6,243,108 -15,888,821 -12,934,368 1,347,097
Tangible Book Value Per Share -0.03 -0.01 -0.03 -0.02 0.00
Total Debt 82,783,628 83,286,673 77,511,458 83,953,311 36,344,875
Net Cash (Debt) -45,767,278 -4,220,600 3,858,458 -27,862,562 4,978,207
Net Cash Growth - - - - -
Netcashpershare -0.07 -0.01 0.01 -0.05 0.01
Working Capital -2,232,483 26,019,025 20,072,391 -3,469,180 27,597,680
Treasury Stock - - - - -
Machinery - 10,226,917 10,662,642 10,096,732 4,703,898
Trading Asset Securities - 5,710,669 11,356,744 - -
Minority Interest 6,134,811 6,826,502 8,449,099 3,823,943 1,164,851
Long-Term Deferred Tax Assets 7,090,443 4,165,763 3,796,271 1,271,824 196,773

Cash Flow Statement

Annual Data
Metric TTM 2024 2023 2022 2021
Fiscal Year 2,025 2,024 2,023 2,022 2,021
Fiscal Quarter Q3 Q4 Q4 Q4 Q4
Net Income -6,383,421 5,333,846 -6,285,048 -5,358,890 12,319,250
Depreciation & Amortization 10,574,357 10,735,511 9,047,336 4,424,982 2,388,267
Loss (Gain) From Sale of Investments -867,864 4,181,814 2,070,416 3,411,090 -11,988,124
Asset Writedown & Restructuring Costs 2,078,990 2,078,990 - 495,000 -
Stock-Based Compensation 545,657 1,043,509 1,073,576 890,381 1,066,911
Provision & Write-off of Bad Debts -7,098 -7,098 285,407 198,849 46,258
Change in Accounts Receivable 69,996,704 -58,621,756 32,566,404 -15,174,426 -1,342,417
Change in Inventory 10,324,109 -618,988 38,968,927 2,240,336 -27,748
Change in Accounts Payable -62,761,448 58,434,304 -25,195,382 19,341,027 -4,147,634
Change in Other Net Operating Assets - - - - -
Other Operating Activities 9,997,477 10,072,618 8,113,622 7,800,300 6,236,998
Ncfo 22,976,352 21,999,035 60,766,313 17,995,019 3,778,747
Ocf Growth -9.29% -63.80% 237.68% 376.22% -53.46%
Capex -1,993,951 -2,017,582 -1,710,863 -4,054,298 -1,627,488
Cash Acquisitions -2,369,846 - -28,298,984 -15,023,596 -9,004,190
Investment in Securities 21,010 1,467,912 -546,781 10,247,561 4,952,164
Other Investing Activities 659,778 708,753 -21,434 486,130 567,533
Ncfi 17,745,068 14,021,844 -30,578,062 -8,344,203 -5,111,981
Short-Term Debt Issued - - - - -
Long-Term Debt Issued - 17,240,177 24,636,689 19,561,669 -
Total Debt Issued 7,139,026 17,240,177 24,636,689 19,561,669 -
Long-Term Debt Repaid - -16,988,587 -54,971,475 -2,956,494 -7,705,753
Net Debt Issued (Repaid) -13,942,604 251,590 -30,334,786 16,605,175 -7,705,753
Issuance of Common Stock 361,683 2,857,998 35,811,551 - 10,478,120
Repurchase of Common Stock -999,873 -766,058 - -2,603,739 -
Common Dividends Paid -3,889,770 -3,889,770 -615,600 - -
Other Financing Activities -27,737,507 -31,061,090 -7,336,610 -4,755,083 -2,908,592
Financing Cash Flow -46,208,071 -32,607,330 -2,475,445 9,246,353 -136,225
Net Cash Flow -5,557,968 3,342,233 27,712,806 18,897,168 -1,469,459
Free Cash Flow 20,982,401 19,981,453 59,055,450 13,940,721 2,151,259
Free Cash Flow Growth -16.30% -66.16% 323.62% 548.03% -69.97%
Fcf Margin 7.53% 4.95% 16.45% 7.26% 1.96%
Fcfps 0.03 0.03 0.10 0.03 0.00
Levered Free Cash Flow 9,656,509 -4,542,465 39,004,045 8,259,632 13,862,204
Unlevered Free Cash Flow 14,220,280 -244,949 43,102,012 10,973,929 15,897,132
Cash Interest Paid 6,613,079 6,575,355 7,336,611 3,326,805 2,869,324
Cash Income Tax Paid 973,509 1,986,721 921,760 1,391,092 978,608
Loss (Gain) on Equity Investments 152,145 39,541 121,055 -273,630 -773,014
Divestitures 21,428,077 13,862,761 - - -
Change Working Capital 17,559,365 -806,440 46,339,949 6,406,937 -5,517,799
Miscellaneous Cash Flow Adjustments -71,317 -71,316 - -1 -

