New Risk • Jun 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. 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: Major Risks Earnings have declined by 49% per year over the past 5 years. Market cap is less than US$10m (zł23.6m market cap, or US$6.45m). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (7.9% average weekly change). Revenue is less than US$5m (zł8.0m revenue, or US$2.2m). Announcement • Jun 01
INC S.A., Annual General Meeting, Jun 24, 2026 INC S.A., Annual General Meeting, Jun 24, 2026, at 10:30 Central European Standard Time. New Risk • Jan 02
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 Risks Earnings have declined by 49% per year over the past 5 years. Market cap is less than US$10m (zł25.6m market cap, or US$7.13m). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Revenue is less than US$5m (zł8.0m revenue, or US$2.2m). Reported Earnings • Dec 01
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł2.10m (up 26% from 3Q 2024). Net loss: zł545.0k (down zł673.0k from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 05
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł2.00m (up 17% from 2Q 2024). Net loss: zł2.21m (loss widened 34% from 2Q 2024). Announcement • Aug 22
INC S.A. to Report First Half, 2025 Results on Sep 25, 2025 INC S.A. announced that they will report first half, 2025 results on Sep 25, 2025 New Risk • Feb 10
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 Risks Latest financial reports are more than 1 year old (reported September 2022 fiscal period end). Market cap is less than US$10m (zł31.1m market cap, or US$7.66m). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Announcement • May 25
INC S.A., Annual General Meeting, Jun 19, 2024 INC S.A., Annual General Meeting, Jun 19, 2024. 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 (8.7% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (zł42.1m market cap, or US$10.6m). Buy Or Sell Opportunity • Mar 20
Now 24% undervalued Over the last 90 days, the stock has risen 28% to zł2.68. The fair value is estimated to be zł3.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last year. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 01
Now 20% undervalued Over the last 90 days, the stock has risen 26% to zł2.84. The fair value is estimated to be zł3.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last year. Meanwhile, the company became loss making. New Risk • Oct 01
New major risk - Revenue and earnings growth Revenue has declined by 36% 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 Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue has declined by 36% over the past year. Revenue is less than US$1m (zł3.6m revenue, or US$828k). Market cap is less than US$10m (zł33.9m market cap, or US$7.76m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Aug 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł40.9m (US$9.96m) 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 (14% average weekly change). Revenue is less than US$1m (zł3.6m revenue, or US$881k). Market cap is less than US$10m (zł40.9m market cap, or US$9.96m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Buying Opportunity • Aug 14
Now 24% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be zł3.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 02
INC S.A., Annual General Meeting, Jun 27, 2023 INC S.A., Annual General Meeting, Jun 27, 2023, at 11:00 Central European Standard Time. Buying Opportunity • Jan 11
Now 23% undervalued Over the last 90 days, the stock is up 54%. The fair value is estimated to be zł3.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company became loss making. Announcement • Nov 23
INC S.A. announced that it expects to receive PLN 2.1 million in funding INC S.A. announced a private placement of 1,400,000 F series shares at a price of PLN 1.50 per share for gross proceeds of PLN 2,100,000 on November 21, 2022. Reported Earnings • Nov 22
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł551.0k (down 62% from 3Q 2021). Net loss: zł1.02m (down 117% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Sep 09
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł804.0k (down 35% from 2Q 2021). Net loss: zł1.96m (loss narrowed 36% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 19% share price gain to zł1.89, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 14x in the Capital Markets industry in Europe. Total returns to shareholders of 105% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorated over the past week After last week's 22% share price decline to zł1.86, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 15x in the Capital Markets industry in Europe. Total returns to shareholders of 110% over the past three years. Announcement • Jun 02
