Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł92.60, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Entertainment industry in Poland. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł142 per share. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: zł2.10 (vs zł4.33 in 1Q 2025) First quarter 2026 results: EPS: zł2.10 (down from zł4.33 in 1Q 2025). Revenue: zł98.6m (up 2.0% from 1Q 2025). Net income: zł13.6m (down 51% from 1Q 2025). Profit margin: 14% (down from 28% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 28% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 07
Upcoming dividend of zł10.00 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 9.3%. Within top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (1.3%). Buy Or Sell Opportunity • Apr 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to zł108. The fair value is estimated to be zł137, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 53%. Revenue is forecast to decline by 1.0% in 2 years. Earnings are forecast to decline by 5.6% in the next 2 years. Price Target Changed • Apr 26
Price target increased by 16% to zł107 Up from zł92.01, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of zł111. Stock is up 17% over the past year. The company is forecast to post earnings per share of zł10.77 for next year compared to zł11.88 last year. Reported Earnings • Mar 26
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: zł11.88 (up from zł9.71 in FY 2024). Revenue: zł361.9m (down 6.4% from FY 2024). Net income: zł77.0m (up 15% from FY 2024). Profit margin: 21% (up from 17% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 1.1%. Revenue is forecast to stay flat during the next 2 years compared to a 29% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 25
Ten Square Games S.A., Annual General Meeting, Apr 21, 2026 Ten Square Games S.A., Annual General Meeting, Apr 21, 2026, at 10:15 Central European Standard Time. Aankondiging • Mar 24
Ten Square Games S.A. announces Annual dividend, payable on May 22, 2026 Ten Square Games S.A. announced Annual dividend of PLN 10.0000 per share payable on May 22, 2026, ex-date on May 14, 2026 and record date on May 15, 2026. Buy Or Sell Opportunity • Mar 06
Now 22% undervalued Over the last 90 days, the stock has risen 14% to zł104. The fair value is estimated to be zł133, 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. Earnings per share has grown by 33%. Revenue is forecast to grow by 1.9% in 2 years. Earnings are forecast to decline by 8.6% in the next 2 years. Price Target Changed • Feb 15
Price target increased by 19% to zł106 Up from zł89.41, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of zł102. Stock is up 23% over the past year. The company is forecast to post earnings per share of zł12.23 for next year compared to zł9.71 last year. Buy Or Sell Opportunity • Feb 02
Now 21% undervalued Over the last 90 days, the stock has risen 19% to zł109. The fair value is estimated to be zł137, 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. Earnings per share has grown by 33%. Revenue is forecast to grow by 1.9% in 2 years. Earnings are forecast to decline by 8.6% in the next 2 years. Buy Or Sell Opportunity • Dec 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.1% to zł83.90. The fair value is estimated to be zł105, 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. Earnings per share has grown by 33%. Revenue is forecast to grow by 1.9% in 2 years. Earnings are forecast to decline by 8.6% in the next 2 years. Aankondiging • Nov 10
Ten Square Games S.A. to Report Q3, 2025 Results on Nov 12, 2025 Ten Square Games S.A. announced that they will report Q3, 2025 results on Nov 12, 2025 Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: zł3.08 (vs zł3.47 in 2Q 2024) Second quarter 2025 results: EPS: zł3.08 (down from zł3.47 in 2Q 2024). Revenue: zł84.4m (down 14% from 2Q 2024). Net income: zł20.0m (down 9.4% from 2Q 2024). Profit margin: 24% (up from 23% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Entertainment industry in Poland are expected to grow by 36%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Aankondiging • Aug 20
Ten Square Games S.A. to Report First Half, 2025 Results on Aug 25, 2025 Ten Square Games S.A. announced that they will report first half, 2025 results on Aug 25, 2025 New Risk • Jul 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Cash payout ratio: 94% Earnings are forecast to decline by an average of 6.7% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Buy Or Sell Opportunity • Jun 18
Now 23% undervalued Over the last 90 days, the stock has risen 1.8% to zł83.80. The fair value is estimated to be zł108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to decline by 2.8% in 2 years. Earnings are forecast to decline by 10% in the next 2 years. Upcoming Dividend • Jun 11
Upcoming dividend of zł15.73 per share Eligible shareholders must have bought the stock before 18 June 2025. Payment date: 27 June 2025. The company is paying out more than 100% of its profits and is paying out 94% of its cash flow. Trailing yield: 15%. Within top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (1.4%). Reported Earnings • May 20
