Buy Or Sell Opportunity • Apr 23
Now 21% undervalued Over the last 90 days, the stock has risen 32% to zł205. The fair value is estimated to be zł259, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 45%. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł192, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 13x in the Media industry in Poland. Total returns to shareholders of 1,674% over the past three years. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł176, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 16x in the Media industry in Poland. Total returns to shareholders of 1,551% over the past three years. New Risk • Dec 10
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 6.4% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł134, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 16x in the Media industry in Poland. Total returns to shareholders of 1,196% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: zł1.98 (vs zł1.57 in 3Q 2024) Third quarter 2025 results: EPS: zł1.98 (up from zł1.57 in 3Q 2024). Revenue: zł20.9m (up 12% from 3Q 2024). Net income: zł8.26m (up 26% from 3Q 2024). Profit margin: 40% (up from 35% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł368.7m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł368.7m market cap, or US$99.9m). Reported Earnings • Sep 19
Second quarter 2025 earnings released: EPS: zł1.80 (vs zł1.30 in 2Q 2024) Second quarter 2025 results: EPS: zł1.80 (up from zł1.30 in 2Q 2024). Revenue: zł20.5m (up 25% from 2Q 2024). Net income: zł7.48m (up 38% from 2Q 2024). Profit margin: 37% (up from 33% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Aug 26
Digital Network SA to Report First Half, 2025 Results on Sep 30, 2025 Digital Network SA announced that they will report first half, 2025 results on Sep 30, 2025 Upcoming Dividend • Jun 18
Upcoming dividend of zł2.41 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Polish dividend payers (7.3%). In line with average of industry peers (6.1%). Annonce • May 20
Digital Network SA, Annual General Meeting, Jun 16, 2025 Digital Network SA, Annual General Meeting, Jun 16, 2025. Reported Earnings • May 05
Full year 2024 earnings released: EPS: zł6.04 (vs zł4.96 in FY 2023) Full year 2024 results: EPS: zł6.04 (up from zł4.96 in FY 2023). Revenue: zł74.7m (up 16% from FY 2023). Net income: zł25.2m (up 22% from FY 2023). Profit margin: 34% (up from 32% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł67.50, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 13x in the Media industry in Poland. Total returns to shareholders of 523% over the past three years. Reported Earnings • Nov 27
Third quarter 2024 earnings released: EPS: zł1.57 (vs zł2.57 in 3Q 2023) Third quarter 2024 results: EPS: zł1.57 (down from zł2.57 in 3Q 2023). Revenue: zł18.6m (up 10% from 3Q 2023). Net income: zł6.55m (down 39% from 3Q 2023). Profit margin: 35% (down from 64% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 20
Upcoming dividend of zł2.41 per share Eligible shareholders must have bought the stock before 27 November 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 9.0%. Within top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (5.8%). Reported Earnings • Sep 26
Second quarter 2024 earnings released: EPS: zł1.31 (vs zł1.04 in 2Q 2023) Second quarter 2024 results: EPS: zł1.31 (up from zł1.04 in 2Q 2023). Revenue: zł16.4m (up 11% from 2Q 2023). Net income: zł5.42m (up 25% from 2Q 2023). Profit margin: 33% (up from 29% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł42.00, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 11x in the Media industry in Poland. Total returns to shareholders of 788% over the past three years. Buy Or Sell Opportunity • Jul 02
Now 24% undervalued Over the last 90 days, the stock has risen 6.8% to zł47.30. The fair value is estimated to be zł62.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 13
Now 20% undervalued Over the last 90 days, the stock has risen 6.4% to zł50.00. The fair value is estimated to be zł62.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 25
Now 21% undervalued Over the last 90 days, the stock has risen 30% to zł50.40. The fair value is estimated to be zł63.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: zł0.69 (vs zł0.13 in 1Q 2023) First quarter 2024 results: EPS: zł0.69 (up from zł0.13 in 1Q 2023). Revenue: zł12.3m (up 25% from 1Q 2023). Net income: zł2.85m (up 446% from 1Q 2023). Profit margin: 23% (up from 5.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has increased by 116% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 14
Upcoming dividend of zł4.10 per share Eligible shareholders must have bought the stock before 21 May 2024. Payment date: 27 May 2024. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 7.5%. Lower than top quartile of Polish dividend payers (7.6%). Higher than average of industry peers (6.6%). New Risk • Apr 23
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 8.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (zł205.8m market cap, or US$50.8m). Reported Earnings • Apr 22
Full year 2023 earnings released: EPS: zł4.96 (vs zł1.74 in FY 2022) Full year 2023 results: EPS: zł4.96 (up from zł1.74 in FY 2022). Revenue: zł64.3m (up 33% from FY 2022). Net income: zł20.7m (up 185% from FY 2022). Profit margin: 32% (up from 15% in FY 2022). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Apr 21