INC S.A., Annual General Meeting, Jun 27, 2022 INC S.A., Annual General Meeting, Jun 27, 2022, at 10:00 Central European Standard Time. Buying Opportunity • Apr 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be zł4.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 29% in a year. Earnings is forecast to grow by 294% in the next year. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 25% share price gain to zł3.75, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Capital Markets industry in Europe. Total returns to shareholders of 294% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 19% share price gain to zł3.29, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Capital Markets industry in Europe. Total returns to shareholders of 232% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 22% share price decline to zł3.03, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Capital Markets industry in Europe. Total returns to shareholders of 180% over the past three years. Buying Opportunity • Feb 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be zł4.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% per annum over the last 3 years. The company has become profitable over the last 3 years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 22% share price gain to zł4.45, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Capital Markets industry in Europe. Total returns to shareholders of 312% over the past three years. Reported Earnings • Nov 20
Third quarter 2021 earnings released Third quarter 2021 results: Revenue: zł1.45m (down 14% from 3Q 2020). Net income: zł5.87m (down 37% from 3Q 2020). Reported Earnings • Sep 09
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: zł1.23m (up 26% from 2Q 2020). Net loss: zł3.03m (down 156% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 80% per year, which means it is significantly lagging earnings growth. Announcement • Jun 05
Wojciech Iwaniek acquired an unknown stake in INC Spólka Akcyjna. Wojciech Iwaniek acquired an unknown stake in INC Spólka Akcyjna on June 4, 2021. Wojciech Iwaniek is one of the member of the Management Board.
Wojciech Iwaniek completed the acquisition of an unknown stake in INC Spólka Akcyjna on June 4, 2021. Is New 90 Day High Low • Mar 08
New 90-day high: zł8.38 The company is up 16% from its price of zł7.20 on 08 December 2020. The Polish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 20% share price gain to zł8.38, the stock is trading at a trailing P/E ratio of 5.1x, up from the previous P/E ratio of 4.2x. This compares to an average P/E of 12x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 459%. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 16% share price gain to zł8.20, the stock is trading at a trailing P/E ratio of 5x, up from the previous P/E ratio of 4.3x. This compares to an average P/E of 10x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 454%. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 31% share price gain to zł8.14, the stock is trading at a trailing P/E ratio of 4.9x, up from the previous P/E ratio of 3.8x. This compares to an average P/E of 10x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 412%. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 16% share price gain to zł7.30, the stock is trading at a trailing P/E ratio of 4.4x, up from the previous P/E ratio of 3.8x. This compares to an average P/E of 9x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 356%. Is New 90 Day High Low • Dec 22
New 90-day low: zł6.32 The company is down 31% from its price of zł9.10 on 23 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 25% share price gain to zł9.18, the stock is trading at a trailing P/E ratio of 7.2x, up from the previous P/E ratio of 5.8x. This compares to an average P/E of 13x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 413%. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 17% share price gain to zł7.70, the stock is trading at a trailing P/E ratio of 6.1x, up from the previous P/E ratio of 5.2x. This compares to an average P/E of 12x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 343%. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 22% share price decline to zł6.70, the stock is trading at a trailing P/E ratio of 5.3x, down from the previous P/E ratio of 6.8x. This compares to an average P/E of 12x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 272%. Valuation Update With 7 Day Price Move • Oct 22
Market bids up stock over the past week After last week's 21% share price gain to zł8.80, the stock is trading at a trailing P/E ratio of 6.9x, up from the previous P/E ratio of 5.8x. This compares to an average P/E of 12x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 389%. Valuation Update With 7 Day Price Move • Oct 15
Market pulls back on stock over the past week After last week's 22% share price decline to zł7.30, the stock is trading at a trailing P/E ratio of 5.8x, down from the previous P/E ratio of 7.4x. This compares to an average P/E of 12x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 306%. Is New 90 Day High Low • Oct 14
New 90-day low: zł8.36 The company is down 29% from its price of zł11.80 on 16 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Oct 12
Market pulls back on stock over the past week After last week's 19% share price decline to zł9.18, the stock is trading at a trailing P/E ratio of 7.2x, down from the previous P/E ratio of 9x. This compares to an average P/E of 12x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 410%.