New Risk • May 04
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 7.3% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 54% per year over the past 5 years. Market cap is less than US$10m (zł16.8m market cap, or US$4.61m). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Reported Earnings • Dec 01
Third quarter 2025 earnings released: EPS: zł0.11 (vs zł0.11 in 3Q 2024) Third quarter 2025 results: EPS: zł0.11 (up from zł0.11 in 3Q 2024). Revenue: zł23.8m (down 12% from 3Q 2024). Net income: zł291.0k (up 1.7% from 3Q 2024). Profit margin: 1.2% (up from 1.1% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Oct 29
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to zł5.30. The fair value is estimated to be zł6.76, 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 became loss making. New Risk • Sep 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 134% Dividend yield: 19% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 134% Earnings have declined by 52% per year over the past 5 years. Market cap is less than US$10m (zł14.6m market cap, or US$4.00m). Buy Or Sell Opportunity • Jul 03
Now 23% overvalued Over the last 90 days, the stock has fallen 12% to zł6.86. The fair value is estimated to be zł5.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jun 02
First quarter 2025 earnings released: zł0.75 loss per share (vs zł0.18 profit in 1Q 2024) First quarter 2025 results: zł0.75 loss per share (down from zł0.18 profit in 1Q 2024). Revenue: zł22.8m (down 15% from 1Q 2024). Net loss: zł1.97m (down zł2.44m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 15% per year. Aankondiging • May 23
Maxcom S.A., Annual General Meeting, Jun 18, 2025 Maxcom S.A., Annual General Meeting, Jun 18, 2025. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł0.11 (vs zł0.73 in 3Q 2023) Third quarter 2024 results: EPS: zł0.11 (down from zł0.73 in 3Q 2023). Revenue: zł27.5m (down 20% from 3Q 2023). Net income: zł286.0k (down 86% from 3Q 2023). Profit margin: 1.0% (down from 5.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 03
Second quarter 2024 earnings released: zł0.43 loss per share (vs zł0.001 loss in 2Q 2023) Second quarter 2024 results: zł0.43 loss per share (further deteriorated from zł0.001 loss in 2Q 2023). Revenue: zł26.1m (down 24% from 2Q 2023). Net loss: zł1.16m (loss widened zł1.16m from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 17
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 12 August 2024. Trailing yield: 8.9%. Within top quartile of Polish dividend payers (7.5%). Higher than average of industry peers (1.5%). New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 61% per year over the past 5 years. Market cap is less than US$10m (zł30.2m market cap, or US$7.39m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Aankondiging • May 31
Maxcom S.A., Annual General Meeting, Jun 26, 2024 Maxcom S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: zł0.73 (vs zł0.14 loss in 3Q 2022) Third quarter 2023 results: EPS: zł0.73 (up from zł0.14 loss in 3Q 2022). Revenue: zł34.5m (down 18% from 3Q 2022). Net income: zł1.98m (up zł2.37m from 3Q 2022). Profit margin: 5.8% (up from net loss in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 01
Second quarter 2023 earnings released: zł0.001 loss per share (vs zł0.69 loss in 2Q 2022) Second quarter 2023 results: zł0.001 loss per share (improved from zł0.69 loss in 2Q 2022). Revenue: zł34.9m (down 7.9% from 2Q 2022). Net loss: zł4.0k (loss narrowed 100% from 2Q 2022). Profit margin: 0% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Aankondiging • May 31
Maxcom S.A., Annual General Meeting, Jun 22, 2023 Maxcom S.A., Annual General Meeting, Jun 22, 2023, at 09:00 Central European Standard Time. Reported Earnings • Dec 01
Third quarter 2022 earnings released: zł0.14 loss per share (vs zł0.68 profit in 3Q 2021) Third quarter 2022 results: zł0.14 loss per share (down from zł0.68 profit in 3Q 2021). Revenue: zł42.3m (up 15% from 3Q 2021). Net loss: zł381.0k (down 121% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 04
Second quarter 2022 earnings released: zł0.69 loss per share (vs zł0.16 profit in 2Q 2021) Second quarter 2022 results: zł0.69 loss per share (down from zł0.16 profit in 2Q 2021). Revenue: zł38.3m (up 21% from 2Q 2021). Net loss: zł1.85m (down zł2.28m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Buying Opportunity • Aug 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be zł14.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has declined by 46%. Upcoming Dividend • Aug 02
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 09 August 2022. Payment date: 29 August 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.1%. Lower than top quartile of Polish dividend payers (8.4%). Higher than average of industry peers (1.8%). Aankondiging • May 31
Maxcom S.A., Annual General Meeting, Jun 24, 2022 Maxcom S.A., Annual General Meeting, Jun 24, 2022, at 09:00 Central European Standard Time. Reported Earnings • May 03
Full year 2021 earnings released: EPS: zł1.18 (vs zł1.10 in FY 2020) Full year 2021 results: EPS: zł1.18 (up from zł1.10 in FY 2020). Revenue: zł150.7m (up 16% from FY 2020). Net income: zł3.20m (up 8.0% from FY 2020). Profit margin: 2.1% (down from 2.3% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.68 (up from zł0.46 in 3Q 2020). Revenue: zł39.0m (up 13% from 3Q 2020). Net income: zł1.83m (up 46% from 3Q 2020). Profit margin: 4.7% (up from 3.6% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. 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. Reported Earnings • Oct 03
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł32.0m (up 3.9% from 2Q 2020). Net income: zł430.0k (down 24% from 2Q 2020). Profit margin: 1.3% (down from 1.8% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 10
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 16 June 2021. Payment date: 07 July 2021. Trailing yield: 13%. Within top quartile of Polish dividend payers (5.7%). Higher than average of industry peers (0.7%). Reported Earnings • Jun 03
First quarter 2021 earnings released: EPS zł0.027 (vs zł0.077 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: zł29.5m (up 29% from 1Q 2020). Net income: zł74.0k (down 64% from 1Q 2020). Profit margin: 0.3% (down from 0.9% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 11
New 90-day high: zł15.00 The company is up 26% from its price of zł11.95 on 13 November 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Tech industry, which is up 35% over the same period. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 17% share price gain to zł14.60, the stock is trading at a trailing P/E ratio of 14.8x, up from the previous P/E ratio of 12.6x. This compares to an average P/E of 26x in the Tech industry in Europe. Total return to shareholders over the past three years is a loss of 16%. Is New 90 Day High Low • Jan 04
New 90-day high: zł12.95 The company is up 8.0% from its price of zł11.95 on 06 October 2020. The Polish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 21% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS zł0.47 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł34.8m (up 23% from 3Q 2019). Net income: zł1.26m (up 48% from 3Q 2019). Profit margin: 3.6% (up from 3.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 25% share price gain to zł12.10, the stock is trading at a trailing P/E ratio of 14.5x, up from the previous P/E ratio of 11.6x. This compares to an average P/E of 22x in the Tech industry in Europe. Total return to shareholders over the past three years is a loss of 41%. Is New 90 Day High Low • Oct 21
New 90-day low: zł10.90 The company is down 29% from its price of zł15.30 on 22 July 2020. The Polish market is down 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 12% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: zł11.85 The company is down 24% from its price of zł15.65 on 02 July 2020. The Polish market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 11% over the same period. Reported Earnings • Sep 29
First half earnings released Over the last 12 months the company has reported total profits of zł2.25m, down 73% from the prior year. Total revenue was zł114.1m over the last 12 months, down 17% from the prior year.