Digital Network SA, Annual General Meeting, May 16, 2024 Digital Network SA, Annual General Meeting, May 16, 2024, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł44.00, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 12x in the Media industry in Poland. Total returns to shareholders of 655% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł29.20, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 13x in the Media industry in Poland. Total returns to shareholders of 539% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł24.40, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 12x in the Media industry in Poland. Total returns to shareholders of 458% over the past three years. New Risk • Aug 08
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 7.3% 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: Major Risk Earnings have declined by 7.1% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (zł65.8m market cap, or US$16.2m). Upcoming Dividend • Jun 27
Upcoming dividend of zł0.73 per share at 6.0% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 13 July 2023. Trailing yield: 6.0%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (7.2%). New Risk • Jun 24
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 6.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.1% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł50.8m market cap, or US$12.5m). Annonce • Jun 04
Digital Network SA, Annual General Meeting, Jun 29, 2023 Digital Network SA, Annual General Meeting, Jun 29, 2023, at 11:00 Central European Standard Time. Reported Earnings • Nov 21
Third quarter 2022 earnings released: EPS: zł0.46 (vs zł0.72 in 3Q 2021) Third quarter 2022 results: EPS: zł0.46 (down from zł0.72 in 3Q 2021). Revenue: zł13.2m (up 49% from 3Q 2021). Net income: zł1.94m (down 35% from 3Q 2021). Profit margin: 15% (down from 34% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 04
Second quarter 2022 earnings released: EPS: zł0.55 (vs zł0.46 in 2Q 2021) Second quarter 2022 results: EPS: zł0.55 (up from zł0.46 in 2Q 2021). Revenue: zł12.4m (up 57% from 2Q 2021). Net income: zł2.25m (up 17% from 2Q 2021). Profit margin: 18% (down from 25% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 97% 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 • Jun 07
Investor sentiment improved over the past week After last week's 16% share price gain to zł12.70, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 8x in the Media industry in Poland. Total returns to shareholders of 61% over the past three years. Annonce • May 26
Digital Network SA to Report Q1, 2022 Results on May 26, 2022 Digital Network SA announced that they will report Q1, 2022 results on May 26, 2022 Reported Earnings • May 03
Full year 2021 earnings released: EPS: zł1.94 (vs zł0.42 loss in FY 2020) Full year 2021 results: EPS: zł1.94 (up from zł0.42 loss in FY 2020). Revenue: zł35.3m (up 35% from FY 2020). Net income: zł8.09m (up zł9.84m from FY 2020). Profit margin: 23% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł7.48, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 12x in the Media industry in Poland. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improved over the past week After last week's 18% share price gain to zł8.80, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 12x in the Media industry in Poland. Total loss to shareholders of 31% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł0.72 (up from zł0.11 in 3Q 2020). Revenue: zł8.80m (down 20% from 3Q 2020). Net income: zł3.00m (up zł2.53m from 3Q 2020). Profit margin: 34% (up from 4.2% in 3Q 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 5.2%. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 04
Second quarter 2021 earnings released: EPS zł0.46 (vs zł0.031 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł7.90m (down 39% from 2Q 2020). Net income: zł1.93m (up zł2.06m from 2Q 2020). Profit margin: 25% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 05
First quarter 2021 earnings released: EPS zł0.12 (vs zł0.017 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł5.63m (up 3.3% from 1Q 2020). Net income: zł501.7k (up zł573.6k from 1Q 2020). Profit margin: 8.9% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 03
New 90-day high: zł8.30 The company is up 72% from its price of zł4.83 on 03 December 2020. The Polish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 8.0% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: zł6.56 The company is up 49% from its price of zł4.40 on 04 November 2020. The Polish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: zł5.36 The company is up 7.0% from its price of zł5.00 on 20 October 2020. The Polish market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 19% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS zł0.11 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: zł11.0m (down 15% from 3Q 2019). Net income: zł466.7k (up zł1.64m from 3Q 2019). Profit margin: 4.2% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 103% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 30
New 90-day low: zł4.20 The company is down 12% from its price of zł4.80 on 31 July 2020. The Polish market is down 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Media industry, which is down 10.0% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total losses of zł12.9m, with earnings decreasing by zł14.6m from the prior year. Total revenue was zł56.4m over the last 12 months, down 8.0% from the prior year. Is New 90 Day High Low • Oct 02
New 90-day high: zł4.94 The company is up 6.0% from its price of zł4.65 on 03 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 1.0% over the same period.