New Risk • May 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.6m (US$9.99m) This is considered a major 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: Major Risks Shares are highly illiquid. Revenue is less than US$1m (лв314k revenue, or US$189k). Market cap is less than US$10m (zł36.6m market cap, or US$9.99m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (151% net profit margin). New Risk • Apr 17
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: 151% Last year net profit margin: 235% 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: Major Risks Shares are highly illiquid. Revenue is less than US$1m (лв314k revenue, or US$189k). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (151% net profit margin). Market cap is less than US$100m (zł36.4m market cap, or US$10.2m). Board Change • Apr 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 06
Full year 2025 earnings released: EPS: лв0.017 (vs лв0.033 loss in FY 2024) Full year 2025 results: EPS: лв0.017 (up from лв0.033 loss in FY 2024). Net income: лв474.0k (up лв1.39m from FY 2024). Board Change • Feb 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Dec 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Nov 20
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 6.2% 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: Major Risks Less than 1 year of cash runway based on free cash flow trend (-лв86k free cash flow). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (лв598k revenue, or US$352k). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (zł41.4m market cap, or US$11.3m). Annonce • Nov 06
Intercapital Property Development ADSIC to Report Q3, 2025 Results on Nov 04, 2025 Intercapital Property Development ADSIC announced that they will report Q3, 2025 results on Nov 04, 2025 New Risk • Aug 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -лв93k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-лв93k free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (лв438k revenue, or US$262k). Minor Risk Market cap is less than US$100m (zł41.7m market cap, or US$11.5m). New Risk • Aug 05
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (лв437k revenue, or US$258k). Minor Risk Market cap is less than US$100m (zł41.6m market cap, or US$11.2m). Annonce • Jun 19
Intercapital Property Development ADSIC, Annual General Meeting, Jul 18, 2025 Intercapital Property Development ADSIC, Annual General Meeting, Jul 18, 2025, at 11:00 FLE Standard Time. Location: in sofia at 6 dobrudzha st., fl. 1, Bulgaria Buy Or Sell Opportunity • Mar 18
Now 39% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to zł1.62. The fair value is estimated to be zł1.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Board Change • Feb 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 01
Full year 2024 earnings released Full year 2024 results: Net loss: лв914.0k (down 260% from profit in FY 2023). Buy Or Sell Opportunity • Jan 29
Now 25% undervalued Over the last 90 days, the stock has risen 23% to zł2.00. The fair value is estimated to be zł2.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 48% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to zł2.16, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 21x in the REITs industry in Europe. Total returns to shareholders of 32% over the past three years. Board Change • Dec 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł1.63, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 19x in the REITs industry in Europe. Total loss to shareholders of 21% over the past three years. Reported Earnings • Aug 02
Second quarter 2024 earnings released Second quarter 2024 results: лв0.002 loss per share. Net loss: лв91.0k (flat on 2Q 2023). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł2.18, the stock trades at a trailing P/E ratio of 45.1x. Average trailing P/E is 18x in the REITs industry in Europe. Total loss to shareholders of 6.0% over the past three years. Board Change • Jun 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Apr 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Mar 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Feb 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Dec 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Oct 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Revenue is less than US$5m (лв4.0m revenue, or US$2.2m). Market cap is less than US$100m (zł43.6m market cap, or US$10.3m). Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł1.16, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 13x in the REITs industry in Europe. Total returns to shareholders of 93% over the past three years. Board Change • Oct 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Sep 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Jul 18
Intercapital Property Development ADSIC to Report Fiscal Year 2022 Results on Jul 21, 2023 Intercapital Property Development ADSIC announced that they will report fiscal year 2022 results on Jul 21, 2023 Board Change • May 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 28
Full year 2020 earnings released Full year 2020 results: Net loss: лв1.35m (loss narrowed 32% from FY 2019). Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to лв3.00, the stock is trading at a trailing P/E ratio of 8.3x, down from the previous P/E ratio of 10.2x. This compares to an average P/E of 16x in the REITs industry in Europe. Total returns to shareholders over the past three years are 2,400%. Is New 90 Day High Low • Feb 01
New 90-day high: zł2.90 The company is up 215% from its price of zł0.92 on 02 November 2020. The Polish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 17% over the same period. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improved over the past week After last week's 16% share price gain to лв2.30, the stock is trading at a trailing P/E ratio of 8.5x, up from the previous P/E ratio of 7.3x. This compares to an average P/E of 14x in the REITs industry in Europe. Total returns to shareholders over the past three years are 1,543%. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to лв2.10, the stock is trading at a trailing P/E ratio of 8.5x, down from the previous P/E ratio of 10.1x. This compares to an average P/E of 15x in the REITs industry in Europe. Total returns to shareholders over the past three years are 1,213%. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 20% share price gain to лв2.50, the stock is trading at a trailing P/E ratio of 8.6x, up from the previous P/E ratio of 7.2x. This compares to an average P/E of 15x in the REITs industry in Europe. Total returns to shareholders over the past three years are 1,463%. Is New 90 Day High Low • Jan 07
New 90-day high: zł2.50 The company is up 262% from its price of zł0.69 on 09 October 2020. The Polish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 16% share price gain to лв2.10, the stock is trading at a trailing P/E ratio of 8x, up from the previous P/E ratio of 6.9x. This compares to an average P/E of 15x in the REITs industry in Europe. Total returns to shareholders over the past three years are 1,213%. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 17% share price gain to лв2.06, the stock is trading at a trailing P/E ratio of 8.5x, up from the previous P/E ratio of 7.3x. This compares to an average P/E of 16x in the REITs industry in Europe. Total returns to shareholders over the past three years are 1,112%. Is New 90 Day High Low • Nov 16
New 90-day high: zł1.18 The company is up 127% from its price of zł0.52 on 17 August 2020. The Polish market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 37% share price gain to лв1.18, the stock is trading at a trailing P/E ratio of 5x, up from the previous P/E ratio of 3.6x. This compares to an average P/E of 15x in the REITs industry in Europe. Total returns to shareholders over the past three years are 594%. Is New 90 Day High Low • Oct 24
New 90-day high: zł0.99 The company is up 75% from its price of zł0.56 on 24 July 2020. The Polish market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 13% over the same period. 
