Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł9.30, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 15x in the Media industry in Poland. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł8.92, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 15x in the Media industry in Poland. Total returns to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł7.98, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 16x in the Media industry in Poland. Total returns to shareholders of 35% over the past three years. New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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 Risk Market cap is less than US$10m (zł32.4m market cap, or US$8.86m). Minor Risks 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 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.3m (US$9.93m) 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 Risk Market cap is less than US$10m (zł36.3m market cap, or US$9.93m). Minor Risk Profit margins are more than 30% lower than last year (4.7% net profit margin). Reported Earnings • Oct 06
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł6.77m (down 46% from 2Q 2024). Net income: zł167.0k (down 89% from 2Q 2024). Profit margin: 2.5% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. 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 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 27
Muza S.A. to Report First Half, 2025 Results on Sep 30, 2025 Muza S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Reported Earnings • May 30
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł9.16m (down 17% from 1Q 2024). Net income: zł41.0k (down 96% from 1Q 2024). Profit margin: 0.4% (down from 10% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 21
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: 9.4% Last year net profit margin: 19% 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 Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (9.4% net profit margin). Market cap is less than US$100m (zł45.9m market cap, or US$12.2m). Reported Earnings • Dec 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł9.39m (down 32% from 3Q 2023). Net income: zł259.0k (down 88% from 3Q 2023). Profit margin: 2.8% (down from 16% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 03
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł12.5m (down 46% from 2Q 2023). Net income: zł1.56m (down 71% from 2Q 2023). Profit margin: 12% (down from 23% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 14
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at zł13.35. The fair value is estimated to be zł10.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 81%. Announcement • Jun 05
Muza S.A., Annual General Meeting, Jun 29, 2024 Muza S.A., Annual General Meeting, Jun 29, 2024. Reported Earnings • Jun 04
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł11.0m (down 33% from 1Q 2023). Net income: zł1.13m (down 55% from 1Q 2023). Profit margin: 10% (down from 15% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł12.50, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 11x in the Media industry in Poland. Total returns to shareholders of 263% over the past three years. New Risk • Jan 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł39.9m (US$9.91m) 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 Risk Market cap is less than US$10m (zł39.9m market cap, or US$9.91m). Minor Risk Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Upcoming Dividend • Dec 29
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 05 January 2024. Payment date: 15 January 2024. The company last paid an ordinary dividend in April 2021. The average dividend yield among industry peers is 5.0%. Reported Earnings • Dec 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł13.7m (up 28% from 3Q 2022). Net income: zł2.18m (up 118% from 3Q 2022). Profit margin: 16% (up from 9.3% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Oct 01
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł23.2m (up 137% from 2Q 2022). Net income: zł5.29m (up zł4.48m from 2Q 2022). Profit margin: 23% (up from 8.3% in 2Q 2022). The increase in margin was driven by higher revenue. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Market cap is less than US$100m (zł59.8m market cap, or US$14.9m). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł19.00, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 11x in the Media industry in Poland. Total returns to shareholders of 738% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł12.40, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 11x in the Media industry in Poland. Total returns to shareholders of 456% over the past three years. Reported Earnings • Jun 04
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł16.4m (up 131% from 1Q 2022). Net income: zł2.48m (up zł2.84m from 1Q 2022). Profit margin: 15% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł10.50, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 10x in the Media industry in Poland. Total returns to shareholders of 404% over the past three years. Announcement • May 09
Muza S.A., Annual General Meeting, May 27, 2023 Muza S.A., Annual General Meeting, May 27, 2023, at 10:00 Central European Standard Time. Reported Earnings • Dec 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł10.7m (up 12% from 3Q 2021). Net income: zł997.0k (up 11% from 3Q 2021). Profit margin: 9.3% (down from 9.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 15% share price gain to zł6.40, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 6x in the Media industry in Poland. Total returns to shareholders of 152% over the past three years. Reported Earnings • Oct 04
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł9.78m (up 8.9% from 2Q 2021). Net income: zł808.0k (up zł752.0k from 2Q 2021). Profit margin: 8.3% (up from 0.6% in 2Q 2021). Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: zł9.55m (up 49% from 3Q 2020). Net income: zł895.0k (up 220% from 3Q 2020). Profit margin: 9.4% (up from 4.4% in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 01
Second quarter 2021 earnings released The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł8.98m (up 33% from 2Q 2020). Net income: zł56.0k (down 96% from 2Q 2020). Profit margin: 0.6% (down from 20% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł6.15, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 14x in the Media industry in Poland. Total returns to shareholders of 137% over the past three years. Upcoming Dividend • Sep 16
Inaugural dividend of zł0.65 per share Eligible shareholders must have bought the stock before 23 September 2021. Payment date: 08 October 2021. This is the first dividend for Muza since going public. The average dividend yield among industry peers is 3.5%. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 30% share price gain to zł5.30, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 14x in the Media industry in Poland. Total returns to shareholders of 69% over the past three years. Reported Earnings • May 06
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: zł28.3m (up 6.3% from FY 2019). Net income: zł401.0k (down 42% from FY 2019). Profit margin: 1.4% (down from 2.6% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 20
New 90-day high: zł3.52 The company is up 35% from its price of zł2.60 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 Media industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 18% share price gain to zł3.32, the stock is trading at a trailing P/E ratio of 2.7x, up from the previous P/E ratio of 2.3x. This compares to an average P/E of 14x in the Media industry in Poland. Total return to shareholders over the past three years is a loss of 6.2%. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 17% share price gain to zł3.30, the stock is trading at a trailing P/E ratio of 2.7x, up from the previous P/E ratio of 2.3x. This compares to an average P/E of 14x in the Media industry in Poland. Total return to shareholders over the past three years is a loss of 6.8%. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł2.80, the stock is trading at a trailing P/E ratio of 2.3x, down from the previous P/E ratio of 2.7x. This compares to an average P/E of 12x in the Media industry in Poland. Total return to shareholders over the past three years is a loss of 16%. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 21% share price gain to zł3.26, the stock is trading at a trailing P/E ratio of 4.2x, up from the previous P/E ratio of 3.5x. This compares to an average P/E of 13x in the Media industry in Poland. Total return to shareholders over the past three years is a loss of 5.2%. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 17% share price gain to zł2.80, the stock is trading at a trailing P/E ratio of 3.6x, up from the previous P/E ratio of 3.1x. This compares to an average P/E of 15x in the Media industry in Poland. Total return to shareholders over the past three years is a loss of 22%. Is New 90 Day High Low • Nov 17
New 90-day high: zł2.80 The company is up 24% from its price of zł2.26 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 Media industry, which is down 5.0% over the same period.