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł96.7m (down 3.5% from 1Q 2024). Net income: zł27.5m (up 53% from 1Q 2024). Profit margin: 28% (up from 18% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Entertainment industry in Poland. Aankondiging • Apr 16
Ten Square Games S.A., Annual General Meeting, May 14, 2025 Ten Square Games S.A., Annual General Meeting, May 14, 2025. Reported Earnings • Mar 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: zł9.71 (up from zł2.07 in FY 2023). Revenue: zł386.5m (down 11% from FY 2023). Net income: zł67.1m (up 341% from FY 2023). Profit margin: 17% (up from 3.5% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 7.1%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 25
Ten Square Games S.A. announces Annual dividend, payable on June 27, 2025 Ten Square Games S.A. announced Annual dividend of PLN 15.7300 per share payable on June 27, 2025, ex-date on June 18, 2025 and record date on June 20, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł94.0m (down 11% from 3Q 2023). Net income: zł12.5m (down 44% from 3Q 2023). Profit margin: 13% (down from 21% in 3Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 23 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to zł86.65. The fair value is estimated to be zł110, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 60%. For the next 3 years, revenue is forecast to decline by 2.2% per annum. Earnings are forecast to grow by 35% per annum over the same time period. Aankondiging • Apr 28
Ten Square Games S.A., Annual General Meeting, May 23, 2024 Ten Square Games S.A., Annual General Meeting, May 23, 2024, at 10:00 Central European Standard Time. Price Target Changed • Mar 26
Price target increased by 7.3% to zł102 Up from zł94.80, the current price target is an average from 5 analysts. New target price is 13% above last closing price of zł90.10. Stock is down 21% over the past year. The company is forecast to post earnings per share of zł5.19 for next year compared to zł7.16 last year. Aankondiging • Jan 05
Ten Square Games S.A. Provides Revenue Guidance for the Fourth of 2023 Ten Square Games S.A. provided revenue guidance for the fourth of 2023. For the period, the company expects revenue of PLN 108.3 million. Buying Opportunity • Dec 20
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be zł125, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 55%. For the next 3 years, revenue is forecast to decline by 1.8% per annum. Earnings is forecast to grow by 39% per annum over the same time period. Reported Earnings • Nov 22
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł105.6m (down 21% from 3Q 2022). Net income: zł22.1m (up 16% from 3Q 2022). Profit margin: 21% (up from 14% in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 17% growth forecast for the Entertainment industry in Poland. New Risk • Nov 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. Cash payout ratio: 132% Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Buying Opportunity • Oct 31
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be zł100, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 44%. For the next 3 years, revenue is forecast to decline by 1.9% per annum. Earnings is forecast to grow by 29% per annum over the same time period. Reported Earnings • Sep 08
Second quarter 2023 earnings released: EPS: zł1.03 (vs zł2.05 in 2Q 2022) Second quarter 2023 results: EPS: zł1.03 (down from zł2.05 in 2Q 2022). Revenue: zł104.9m (down 16% from 2Q 2022). Net income: zł7.56m (down 49% from 2Q 2022). Profit margin: 7.2% (down from 12% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 9.5% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 44% per year whereas the company’s share price has fallen by 45% per year. Price Target Changed • Jul 04
Price target decreased by 7.9% to zł89.33 Down from zł97.00, the current price target is an average from 6 analysts. New target price is 15% above last closing price of zł77.50. Stock is down 31% over the past year. The company is forecast to post earnings per share of zł3.75 for next year compared to zł7.16 last year. Buying Opportunity • Jun 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be zł110, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has declined by 27%. For the next 3 years, revenue is forecast to decline by 3.9% per annum. Earnings is forecast to grow by 25% per annum over the same time period. Upcoming Dividend • Jun 13
Upcoming dividend of zł7.20 per share at 8.8% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 28 June 2023. The company is paying out more than 100% of its profits and is paying out 91% of its cash flow. Trailing yield: 8.8%. Within top quartile of Polish dividend payers (7.4%). Higher than average of industry peers (1.9%). Reported Earnings • May 25
First quarter 2023 earnings released: zł1.75 loss per share (vs zł3.50 profit in 1Q 2022) First quarter 2023 results: zł1.75 loss per share (down from zł3.50 profit in 1Q 2022). Revenue: zł117.4m (down 22% from 1Q 2022). Net loss: zł12.8m (down 150% from profit in 1Q 2022). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. Aankondiging • May 23
Ten Square Games S.A., Annual General Meeting, Jun 14, 2023 Ten Square Games S.A., Annual General Meeting, Jun 14, 2023, at 12:00 Central European Standard Time. Price Target Changed • Apr 28
