Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: zł0 (vs zł0.002 loss in 3Q 2024) Third quarter 2025 results: EPS: zł0 (improved from zł0.002 loss in 3Q 2024). Revenue: zł1.09m (down 47% from 3Q 2024). Net income: zł17.5k (up zł196.5k from 3Q 2024). Profit margin: 1.6% (up from net loss in 3Q 2024). New Risk • Sep 16
New major risk - Revenue and earnings growth Earnings have declined by 64% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł1.9m free cash flow). Earnings have declined by 64% per year over the past 5 years. Market cap is less than US$10m (zł18.8m market cap, or US$5.26m). Minor Risk Revenue is less than US$5m (zł6.2m revenue, or US$1.7m). New Risk • May 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł2.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł2.9m free cash flow). Earnings have declined by 61% per year over the past 5 years. Market cap is less than US$10m (zł19.5m market cap, or US$5.15m). Minor Risk Revenue is less than US$5m (zł7.4m revenue, or US$2.0m). Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł1.06m (down 52% from 1Q 2024). Net income: zł104.7k (up zł463.7k from 1Q 2024). Profit margin: 9.9% (up from net loss in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2024 earnings released: zł0.007 loss per share (vs zł0.015 loss in FY 2023) Full year 2024 results: zł0.007 loss per share (improved from zł0.015 loss in FY 2023). Revenue: zł8.58m (down 26% from FY 2023). Net loss: zł601.4k (loss narrowed 56% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł2.31m (up 202% from 2Q 2023). Net loss: zł226.0k (down zł251.1k from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Jun 05
Bras S.A., Annual General Meeting, Jun 26, 2024 Bras S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł2.20m (up 91% from 1Q 2023). Net loss: zł359.0k (down 312% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. New Risk • Apr 16
New major risk - Revenue and earnings growth Earnings have declined by 5.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 5.5% per year over the past 5 years. Market cap is less than US$10m (zł18.5m market cap, or US$4.56m). Minor Risk Revenue is less than US$5m (zł12m revenue, or US$2.9m). Announcement • Feb 14
Bras S.A. to Report Fiscal Year 2023 Results on Mar 20, 2024 Bras S.A. announced that they will report fiscal year 2023 results on Mar 20, 2024 New Risk • Dec 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Shares are highly illiquid. Market cap is less than US$10m (zł29.1m market cap, or US$7.45m). Minor Risk Revenue is less than US$5m (zł4.3m revenue, or US$1.1m). Announcement • Oct 31
Bras S.A. to Report Fiscal Year 2022 Results on Nov 20, 2023 Bras S.A. announced that they will report fiscal year 2022 results on Nov 20, 2023 Announcement • May 31
Bras S.A. to Report Fiscal Year 2022 Results on Jul 31, 2023 Bras S.A. announced that they will report fiscal year 2022 results on Jul 31, 2023 Announcement • Nov 05
Bras S.A. to Report Fiscal Year 2021 Results on Dec 31, 2022 Bras S.A. announced that they will report fiscal year 2021 results on Dec 31, 2022 Announcement • Aug 03
Bras S.A. to Report Fiscal Year 2021 Final Results on Sep 30, 2022 Bras S.A. announced that they will report fiscal year 2021 final results on Sep 30, 2022 Announcement • Jul 02
Bras S.A. to Report Fiscal Year 2022 Results on Jul 31, 2022 Bras S.A. announced that they will report fiscal year 2022 results on Jul 31, 2022 Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł838.5k (up 21% from 1Q 2021). Net income: zł8.7k (down 95% from 1Q 2021). Profit margin: 1.0% (down from 23% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.005 (up from zł0.003 in FY 2020). Revenue: zł2.73m (up 13% from FY 2020). Net income: zł441.9k (up 148% from FY 2020). Profit margin: 16% (up from 7.3% 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 fallen by 4% per year but the company’s share price has increased by 99% per year, which means it is well ahead of earnings. Buying Opportunity • Jan 17
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be zł0.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: zł662.6k (down 4.5% from 3Q 2020). Net income: zł47.7k (up zł276.5k from 3Q 2020). Profit margin: 7.2% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 135% per year, which means it is well ahead of earnings. Reported Earnings • Aug 19
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł661.1k (up 34% from 2Q 2020). Net income: zł108.6k (up zł139.9k from 2Q 2020). Profit margin: 16% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 158% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 02
New 90-day high: zł0.81 The company is up 216% from its price of zł0.26 on 02 December 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 20% over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS zł0.003 (vs zł0.004 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: zł2.46m (down 11% from FY 2019). Net income: zł177.2k (down 11% from FY 2019). Profit margin: 7.2% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 159% per year, which means it is well ahead of earnings. Announcement • Feb 04
An unknown buyer acquired 9.89% stake in Bras S.A. (WSE:BSA). An unknown buyer acquired 9.89% stake in Bras S.A. (WSE:BSA) on February 1, 2021.
An unknown buyer completed the acquisition of 9.89% stake in Bras S.A. (WSE:BSA) on February 1, 2021. Is New 90 Day High Low • Jan 29
New 90-day high: zł0.48 The company is up 79% from its price of zł0.27 on 30 October 2020. The Polish market is up 27% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 50% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: zł0.37 The company is up 15% from its price of zł0.32 on 14 October 2020. The Polish market is up 19% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Professional Services industry, which is also up 15% over the same period. Is New 90 Day High Low • Nov 05
New 90-day low: zł0.26 The company is down 66% from its price of zł0.76 on 06 August 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is down 32% over the same period. Announcement • Jun 19
Bras S.A. announced that it expects to receive PLN 7.6 million in funding Bras S.A. (WSE:BSA) announced a private placement of 38,000,000 series E1 shares at a par price of PLN 0.2 per share for gross proceeds of PLN 7,600,000 on June 10, 2020. Before the closing of the transaction, the share capital of the company is PLN 10,170,240 divided into 50,851,200 shares, which includes 446,890 series A1 shares of par value PLN 0.2 per share, 127,000 series B1 shares of par value of PLN 0.2 per share, 61,750 series C1 shares of par value of PLN 0.2 per share, and 50,215,560 series D1 shares of par value of PLN 0.2 per share. Post transaction, the share capital of the company will increase to PLN 17,770,240 divided into 88,851,200 shares, which will include 38,000,000 series E1 shares of par value of PLN 0.2 per share. The transaction has been approved by the supervisory board of the company, and is expected to close by June 24, 2020.
On June 17, 2020, the management board of the company approved the transaction. 
