Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł30.00, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 17x in the Telecom industry in Poland. Total returns to shareholders of 104% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł14.7m (up 7.4% from 3Q 2024). Net income: zł1.09m (down 54% from 3Q 2024). Profit margin: 7.4% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Annonce • Nov 12
Telestrada SA to Report Q3, 2025 Results on Nov 14, 2025 Telestrada SA announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Aug 19
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: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (zł48.3m market cap, or US$13.3m). Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł13.4m (up 4.2% from 2Q 2023). Net income: zł2.35m (up 20% from 2Q 2023). Profit margin: 18% (up from 15% in 2Q 2023). The increase in margin was driven by higher revenue. Annonce • May 25
Telestrada SA, Annual General Meeting, Jun 21, 2024 Telestrada SA, Annual General Meeting, Jun 21, 2024. New Risk • May 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% 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 Risks Earnings have declined by 6.8% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Market cap is less than US$10m (zł34.7m market cap, or US$8.85m). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł13.4m (up 8.9% from 1Q 2023). Net income: zł1.21m (up 6.9% from 1Q 2023). Profit margin: 9.0% (down from 9.2% in 1Q 2023). The decrease in margin was driven by higher expenses. New Risk • Apr 09
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 7.0% 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 Earnings have declined by 9.0% per year over the past 5 years. Market cap is less than US$10m (zł38.6m market cap, or US$9.82m). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: zł2.90 (vs zł1.59 in FY 2022) Full year 2023 results: EPS: zł2.90 (up from zł1.59 in FY 2022). Revenue: zł51.8m (up 2.1% from FY 2022). Net income: zł5.88m (up 36% from FY 2022). Profit margin: 11% (up from 8.5% in FY 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annonce • Jun 04
Telestrada SA, Annual General Meeting, Jun 28, 2023 Telestrada SA, Annual General Meeting, Jun 28, 2023, at 12:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł12.3m (down 3.9% from 1Q 2022). Net income: zł1.13m (down 35% from 1Q 2022). Profit margin: 9.2% (down from 14% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł2.00 (vs zł5.17 in FY 2021) Full year 2022 results: EPS: zł2.00 (down from zł5.17 in FY 2021). Revenue: zł50.7m (down 19% from FY 2021). Net income: zł4.06m (down 71% from FY 2021). Profit margin: 8.0% (down from 23% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł12.5m (down 31% from 2Q 2021). Net loss: zł1.81m (down 136% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł15.90, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 10x in the Telecom industry in Poland. Total returns to shareholders of 11% over the past three years. Annonce • Jun 07
Telestrada SA, Annual General Meeting, Jun 28, 2022 Telestrada SA, Annual General Meeting, Jun 28, 2022, at 12:00 Central European Standard Time. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł12.8m (down 22% from 1Q 2021). Net income: zł1.73m (down 58% from 1Q 2021). Profit margin: 14% (down from 25% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł17.20, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 12x in the Telecom industry in Poland. Total returns to shareholders of 31% over the past three years. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: zł5.10 (up from zł0.036 loss in FY 2020). Revenue: zł62.6m (up 12% from FY 2020). Net income: zł13.9m (up zł14.1m from FY 2020). Profit margin: 22% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 13%. 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 11% per year, which means it is well ahead of earnings. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł14.6m (up 4.8% from 3Q 2020). Net income: zł2.87m (up 18% from 3Q 2020). Profit margin: 20% (up from 18% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Reported Earnings • Aug 22
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł18.0m (up 27% from 2Q 2020). Net income: zł4.97m (up 133% from 2Q 2020). Profit margin: 28% (up from 15% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jul 27
President of Management Board recently sold zł288k worth of stock On the 20th of July, Jacek Lichota sold around 13k shares on-market at roughly zł23.00 per share. This was the largest sale by an insider in the last 3 months. This was Jacek's only on-market trade for the last 12 months. Annonce • Jul 23
Telestrada SA (WSE:TLS) acquired Telemit for PLN 0.14 million. Telestrada SA (WSE:TLS) acquired Telemit for PLN 0.14 million on July 22, 2021.
Telestrada SA (WSE:TLS) completed the acquisition of Telemit on July 22, 2021. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improved over the past week After last week's 16% share price gain to zł25.00, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 33x in the Telecom industry in Poland. Total returns to shareholders of 95% over the past three years. Is New 90 Day High Low • Mar 12
New 90-day high: zł16.50 The company is up 2.0% from its price of zł16.10 on 11 December 2020. The Polish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł14.30, the stock is trading at a trailing P/E ratio of 5.5x, down from the previous P/E ratio of 6.5x. This compares to an average P/E of 21x in the Telecom industry in Poland. Total returns to shareholders over the past three years are 1.6%. Is New 90 Day High Low • Dec 08
New 90-day high: zł16.90 The company is up 10.0% from its price of zł15.40 on 09 September 2020. The Polish market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Telecom industry, which is down 6.0% over the same period. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS zł0.78 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł13.9m (up 3.0% from 3Q 2019). Net income: zł2.44m (up 39% from 3Q 2019). Profit margin: 18% (up from 13% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 05
New 90-day high: zł16.70 The company is up 7.0% from its price of zł15.60 on 07 July 2020. The Polish market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 6.0% over the same period.