Declared Dividend • Jun 29
Dividend of zł0.20 announced Shareholders will receive a dividend of zł0.20. Ex-date: 3rd July 2026 Payment date: 17th July 2026 Dividend yield will be 8.9%, which is lower than the industry average of 10%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 28
Internity S.A. announces Annual dividend, payable on July 17, 2026 Internity S.A. announced Annual dividend of PLN 0.2000 per share payable on July 17, 2026, ex-date on July 03, 2026 and record date on July 06, 2026. Announcement • Jun 03
Internity S.A., Annual General Meeting, Jun 25, 2026 Internity S.A., Annual General Meeting, Jun 25, 2026, at 14:00 Central European Standard Time. Upcoming Dividend • Jan 09
Upcoming dividend of zł0.51 per share Eligible shareholders must have bought the stock before 16 January 2026. Payment date: 26 January 2026. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 5.5%. Lower than top quartile of Polish dividend payers (7.0%). Higher than average of industry peers (4.5%). Announcement • Dec 18
Internity S.A. announces Annual dividend, payable on January 26, 2026 Internity S.A. announced Annual dividend of PLN 0.5100 per share payable on January 26, 2026, ex-date on January 16, 2026 and record date on January 19, 2026. New Risk • Dec 16
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 6.3% 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: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (zł60.6m market cap, or US$16.9m). Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł45.3m (flat on 3Q 2024). Net income: zł757.0k (down 74% from 3Q 2024). Profit margin: 1.7% (down from 6.4% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 12
Internity S.A. to Report Q3, 2025 Results on Nov 14, 2025 Internity S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Oct 31
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 High level of non-cash earnings (27% accrual ratio). Minor Risks High level of debt (41% net debt to equity). Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (zł60.6m market cap, or US$16.5m). New Risk • Aug 30
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 6.3% 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 Debt is not well covered by operating cash flow (9.8% operating cash flow to total debt). High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (zł57.5m market cap, or US$15.8m). Reported Earnings • Aug 17
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł38.7m (down 24% from 2Q 2024). Net income: zł4.85m (up zł4.26m from 2Q 2024). Profit margin: 13% (up from 1.2% in 2Q 2024). Declared Dividend • Jul 02
Dividend reduced to zł0.11 Dividend of zł0.11 is 78% lower than last year. Ex-date: 7th July 2025 Payment date: 21st July 2025 Dividend yield will be 1.4%, which is lower than the industry average of 10%. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but not covered by cash flows (dividend approximately 13x free cash flows). The dividend has increased by an average of 25% per year over the past 9 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 22
Internity S.A., Annual General Meeting, Jun 27, 2025 Internity S.A., Annual General Meeting, Jun 27, 2025. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: zł0.86 (vs zł0.61 in FY 2023) Full year 2024 results: EPS: zł0.86 (up from zł0.61 in FY 2023). Revenue: zł181.1m (up 6.7% from FY 2023). Net income: zł6.81m (up 43% from FY 2023). Profit margin: 3.8% (up from 2.8% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł8.65, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 8x in the Trade Distributors industry in Poland. Total returns to shareholders of 128% over the past three years. Buy Or Sell Opportunity • Sep 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to zł7.45. The fair value is estimated to be zł6.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 9.9%. Reported Earnings • Aug 13
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł36.5m (down 13% from 2Q 2023). Net loss: zł327.1k (loss widened 460% from 2Q 2023). Upcoming Dividend • Jun 24
Upcoming dividend of zł0.51 per share Eligible shareholders must have bought the stock before 01 July 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Polish dividend payers (7.9%). Lower than average of industry peers (7.7%). New Risk • Jun 15
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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (zł46.5m market cap, or US$11.4m). Buy Or Sell Opportunity • Jun 12
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at zł5.90. The fair value is estimated to be zł4.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years, while earnings per share has been flat. Announcement • May 29
Internity S.A., Annual General Meeting, Jun 20, 2024 Internity S.A., Annual General Meeting, Jun 20, 2024, at 11:00 Central European Standard Time. Buy Or Sell Opportunity • May 27
Now 21% overvalued Over the last 90 days, the stock has fallen 4.2% to zł5.65. The fair value is estimated to be zł4.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł44.2m (up 2.7% from 1Q 2023). Net income: zł675.6k (down 45% from 1Q 2023). Profit margin: 1.5% (down from 2.9% in 1Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: zł0.60 (vs zł0.68 in FY 2022) Full year 2023 results: EPS: zł0.60 (down from zł0.68 in FY 2022). Revenue: zł169.9m (down 3.9% from FY 2022). Net income: zł4.76m (down 12% from FY 2022). Profit margin: 2.8% (down from 3.0% in FY 2022). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 01
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 9.7% 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 Share price has been highly volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$10m (zł37.0m market cap, or US$8.47m). Minor Risks Dividend is not well covered by cash flows (227% cash payout ratio). Profit margins are more than 30% lower than last year (2.4% net profit margin). New Risk • Aug 14
