New Risk • May 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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. Announcement • May 07
Mladen Amidžic signed an agreement to acquire 30% stake in TRILIX d.o.o. from Span d.d. (ZGSE:SPAN). Mladen Amidžic signed an agreement to acquire 30% stake in TRILIX d.o.o. from Span d.d. (ZGSE:SPAN) on April 30, 2026. Span d.d. signed agreements on the transfer and sale of a total of 90% of the business shares in the subsidiary Trilix d.o.o. were signed. One agreement covers the sale of 60% of the shares to Trilix d.o.o., while the other agreement covers the sale of 30% of the shares to Mladen Amidžic. Reported Earnings • May 05
First quarter 2026 earnings released First quarter 2026 results: Revenue: €65.3m (up 6.5% from 1Q 2025). Net income: €1.48m (down 45% from 1Q 2025). Profit margin: 2.3% (down from 4.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • May 03
Dividend increased to €1.35 Dividend of €1.35 is 69% higher than last year. Ex-date: 24th June 2026 Payment date: 3rd July 2026 Dividend yield will be 2.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 02
Span d.d. announces Annual dividend, payable on July 03, 2026 Span d.d. announced Annual dividend of EUR 1.3500 per share payable on July 03, 2026, ex-date on June 24, 2026 and record date on June 25, 2026. Reported Earnings • Mar 06
Full year 2025 earnings released Full year 2025 results: Revenue: €232.2m (up 29% from FY 2024). Net income: €5.76m (up 69% from FY 2024). Profit margin: 2.5% (up from 1.9% in FY 2024). 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 3.5% growth forecast for the IT industry in Europe. Reported Earnings • Nov 02
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €63.4m (up 27% from 3Q 2024). Net income: €1.45m (up 106% from 3Q 2024). Profit margin: 2.3% (up from 1.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the IT industry in Europe. Announcement • Oct 27
Span d.d. to Report Q3, 2025 Results on Oct 27, 2025 Span d.d. announced that they will report Q3, 2025 results on Oct 27, 2025 Reported Earnings • Aug 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €56.3m (up 3.9% from 2Q 2024). Net income: €2.26m (up 148% from 2Q 2024). Profit margin: 4.0% (up from 1.7% in 2Q 2024). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 09
Upcoming dividend of €0.80 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Croatian dividend payers (4.7%). Lower than average of industry peers (2.4%). Reported Earnings • May 05
First quarter 2025 earnings released: EPS: €1.37 (vs €0.71 in 1Q 2024) First quarter 2025 results: EPS: €1.37 (up from €0.71 in 1Q 2024). Revenue: €61.1m (up 80% from 1Q 2024). Net income: €2.68m (up 94% from 1Q 2024). Profit margin: 4.4% (up from 4.1% in 1Q 2024). The increase in margin was driven by higher revenue. Declared Dividend • May 02
Dividend increased to €0.80 Dividend of €0.80 is 167% higher than last year. Ex-date: 16th June 2025 Payment date: 1st July 2025 Dividend yield will be 1.6%, which is lower than the industry average of 1.8%. Payout Ratios Payout ratio: 47%. Cash payout ratio: 5%. Announcement • May 01
Span d.d. announces Annual dividend, payable on July 01, 2025 Span d.d. announced Annual dividend of EUR 0.8000 per share payable on July 01, 2025, ex-date on June 16, 2025 and record date on June 17, 2025. Announcement • Apr 25
Span d.d. to Report Fiscal Year 2024 Final Results on Apr 30, 2025 Span d.d. announced that they will report fiscal year 2024 final results on Apr 30, 2025 New Risk • Apr 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €88.6m (US$97.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. New Risk • Mar 03
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: 0.9% Last year net profit margin: 3.0% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 02
Full year 2024 earnings released Full year 2024 results: Revenue: €182.0m (up 27% from FY 2023). Net income: €3.36m (up 193% from FY 2023). Profit margin: 1.8% (up from 0.8% in FY 2023). The increase in margin was driven by higher revenue. Announcement • Feb 24
Span d.d. to Report Fiscal Year 2024 Results on Feb 28, 2025 Span d.d. announced that they will report fiscal year 2024 results on Feb 28, 2025 New Risk • Nov 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €92.7m (US$97.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (€92.7m market cap, or US$97.5m). Reported Earnings • Nov 02
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €49.9m (up 18% from 3Q 2023). Net income: €702.2k (up 120% from 3Q 2023). Profit margin: 1.4% (up from 0.8% in 3Q 2023). The increase in margin was driven by higher revenue. Announcement • Oct 25