Price target decreased by 13% to zł97.00 Down from zł111, the current price target is an average from 6 analysts. New target price is 18% above last closing price of zł82.10. Stock is down 47% over the past year. The company is forecast to post earnings per share of zł11.29 for next year compared to zł7.16 last year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to zł89.90, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 17x in the Entertainment industry in Poland. Total loss to shareholders of 67% over the past three years. Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Revenue: zł538.6m (down 15% from FY 2021). Net income: zł52.3m (down 63% from FY 2021). Profit margin: 9.7% (down from 22% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 10
Price target increased by 11% to zł203 Up from zł184, the current price target is an average from 5 analysts. New target price is 75% above last closing price of zł116. Stock is down 46% over the past year. The company is forecast to post earnings per share of zł12.63 for next year compared to zł19.41 last year. Price Target Changed • Dec 14
Price target decreased to zł184 Down from zł203, the current price target is an average from 6 analysts. New target price is 31% above last closing price of zł140. Stock is down 56% over the past year. The company is forecast to post earnings per share of zł12.50 for next year compared to zł19.41 last year. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 28% share price gain to zł134, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Entertainment industry in Poland. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł148 per share. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: zł2.61 (vs zł3.41 in 3Q 2021) Third quarter 2022 results: EPS: zł2.61 (down from zł3.41 in 3Q 2021). Revenue: zł132.9m (down 10% from 3Q 2021). Net income: zł19.1m (down 23% from 3Q 2021). Profit margin: 14% (down from 17% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 16% share price gain to zł110, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Entertainment industry in Poland. Total loss to shareholders of 9.7% over the past three years. Reported Earnings • Sep 07
Second quarter 2022 earnings released: EPS: zł2.05 (vs zł4.60 in 2Q 2021) Second quarter 2022 results: EPS: zł2.05 (down from zł4.60 in 2Q 2021). Revenue: zł124.1m (down 25% from 2Q 2021). Net income: zł14.9m (down 55% from 2Q 2021). Profit margin: 12% (down from 20% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Entertainment industry in Poland are expected to grow by 18%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 17% share price gain to zł117, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Entertainment industry in Poland. Negligible returns to shareholders over past three years. Price Target Changed • Jun 08
Price target decreased to zł299 Down from zł408, the current price target is an average from 6 analysts. New target price is 179% above last closing price of zł107. Stock is down 75% over the past year. The company is forecast to post earnings per share of zł10.15 for next year compared to zł19.41 last year. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł113, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Entertainment industry in Poland. Negligible returns to shareholders over past three years. Upcoming Dividend • May 25
Upcoming dividend of zł10.00 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 16 June 2022. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 8.1%. Within top quartile of Polish dividend payers (8.0%). Higher than average of industry peers (4.6%). Price Target Changed • Apr 27
Price target decreased to zł408 Down from zł461, the current price target is an average from 6 analysts. New target price is 159% above last closing price of zł157. Stock is down 65% over the past year. The company is forecast to post earnings per share of zł17.65 for next year compared to zł19.44 last year. Price Target Changed • Apr 14
Price target decreased to zł408 Down from zł461, the current price target is an average from 6 analysts. New target price is 148% above last closing price of zł164. Stock is down 67% over the past year. The company is forecast to post earnings per share of zł17.65 for next year compared to zł19.44 last year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł160, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Entertainment industry in Poland. Total returns to shareholders of 47% over the past three years. Price Target Changed • Jan 29
Price target decreased to zł546 Down from zł602, the current price target is an average from 6 analysts. New target price is 134% above last closing price of zł234. Stock is down 53% over the past year. The company is forecast to post earnings per share of zł22.07 for next year compared to zł20.91 last year. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł317, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Entertainment industry in Poland. Total returns to shareholders of 267% over the past three years. Price Target Changed • Nov 28
Price target decreased to zł604 Down from zł657, the current price target is an average from 6 analysts. New target price is 63% above last closing price of zł370. Stock is down 33% over the past year. The company is forecast to post earnings per share of zł23.55 for next year compared to zł20.91 last year. Reported Earnings • Nov 24
