Declared Dividend • May 20
Dividend of zł2.50 announced Shareholders will receive a dividend of zł2.50. Ex-date: 24th June 2026 Payment date: 2nd July 2026 Dividend yield will be 10%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 69% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공시 • May 15
Passus S.A., Annual General Meeting, Jun 10, 2026 Passus S.A., Annual General Meeting, Jun 10, 2026, at 13:00 Central European Standard Time. 공시 • Mar 10
Passus S.A. announces Annual dividend, payable on July 02, 2026 Passus S.A. announced Annual dividend of PLN 1.5738 per share payable on July 02, 2026, ex-date on June 24, 2026 and record date on June 25, 2026. 공시 • Nov 15
Passus S.A. to Report Q3, 2025 Results on Nov 20, 2025 Passus S.A. announced that they will report Q3, 2025 results on Nov 20, 2025 공시 • Aug 21
Passus S.A. to Report First Half, 2025 Results on Sep 10, 2025 Passus S.A. announced that they will report first half, 2025 results on Sep 10, 2025 공시 • May 12
Passus S.A., Annual General Meeting, Jun 10, 2025 Passus S.A., Annual General Meeting, Jun 10, 2025. 공시 • Apr 17
Passus S.A. announces Annual dividend, payable on July 02, 2025 Passus S.A. announced Annual dividend of PLN 1.9600 per share payable on July 02, 2025, ex-date on June 24, 2025 and record date on June 25, 2025. Reported Earnings • Sep 11
Second quarter 2024 earnings released: zł0.65 loss per share (vs zł0.43 loss in 2Q 2023) Second quarter 2024 results: zł0.65 loss per share (further deteriorated from zł0.43 loss in 2Q 2023). Revenue: zł14.9m (up 12% from 2Q 2023). Net loss: zł1.27m (loss widened 44% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 06
Now 21% undervalued Over the last 90 days, the stock has risen 12% to €6.78. The fair value is estimated to be €8.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Jun 28
Upcoming dividend of zł2.92 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 17 July 2024. Trailing yield: 8.0%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.4%). 공시 • May 26
Passus S.A., Annual General Meeting, Jun 20, 2024 Passus S.A., Annual General Meeting, Jun 20, 2024. Reported Earnings • May 24
First quarter 2024 earnings released: zł1.26 loss per share (vs zł0.41 loss in 1Q 2023) First quarter 2024 results: zł1.26 loss per share (further deteriorated from zł0.41 loss in 1Q 2023). Revenue: zł8.97m (down 33% from 1Q 2023). Net loss: zł2.58m (loss widened 211% from 1Q 2023). 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 13% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.78, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 20x in the IT industry in Germany. Total loss to shareholders of 38% over the past three years. Buy Or Sell Opportunity • May 07
Now 25% undervalued Over the last 90 days, the stock has risen 31% to €6.68. The fair value is estimated to be €8.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 36%. New Risk • Apr 22
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: 9.8% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (€14.2m market cap, or US$15.2m). Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: zł0.79 (vs zł2.11 in FY 2022) Full year 2023 results: EPS: zł0.79 (down from zł2.11 in FY 2022). Revenue: zł89.3m (up 17% from FY 2022). Net income: zł1.62m (down 63% from FY 2022). Profit margin: 1.8% (down from 5.7% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €6.18, the stock trades at a trailing P/E ratio of 69.7x. Average trailing P/E is 20x in the IT industry in Germany. Total returns to shareholders of 8.4% over the past year. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.45, the stock trades at a trailing P/E ratio of 71.2x. Average trailing P/E is 22x in the IT industry in Germany. Total loss to shareholders of 11% over the past year. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €5.10, the stock trades at a trailing P/E ratio of 62.6x. Average trailing P/E is 21x in the IT industry in Germany. Total loss to shareholders of 34% over the past year. Reported Earnings • Nov 17
Third quarter 2023 earnings released: zł0.74 loss per share (vs zł0.043 profit in 3Q 2022) Third quarter 2023 results: zł0.74 loss per share (down from zł0.043 profit in 3Q 2022). Revenue: zł11.8m (down 4.9% from 3Q 2022). Net loss: zł1.53m (down zł1.61m from profit in 3Q 2022). New Risk • Oct 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.0% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (3.1% net profit margin). Shareholders have been diluted in the past year (7.1% increase in shares outstanding). Market cap is less than US$100m (€10.3m market cap, or US$10.9m). Reported Earnings • Sep 14
Second quarter 2023 earnings released: zł0.42 loss per share (vs zł0.14 profit in 2Q 2022) Second quarter 2023 results: zł0.42 loss per share (down from zł0.14 profit in 2Q 2022). Revenue: zł13.3m (down 18% from 2Q 2022). Net loss: zł881.0k (down 433% from profit in 2Q 2022).