Span d.d. to Report Nine Months, 2024 Results on Oct 31, 2024 Span d.d. announced that they will report nine months, 2024 results on Oct 31, 2024 Reported Earnings • Aug 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €54.7m (up 47% from 2Q 2023). Net income: €912.8k (up 179% from 2Q 2023). Profit margin: 1.7% (up from 0.9% in 2Q 2023). The increase in margin was driven by higher revenue. New Risk • Jul 25
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 Croatian stocks, typically moving 4.5% 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: Minor Risks Share price has been volatile over the past 3 months (4.5% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Upcoming Dividend • Jun 14
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 21 June 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Croatian dividend payers (4.4%). Higher than average of industry peers (2.2%). Reported Earnings • May 01
First quarter 2024 earnings released First quarter 2024 results: Revenue: €34.8m (up 36% from 1Q 2023). Net income: €1.38m (down 26% from 1Q 2023). Profit margin: 4.0% (down from 7.3% in 1Q 2023). The decrease in margin was driven by higher expenses. New Risk • Mar 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €89.8m (US$97.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (€89.8m market cap, or US$97.5m). Reported Earnings • Mar 04
Full year 2023 earnings released Full year 2023 results: Revenue: Kn144.3m (down 83% from FY 2022). Net income: Kn1.14m (down 98% from FY 2022). Profit margin: 0.8% (down from 6.0% in FY 2022). The decrease in margin was driven by lower revenue. New Risk • Nov 06
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: 3.0% Last year net profit margin: 5.8% 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: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (€83.4m market cap, or US$89.4m). Reported Earnings • Nov 06
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.17. Revenue: €42.2m (up 30% from 3Q 2022). Net income: €319.6k (down 84% from 3Q 2022). Profit margin: 0.8% (down from 6.1% in 3Q 2022). The decrease in margin was driven by higher expenses. New Risk • Oct 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €94.1m (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (€94.1m market cap, or US$99.1m). Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €55.00, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 19x in the IT industry in Europe. Total returns to shareholders of 64% over the past year. New Risk • Aug 03
New minor risk - Dividend sustainability The company has a short dividend paying track record. Continuous dividend paying years: 1 Dividend yield: 2.0% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 03
Second quarter 2023 earnings released Second quarter 2023 results: EPS: €0.17. Revenue: €37.3m (up 27% from 2Q 2022). Net income: €327.7k (down 68% from 2Q 2022). Profit margin: 0.9% (down from 3.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Buying Opportunity • Jul 06
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be €76.83, 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 year. Earnings per share has grown by 31%. Buying Opportunity • Jun 17
Now 20% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be €76.98, 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 year. Earnings per share has grown by 31%. Upcoming Dividend • Jun 12
Upcoming dividend of €1.33 per share at 1.1% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 03 July 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Croatian dividend payers (4.3%). Lower than average of industry peers (2.3%). Reported Earnings • Mar 03
Full year 2022 earnings released Full year 2022 results: Revenue: Kn867.2m (up 13% from FY 2021). Net income: Kn50.2m (up 112% from FY 2021). Profit margin: 5.8% (up from 3.1% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €45.00, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 21x in the IT industry in Europe. Total returns to shareholders of 60% over the past year. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Kn245.0m (up 26% from 3Q 2021). Net income: Kn14.8m (up 105% from 3Q 2021). Profit margin: 6.1% (up from 3.7% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Aug 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Kn222.7m (down 14% from 2Q 2021). Net income: Kn7.62m (up Kn7.23m from 2Q 2021). Profit margin: 3.4% (up from 0.2% in 2Q 2021). The increase in margin was driven by lower expenses. Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: Kn185.9m (up 3.1% from 1Q 2021). Net income: Kn17.5m (up 460% from 1Q 2021). Profit margin: 9.4% (up from 1.7% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 20% share price gain to Kn214, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 21x in the IT industry in Europe. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 19% share price gain to Kn245, the stock trades at a trailing P/E ratio of 61.6x. Average trailing P/E is 26x in the IT industry in Europe.