Many thanks for the analysis! I have taken another look at the company myself and find the share very interesting and am considering an investment. Which broker do you use to buy the stock? At Trade Republic there is usually a spread of 4-5%...
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@Flex0110 Thank you for the praise.

I also bought it via Traderepublic as Lang & Schwarz. But the spreads are very high everywhere. You will probably only get cheaper access via the WSE (Warsaw Stock Exchange), but it will be very difficult to get access there.

A major factor here is that the shares are generally not traded very often (in small quantities).