New Risk • Jun 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 51% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (51% net debt to equity). Profit margins are more than 30% lower than last year (8.0% net profit margin). New Risk • May 22
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 52% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (52% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.6% net profit margin). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł204, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 16x in the Telecom industry in Europe. Total returns to shareholders of 214% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł336 per share. Aankondiging • Apr 23
Cyber_Folks S.A., Annual General Meeting, May 18, 2026 Cyber_Folks S.A., Annual General Meeting, May 18, 2026, at 12:00 Central European Standard Time. Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: zł4.13 (vs zł8.26 in FY 2024) Full year 2025 results: EPS: zł4.13 (down from zł8.26 in FY 2024). Revenue: zł856.0m (up 30% from FY 2024). Net income: zł63.1m (down 46% from FY 2024). Profit margin: 7.4% (down from 18% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł205, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 14x in the Telecom industry in Europe. Total returns to shareholders of 364% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł407 per share. Price Target Changed • Dec 12
Price target increased by 8.3% to zł211 Up from zł195, the current price target is an average from 5 analysts. New target price is 6.9% above last closing price of zł197. Stock is up 46% over the past year. The company is forecast to post earnings per share of zł4.76 for next year compared to zł8.26 last year. New Risk • Nov 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.6% Last year net profit margin: 19% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (52% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.6% net profit margin). Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: zł0.95 (vs zł4.40 in 3Q 2024) Third quarter 2025 results: EPS: zł0.95 (down from zł4.40 in 3Q 2024). Revenue: zł216.2m (up 17% from 3Q 2024). Net income: zł13.4m (down 79% from 3Q 2024). Profit margin: 6.2% (down from 34% in 3Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Nov 06
Cyber_Folks S.A. to Report Q3, 2025 Results on Nov 05, 2025 Cyber_Folks S.A. announced that they will report Q3, 2025 results on Nov 05, 2025 Reported Earnings • Sep 03
Second quarter 2025 earnings released: EPS: zł0.86 (vs zł1.26 in 2Q 2024) Second quarter 2025 results: EPS: zł0.86 (down from zł1.26 in 2Q 2024). Revenue: zł212.3m (up 38% from 2Q 2024). Net income: zł12.1m (down 32% from 2Q 2024). Profit margin: 5.7% (down from 12% in 2Q 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year whereas the company’s share price has increased by 67% per year. Aankondiging • Aug 21
Cyber_Folks S.A. to Report First Half, 2025 Results on Sep 02, 2025 Cyber_Folks S.A. announced that they will report first half, 2025 results on Sep 02, 2025 Price Target Changed • Jul 29
Price target increased by 9.6% to zł186 Up from zł170, the current price target is an average from 5 analysts. New target price is 13% above last closing price of zł165. Stock is up 28% over the past year. The company is forecast to post earnings per share of zł5.34 for next year compared to zł8.26 last year. Major Estimate Revision • Jun 10
Consensus EPS estimates increase by 28%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from zł976.0m to zł948.6m. EPS estimate rose from zł4.93 to zł6.33. Net income forecast to shrink 17% next year vs 11% growth forecast for Telecom industry in Poland . Consensus price target up from zł170 to zł180. Share price rose 3.4% to zł170 over the past week. Price Target Changed • Jun 09
Price target increased by 11% to zł180 Up from zł162, the current price target is an average from 4 analysts. New target price is 6.6% above last closing price of zł169. Stock is up 36% over the past year. The company is forecast to post earnings per share of zł6.33 for next year compared to zł8.26 last year. Upcoming Dividend • May 27
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 03 June 2025. Payment date: 06 June 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Polish dividend payers (6.7%). Lower than average of industry peers (3.9%). Reported Earnings • May 22
First quarter 2025 earnings released: EPS: zł0.94 (vs zł1.11 in 1Q 2024) First quarter 2025 results: EPS: zł0.94 (down from zł1.11 in 1Q 2024). Revenue: zł190.7m (up 32% from 1Q 2024). Net income: zł13.3m (down 15% from 1Q 2024). Profit margin: 7.0% (down from 11% in 1Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 21
Cyber_Folks S.A., Annual General Meeting, May 15, 2025 Cyber_Folks S.A., Annual General Meeting, May 15, 2025. New Risk • Apr 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: zł8.26 (vs zł3.60 in FY 2023) Full year 2024 results: EPS: zł8.26 (up from zł3.60 in FY 2023). Revenue: zł657.5m (up 37% from FY 2023). Net income: zł116.8m (up 130% from FY 2023). Profit margin: 18% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Dec 04