Income Statement

Annual Data
Metric TTM 2024 2023 2022 2021
Fiscal Year 2,025 2,024 2,023 2,022 2,021
Fiscal Quarter Q3 Q4 Q4 Q4 Q4
Revenue 278,788,177 404,113,044 359,089,188 192,156,489 109,813,736
Revenue Growth -26.65% 12.54% 86.87% 74.98% 0.57%
Operating Revenue 278,788,177 404,113,044 359,089,188 192,156,489 109,813,736
Other Revenue - - - - -
Cost of Revenue 220,447,157 330,002,661 296,076,346 149,412,267 85,419,670
Gp 58,341,020 74,110,383 63,012,842 42,744,222 24,394,066
Selling, General & Admin 68,574,822 64,833,048 56,489,099 38,793,311 22,195,359
Other Operating Expenses - - - - -2,631,016
Operating Expenses 68,574,822 64,833,048 56,489,099 38,793,311 19,564,343
Operating Income -10,233,802 9,277,335 6,523,743 3,950,911 4,829,723
Interest Expense -7,302,033 -6,876,026 -6,556,748 -4,342,875 -3,255,885
Interest & Investment Income 688,922 461,056 547,343 90,607 103,643
Earnings From Equity Investments -152,145 -39,541 -121,055 273,630 773,014
Currency Exchange Gain (Loss) -887,985 266,543 -360,940 35,339 279,487
Other Non Operating Income (Expenses) 1,556,906 2,363,095 1,952,032 2,247,747 -19,285
EBT Excluding Unusual Items -16,330,137 5,452,462 1,984,375 2,255,359 2,710,697
Impairment of Goodwill - - - -495,000 -
Gain (Loss) on Sale of Assets - - - 1,232,366 71,392
Gain (Loss) on Sale of Investments -561,124 -5,610,805 -2,070,416 -3,411,090 11,988,126
Merger & Restructuring Charges -45,510 -45,510 -689,691 -1,650,821 -1,552,402
Asset Writedown -650,000 -650,000 - - -
Other Unusual Items - - - - 1,384,678
Pretax Income -17,586,771 -853,853 -775,732 -2,069,186 14,602,491
Income Tax Expense -1,687,677 1,523,249 615,392 123,400 1,581,516
Net Income to Company -4,421,051 9,118,825 823,662 -2,192,586 13,020,975
Minority Interest in Earnings -1,962,370 -3,784,979 -7,108,710 -3,166,304 -701,725
Net Income -6,383,421 5,333,846 -6,285,048 -5,358,890 12,319,250
Net Income to Common -6,383,421 5,333,846 -6,285,048 -5,358,890 12,319,250
Net Income Growth - - - - 1,276.26%
Shares Basic 634,176,714 634,176,714 607,752,685 512,466,031 521,815,126
Shares Outstanding (Diluted) 634,176,714 634,176,714 607,752,685 512,466,031 593,160,006
Shares Yo Y - 0.04 0.19 -0.14 0.09
Eps Basic -0.01 0.01 -0.01 -0.01 0.02
EPS (Diluted) -0.01 0.01 -0.01 -0.01 0.02
EPS Growth - - - - 1,194.50%
Free Cash Flow 20,982,401 19,981,453 59,055,450 13,940,721 2,151,259
Free Cash Flow Per Share 0.03 0.03 0.10 0.03 0.00
Gross Margin 20.93% 18.34% 17.55% 22.24% 22.21%
Operating Margin -3.67% 2.30% 1.82% 2.06% 4.40%
Profit Margin -2.29% 1.32% -1.75% -2.79% 11.22%
Free Cash Flow Margin 7.53% 4.95% 16.45% 7.26% 1.96%
Effective Tax Rate - - - - 0.11
EBITDA -6,563,630 13,108,661 9,750,291 4,906,969 6,310,795
D&A For EBITDA 3,670,172 3,831,326 3,226,548 956,058 1,481,072
EBITDA Margin -2.35% 3.24% 2.72% 2.55% 5.75%
EBIT -10,233,802 9,277,335 6,523,743 3,950,911 4,829,723
EBIT Margin -3.67% 2.30% 1.82% 2.06% 4.40%
Revenue as Reported - - - - -
Advertising Expenses - 2,200,204 2,668,632 2,109,066 1,806,910
Earnings From Continuing Operations -15,899,094 -2,377,102 -1,391,124 -2,192,586 13,020,975
Earnings From Discontinued Operations 11,478,043 11,495,927 2,214,786 - -
Payoutratio - 72.93% - - -

