New Risk • Feb 03
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 7.0% 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 Risks Negative equity (-zł82m). Market cap is less than US$10m (zł16.7m market cap, or US$4.66m). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Dec 01
Third quarter 2025 earnings released: EPS: zł0.006 (vs zł0.009 loss in 3Q 2024) Third quarter 2025 results: EPS: zł0.006 (up from zł0.009 loss in 3Q 2024). Revenue: zł11.3m (down 40% from 3Q 2024). Net income: zł217.0k (up zł573.0k from 3Q 2024). Profit margin: 1.9% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 127 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 06
Second quarter 2025 earnings released: zł0.11 loss per share (vs zł0.021 loss in 2Q 2024) Second quarter 2025 results: zł0.11 loss per share (further deteriorated from zł0.021 loss in 2Q 2024). Revenue: zł12.1m (down 40% from 2Q 2024). Net loss: zł4.11m (loss widened 413% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Announcement • Aug 25
Sfinks Polska S.A. to Report First Half, 2025 Results on Sep 30, 2025 Sfinks Polska S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Reported Earnings • Jun 02
First quarter 2025 earnings released: zł0.05 loss per share (vs zł0.005 profit in 1Q 2024) First quarter 2025 results: zł0.05 loss per share (down from zł0.005 profit in 1Q 2024). Revenue: zł12.8m (down 39% from 1Q 2024). Net loss: zł2.02m (down zł2.21m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • May 22
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 Risks Negative equity (-zł76m). Market cap is less than US$10m (zł19.4m market cap, or US$5.15m). Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). Reported Earnings • Dec 01
Third quarter 2024 earnings released: zł0.01 loss per share (vs zł0.074 loss in 3Q 2023) Third quarter 2024 results: zł0.01 loss per share (improved from zł0.074 loss in 3Q 2023). Revenue: zł18.7m (down 26% from 3Q 2023). Net loss: zł356.0k (loss narrowed 87% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Nov 27
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 9.5% 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 (9.5% average weekly change). Negative equity (-zł71m). Market cap is less than US$10m (zł20.9m market cap, or US$5.12m). Reported Earnings • Oct 06
Third quarter 2023 earnings released: zł0.074 loss per share (vs zł0.061 loss in 3Q 2022) Third quarter 2023 results: zł0.074 loss per share (further deteriorated from zł0.061 loss in 3Q 2022). Revenue: zł25.4m (down 5.1% from 3Q 2022). Net loss: zł2.82m (loss widened 22% from 3Q 2022). Announcement • May 31
Sfinks Polska S.A., Annual General Meeting, Jun 27, 2024 Sfinks Polska S.A., Annual General Meeting, Jun 27, 2024. Reported Earnings • Dec 01
Third quarter 2023 earnings released: zł0.07 loss per share (vs zł0.061 loss in 3Q 2022) Third quarter 2023 results: zł0.07 loss per share (further deteriorated from zł0.061 loss in 3Q 2022). Revenue: zł25.4m (down 5.1% from 3Q 2022). Net loss: zł2.82m (loss widened 22% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł1.10, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 24x in the Hospitality industry in Poland. Total returns to shareholders of 356% over the past three years. New Risk • Oct 22
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.7x 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 (0.7x net interest cover). Negative equity (-zł70m). Market cap is less than US$10m (zł36.4m market cap, or US$8.64m). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. New Risk • Oct 20
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 Risks Negative equity (-zł70m). Market cap is less than US$10m (zł34.9m market cap, or US$8.27m). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). New Risk • Oct 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: 3.8% Last year net profit margin: 5.7% 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 Risks Negative equity (-zł70m). Market cap is less than US$10m (zł32.2m market cap, or US$7.38m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). Announcement • Jun 04
Sfinks Polska S.A., Annual General Meeting, Jun 29, 2023 Sfinks Polska S.A., Annual General Meeting, Jun 29, 2023, at 11:00 Central European Standard Time. Buying Opportunity • Jun 01
