New Risk • Jul 06
New major risk - Revenue and earnings growth Earnings have declined by 0.5% 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 Interest payments are not well covered by earnings (2.7x net interest cover). Earnings have declined by 0.5% per year over the past 5 years. Market cap is less than US$10m (zł24.2m market cap, or US$6.46m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jun 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x 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 (2.7x net interest cover). Market cap is less than US$10m (zł26.2m market cap, or US$7.12m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • May 25
Indos SA, Annual General Meeting, Jun 17, 2026 Indos SA, Annual General Meeting, Jun 17, 2026, at 09:00 Central European Standard Time. Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: zł0.64 (vs zł0.55 in FY 2024) Full year 2025 results: EPS: zł0.64 (up from zł0.55 in FY 2024). Revenue: zł22.1m (up 17% from FY 2024). Net income: zł4.57m (up 16% from FY 2024). Profit margin: 21% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to zł3.40. The fair value is estimated to be zł4.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 20%. New Risk • Dec 03
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x 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 (2.3x net interest cover). Market cap is less than US$10m (zł26.2m market cap, or US$7.20m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł5.86m (up 7.5% from 3Q 2024). Net income: zł1.98m (up 94% from 3Q 2024). Profit margin: 34% (up from 19% in 3Q 2024). Announcement • Nov 13
Indos SA to Report Q3, 2025 Results on Nov 14, 2025 Indos SA announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Jul 29
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 6.9% 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 Interest payments are not well covered by earnings (2.1x net interest cover). Market cap is less than US$10m (zł26.4m market cap, or US$7.13m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł4.06, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 8x in the Consumer Finance industry in Poland. Total returns to shareholders of 80% over the past three years. Upcoming Dividend • Jun 27
Upcoming dividend of zł0.27 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 7.1%. Within top quartile of Polish dividend payers (6.9%). Higher than average of industry peers (3.9%). New Risk • May 28
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: 17% Last year net profit margin: 25% 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 Interest payments are not well covered by earnings (2.1x net interest cover). Market cap is less than US$10m (zł26.4m market cap, or US$7.03m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (17% net profit margin). Reported Earnings • Feb 19
Full year 2024 earnings released Full year 2024 results: Revenue: zł18.8m (down 8.9% from FY 2023). Net income: zł3.81m (down 33% from FY 2023). Profit margin: 20% (down from 28% in FY 2023). Reported Earnings • Aug 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł4.41m (down 16% from 2Q 2023). Net income: zł1.35m (down 14% from 2Q 2023). Profit margin: 31% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Jun 10
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: zł20m (US$5.0m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (zł27.8m market cap, or US$6.89m). Minor Risks Paying a dividend despite having no free cash flows. Revenue is less than US$5m (zł20m revenue, or US$5.0m). Upcoming Dividend • Jun 07
Upcoming dividend of zł0.39 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 9.7%. Within top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (4.4%). Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł3.48m (down 13% from 1Q 2023). Net income: zł548.4k (down 56% from 1Q 2023). Profit margin: 16% (down from 31% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • May 14
Indos SA, Annual General Meeting, Jun 05, 2024 Indos SA, Annual General Meeting, Jun 05, 2024. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.82 (vs zł0.78 in FY 2022) Full year 2023 results: EPS: zł0.82 (up from zł0.78 in FY 2022). Revenue: zł20.8m (up 7.5% from FY 2022). Net income: zł5.83m (up 5.1% from FY 2022). Profit margin: 28% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł4.78m (up 5.4% from 3Q 2022). Net income: zł1.11m (down 26% from 3Q 2022). Profit margin: 23% (down from 33% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buying Opportunity • Sep 29
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be zł4.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 22%. Buying Opportunity • Sep 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.0%. The fair value is estimated to be zł4.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 22%. Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł5.23m (down 5.3% from 2Q 2022). Net income: zł1.57m (down 5.3% from 2Q 2022). Profit margin: 30% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 09
Now 21% undervalued Over the last 90 days, the stock is up 8.3%. The fair value is estimated to be zł4.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 14%. Upcoming Dividend • Jul 14
Upcoming dividend of zł0.38 per share at 10% yield Eligible shareholders must have bought the stock before 21 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of Polish dividend payers (7.1%). Higher than average of industry peers (7.1%). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł4.00, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 9x in the Consumer Finance industry in Europe. Total returns to shareholders of 9.6% over the past three years. Announcement • Jun 04
Indos SA, Annual General Meeting, Jun 27, 2023 Indos SA, Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Buying Opportunity • Mar 06
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be zł4.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 6.4%. Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: zł0.77 (vs zł0.47 in FY 2021) Full year 2022 results: EPS: zł0.77 (up from zł0.47 in FY 2021). Revenue: zł19.2m (up 31% from FY 2021). Net income: zł5.45m (up 64% from FY 2021). Profit margin: 28% (up from 23% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł5.52m (up 75% from 2Q 2021). Net income: zł1.66m (up 130% from 2Q 2021). Profit margin: 30% (up from 23% in 2Q 2021). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 16% share price gain to zł3.02, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 10x in the Consumer Finance industry in Europe. Total returns to shareholders of 12% over the past three years. Upcoming Dividend • Jul 07
Upcoming dividend of zł0.18 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 02 August 2022. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 6.2%. Lower than top quartile of Polish dividend payers (8.5%). Higher than average of industry peers (4.9%). Announcement • Jun 07
Indos SA, Annual General Meeting, Jun 30, 2022 Indos SA, Annual General Meeting, Jun 30, 2022, at 10:00 Central European Standard Time. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.62 (up from zł0.51 in FY 2020). Revenue: zł14.2m (down 5.3% from FY 2020). Net income: zł4.42m (up 23% from FY 2020). Profit margin: 31% (up from 24% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł3.56m (down 11% from 3Q 2020). Net income: zł915.9k (down 27% from 3Q 2020). Profit margin: 26% (down from 31% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 28% share price gain to zł4.06, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 15x in the Consumer Finance industry in Europe. Total returns to shareholders of 72% over the past three years. Reported Earnings • Aug 22
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: zł3.16m (down 11% from 2Q 2020). Net income: zł719.9k (down 32% from 2Q 2020). Profit margin: 23% (down from 30% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 22
First quarter 2021 earnings released The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: zł3.52m (down 15% from 1Q 2020). Net income: zł1.24m (down 6.0% from 1Q 2020). Profit margin: 35% (up from 32% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2020 earnings released: EPS zł0.51 (vs zł0.58 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: zł15.0m (down 4.3% from FY 2019). Net income: zł3.65m (down 12% from FY 2019). Profit margin: 24% (down from 26% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improved over the past week After last week's 15% share price gain to zł3.58, the stock is trading at a trailing P/E ratio of 6.5x, up from the previous P/E ratio of 5.6x. This compares to an average P/E of 15x in the Consumer Finance industry in Europe. Total returns to shareholders over the past three years are 71%. Is New 90 Day High Low • Jan 27
New 90-day high: zł3.48 The company is up 14% from its price of zł3.06 on 29 October 2020. The Polish market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Finance industry, which is up 38% over the same period.