Ratios and Metrics

Annual Data
Metric TTM 2024 2023 2022 2021
Fiscal Year 2,025 2,024 2,023 2,022 2,021
Fiscal Quarter Q3 Q4 Q4 Q4 Q4
Marketcap 76,735,382 97,663,214 176,301,126 156,166,016 161,907,062
Market Cap Growth -36.65% -44.60% 12.89% -3.55% 1.56%
Enterprise Value 128,637,472 160,398,483 228,661,836 191,654,065 169,510,821
Last Close Ratios 12.10% 15.40% 27.80% 29.55% 30.64%
Pe - 18.31 - - 13.14
Forward PE - 28 28 39.40 11.22
PS Ratio 0.28 0.24 0.49 0.81 1.47
PB Ratio 1.31 1.27 2.17 2.72 3.08
P/TBV Ratio - - - - 120.19
P/FCF Ratio 3.66 4.89 2.99 11.20 75.26
P/OCF Ratio 3.34 4.44 2.90 8.68 42.85
PEG Ratio - - - - 6.90%
EV/Sales Ratio 0.46 0.40 0.64 1.00 1.54
EV/EBITDA Ratio - 12.24 23.45 39.06 26.86
EV/EBIT Ratio - 17.29 35.05 48.51 35.10
EV/FCF Ratio 6.13 8.03 3.87 13.75 78.80
Debt / Equity Ratio 1.42 1.08 0.95 1.46 0.69
Debt / EBITDA Ratio 243.08 4.16 4.98 10.02 5.04
Debt / FCF Ratio 3.95 4.17 1.31 6.02 16.90
Asset Turnover 93.40% 128.50% 139.60% 109.30% 94.10%
Inventory Turnover 1,126.00% 2,113.90% 4,271.30% 7,540.50% 7,294.50%
Quick Ratio 0.82 1.03 1.06 0.95 1.56
Current Ratio 0.98 1.13 1.14 0.97 1.59
Roe -20.34% -3.00% -2.01% -3.99% 32.49%
Return on Assets (ROA) -2.14% 1.84% 1.59% 1.40% 2.59%
Return on Capital (ROIC) -3.86% 3.63% 2.72% 2.14% 3.72%
Return on Capital Employed (ROCE) -0.09 0.07 0.04 0.04 0.06
Earningsyield -8.32% 5.46% -3.57% -3.43% 7.61%
FCF Yield 27.34% 20.46% 33.50% 8.93% 1.33%
Payout Ratio - 72.93% - - -
Buyback Yield / Dilution - -4.35% -18.59% 13.60% -8.84%