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: 2.4% Last year net profit margin: 3.5% 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 Market cap is less than US$10m (zł37.8m market cap, or US$9.33m). Minor Risks Dividend is not well covered by cash flows (227% cash payout ratio). Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (2.4% net profit margin). Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł38.2m (down 19% from 2Q 2022). Net loss: zł58.4k (down 106% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. New Risk • Jul 30
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 8.0% 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 Market cap is less than US$10m (zł33.9m market cap, or US$8.46m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Upcoming Dividend • Jun 28
Upcoming dividend of zł0.20 per share at 5.0% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 31% and the cash payout ratio is 90%. Trailing yield: 5.0%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (6.7%). Announcement • Jun 02
Internity S.A., Annual General Meeting, Jun 27, 2023 Internity S.A., Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł43.0m (down 4.0% from 1Q 2022). Net income: zł1.24m (down 19% from 1Q 2022). Profit margin: 2.9% (down from 3.4% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł0.68 (vs zł0.73 in FY 2021) Full year 2022 results: EPS: zł0.68 (down from zł0.73 in FY 2021). Revenue: zł176.8m (up 9.9% from FY 2021). Net income: zł5.38m (down 6.1% from FY 2021). Profit margin: 3.0% (down from 3.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 23
Now 20% undervalued Over the last 90 days, the stock is up 9.9%. The fair value is estimated to be zł4.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 53%. Buying Opportunity • Dec 15
Now 22% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be zł5.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 53%. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 19% share price gain to zł4.28, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 6x in the Trade Distributors industry in Poland. Total returns to shareholders of 260% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 21% share price gain to zł4.34, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 5x in the Trade Distributors industry in Poland. Total returns to shareholders of 249% over the past three years. Upcoming Dividend • Jun 28
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 14 July 2022. Payout ratio is a comfortable 24% and the cash payout ratio is 81%. Trailing yield: 5.3%. Lower than top quartile of Polish dividend payers (8.1%). Lower than average of industry peers (6.2%). Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł44.8m (up 28% from 1Q 2021). Net income: zł1.52m (up 102% from 1Q 2021). Profit margin: 3.4% (up from 2.1% in 1Q 2021). The increase in margin was driven by higher revenue. Announcement • May 07
Internity S.A. to Report Fiscal Year 2021 Results on May 24, 2022 Internity S.A. announced that they will report fiscal year 2021 results on May 24, 2022 Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.74 (up from zł0.34 in FY 2020). Revenue: zł160.5m (up 23% from FY 2020). Net income: zł5.86m (up 118% from FY 2020). Profit margin: 3.7% (up from 2.1% in FY 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 increased by 56% per year whereas the company’s share price has increased by 54% per year. Reported Earnings • Nov 10
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł41.4m (up 29% from 3Q 2020). Net income: zł1.39m (up 124% from 3Q 2020). Profit margin: 3.3% (up from 1.9% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improved over the past week After last week's 17% share price gain to zł4.94, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 12x in the Trade Distributors industry in Poland. Total returns to shareholders of 253% over the past three years. Upcoming Dividend • Jun 23
Inaugural dividend of zł0.38 per share Eligible shareholders must have bought the stock before 30 June 2021. Payment date: 07 July 2021. The company last paid an ordinary dividend in May 2019. The average dividend yield among industry peers is 3.3%. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 18% share price gain to zł4.02, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 13x in the Trade Distributors industry in Poland. Total returns to shareholders of 202% over the past three years. Reported Earnings • May 06
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł35.1m (up 8.1% from 1Q 2020). Net income: zł753.0k (up 277% from 1Q 2020). Profit margin: 2.1% (up from 0.6% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 22% share price gain to zł3.80, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 13x in the Trade Distributors industry in Poland. Total returns to shareholders of 125% over the past year. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 16% share price gain to zł3.68, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 15x in the Trade Distributors industry in Poland. Total returns to shareholders of 183% over the past three years. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 17% share price gain to zł2.62, the stock is trading at a trailing P/E ratio of 7.1x, up from the previous P/E ratio of 6.1x. This compares to an average P/E of 14x in the Trade Distributors industry in Poland. Total returns to shareholders over the past three years are 101%. Reported Earnings • Feb 15
Full year 2020 earnings released: EPS zł0.37 (vs zł0.17 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł130.4m (up 6.0% from FY 2019). Net income: zł2.91m (up 105% from FY 2019). Profit margin: 2.2% (up from 1.2% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improved over the past week After last week's 37% share price gain to zł3.06, the stock is trading at a trailing P/E ratio of 10.5x, up from the previous P/E ratio of 7.7x. This compares to an average P/E of 12x in the Trade Distributors industry in Poland. Total returns to shareholders over the past three years are 130%. Is New 90 Day High Low • Oct 27
New 90-day low: zł2.10 The company is down 17% from its price of zł2.54 on 29 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Trade Distributors industry, which is down 20% over the same period.