Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł3.60, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 14x in the Capital Markets industry in Poland. Total returns to shareholders of 113% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: zł0.07 (vs zł0.031 in 3Q 2024) Third quarter 2025 results: EPS: zł0.07 (up from zł0.031 in 3Q 2024). Revenue: zł68.3m (up 22% from 3Q 2024). Net income: zł1.91m (up 103% from 3Q 2024). Profit margin: 2.8% (up from 1.7% in 3Q 2024). 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 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 11
IPOPEMA Securities S.A. to Report Nine Months, 2025 Results on Nov 14, 2025 IPOPEMA Securities S.A. announced that they will report nine months, 2025 results on Nov 14, 2025 Reported Earnings • Sep 08
Second quarter 2025 earnings released: EPS: zł0.18 (vs zł0.16 in 2Q 2024) Second quarter 2025 results: EPS: zł0.18 (up from zł0.16 in 2Q 2024). Revenue: zł74.3m (up 16% from 2Q 2024). Net income: zł5.78m (up 18% from 2Q 2024). Profit margin: 7.8% (up from 7.6% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Announcement • Aug 21
IPOPEMA Securities S.A. to Report First Half, 2025 Results on Sep 05, 2025 IPOPEMA Securities S.A. announced that they will report first half, 2025 results on Sep 05, 2025 Upcoming Dividend • Jun 20
Upcoming dividend of zł0.21 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 04 July 2025. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 9.8%. Within top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (6.4%). New Risk • May 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 248% 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 Earnings have declined by 9.2% per year over the past 5 years. High level of non-cash earnings (248% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (zł91.0m market cap, or US$24.3m). Announcement • May 27
IPOPEMA Securities S.A. announces Annual dividend, payable on July 04, 2025 IPOPEMA Securities S.A. announced Annual dividend of PLN 0.2100 per share payable on July 04, 2025, ex-date on June 26, 2025 and record date on June 27, 2025. Announcement • May 26
IPOPEMA Securities S.A., Annual General Meeting, Jun 18, 2025 IPOPEMA Securities S.A., Annual General Meeting, Jun 18, 2025. New Risk • May 19
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 Earnings have declined by 9.2% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (zł91.0m market cap, or US$24.1m). Reported Earnings • May 18
First quarter 2025 earnings released: zł0.01 loss per share (vs zł0.049 profit in 1Q 2024) First quarter 2025 results: zł0.01 loss per share (down from zł0.049 profit in 1Q 2024). Revenue: zł56.9m (down 13% from 1Q 2024). Net loss: zł256.0k (down 117% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 19% 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 • Apr 02
Full year 2024 earnings released: EPS: zł0.30 (vs zł0.61 in FY 2023) Full year 2024 results: EPS: zł0.30 (down from zł0.61 in FY 2023). Revenue: zł253.5m (down 21% from FY 2023). Net income: zł9.11m (down 50% from FY 2023). Profit margin: 3.6% (down from 5.7% in FY 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 • Apr 02
New major risk - Revenue and earnings growth Earnings have declined by 2.3% 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 Risk Earnings have declined by 2.3% per year over the past 5 years. 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. Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (zł90.4m market cap, or US$23.5m). Buy Or Sell Opportunity • Mar 27
Now 20% undervalued Over the last 90 days, the stock has risen 29% to zł3.25. The fair value is estimated to be zł4.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has grown by 3.3%. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł3.39, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 25x in the Capital Markets industry in Poland. Total returns to shareholders of 31% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: zł0.03 (vs zł0.10 in 3Q 2023) Third quarter 2024 results: EPS: zł0.03 (down from zł0.10 in 3Q 2023). Revenue: zł56.1m (down 26% from 3Q 2023). Net income: zł938.0k (down 70% from 3Q 2023). Profit margin: 1.7% (down from 4.1% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 11
Second quarter 2024 earnings released: EPS: zł0.16 (vs zł0.17 in 2Q 2023) Second quarter 2024 results: EPS: zł0.16 (down from zł0.17 in 2Q 2023). Revenue: zł63.8m (down 18% from 2Q 2023). Net income: zł4.91m (down 6.2% from 2Q 2023). Profit margin: 7.7% (up from 6.7% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to zł3.34. The fair value is estimated to be zł4.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 43%. Upcoming Dividend • May 15
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 22 May 2024. Payment date: 30 May 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Polish dividend payers (7.6%). Lower than average of industry peers (7.3%). Announcement • Apr 23
IPOPEMA Securities S.A., Annual General Meeting, May 16, 2024 IPOPEMA Securities S.A., Annual General Meeting, May 16, 2024, at 12:00 Central European Standard Time. 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 Risks No financial data reported. High level of non-cash earnings (32% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł106.9m market cap, or US$26.9m). Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł3.78, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 18x in the Capital Markets industry in Poland. Total returns to shareholders of 22% over the past three years. New Risk • Oct 01
