Buy Or Sell Opportunity • Jun 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to zł3.50. The fair value is estimated to be zł2.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 18%. Announcement • Jun 04
Altus S.A., Annual General Meeting, Jun 29, 2026 Altus S.A., Annual General Meeting, Jun 29, 2026, at 10:00 Central European Standard Time. Buy Or Sell Opportunity • May 18
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to zł3.65. The fair value is estimated to be zł2.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has grown by 13%. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł3.42, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 21x in the Capital Markets industry in Poland. Total returns to shareholders of 114% over the past three years. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: zł0.06 (vs zł0.076 in 1Q 2025) First quarter 2026 results: EPS: zł0.06 (down from zł0.076 in 1Q 2025). Revenue: zł13.1m (up 11% from 1Q 2025). Net income: zł2.38m (down 24% from 1Q 2025). Profit margin: 18% (down from 26% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. Buy Or Sell Opportunity • Mar 30
Now 23% overvalued Over the last 90 days, the stock has fallen 6.6% to zł2.70. The fair value is estimated to be zł2.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 25%. Buy Or Sell Opportunity • Mar 11
Now 27% overvalued Over the last 90 days, the stock has fallen 13% to zł2.75. The fair value is estimated to be zł2.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 25%. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł3.19, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 14x in the Capital Markets industry in Poland. Total returns to shareholders of 137% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: zł0.06 (vs zł0.093 in 3Q 2024) Third quarter 2025 results: EPS: zł0.06 (down from zł0.093 in 3Q 2024). Revenue: zł12.9m (up 5.3% from 3Q 2024). Net income: zł2.40m (down 37% from 3Q 2024). Profit margin: 19% (down from 31% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 27% per year. Announcement • Nov 07
Altus S.A. to Report Q3, 2025 Results on Nov 07, 2025 Altus S.A. announced that they will report Q3, 2025 results on Nov 07, 2025 Reported Earnings • Sep 25
Second quarter 2025 earnings released: EPS: zł0.084 (vs zł0.096 in 2Q 2024) Second quarter 2025 results: EPS: zł0.084 (down from zł0.096 in 2Q 2024). Revenue: zł11.9m (down 1.8% from 2Q 2024). Net income: zł3.64m (down 7.8% from 2Q 2024). Profit margin: 31% (down from 33% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 32% per year. New Risk • Sep 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 6.7% 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 (6.7% average weekly change). High level of non-cash earnings (73% accrual ratio). Minor Risk Market cap is less than US$100m (zł77.3m market cap, or US$21.4m). Buy Or Sell Opportunity • Sep 15
Now 39% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to zł2.46. The fair value is estimated to be zł1.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 32%. Announcement • Aug 20
Altus S.A. to Report First Half, 2025 Results on Aug 29, 2025 Altus S.A. announced that they will report first half, 2025 results on Aug 29, 2025 Buy Or Sell Opportunity • Jul 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 3.1% to zł2.30. The fair value is estimated to be zł1.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 32%. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł2.03, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 13x in the Capital Markets industry in Poland. Total returns to shareholders of 80% over the past three years. New Risk • Jun 05
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 7.6% 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 Risk High level of non-cash earnings (73% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (zł85.5m market cap, or US$22.8m). Buy Or Sell Opportunity • May 22
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to zł2.50. The fair value is estimated to be zł1.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 32%. New Risk • May 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 62% 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 High level of non-cash earnings (62% accrual ratio). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (zł98.2m market cap, or US$25.9m). Buy Or Sell Opportunity • Apr 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.2% to zł2.27. The fair value is estimated to be zł1.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. Buy Or Sell Opportunity • Mar 28
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to zł2.29. The fair value is estimated to be zł1.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł2.20, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 28x in the Capital Markets industry in Poland. Total returns to shareholders of 45% over the past three years. Reported Earnings • Nov 11
Third quarter 2024 earnings released: EPS: zł0.09 (vs zł0.067 in 3Q 2023) Third quarter 2024 results: EPS: zł0.09 (up from zł0.067 in 3Q 2023). Revenue: zł12.3m (up 3.1% from 3Q 2023). Net income: zł3.79m (up 38% from 3Q 2023). Profit margin: 31% (up from 23% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Reported Earnings • Sep 22
Second quarter 2024 earnings released: EPS: zł0.10 (vs zł0.11 in 2Q 2023) Second quarter 2024 results: EPS: zł0.10 (down from zł0.11 in 2Q 2023). Revenue: zł12.1m (down 17% from 2Q 2023). Net income: zł3.95m (down 14% from 2Q 2023). Profit margin: 33% (up from 31% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł3.00, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 11x in the Capital Markets industry in Poland. Total returns to shareholders of 82% over the past three years. Buy Or Sell Opportunity • Sep 02
Now 24% overvalued Over the last 90 days, the stock has fallen 2.6% to zł3.00. The fair value is estimated to be zł2.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.9% over the last 3 years. Earnings per share has grown by 7.4%. Announcement • Aug 21
