Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł1.27, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 12x in the Consumer Durables industry in Poland. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł1.44, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 15x in the Consumer Durables industry in Poland. Total returns to shareholders of 52% over the past three years. New Risk • Jun 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (20% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Profit margins are more than 30% lower than last year (7.6% net profit margin). Market cap is less than US$100m (zł89.8m market cap, or US$24.4m). Announcement • Jun 03
Adatex S.A., Annual General Meeting, Jun 30, 2026 Adatex S.A., Annual General Meeting, Jun 30, 2026, at 10:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł18.9m (up 19% from 1Q 2025). Net income: zł849.7k (down 56% from 1Q 2025). Profit margin: 4.5% (down from 12% in 1Q 2025). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł1.40, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 14x in the Consumer Durables industry in Poland. Total returns to shareholders of 2.2% over the past three years. Announcement • Feb 10
Adatex S.A. to Report Q4, 2025 Results on Feb 13, 2026 Adatex S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł1.11, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 13x in the Consumer Durables industry in Poland. Total loss to shareholders of 25% over the past three years. Announcement • Nov 12
Adatex S.A. to Report Q3, 2025 Results on Nov 14, 2025 Adatex S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Oct 10
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 9.8% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (zł93.6m market cap, or US$25.4m). New Risk • Aug 25
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: 11% Last year net profit margin: 18% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (zł95.9m market cap, or US$26.4m). Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł27.8m (up 154% from 2Q 2024). Net income: zł3.04m (up zł2.89m from 2Q 2024). Profit margin: 11% (up from 1.4% in 2Q 2024). The increase in margin was driven by higher revenue. New Risk • Jul 28
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 7.2% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (zł79.8m market cap, or US$21.7m). New Risk • Jul 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Market cap is less than US$100m (zł80.8m market cap, or US$22.1m). New Risk • Jun 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. 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: Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Market cap is less than US$100m (zł72.1m market cap, or US$19.3m). New Risk • Jan 15
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 9.4% 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 Risk Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risk Market cap is less than US$100m (zł81.4m market cap, or US$19.7m). Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł11.0m (up 191% from 2Q 2023). Net income: zł154.8k (up zł1.87m from 2Q 2023). Profit margin: 1.4% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Jun 05
Adatex S.A., Annual General Meeting, Jun 26, 2024 Adatex S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł28.0m (up 257% from 1Q 2023). Net income: zł5.73m (up zł7.12m from 1Q 2023). Profit margin: 21% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. New Risk • Mar 26
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 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (zł54.4m market cap, or US$13.7m). Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.001 (vs zł0.008 in FY 2022) Full year 2023 results: EPS: zł0.001 (down from zł0.008 in FY 2022). Revenue: zł60.1m (up 82% from FY 2022). Net income: zł267.2k (down 88% from FY 2022). Profit margin: 0.4% (down from 6.5% in FY 2022). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings have declined by 0.8% 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 (15% average weekly change). Earnings have declined by 0.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (420% increase in shares outstanding). Minor Risk Market cap is less than US$100m (zł44.1m market cap, or US$11.1m). New Risk • Aug 13
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: -zł1.2m 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 (-zł1.2m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (420% increase in shares outstanding). Minor Risk Market cap is less than US$100m (zł69.0m market cap, or US$17.0m). Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł3.77m (up 51% from 2Q 2022). Net loss: zł1.72m (loss widened zł1.69m from 2Q 2022). Announcement • Jun 02
Adatex Deweloper S.A., Annual General Meeting, Jun 27, 2023 Adatex Deweloper S.A., Annual General Meeting, Jun 27, 2023, at 11:00 Central European Standard Time. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł0.04 (vs zł0.044 loss in FY 2021) Full year 2022 results: EPS: zł0.04 (up from zł0.044 loss in FY 2021). Revenue: zł33.1m (up zł33.0m from FY 2021). Net income: zł2.13m (up zł4.50m from FY 2021). Profit margin: 6.5% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: zł29.0k (loss narrowed 96% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • Jun 07
Adatex Deweloper S.A., Annual General Meeting, Jun 30, 2022 Adatex Deweloper S.A., Annual General Meeting, Jun 30, 2022, at 12:00 Central European Standard Time. Is New 90 Day High Low • Mar 02
New 90-day high: zł1.42 The company is up 30% from its price of zł1.09 on 01 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 Building industry, which is up 26% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: zł1.41 The company is up 24% from its price of zł1.14 on 09 October 2020. The Polish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 23% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: zł1.31 The company is up 31% from its price of zł1.00 on 17 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 06
New 90-day low: zł0.91 The company is down 11% from its price of zł1.02 on 04 August 2020. The Polish market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 3.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day high: zł1.24 The company is up 4.0% from its price of zł1.19 on 14 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Building industry, which is up 17% over the same period.