New Risk • Jul 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł37.1m (US$9.84m) This is considered a major 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: Major Risks Earnings have declined by 61% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Market cap is less than US$10m (zł37.1m market cap, or US$9.84m). New Risk • May 22
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: zł8.0m (US$2.2m) This is considered a minor risk. Companies with a small amount of revenue 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: Major Risks Earnings have declined by 62% per year over the past 5 years. Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Revenue is less than US$5m (zł8.0m revenue, or US$2.2m). Market cap is less than US$100m (zł41.4m market cap, or US$11.3m). Announcement • May 05
Protektor S.A., Annual General Meeting, May 29, 2026 Protektor S.A., Annual General Meeting, May 29, 2026, at 12:00 Central European Standard Time. New Risk • Mar 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.7m (US$9.86m) This is considered a major 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: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 68% per year over the past 5 years. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Market cap is less than US$10m (zł36.7m market cap, or US$9.86m). New Risk • Dec 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 41% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 68% per year over the past 5 years. Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Market cap is less than US$10m (zł30.8m market cap, or US$8.51m). Reported Earnings • Dec 02
Third quarter 2025 earnings released: zł0.10 loss per share (vs zł0.15 loss in 3Q 2024) Third quarter 2025 results: zł0.10 loss per share (improved from zł0.15 loss in 3Q 2024). Revenue: zł19.8m (down 1.2% from 3Q 2024). Net loss: zł1.97m (loss narrowed 30% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Nov 21
Now 21% overvalued Over the last 90 days, the stock has fallen 1.1% to zł1.30. The fair value is estimated to be zł1.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 79%. Buy Or Sell Opportunity • Nov 03
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to zł1.35. The fair value is estimated to be zł1.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 79%. Reported Earnings • Oct 01
Second quarter 2025 earnings released: zł0.19 loss per share (vs zł0.16 loss in 2Q 2024) Second quarter 2025 results: zł0.19 loss per share (further deteriorated from zł0.16 loss in 2Q 2024). Revenue: zł19.0m (down 7.4% from 2Q 2024). Net loss: zł3.60m (loss widened 19% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Sep 03
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at zł1.17. The fair value is estimated to be zł1.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company became loss making. Announcement • Aug 25
Protektor S.A. to Report First Half, 2025 Results on Sep 30, 2025 Protektor S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Buy Or Sell Opportunity • Aug 01
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 40% to zł1.04. The fair value is estimated to be zł1.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jul 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 67% 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: Major Risks Shares are highly illiquid. Earnings have declined by 61% per year over the past 5 years. Market cap is less than US$10m (zł23.9m market cap, or US$6.50m). Minor Risks High level of debt (67% net debt to equity). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Jul 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł28.5m (US$7.90m) This is considered a major 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: Major Risks Shares are highly illiquid. Earnings have declined by 67% per year over the past 5 years. Market cap is less than US$10m (zł28.5m market cap, or US$7.90m). Minor Risks High level of debt (54% net debt to equity). Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Jul 02
Full year 2024 earnings released: zł0.54 loss per share (vs zł0.36 loss in FY 2023) Full year 2024 results: zł0.54 loss per share (further deteriorated from zł0.36 loss in FY 2023). Revenue: zł83.8m (down 16% from FY 2023). Net loss: zł10.2m (loss widened 49% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. New Risk • Apr 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 61% per year over the past 5 years. Minor Risks High level of debt (67% net debt to equity). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (zł40.2m market cap, or US$10.7m). New Risk • Feb 18
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 17% 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 (17% average weekly change). Earnings have declined by 61% per year over the past 5 years. Market cap is less than US$10m (zł29.9m market cap, or US$7.52m). Minor Risk High level of debt (67% net debt to equity). New Risk • Dec 09