Altus S.A. to Report First Half, 2024 Results on Sep 20, 2024 Altus S.A. announced that they will report first half, 2024 results on Sep 20, 2024 Announcement • May 31
Altus S.A., Annual General Meeting, Jun 28, 2024 Altus S.A., Annual General Meeting, Jun 28, 2024. New Risk • May 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 58% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. 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 2.8% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł130.5m market cap, or US$33.2m). Reported Earnings • May 10
First quarter 2024 earnings released: EPS: zł0.09 (vs zł0.057 in 1Q 2023) First quarter 2024 results: EPS: zł0.09 (up from zł0.057 in 1Q 2023). Revenue: zł11.9m (down 4.3% from 1Q 2023). Net income: zł3.76m (up 61% from 1Q 2023). Profit margin: 32% (up from 19% in 1Q 2023). The increase in margin was driven by lower expenses. 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 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł2.95, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 9x in the Capital Markets industry in Poland. Total returns to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to zł4.00, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 17x in the Capital Markets industry in Poland. Total returns to shareholders of 134% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł3.16, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 19x in the Capital Markets industry in Poland. Total returns to shareholders of 106% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł2.84, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 20x in the Capital Markets industry in Poland. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł2.48, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 18x in the Capital Markets industry in Poland. Total returns to shareholders of 196% over the past three years. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł1.93, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 18x in the Capital Markets industry in Poland. Total returns to shareholders of 119% over the past three years. New Risk • Oct 11
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 7.1% 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 57% per year over the past 5 years. High level of non-cash earnings (52% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (zł71.6m market cap, or US$16.8m). Buying Opportunity • Sep 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be zł2.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Sep 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be zł2.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł14.6m (up 41% from 2Q 2022). Net income: zł4.60m (up zł3.93m from 2Q 2022). Profit margin: 31% (up from 6.4% in 2Q 2022). The increase in margin was driven by higher revenue. Announcement • Jun 04
ALTUS SA, Annual General Meeting, Jun 29, 2023 ALTUS SA, Annual General Meeting, Jun 29, 2023, at 09:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 15% share price gain to zł1.61, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 16x in the Capital Markets industry in Poland. Total returns to shareholders of 5.2% over the past three years. Reported Earnings • Sep 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł10.4m (down 31% from 2Q 2021). Net income: zł665.0k (down 66% from 2Q 2021). Profit margin: 6.4% (down from 13% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • May 31
ALTUS SA, Annual General Meeting, Jun 24, 2022 ALTUS SA, Annual General Meeting, Jun 24, 2022, at 10:00 Coordinated Universal Time. Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł1.16, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 21x in the Capital Markets industry in Poland. Total loss to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł1.46, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 13x in the Capital Markets industry in Poland. Total loss to shareholders of 23% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: zł14.1m (down 17% from 3Q 2020). Net income: zł2.48m (down 19% from 3Q 2020). Profit margin: 18% (in line with 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 21
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł15.0m (down 10% from 2Q 2020). Net income: zł1.96m (down 25% from 2Q 2020). Profit margin: 13% (down from 16% in 2Q 2020). 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 100 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 17% share price gain to zł1.79, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 15x in the Capital Markets industry in Poland. Total loss to shareholders of 82% over the past three years. Reported Earnings • May 04
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł65.6m (down 46% from FY 2019). Net income: zł8.65m (up zł7.49m from FY 2019). Profit margin: 13% (up from 1.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 19
New 90-day high: zł1.60 The company is up 100% from its price of zł0.80 on 20 November 2020. The Polish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: zł1.51 The company is up 82% from its price of zł0.83 on 22 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: zł1.05 The company is up 4.0% from its price of zł1.01 on 06 October 2020. The Polish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: zł1.04 The company is up 13% from its price of zł0.92 on 18 September 2020. The Polish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is flat over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: zł0.70 The company is down 17% from its price of zł0.84 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 Capital Markets industry, which is down 10.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: zł0.83 The company is down 41% from its price of zł1.41 on 25 June 2020. The Polish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 19% over the same period.