New Risk • May 25
New major risk - Revenue and earnings growth Earnings have declined by 0.01% 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 Risk Earnings have declined by 0.01% 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 (zł207.7m market cap, or US$57.1m). Reported Earnings • May 25
First quarter 2026 earnings released: EPS: zł0.36 (vs zł0.36 in 1Q 2025) First quarter 2026 results: EPS: zł0.36 (down from zł0.36 in 1Q 2025). Revenue: zł35.3m (flat on 1Q 2025). Net income: zł3.86m (down 2.4% from 1Q 2025). Profit margin: 11% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Annonce • May 25
Aplisens S.A., Annual General Meeting, Jun 17, 2026 Aplisens S.A., Annual General Meeting, Jun 17, 2026, at 10:00 Central European Standard Time. Declared Dividend • May 02
Dividend increased to zł0.90 Dividend of zł0.90 is 29% higher than last year. Ex-date: 9th July 2026 Payment date: 7th August 2026 Dividend yield will be 4.9%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 2.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 23
Third quarter 2025 earnings released: EPS: zł0.39 (vs zł0.51 in 3Q 2024) Third quarter 2025 results: EPS: zł0.39 (down from zł0.51 in 3Q 2024). Revenue: zł36.7m (down 11% from 3Q 2024). Net income: zł3.98m (down 25% from 3Q 2024). Profit margin: 11% (down from 13% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Annonce • Nov 15
Aplisens S.A. to Report Q3, 2025 Results on Nov 20, 2025 Aplisens S.A. announced that they will report Q3, 2025 results on Nov 20, 2025 Reported Earnings • Aug 31
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł36.5m (up 1.4% from 2Q 2024). Net income: zł4.41m (down 12% from 2Q 2024). Profit margin: 12% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Aug 20
Aplisens S.A. to Report First Half, 2025 Results on Aug 28, 2025 Aplisens S.A. announced that they will report first half, 2025 results on Aug 28, 2025 Upcoming Dividend • Jul 02
Upcoming dividend of zł0.70 per share Eligible shareholders must have bought the stock before 09 July 2025. Payment date: 07 August 2025. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (4.8%). Reported Earnings • May 23
First quarter 2025 earnings released: EPS: zł0.36 (vs zł0.66 in 1Q 2024) First quarter 2025 results: EPS: zł0.36 (down from zł0.66 in 1Q 2024). Revenue: zł35.3m (down 17% from 1Q 2024). Net income: zł3.95m (down 46% from 1Q 2024). Profit margin: 11% (down from 17% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 16
Aplisens S.A., Annual General Meeting, Jun 11, 2025 Aplisens S.A., Annual General Meeting, Jun 11, 2025. Declared Dividend • May 14
Dividend reduced to zł0.70 Dividend of zł0.70 is 30% lower than last year. Ex-date: 9th July 2025 Payment date: 7th August 2025 Dividend yield will be 3.5%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not adequately covered by cash flows (95% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Mar 31
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: 13% Last year net profit margin: 19% 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 Dividend is not well covered by cash flows (95% cash payout ratio). Profit margins are more than 30% lower than last year (13% net profit margin). Market cap is less than US$100m (zł214.0m market cap, or US$55.3m). Reported Earnings • Mar 31
Full year 2024 earnings released: EPS: zł1.97 (vs zł2.91 in FY 2023) Full year 2024 results: EPS: zł1.97 (down from zł2.91 in FY 2023). Revenue: zł155.4m (down 4.8% from FY 2023). Net income: zł20.7m (down 34% from FY 2023). Profit margin: 13% (down from 19% in FY 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Reported Earnings • Nov 28
Third quarter 2024 earnings released: EPS: zł0.51 (vs zł1.65 in 3Q 2023) Third quarter 2024 results: EPS: zł0.51 (down from zł1.65 in 3Q 2023). Revenue: zł41.4m (down 9.3% from 3Q 2023). Net income: zł5.28m (down 50% from 3Q 2023). Profit margin: 13% (down from 23% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: zł0.49 (vs zł0.73 in 2Q 2023) Second quarter 2024 results: EPS: zł0.49 (down from zł0.73 in 2Q 2023). Revenue: zł36.0m (down 9.4% from 2Q 2023). Net income: zł5.00m (down 38% from 2Q 2023). Profit margin: 14% (down from 20% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 03
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 07 August 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Polish dividend payers (7.6%). In line with average of industry peers (4.6%). New Risk • Jun 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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. Shareholders have been diluted in the past year (6.7% increase in shares outstanding). Market cap is less than US$100m (zł239.4m market cap, or US$59.4m). Reported Earnings • May 26
First quarter 2024 earnings released: EPS: zł0.68 (vs zł0.81 in 1Q 2023) First quarter 2024 results: EPS: zł0.68 (down from zł0.81 in 1Q 2023). Revenue: zł42.7m (up 4.9% from 1Q 2023). Net income: zł7.29m (down 18% from 1Q 2023). Profit margin: 17% (down from 22% 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 28% per year whereas the company’s share price has increased by 31% per year. Annonce • May 17