Third quarter 2021 earnings: Revenues miss analyst expectations Third quarter 2021 results: Revenue: zł148.0m (down 18% from 3Q 2020). Net income: zł24.8m (down 58% from 3Q 2020). Profit margin: 17% (down from 33% in 3Q 2020). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 9.7%. Over the next year, revenue is forecast to grow 22% compared to a 18% decline forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 64% per year whereas the company’s share price has increased by 61% per year. Price Target Changed • Oct 21
Price target decreased to zł657 Down from zł707, the current price target is an average from 6 analysts. New target price is 89% above last closing price of zł348. Stock is down 48% over the past year. The company is forecast to post earnings per share of zł23.55 for next year compared to zł20.91 last year. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł403, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Entertainment industry in Poland. Total returns to shareholders of 414% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł802 per share. Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS zł4.60 (vs zł3.54 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł164.9m (down 2.8% from 2Q 2020). Net income: zł33.4m (up 30% from 2Q 2020). Profit margin: 20% (up from 15% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 65% per year whereas the company’s share price has increased by 70% per year. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 17% share price gain to zł519, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 22x in the Entertainment industry in Poland. Total returns to shareholders of 595% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł645 per share. Upcoming Dividend • Jun 25
Upcoming dividend of zł10.00 per share Eligible shareholders must have bought the stock before 02 July 2021. Payment date: 19 July 2021. Trailing yield: 2.3%. Lower than top quartile of Polish dividend payers (5.8%). Lower than average of industry peers (2.6%). Reported Earnings • May 28
First quarter 2021 earnings released: EPS zł7.25 (vs zł4.88 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: zł174.1m (up 83% from 1Q 2020). Net income: zł52.7m (up 49% from 1Q 2020). Profit margin: 30% (down from 37% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 18% share price gain to zł459, the stock trades at a trailing P/E ratio of 21.9x. Average forward P/E is 26x in the Entertainment industry in Poland. Total returns to shareholders of 680% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł637 per share. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS zł20.91 (vs zł10.55 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: zł578.2m (up 140% from FY 2019). Net income: zł151.6m (up 99% from FY 2019). Profit margin: 26% (down from 32% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Jan 21
New 90-day low: zł477 The company is down 26% from its price of zł647 on 23 October 2020. The Polish market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł638 per share. Price Target Changed • Dec 30
Price target raised to zł721 Up from zł644, the current price target is an average from 4 analysts. The new target price is 31% above the current share price of zł551. As of last close, the stock is up 178% over the past year. Price Target Changed • Dec 24
Price target raised to zł689 Up from zł644, the current price target is an average from 6 analysts. The new target price is 33% above the current share price of zł519. As of last close, the stock is up 152% over the past year. Is New 90 Day High Low • Dec 21
New 90-day low: zł496 The company is down 10.0% from its price of zł550 on 22 September 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł688 per share. Valuation Update With 7 Day Price Move • Dec 01
Market pulls back on stock over the past week After last week's 16% share price decline to zł497, the stock is trading at a trailing P/E ratio of 23.3x, down from the previous P/E ratio of 27.8x. This compares to an average P/E of 36x in the Entertainment industry in Poland. Total returns to shareholders over the past year are 180%. Is New 90 Day High Low • Dec 01
New 90-day low: zł497 The company is down 12% from its price of zł565 on 02 September 2020. The Polish market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł565 per share. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS zł8.12 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł179.3m (up 165% from 3Q 2019). Net income: zł58.8m (up 224% from 3Q 2019). Profit margin: 33% (up from 27% in 3Q 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Nov 26
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 9.7%. Over the next year, revenue is forecast to grow 36%, compared to a 281% growth forecast for the Entertainment industry in Poland. Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 20% share price gain to zł674, the stock is trading at a trailing P/E ratio of 42.8x, up from the previous P/E ratio of 35.7x. This compares to an average P/E of 33x in the Entertainment industry in Poland. Total returns to shareholders over the past year are 320%. 
