New Risk • May 11
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 11% 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 Less than 1 year of cash runway based on free cash flow trend (-zł85k free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Negative equity (-zł54k). Earnings have declined by 62% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (zł6.16m market cap, or US$1.71m). New Risk • Apr 12
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: -zł85k 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 (-zł85k free cash flow). Negative equity (-zł54k). Earnings have declined by 62% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (zł5.04m market cap, or US$1.39m). Minor Risk Share price has been volatile over the past 3 months (9.8% average weekly change). New Risk • Nov 19
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: -zł86k 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 (-zł86k free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 72% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (zł7.27m market cap, or US$1.99m). 공시 • Nov 10
Advertigo S.A. to Report Q3, 2025 Results on Nov 12, 2025 Advertigo S.A. announced that they will report Q3, 2025 results on Nov 12, 2025 New Risk • Sep 24
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 9.9% 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 Less than 1 year of cash runway based on free cash flow trend (-zł177k free cash flow). Share price has been highly volatile over the past 3 months (9.9% average weekly change). Earnings have declined by 77% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (zł6.85m market cap, or US$1.89m). 공시 • Apr 07
Advertigo S.A., Annual General Meeting, May 08, 2025 Advertigo S.A., Annual General Meeting, May 08, 2025. New Risk • Mar 19
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: -zł163k 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 (-zł163k free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 62% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (zł6.25m market cap, or US$1.63m). New Risk • Nov 16
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 Shares are highly illiquid. Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (zł1.5k revenue, or US$369). Market cap is less than US$10m (zł10.1m market cap, or US$2.49m). New Risk • Aug 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 537% 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 (537% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (zł9.52m market cap, or US$2.34m). 공시 • Jun 02
Advertigo S.A., Annual General Meeting, Jun 28, 2023 Advertigo S.A., Annual General Meeting, Jun 28, 2023, at 10:00 Central European Standard Time. 공시 • May 31
Advertigo S.A., Annual General Meeting, Jun 23, 2022 Advertigo S.A., Annual General Meeting, Jun 23, 2022, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 16% share price gain to zł1.45, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 35x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 1,012% over the past three years. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 49% share price decline to zł1.10, the stock is trading at a trailing P/E ratio of 22.8x, down from the previous P/E ratio of 44.9x. This compares to an average P/E of 38x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past three years are 450%. Is New 90 Day High Low • Jan 20
New 90-day high: zł1.67 The company is up 234% from its price of zł0.50 on 22 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is down 9.0% over the same period. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 21% share price gain to zł1.45, the stock is trading at a trailing P/E ratio of 30.1x, up from the previous P/E ratio of 24.9x. This compares to an average P/E of 36x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past three years are 625%. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 42% share price gain to zł1.56, the stock is trading at a trailing P/E ratio of 32.4x, up from the previous P/E ratio of 22.8x. This compares to an average P/E of 38x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past three years are 680%. Is New 90 Day High Low • Jan 04
New 90-day high: zł1.40 The company is up 261% from its price of zł0.39 on 06 October 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is down 6.0% over the same period. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 28% share price gain to zł1.14, the stock is trading at a trailing P/E ratio of 23.7x, up from the previous P/E ratio of 18.5x. This compares to an average P/E of 38x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past three years are 443%. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 25% share price gain to zł1.19, the stock is trading at a trailing P/E ratio of 24.7x, up from the previous P/E ratio of 19.7x. This compares to an average P/E of 36x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past three years are 892%. Valuation Update With 7 Day Price Move • Dec 09
Market bids up stock over the past week After last week's 16% share price gain to zł1.10, the stock is trading at a trailing P/E ratio of 22.8x, up from the previous P/E ratio of 19.7x. This compares to an average P/E of 34x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past three years are 1,275%. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 19% share price gain to zł1.13, the stock is trading at a trailing P/E ratio of 23.5x, up from the previous P/E ratio of 19.7x. This compares to an average P/E of 34x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past three years are 1,313%. Valuation Update With 7 Day Price Move • Dec 03
Market pulls back on stock over the past week After last week's 19% share price decline to zł1.10, the stock is trading at a trailing P/E ratio of 22.8x, down from the previous P/E ratio of 28x. This compares to an average P/E of 35x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past three years are 746%. Valuation Update With 7 Day Price Move • Nov 23
Market bids up stock over the past week After last week's 77% share price gain to zł1.15, the stock is trading at a trailing P/E ratio of 23.9x, up from the previous P/E ratio of 13.5x. This compares to an average P/E of 33x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past three years are 721%. Is New 90 Day High Low • Nov 09
New 90-day high: zł0.63 The company is up 70% from its price of zł0.37 on 11 August 2020. The Polish market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 1.0% over the same period. 