Business Metrics

Annual Data
Metric 2024 2023 2022 2021 2020
Fiscal Year 2,024 2,023 2,022 2,021 2,020
Category Names Revenue by Product Revenue by Geography - - -
Fiscal Quarter Q4 Q4 Q4 Q4 Q4

Price History

Jun 03, 2020 — Jan 26, 2026 1422 Records
Date Open High Low Close Volume
2026-01-26 0.11 0.11 0.11 0.11 310,369
2026-01-25 0.11 0.11 0.11 0.11 102,371
2026-01-24 0.11 0.11 0.11 0.11 109,043
2026-01-22 0.11 0.11 0.11 0.11 109,043
2026-01-21 0.11 0.12 0.11 0.11 420,372
2026-01-20 0.11 0.11 0.11 0.11 95,069
2026-01-19 0.11 0.11 0.11 0.11 82,427
2026-01-18 0.11 0.11 0.11 0.11 185,108
2026-01-15 0.11 0.11 0.11 0.11 389,191
2026-01-14 0.11 0.12 0.11 0.11 2,918,753
2026-01-13 0.12 0.12 0.12 0.12 197,050
2026-01-12 0.12 0.12 0.12 0.12 265,122
2026-01-11 0.12 0.12 0.12 0.12 265,122
2026-01-09 0.11 0.12 0.11 0.12 274,817
2026-01-08 0.11 0.12 0.11 0.12 274,817
2026-01-07 0.11 0.12 0.11 0.11 933,411
2026-01-06 0.11 0.12 0.11 0.11 677,510
2026-01-05 0.11 0.12 0.11 0.11 677,510
2026-01-04 0.11 0.12 0.11 0.11 677,510
2026-01-01 0.11 0.11 0.11 0.11 428,315
2025-12-31 0.11 0.11 0.11 0.11 428,315
2025-12-30 0.11 0.11 0.11 0.11 428,315
2025-12-29 0.11 0.11 0.11 0.11 428,315
2025-12-28 0.11 0.11 0.11 0.11 594,884
2025-12-25 0.12 0.12 0.11 0.11 909,149
2025-12-24 0.12 0.12 0.11 0.11 909,149
2025-12-23 0.12 0.12 0.11 0.11 909,149
2025-12-22 0.12 0.12 0.11 0.11 909,149
2025-12-21 0.12 0.12 0.11 0.12 65,196
2025-12-19 0.12 0.12 0.11 0.12 378,533
2025-12-18 0.12 0.12 0.11 0.12 378,533
2025-12-17 0.12 0.12 0.12 0.12 312,734
2025-12-16 0.12 0.12 0.11 0.12 487,396
2025-12-15 0.12 0.12 0.12 0.12 492,386
2025-12-14 0.12 0.12 0.12 0.12 358,663
2025-12-12 0.12 0.12 0.12 0.12 220,809
2025-12-11 0.12 0.12 0.12 0.12 220,809
2025-12-10 0.12 0.12 0.11 0.12 768,604
2025-12-09 0.12 0.12 0.12 0.12 114,457
2025-12-08 0.12 0.12 0.12 0.12 69,489
2025-12-07 0.12 0.13 0.12 0.12 70,910
2025-12-05 0.12 0.12 0.12 0.12 236,203
2025-12-04 0.12 0.12 0.12 0.12 236,203
2025-12-03 0.12 0.12 0.12 0.12 157,997
2025-12-02 0.12 0.12 0.12 0.12 338,965
2025-12-01 0.12 0.12 0.12 0.12 2,332,630
2025-11-30 0.13 0.13 0.13 0.13 250,324
2025-11-28 0.13 0.13 0.13 0.13 250,324
2025-11-27 0.13 0.13 0.13 0.13 250,324
2025-11-26 0.13 0.13 0.13 0.13 21,714