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be zł1.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł1.28, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 24x in the Hospitality industry in Poland. Total returns to shareholders of 198% over the past three years. Buying Opportunity • Apr 11
Now 22% undervalued Over the last 90 days, the stock is up 172%. The fair value is estimated to be zł1.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł1.04, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 21x in the Hospitality industry in Poland. Total returns to shareholders of 189% over the past three years. Buying Opportunity • Mar 13
Now 25% undervalued Over the last 90 days, the stock is up 165%. The fair value is estimated to be zł1.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to zł1.10, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 21x in the Hospitality industry in Poland. Total returns to shareholders of 108% over the past three years. Reported Earnings • Dec 01
Third quarter 2022 earnings released: zł0.06 loss per share (vs zł0.016 loss in 3Q 2021) Third quarter 2022 results: zł0.06 loss per share (further deteriorated from zł0.016 loss in 3Q 2021). Revenue: zł26.8m (up 8.3% from 3Q 2021). Net loss: zł2.32m (loss widened 339% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 03
Second quarter 2022 earnings released: EPS: zł0.59 (vs zł0.25 loss in 2Q 2021) Second quarter 2022 results: EPS: zł0.59 (up from zł0.25 loss in 2Q 2021). Revenue: zł25.0m (up 112% from 2Q 2021). Net income: zł22.2m (up zł30.4m from 2Q 2021). Profit margin: 89% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Jun 07
Sfinks Polska S.A., Annual General Meeting, Jun 30, 2022 Sfinks Polska S.A., Annual General Meeting, Jun 30, 2022, at 11:00 Central European Standard Time. Reported Earnings • Jun 02
First quarter 2022 earnings released: zł0.13 loss per share (vs zł0.25 loss in 1Q 2021) First quarter 2022 results: zł0.13 loss per share (up from zł0.25 loss in 1Q 2021). Revenue: zł21.6m (up 354% from 1Q 2021). Net loss: zł4.34m (loss narrowed 47% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: zł0.02 loss per share (up from zł0.076 loss in 3Q 2020). Revenue: zł24.7m (down 5.4% from 3Q 2020). Net loss: zł528.0k (loss narrowed 78% from 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 05
Second quarter 2021 earnings released: zł0.26 loss per share (vs zł0.45 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: zł11.8m (up 6.6% from 2Q 2020). Net loss: zł8.19m (loss narrowed 43% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 11
New 90-day high: zł0.49 The company is up 66% from its price of zł0.30 on 13 November 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 46% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: zł0.39 The company is up 4.0% from its price of zł0.37 on 09 October 2020. The Polish market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 62% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: zł0.07 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: zł26.1m (down 43% from 3Q 2019). Net loss: zł2.45m (loss narrowed 72% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 64% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 21
New 90-day low: zł0.32 The company is down 30% from its price of zł0.45 on 23 July 2020. The Polish market is down 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 23% over the same period. Reported Earnings • Oct 06
First half earnings released Over the last 12 months the company has reported total losses of zł41.8m, with losses widening by zł34.9m from the prior year. Total revenue was zł131.4m over the last 12 months, down 26% from the prior year. Announcement • Jul 30
Sfinks Polska S.A. (WSE:SFS) cancelled the acquisition of Fabryka Pizzy Sp. z o.o. Sfinks Polska S.A. (WSE:SFS) made an offer to acquire Fabryka Pizzy Sp. z o.o. on March 30, 2018. As of October 8, 2019, the agreement for the acquisition of Fabryka Pizzy for PLN 8 million is expected to sign on October 14, 2019. Consideration is payable upon completion of transaction. The acquisition is expected to occur on or before March 31, 2021. As of October 8, 2019, the transaction is expected to complete on April 15, 2020.
Sfinks Polska S.A. (WSE:SFS) cancelled the acquisition of Fabryka Pizzy Sp. z o.o. on March 30, 2019.