New major risk - Revenue and earnings growth Revenue has declined by 9.6% 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 9.6% over the past year. High level of non-cash earnings (32% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (zł94.0m market cap, or US$21.5m). New Risk • Jul 21
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 7.4% 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 (32% accrual ratio). Minor Risks Dividend is not well covered by earnings (224% payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (zł93.1m market cap, or US$23.2m). Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł3.39, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 22x in the Capital Markets industry in Poland. Total returns to shareholders of 2.7% over the past three years. Upcoming Dividend • May 25
Upcoming dividend of zł0.15 per share at 12% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 09 June 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 12%. Within top quartile of Polish dividend payers (7.5%). Higher than average of industry peers (5.1%). Announcement • May 09
IPOPEMA Securities S.A., Annual General Meeting, May 24, 2023 IPOPEMA Securities S.A., Annual General Meeting, May 24, 2023, at 12:00 Central European Standard Time. Buying Opportunity • Jan 09
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be zł2.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: zł0.06 (vs zł0.18 in 3Q 2021) Third quarter 2022 results: EPS: zł0.06 (down from zł0.18 in 3Q 2021). Revenue: zł64.1m (down 3.2% from 3Q 2021). Net income: zł1.89m (down 65% from 3Q 2021). Profit margin: 2.9% (down from 8.0% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 17% share price gain to zł2.34, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 17x 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 • Jun 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł2.66, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 20x in the Capital Markets industry in Poland. Total returns to shareholders of 139% over the past three years. Upcoming Dividend • May 26
Upcoming dividend of zł0.31 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 10 June 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 13%. Within top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (6.7%). Announcement • May 05
IPOPEMA Securities S.A., Annual General Meeting, May 25, 2022 IPOPEMA Securities S.A., Annual General Meeting, May 25, 2022, at 12:00 Central European Standard Time. Buying Opportunity • May 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be zł3.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Apr 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be zł3.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 27% share price decline to zł2.36, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 14x in the Capital Markets industry in Poland. Total returns to shareholders of 79% over the past three years. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS zł0.18 (vs zł0.17 in 3Q 2020) The company reported a soft third quarter result with weaker profit margins, although earnings and revenues were flat. Third quarter 2021 results: Revenue: zł66.2m (flat on 3Q 2020). Net income: zł5.32m (flat on 3Q 2020). Profit margin: 8.0% (down from 8.1% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 09
Second quarter 2021 earnings released: EPS zł0.077 (vs zł0.16 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł57.9m (up 2.8% from 2Q 2020). Net income: zł2.37m (down 51% from 2Q 2020). Profit margin: 4.1% (down from 8.5% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of zł0.37 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 08 July 2021. Trailing yield: 6.7%. Within top quartile of Polish dividend payers (5.9%). In line with average of industry peers (6.7%). Is New 90 Day High Low • Feb 02
New 90-day high: zł5.90 The company is up 67% from its price of zł3.54 on 04 November 2020. The Polish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improved over the past week After last week's 25% share price gain to zł5.90, the stock is trading at a trailing P/E ratio of 12.2x, up from the previous P/E ratio of 9.8x. 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 293%. Announcement • Feb 02
IPOPEMA Securities S.A. to Report Q1, 2021 Results on May 13, 2021 IPOPEMA Securities S.A. announced that they will report Q1, 2021 results on May 13, 2021 Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 26% share price gain to zł5.50, the stock is trading at a trailing P/E ratio of 11.4x, up from the previous P/E ratio of 9x. This compares to an average P/E of 11x in the Capital Markets industry in Poland. Total returns to shareholders over the past three years are 289%. Is New 90 Day High Low • Dec 28
New 90-day high: zł4.26 The company is up 20% from its price of zł3.56 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: zł4.14 The company is up 10.0% from its price of zł3.76 on 19 August 2020. The Polish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is down 13% over the same period. Valuation Update With 7 Day Price Move • Nov 07
Market bids up stock over the past week After last week's 17% share price gain to zł3.98, the stock is trading at a trailing P/E ratio of 14.4x, up from the previous P/E ratio of 12.3x. 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 167%.