공고 • Nov 12
Ecnology Group S.A. to Report Q3, 2025 Results on Nov 14, 2025 Ecnology Group S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Jun 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% 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: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 20% per year over the past 5 years. Market cap is less than US$10m (zł5.94m market cap, or US$1.58m). Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Revenue is less than US$5m (zł4.3m revenue, or US$1.1m). Reported Earnings • Aug 13
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł578.2k (down 46% from 2Q 2023). Net loss: zł136.1k (down 276% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł1.59, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 15x in the Professional Services industry in Poland. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł2.36, the stock trades at a trailing P/E ratio of 52.9x. Average trailing P/E is 15x in the Professional Services industry in Poland. Total returns to shareholders of 184% over the past three years. 공고 • Jun 05
Ecnology Group S.A., Annual General Meeting, Jun 28, 2024 Ecnology Group S.A., Annual General Meeting, Jun 28, 2024. 공고 • May 20
Ecnology Group S.A. to Report Fiscal Year 2023 Results on May 31, 2024 Ecnology Group S.A. announced that they will report fiscal year 2023 results on May 31, 2024 Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 103% After last week's 103% share price gain to zł1.60, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 24x in the Professional Services industry in Poland. Total returns to shareholders of 179% over the past three years. New Risk • Feb 14
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 Polish stocks, typically moving 10% 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 Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (107% accrual ratio). Market cap is less than US$10m (zł6.26m market cap, or US$1.55m). Minor Risks Paying a dividend despite having no free cash flows. Revenue is less than US$5m (zł4.2m revenue, or US$1.0m). New Risk • Feb 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 106% 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 High level of non-cash earnings (106% accrual ratio). Market cap is less than US$10m (zł1.80m market cap, or US$448.6k). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.4% average weekly change). Revenue is less than US$5m (zł4.2m revenue, or US$1.1m). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł1.32, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 23x in the Professional Services industry in Poland. Total returns to shareholders of 203% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł1.34, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 27x in the Professional Services industry in Poland. Total returns to shareholders of 187% over the past three years. Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł1.06m (up 3.6% from 2Q 2022). Net income: zł77.2k (up 6.0% from 2Q 2022). Profit margin: 7.3% (up from 7.1% in 2Q 2022). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: zł0.01 (vs zł0.006 in 3Q 2021) Third quarter 2022 results: EPS: zł0.01 (up from zł0.006 in 3Q 2021). Revenue: zł906.9k (up 7.2% from 3Q 2021). Net income: zł73.6k (up 61% from 3Q 2021). Profit margin: 8.1% (up from 5.4% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: zł0.01 (vs zł0.006 in 3Q 2021) Third quarter 2022 results: EPS: zł0.01 (up from zł0.006 in 3Q 2021). Revenue: zł906.9k (up 7.2% from 3Q 2021). Net income: zł73.6k (up 61% from 3Q 2021). Profit margin: 8.1% (up from 5.4% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Buying Opportunity • Jun 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be zł0.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 16
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł964.9k (down 1.1% from 1Q 2021). Net income: zł139.2k (up 146% from 1Q 2021). Profit margin: 14% (up from 5.8% in 1Q 2021). The increase in margin was driven by lower expenses. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.013 (down from zł0.037 in FY 2020). Revenue: zł3.48m (down 10% from FY 2020). Net income: zł96.2k (down 65% from FY 2020). Profit margin: 2.8% (down from 7.1% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 12
Upcoming dividend of zł0.03 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 31 August 2021. Trailing yield: 3.2%. Lower than top quartile of Polish dividend payers (5.8%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 14
Full year 2020 earnings released: EPS zł0.041 (vs zł0.041 in FY 2019) The company reported a mediocre full year result with weaker revenues, although earnings were flat and profit margins improved. Full year 2020 results: Revenue: zł3.88m (down 15% from FY 2019). Net income: zł304.1k (flat on FY 2019). Profit margin: 7.8% (up from 6.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 10
New 90-day high: zł0.59 The company is up 11% from its price of zł0.53 on 12 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Professional Services industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: zł0.39 The company is down 16% from its price of zł0.46 on 23 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is down 3.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day low: zł0.43 The company is down 27% from its price of zł0.59 on 08 September 2020. The Polish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is down 14% over the same period.