Aplisens S.A., Annual General Meeting, Jun 11, 2024 Aplisens S.A., Annual General Meeting, Jun 11, 2024. Declared Dividend • May 10
Dividend of zł1.00 announced Shareholders will receive a dividend of zł1.00. Ex-date: 9th July 2024 Payment date: 7th August 2024 Dividend yield will be 4.3%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Mar 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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. Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (zł253.7m market cap, or US$64.5m). Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: zł1.65 (vs zł0.78 in 3Q 2022) Third quarter 2023 results: EPS: zł1.65 (up from zł0.78 in 3Q 2022). Revenue: zł45.6m (up 8.7% from 3Q 2022). Net income: zł10.5m (up 29% from 3Q 2022). Profit margin: 23% (up from 19% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 25% per year. Buying Opportunity • Oct 25
Now 24% undervalued Over the last 90 days, the stock is up 8.8%. The fair value is estimated to be zł29.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 26%. Buying Opportunity • Sep 21
Now 22% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be zł28.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 26%. Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: zł0.80 (vs zł0.53 in 2Q 2022) Second quarter 2023 results: EPS: zł0.80 (up from zł0.53 in 2Q 2022). Revenue: zł39.7m (up 11% from 2Q 2022). Net income: zł8.02m (up 32% from 2Q 2022). Profit margin: 20% (up from 17% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 31% per year. Upcoming Dividend • Jun 29
Upcoming dividend of zł0.80 per share at 3.8% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 27 July 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (5.9%). Annonce • May 26
Aplisens S.A., Annual General Meeting, Jun 20, 2023 Aplisens S.A., Annual General Meeting, Jun 20, 2023, at 10:00 Central European Standard Time. Annonce • May 25
Aplisens S.A. (WSE:APN) acquired Apar Control PLN 11.5 million. Aplisens S.A. (WSE:APN) acquired Apar Control for PLN 11.5 million on May 24, 2023.Aplisens S.A. (WSE:APN) completed the acquisition of Apar Control on May 24, 2023. Reported Earnings • Mar 28
Full year 2022 earnings released Full year 2022 results: Revenue: zł147.8m (up 22% from FY 2021). Net income: zł20.5m (up 19% from FY 2021). Profit margin: 14% (in line with FY 2021). Buying Opportunity • Dec 07
Now 20% undervalued Over the last 90 days, the stock is up 3.6%. The fair value is estimated to be zł17.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: zł0.78 (vs zł0.44 in 3Q 2021) Third quarter 2022 results: EPS: zł0.78 (up from zł0.44 in 3Q 2021). Revenue: zł42.0m (up 31% from 3Q 2021). Net income: zł8.14m (up 65% from 3Q 2021). Profit margin: 19% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 29
Upcoming dividend of zł0.60 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 27 July 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Polish dividend payers (8.1%). Lower than average of industry peers (7.7%). Annonce • May 21
Aplisens S.A., Annual General Meeting, Jun 21, 2022 Aplisens S.A., Annual General Meeting, Jun 21, 2022, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 17% share price gain to zł12.60, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 9x in the Electronic industry in Poland. Total returns to shareholders of 29% over the past three years. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS zł0.44 (vs zł0.39 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: zł32.2m (up 7.1% from 3Q 2020). Net income: zł4.93m (up 14% from 3Q 2020). Profit margin: 15% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of zł0.45 per share Eligible shareholders must have bought the stock before 28 July 2021. Payment date: 12 August 2021. Trailing yield: 3.5%. Lower than top quartile of Polish dividend payers (5.9%). Lower than average of industry peers (7.4%). Annonce • Mar 10
Aplisens S.A. to Report Fiscal Year 2020 Final Results on Apr 22, 2021 Aplisens S.A. announced that they will report fiscal year 2020 final results on Apr 22, 2021 Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 16% share price gain to zł11.50, the stock is trading at a trailing P/E ratio of 10.7x, up from the previous P/E ratio of 9.2x. This compares to an average P/E of 9x in the Electronic industry in Poland. Total returns to shareholders over the past three years are 2.4%. Is New 90 Day High Low • Nov 20
New 90-day high: zł11.50 The company is up 5.0% from its price of zł11.00 on 21 August 2020. The Polish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: zł9.95 The company is down 6.0% from its price of zł10.60 on 29 July 2020. The Polish market is down 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is down 1.0% over the same period.