New Risk • Apr 22
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 12% 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 (12% average weekly change). Earnings have declined by 6.9% per year over the past 5 years. Market cap is less than US$10m (zł15.8m market cap, or US$4.37m). Minor Risk Revenue is less than US$5m (zł7.7m revenue, or US$2.1m). 공시 • Mar 25
MBF Group S.A., Annual General Meeting, Apr 20, 2026 MBF Group S.A., Annual General Meeting, Apr 20, 2026, at 09:30 Central European Standard Time. New Risk • May 30
New major risk - Revenue and earnings growth Earnings have declined by 15% 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 Risks Earnings have declined by 15% per year over the past 5 years. Market cap is less than US$10m (zł6.36m market cap, or US$1.70m). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (zł5.5m revenue, or US$1.5m). 공시 • May 20
MBF Group S.A., Annual General Meeting, Jun 12, 2025 MBF Group S.A., Annual General Meeting, Jun 12, 2025. New Risk • Nov 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł2.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł2.1m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (zł5.12m market cap, or US$1.26m). Minor Risk Revenue is less than US$5m (zł8.0m revenue, or US$2.0m). Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: zł0.026 (vs zł0.55 in 2Q 2023) Second quarter 2024 results: EPS: zł0.026 (down from zł0.55 in 2Q 2023). Revenue: zł4.00m (up 35% from 2Q 2023). Net income: zł78.2k (down 95% from 2Q 2023). Profit margin: 2.0% (down from 56% in 2Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł135.9k (up zł118.2k from 1Q 2023). Net loss: zł65.1k (loss narrowed 6.1% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. 공시 • Mar 26
MBF Group S.A., Annual General Meeting, Apr 18, 2024 MBF Group S.A., Annual General Meeting, Apr 18, 2024, at 08:30 Central European Standard Time. Reported Earnings • Mar 24
Full year 2023 earnings released Full year 2023 results: Revenue: zł5.65m (up zł5.52m from FY 2022). Net loss: zł589.3k (loss narrowed 20% from FY 2022). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł3.75, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 15x in the Capital Markets industry in Poland. Total returns to shareholders of 4.2% over the past three years. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł4.73, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 16x in the Capital Markets industry in Poland. Total returns to shareholders of 35% over the past three years. New Risk • Feb 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.1% 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 (14% average weekly change). High level of non-cash earnings (63% accrual ratio). Market cap is less than US$10m (zł11.8m market cap, or US$2.94m). Minor Risks Shareholders have been diluted in the past year (7.1% increase in shares outstanding). Revenue is less than US$5m (zł5.1m revenue, or US$1.3m). Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł3.92, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 20x in the Capital Markets industry in Poland. Total returns to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł3.49, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 19x in the Capital Markets industry in Poland. Total loss to shareholders of 2.5% over the past three years. 공시 • Oct 25
MBF Group S.A., Annual General Meeting, Nov 17, 2023 MBF Group S.A., Annual General Meeting, Nov 17, 2023, at 10:00 Central European Standard Time. 공시 • Jun 02
MBF Group S.A., Annual General Meeting, Jun 27, 2023 MBF Group S.A., Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Reported Earnings • Nov 03
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: zł84.2k (loss narrowed 3.6% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 01
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: zł134.0k (loss widened 264% from 2Q 2021). Reported Earnings • Feb 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: zł0.064 loss per share (up from zł0.15 loss in FY 2020). Revenue: zł1.49m (down 56% from FY 2020). Net loss: zł192.9k (loss narrowed 56% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 22
New 90-day low: zł3.20 The company is down 15% from its price of zł3.78 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 Capital Markets industry, which is up 11% over the same period.