Consensus revenue estimates increase by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from zł583.9m to zł660.7m. EPS estimate unchanged from zł8.22 at last update. Telecom industry in Poland expected to see average net income growth of 21% next year. Consensus price target up from zł152 to zł155. Share price rose 7.3% to zł132 over the past week. New Risk • Nov 29
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 6.8% 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 Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: zł4.40 (vs zł0.69 in 3Q 2023) Third quarter 2024 results: EPS: zł4.40 (up from zł0.69 in 3Q 2023). Revenue: zł185.4m (up 54% from 3Q 2023). Net income: zł62.3m (up zł52.5m from 3Q 2023). Profit margin: 34% (up from 8.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 05
Price target increased by 11% to zł149 Up from zł134, the current price target is an average from 5 analysts. New target price is 16% above last closing price of zł128. Stock is up 58% over the past year. The company is forecast to post earnings per share of zł8.22 for next year compared to zł3.60 last year. Reported Earnings • Sep 04
Second quarter 2024 earnings released: EPS: zł1.26 (vs zł0.73 in 2Q 2023) Second quarter 2024 results: EPS: zł1.26 (up from zł0.73 in 2Q 2023). Revenue: zł154.5m (up 32% from 2Q 2023). Net income: zł17.8m (up 72% from 2Q 2023). Profit margin: 12% (up from 8.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Telecom industry in Europe. Upcoming Dividend • Jun 14
Upcoming dividend of zł1.50 per share Eligible shareholders must have bought the stock before 21 June 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Polish dividend payers (7.8%). Lower than average of industry peers (4.5%). Reported Earnings • May 22
First quarter 2024 earnings released: EPS: zł1.11 (vs zł0.64 in 1Q 2023) First quarter 2024 results: EPS: zł1.11 (up from zł0.64 in 1Q 2023). Revenue: zł144.3m (up 31% from 1Q 2023). Net income: zł15.7m (up 73% from 1Q 2023). Profit margin: 11% (up from 8.2% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Telecom industry in Europe. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł133, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 13x in the Telecom industry in Europe. Total returns to shareholders of 160% over the past three years. Aankondiging • Apr 27
Cyber_Folks S.A., Annual General Meeting, May 27, 2024 Cyber_Folks S.A., Annual General Meeting, May 27, 2024, at 10:00 Central European Standard Time. Aankondiging • Apr 17
MCI DC Laczna Spólka Inwestycyjna signed a preliminary conditional sale agreement to acquire 33.34% stake in Profitroom S.A. from Cyber_Folks S.A. (WSE:CBF) for PLN 97.5 million. MCI DC Laczna Spólka Inwestycyjna signed a preliminary conditional sale agreement to acquire 33.34% stake in Profitroom S.A. from Cyber_Folks S.A. (WSE:CBF) for PLN 97.5 million on April 16, 2024. MCI DC acquires 5,044,683 shares of Profitroom. Based on the agreement, provided that the conditions precedent stipulated therein are met, final agreements will be concluded , under which the buyer will purchase from the existing shareholders of the company a total of 9,834,937 shares in the company. Concluding the transaction depends on conducting antitrust proceedings and obtaining by the buyer an insurance policy regarding the sellers' civil liability related in particular to false assurances made in the contract, and the deadline for the fulfillment of the above-mentioned. conditions was set for September 30, 2024. The transaction is to be closed no later than 10 business days from the date of fulfillment of the last condition, the companies announced. The sellers, i.e. the founders and Cyber_Folks, were advised by EY and Dentons. MCI was advised on the transaction by DJM, Deloitte , Bain & Company and Vienna Capital Partners. Price Target Changed • Apr 17
Price target increased by 26% to zł113 Up from zł90.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of zł108. Stock is up 111% over the past year. The company is forecast to post earnings per share of zł4.56 for next year compared to zł3.60 last year. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: zł3.60 (vs zł1.70 in FY 2022) Full year 2023 results: EPS: zł3.60 (up from zł1.70 in FY 2022). Revenue: zł480.4m (up 23% from FY 2022). Net income: zł50.8m (up 112% from FY 2022). Profit margin: 11% (up from 6.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year and the company’s share price has also increased by 29% per year. Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł120.3m (up 11% from 3Q 2022). Net income: zł9.77m (up 227% from 3Q 2022). Profit margin: 8.1% (up from 2.8% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Telecom industry in Europe. Reported Earnings • Sep 07