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 6.6% 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 Earnings have declined by 61% per year over the past 5 years. Market cap is less than US$10m (zł20.2m market cap, or US$5.00m). Minor Risks High level of debt (67% net debt to equity). Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Dec 01
Third quarter 2024 earnings released: zł0.15 loss per share (vs zł0.043 loss in 3Q 2023) Third quarter 2024 results: zł0.15 loss per share (further deteriorated from zł0.043 loss in 3Q 2023). Revenue: zł20.1m (down 14% from 3Q 2023). Net loss: zł2.80m (loss widened 241% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 03
Second quarter 2024 earnings released: zł0.16 loss per share (vs zł0.003 profit in 2Q 2023) Second quarter 2024 results: zł0.16 loss per share (down from zł0.003 profit in 2Q 2023). Revenue: zł20.5m (down 17% from 2Q 2023). Net loss: zł3.03m (down zł3.09m 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 104 percentage points per year, which is a significant difference in performance. Announcement • Jun 05
Protektor S.A., Annual General Meeting, Jun 26, 2024 Protektor S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: zł0.011 (vs zł0.037 in 1Q 2023) First quarter 2024 results: EPS: zł0.011 (down from zł0.037 in 1Q 2023). Revenue: zł24.3m (down 13% from 1Q 2023). Net income: zł213.0k (down 69% from 1Q 2023). Profit margin: 0.9% (down from 2.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (zł40.2m market cap, or US$10.1m). New Risk • Jan 08
New major risk - Revenue and earnings growth Revenue has declined by 1.4% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 1.4% over the past year. Market cap is less than US$10m (zł35.9m market cap, or US$9.10m). New Risk • Aug 10
New major risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł40.7m (US$10.1m) 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: Major Risk Earnings have declined by 6.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł40.7m market cap, or US$10.1m). Announcement • Jun 02
Protektor S.A., Annual General Meeting, Jun 28, 2023 Protektor S.A., Annual General Meeting, Jun 28, 2023, at 11:00 Central European Standard Time. Reported Earnings • Oct 04
Second quarter 2022 earnings released: zł0.036 loss per share (vs zł0.005 loss in 2Q 2021) Second quarter 2022 results: zł0.036 loss per share (further deteriorated from zł0.005 loss in 2Q 2021). Revenue: zł25.5m (up 13% from 2Q 2021). Net loss: zł678.0k (loss widened zł583.0k from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • May 31
Protektor S.A., Annual General Meeting, Jun 24, 2022 Protektor S.A., Annual General Meeting, Jun 24, 2022, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł3.42, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 12x in the Luxury industry in Poland. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 40% share price gain to zł3.98, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 13x in the Luxury industry in Poland. Total loss to shareholders of 9.3% over the past three years. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: zł0.038 loss per share (down from zł0.03 profit in 3Q 2020). Revenue: zł25.7m (up 3.5% from 3Q 2020). Net loss: zł715.0k (down 225% from profit in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 03
Second quarter 2021 earnings released: zł0.005 loss per share (vs zł0.11 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: zł22.4m (up 43% from 2Q 2020). Net loss: zł95.0k (loss narrowed 95% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 06
First quarter 2021 earnings released: EPS zł0.066 (vs zł0.045 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł25.4m (up 3.1% from 1Q 2020). Net income: zł1.25m (up 45% from 1Q 2020). Profit margin: 4.9% (up from 3.5% in 1Q 2020). 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 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 10
New 90-day low: zł3.80 The company is down 22% from its price of zł4.86 on 11 September 2020. The Polish market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 11% over the same period. Reported Earnings • Dec 05
Third quarter 2020 earnings released: EPS zł0.03 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: zł24.9m (down 1.5% from 3Q 2019). Net income: zł574.0k (up zł877.0k from 3Q 2019). Profit margin: 2.3% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 91% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 29
New 90-day low: zł3.84 The company is down 28% from its price of zł5.35 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 21% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total losses of zł2.25m, with losses widening by 63% from the prior year. Total revenue was zł89.9m over the last 12 months, down 9.1% from the prior year.