Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł4.70, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 401% over the past three years. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.88 (up from zł0.14 in FY 2020). Revenue: zł117.5m (up 27% from FY 2020). Net income: zł18.2m (up zł15.3m from FY 2020). Profit margin: 16% (up from 3.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. 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 86% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł5.00, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 15x in the IT industry in Poland. Total returns to shareholders of 533% over the past three years. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 21% share price gain to zł5.68, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 14x in the IT industry in Poland. Total returns to shareholders of 619% over the past three years. 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: zł29.5m (up 21% from 3Q 2020). Net income: zł2.79m (up 93% from 3Q 2020). Profit margin: 9.5% (up from 6.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 16% share price gain to zł4.60, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 14x in the IT industry in Poland. Total returns to shareholders of 179% over the past three years. Reported Earnings • Aug 19
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: zł29.3m (up 40% from 2Q 2020). Net income: zł4.45m (up zł4.48m from 2Q 2020). Profit margin: 15% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 101% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 23% share price gain to zł3.70, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 612% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improved over the past week After last week's 23% share price gain to zł3.10, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 16x in the IT industry in Poland. Total loss to shareholders of 35% over the past year. Is New 90 Day High Low • Feb 22
New 90-day low: zł2.42 The company is down 19% from its price of zł3.00 on 24 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 8.0% over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS zł0.076 (vs zł0.57 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: zł92.7m (up 16% from FY 2019). Net income: zł1.59m (down 87% from FY 2019). Profit margin: 1.7% (down from 15% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year whereas the company’s share price has increased by 56% per year. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorated over the past week After last week's 26% share price decline to zł2.98, the stock is trading at a trailing P/E ratio of 5.4x, down from the previous P/E ratio of 7.2x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 332%. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 18% share price gain to zł3.90, the stock is trading at a trailing P/E ratio of 7x, up from the previous P/E ratio of 6x. This compares to an average P/E of 13x in the IT industry in Poland. Total returns to shareholders over the past year are 212%. Is New 90 Day High Low • Jan 25
New 90-day high: zł3.96 The company is up 51% from its price of zł2.62 on 27 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 07
Market bids up stock over the past week After last week's 38% share price gain to zł3.30, the stock is trading at a trailing P/E ratio of 6x, up from the previous P/E ratio of 4.4x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 385%. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 16% share price decline to zł2.40, the stock is trading at a trailing P/E ratio of 4.4x, down from the previous P/E ratio of 5.2x. This compares to an average P/E of 13x in the IT industry in Poland. Total returns to shareholders over the past three years are 253%. Is New 90 Day High Low • Oct 21
New 90-day low: zł2.52 The company is down 60% from its price of zł6.25 on 22 July 2020. The Polish market is down 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 02
New 90-day low: zł2.80 The company is down 46% from its price of zł5.20 on 03 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 2.0% over the same period.