Buy Or Sell Opportunity • Jun 30
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.6% to zł4.02. The fair value is estimated to be zł5.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 45% over the last 3 years. Earnings per share has declined by 10%. Announcement • Jun 09
BTCS S.A., Annual General Meeting, Jun 30, 2026 BTCS S.A., Annual General Meeting, Jun 30, 2026. Reported Earnings • May 28
Full year 2025 earnings released Full year 2025 results: Net loss: zł2.40m (loss widened zł2.13m from FY 2024). Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: Net income: zł1.29m (up zł1.33m from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 100% per year, which means it is well ahead of earnings. New Risk • Aug 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł13m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł13m free cash flow). Share price has been highly volatile over the past 3 months (29% average weekly change). Negative equity (-zł9.2m). Earnings have declined by 101% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (zł15.7m market cap, or US$4.27m). Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł935.6k (down 33% from 1Q 2024). Net loss: zł417.1k (down zł475.5k from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 59% 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. Reported Earnings • Feb 15
Full year 2024 earnings released: zł0.001 loss per share (vs zł0.15 loss in FY 2023) Full year 2024 results: zł0.001 loss per share (improved from zł0.15 loss in FY 2023). Revenue: zł4.38m (down 27% from FY 2023). Net loss: zł12.1k (loss narrowed 100% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 06
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at zł1.32. The fair value is estimated to be zł1.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 31% over the last 3 years. Meanwhile, the company became loss making. New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings have declined by 21% 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 Shares are highly illiquid. Earnings have declined by 21% per year over the past 5 years. Market cap is less than US$10m (zł14.7m market cap, or US$3.61m). Minor Risk Revenue is less than US$5m (zł5.0m revenue, or US$1.2m). Announcement • Jun 05
Vakomtek S.A., Annual General Meeting, Jun 26, 2024 Vakomtek S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł1.40m (down 8.3% from 1Q 2023). Net income: zł58.5k (up 105% from 1Q 2023). Profit margin: 4.2% (up from 1.9% in 1Q 2023). Reported Earnings • Feb 15
Full year 2023 earnings released: zł0.13 loss per share (vs zł0.057 loss in FY 2022) Full year 2023 results: zł0.13 loss per share (further deteriorated from zł0.057 loss in FY 2022). Revenue: zł6.02m (down 39% from FY 2022). Net loss: zł2.13m (loss widened 133% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Announcement • Feb 07
Vakomtek S.A. to Report Fiscal Year 2023 Final Results on May 31, 2024 Vakomtek S.A. announced that they will report fiscal year 2023 final results on May 31, 2024 Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł1.48m (down 40% from 3Q 2022). Net loss: zł56.7k (loss narrowed 4.1% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł1.40m (down 23% from 2Q 2022). Net loss: zł410.2k (loss widened 15% from 2Q 2022). Announcement • Jun 02
Vakomtek S.A., Annual General Meeting, Jun 26, 2023 Vakomtek S.A., Annual General Meeting, Jun 26, 2023, at 10:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł1.53m (down 46% from 1Q 2022). Net income: zł28.5k (up zł48.7k from 1Q 2022). Profit margin: 1.9% (up from net loss in 1Q 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 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 18
Full year 2022 earnings released: zł0.021 loss per share (vs zł0.065 profit in FY 2021) Full year 2022 results: zł0.021 loss per share (down from zł0.065 profit in FY 2021). Revenue: zł9.80m (down 20% from FY 2021). Net loss: zł336.7k (down 132% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 05
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be zł1.12, 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. Meanwhile, the company became loss making. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 20% share price gain to zł1.38, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 9x in the Specialty Retail industry in Poland. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 23% share price gain to zł1.16, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 8x in the Specialty Retail industry in Poland. Total loss to shareholders of 47% over the past year. Announcement • Jun 01
Vakomtek S.A., Annual General Meeting, Jun 24, 2022 Vakomtek S.A., Annual General Meeting, Jun 24, 2022, at 10:00 Central European Standard Time. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł2.83m (down 20% from 1Q 2021). Net loss: zł20.2k (down 108% from profit in 1Q 2021). Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 21% share price gain to zł1.40, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 9x in the Specialty Retail industry in Poland. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 19% share price gain to zł1.12, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 9x in the Specialty Retail industry in Poland. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 23% share price gain to zł1.27, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 8x in the Specialty Retail industry in Poland. Total returns to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 21% share price gain to zł1.33, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 9x in the Specialty Retail industry in Poland. Total returns to shareholders of 62% over the past three years. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.073 (up from zł0.028 in FY 2020). Revenue: zł12.2m (up 9.6% from FY 2020). Net income: zł1.16m (up 161% from FY 2020). Profit margin: 9.5% (up from 4.0% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.04, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 9x in the Specialty Retail industry in Poland. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.25, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 8x in the Specialty Retail industry in Poland. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 18% share price gain to zł1.07, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 11x in the Specialty Retail industry in Poland. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł1.08, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 10x in the Specialty Retail industry in Poland. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.85, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 13x in the Specialty Retail industry in Poland. Total returns to shareholders of 126% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 25% share price gain to zł2.06, the stock trades at a trailing P/E ratio of 33.4x. Average trailing P/E is 13x in the Specialty Retail industry in Poland. Total returns to shareholders of 151% over the past three years. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł2.18, the stock trades at a trailing P/E ratio of 77.1x. Average trailing P/E is 13x in the Specialty Retail industry in Poland. Total returns to shareholders of 166% over the past three years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorated over the past week After last week's 24% share price decline to zł1.59, the stock trades at a trailing P/E ratio of 56.3x. Average trailing P/E is 13x in the Specialty Retail industry in Poland. Total returns to shareholders of 94% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 20% share price gain to zł1.08, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 13x in the Specialty Retail industry in Poland. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorated over the past week After last week's 37% share price decline to zł1.07, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 12x in the Specialty Retail industry in Poland. Total returns to shareholders of 35% over the past three years. Reported Earnings • Jun 08
First quarter 2021 earnings released: EPS zł0.017 (vs zł0.016 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: zł3.53m (up 52% from 1Q 2020). Net income: zł268.7k (up 2.8% from 1Q 2020). Profit margin: 7.6% (down from 11% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% 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 • May 10
Investor sentiment improved over the past week After last week's 25% share price gain to zł1.10, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 14x in the Specialty Retail industry in Poland. Total returns to shareholders of 112% over the past three years. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improved over the past week After last week's 16% share price gain to zł1.04, the stock is trading at a trailing P/E ratio of 21.3x, up from the previous P/E ratio of 18.4x. This compares to an average P/E of 10x in the Specialty Retail industry in Poland. Total returns to shareholders over the past three years are 160%. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS zł0.049 (vs zł0.083 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł11.2m (down 1.7% from FY 2019). Net income: zł782.5k (up zł2.10m from FY 2019). Profit margin: 7.0% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year and the company’s share price has also increased by 24% per year. Is New 90 Day High Low • Nov 10
New 90-day high: zł1.40 The company is up 41% from its price of zł0.99 on 11 August 2020. The Polish market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is down 1.0% over the same period. Is New 90 Day High Low • Oct 06
New 90-day low: zł0.60 The company is down 38% from its price of zł0.97 on 07 July 2020. The Polish market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 18% over the same period.