Second quarter 2023 earnings released: EPS: zł0.73 (vs zł0.26 in 2Q 2022) Second quarter 2023 results: EPS: zł0.73 (up from zł0.26 in 2Q 2022). Revenue: zł116.8m (up 34% from 2Q 2022). Net income: zł10.3m (up 177% from 2Q 2022). Profit margin: 8.8% (up from 4.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 22
Upcoming dividend of zł0.93 per share at 1.2% yield Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 04 September 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Polish dividend payers (7.5%). Lower than average of industry peers (4.4%). Buying Opportunity • Jul 26
Now 23% undervalued Over the last 90 days, the stock is up 36%. The fair value is estimated to be zł97.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 36% in 2 years. Earnings is forecast to grow by 168% in the next 2 years. Buying Opportunity • Jul 07
Now 21% undervalued Over the last 90 days, the stock is up 43%. The fair value is estimated to be zł96.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 36% in 2 years. Earnings is forecast to grow by 166% in the next 2 years. Reported Earnings • May 28
First quarter 2023 earnings released: EPS: zł0.64 (vs zł0.60 in 1Q 2022) First quarter 2023 results: EPS: zł0.64 (up from zł0.60 in 1Q 2022). Revenue: zł110.5m (up 32% from 1Q 2022). Net income: zł9.06m (up 6.8% from 1Q 2022). Profit margin: 8.2% (down from 10% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 26
R22 S.A., Annual General Meeting, Jun 26, 2023 R22 S.A., Annual General Meeting, Jun 26, 2023, at 10:00 Central European Standard Time. Aankondiging • May 25
R22 S.A. (WSE:R22) acquired CYBER_FOLKS SPOLKA AKCYJNA. R22 S.A. (WSE:R22) acquired CYBER_FOLKS SPOLKA AKCYJNA on May 23, 2023. The merger is yet to be approved by R22's Annual General Meeting. R22 S.A. (WSE:R22) completed the acquisition of CYBER_FOLKS SPOLKA AKCYJNA on May 23, 2023. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł61.40, the stock trades at a trailing P/E ratio of 36.1x. Average trailing P/E is 14x in the Telecom industry in Poland. Total returns to shareholders of 112% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: zł0.21 (vs zł0.22 in 3Q 2021) Third quarter 2022 results: EPS: zł0.21 (down from zł0.22 in 3Q 2021). Revenue: zł108.5m (up 24% from 3Q 2021). Net income: zł2.98m (down 3.1% from 3Q 2021). Profit margin: 2.8% (down from 3.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 24% per year. Reported Earnings • Sep 09
Second quarter 2022 earnings released: EPS: zł0.26 (vs zł0.28 in 2Q 2021) Second quarter 2022 results: EPS: zł0.26 (down from zł0.28 in 2Q 2021). Revenue: zł87.2m (up 23% from 2Q 2021). Net income: zł3.71m (down 7.1% from 2Q 2021). Profit margin: 4.3% (down from 5.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 26% per year. Reported Earnings • May 22
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: zł0.60 (up from zł0.28 in 1Q 2021). Net income: zł8.48m (up 112% from 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.8%. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 30% per year. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to zł46.00, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 12x in the Telecom industry in Poland. Total returns to shareholders of 169% over the past three years. Upcoming Dividend • Jun 04
Upcoming dividend of zł0.57 per share Eligible shareholders must have bought the stock before 11 June 2021. Payment date: 21 June 2021. Trailing yield: 1.1%. Lower than top quartile of Polish dividend payers (6.0%). Lower than average of industry peers (4.4%). Is New 90 Day High Low • Feb 11
New 90-day high: zł41.30 The company is up 31% from its price of zł31.50 on 13 November 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 16% share price gain to zł41.30, the stock is trading at a trailing P/E ratio of 34.9x, up from the previous P/E ratio of 30.2x. This compares to an average P/E of 25x in the Telecom industry in Poland. Total returns to shareholders over the past three years are 107%. Is New 90 Day High Low • Jan 04
New 90-day high: zł36.20 The company is up 15% from its price of zł31.60 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 Telecom industry, which is down 2.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: zł34.20 The company is up 4.0% from its price of zł32.80 on 04 September 2020. The Polish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Telecom industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: zł28.90 The company is down 2.0% from its price of zł29.40 on 17 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Telecom industry, which is flat over the same period. Upcoming Dividend • Sep 21
Upcoming Dividend of zł0.28 Per Share Will be paid on the 6th of October to those who are registered shareholders by the 28th of September. The trailing yield of 0.9% is below the top quartile of Polish dividend payers (6.2%), and is lower than industry peers (4.7%).