Announcement • May 02
4MASS Spólka Akcyjna, Annual General Meeting, May 28, 2026 4MASS Spólka Akcyjna, Annual General Meeting, May 28, 2026, at 10:30 Central European Standard Time. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł5.00, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 20x in the Personal Products industry in Europe. Total returns to shareholders of 108% over the past three years. Reported Earnings • Dec 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł27.5m (down 15% from 3Q 2024). Net income: zł3.25m (down 42% from 3Q 2024). Profit margin: 12% (down from 17% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 17% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (zł106.2m market cap, or US$29.1m). Announcement • Aug 27
4MASS Spólka Akcyjna to Report First Half, 2025 Results on Sep 30, 2025 4MASS Spólka Akcyjna announced that they will report first half, 2025 results on Sep 30, 2025 New Risk • Jul 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (zł111.4m market cap, or US$30.1m). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł4.77, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 22x in the Personal Products industry in Europe. Total returns to shareholders of 153% over the past three years. Reported Earnings • Jun 02
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł27.3m (up 14% from 1Q 2024). Net income: zł2.30m (down 45% from 1Q 2024). Profit margin: 8.4% (down from 18% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • May 22
4MASS Spólka Akcyjna, Annual General Meeting, Jun 18, 2025 4MASS Spólka Akcyjna, Annual General Meeting, Jun 18, 2025. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł4.12, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 21x in the Personal Products industry in Europe. Total returns to shareholders of 107% over the past three years. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł4.90, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 21x in the Personal Products industry in Europe. Total returns to shareholders of 141% over the past three years. New Risk • Nov 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risk Market cap is less than US$100m (zł155.4m market cap, or US$37.3m). Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł27.8m (up 22% from 2Q 2023). Net income: zł5.66m (down 8.0% from 2Q 2023). Profit margin: 20% (down from 27% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Jun 05
4MASS Spólka Akcyjna, Annual General Meeting, Jun 28, 2024 4MASS Spólka Akcyjna, Annual General Meeting, Jun 28, 2024. Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł5.65, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 27x in the Personal Products industry in Europe. Total returns to shareholders of 60% over the past three years. Buy Or Sell Opportunity • May 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to zł6.30. The fair value is estimated to be zł8.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 83%. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł23.9m (up 12% from 1Q 2023). Net income: zł4.19m (down 4.4% from 1Q 2023). Profit margin: 18% (down from 21% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Apr 28
4MASS Spólka Akcyjna to Report Fiscal Year 2023 Results on Apr 30, 2024 4MASS Spólka Akcyjna announced that they will report fiscal year 2023 results on Apr 30, 2024 New Risk • Mar 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (zł179.6m market cap, or US$45.2m). Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł7.40, the stock trades at a trailing P/E ratio of 9.2x. Average forward P/E is 18x in the Personal Products industry in Europe. Total returns to shareholders of 60% over the past three years. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.80 (vs zł0.38 in FY 2022) Full year 2023 results: EPS: zł0.80 (up from zł0.38 in FY 2022). Revenue: zł96.3m (up 52% from FY 2022). Net income: zł19.3m (up 127% from FY 2022). Profit margin: 20% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł6.40, the stock trades at a trailing P/E ratio of 10.3x. Average forward P/E is 20x in the Personal Products industry in Europe. Total returns to shareholders of 3.9% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to zł5.24, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 32x in the Personal Products industry in Europe. Total loss to shareholders of 7.7% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to zł6.17, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 30x in the Personal Products industry in Europe. Total returns to shareholders of 37% over the past three years. Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł22.8m (up 68% from 2Q 2022). Net income: zł6.15m (up 218% from 2Q 2022). Profit margin: 27% (up from 14% in 2Q 2022). The increase in margin was driven by higher revenue. New Risk • Jul 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Market cap is less than US$100m (zł90.0m market cap, or US$22.1m). Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł3.79, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 30x in the Personal Products industry in Europe. Total returns to shareholders of 210% over the past three years. Announcement • Jun 02
4MASS Spólka Akcyjna, Annual General Meeting, Jun 27, 2023 4MASS Spólka Akcyjna, Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to zł3.31, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 32x in the Personal Products industry in Europe. Total returns to shareholders of 264% over the past three years. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł0.38 (vs zł0.09 in FY 2021) Full year 2022 results: EPS: zł0.38 (up from zł0.09 in FY 2021). Revenue: zł63.4m (up 61% from FY 2021). Net income: zł8.50m (up 323% from FY 2021). Profit margin: 13% (up from 5.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jun 07
4mass Spólka Akcyjna, Annual General Meeting, Jun 28, 2022 4mass Spólka Akcyjna, Annual General Meeting, Jun 28, 2022, at 10:00 Central European Standard Time. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: zł0.01 (vs zł0.002 in 1Q 2021) First quarter 2022 results: EPS: zł0.01 (up from zł0.002 in 1Q 2021). Revenue: zł13.6m (up 65% from 1Q 2021). Net income: zł2.18m (up 299% from 1Q 2021). Profit margin: 16% (up from 6.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 21
Third quarter 2020 earnings released: EPS zł0.002 (vs zł0.008 loss in 3Q 2019) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł7.17m (up 96% from 3Q 2019). Net income: zł215.2k (up zł752.8k from 3Q 2019). Profit margin: 3.0% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Is New 90 Day High Low • Feb 22
New 90-day high: zł0.69 The company is up 29% from its price of zł0.54 on 24 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 12
New 90-day low: zł0.41 The company is down 41% from its price of zł0.70 on 11 September 2020. The Polish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is down 25% over the same period. Is New 90 Day High Low • Nov 20
New 90-day low: zł0.55 The company is down 44% from its price of zł0.98 on 21 August 2020. The Polish market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is down 27% over the same period.