Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: zł1.97 (vs zł1.85 in FY 2024) Full year 2025 results: EPS: zł1.97 (up from zł1.85 in FY 2024). Revenue: zł580.2m (up 4.2% from FY 2024). Net income: zł24.3m (up 6.6% from FY 2024). Profit margin: 4.2% (up from 4.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 27
Third quarter 2025 earnings released: EPS: zł0.72 (vs zł0.31 in 3Q 2024) Third quarter 2025 results: EPS: zł0.72 (up from zł0.31 in 3Q 2024). Revenue: zł134.8m (down 7.4% from 3Q 2024). Net income: zł8.93m (up 135% from 3Q 2024). Profit margin: 6.6% (up from 2.6% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to zł16.32. The fair value is estimated to be zł20.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • Sep 30
Second quarter 2025 earnings released: EPS: zł0.56 (vs zł0.63 in 2Q 2024) Second quarter 2025 results: EPS: zł0.56 (down from zł0.63 in 2Q 2024). Revenue: zł139.4m (down 2.4% from 2Q 2024). Net income: zł6.98m (down 11% from 2Q 2024). Profit margin: 5.0% (down from 5.5% 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 20% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • May 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł247.1m market cap, or US$65.8m). Announcement • May 22
Ailleron S.A., Annual General Meeting, Jun 17, 2025 Ailleron S.A., Annual General Meeting, Jun 17, 2025. Reported Earnings • Nov 26
Third quarter 2024 earnings released: EPS: zł1.06 (vs zł0.32 loss in 3Q 2023) Third quarter 2024 results: EPS: zł1.06 (up from zł0.32 loss in 3Q 2023). Revenue: zł395.0m (up 245% from 3Q 2023). Net income: zł13.2m (up zł17.1m from 3Q 2023). Profit margin: 3.3% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Sep 24
Second quarter 2024 earnings released: EPS: zł0.63 (vs zł0.15 in 2Q 2023) Second quarter 2024 results: EPS: zł0.63 (up from zł0.15 in 2Q 2023). Revenue: zł142.8m (up 23% from 2Q 2023). Net income: zł7.80m (up 327% from 2Q 2023). Profit margin: 5.5% (up from 1.6% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. New Risk • Jun 13
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 50% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Dividend is not well covered by earnings (155% payout ratio). Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (zł210.8m market cap, or US$52.3m). Reported Earnings • May 29
First quarter 2024 earnings released: EPS: zł13.00 (vs zł0.23 in 1Q 2023) First quarter 2024 results: EPS: zł13.00. Revenue: zł106.7m (down 3.5% from 1Q 2023). Net income: zł1.56m (down 45% from 1Q 2023). Profit margin: 1.5% (down from 2.6% in 1Q 2023). The decrease in margin was driven by lower revenue. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: zł0.35 (vs zł1.23 in FY 2022) Full year 2023 results: EPS: zł0.35 (down from zł1.23 in FY 2022). Revenue: zł466.8m (up 14% from FY 2022). Net income: zł4.34m (down 71% from FY 2022). Profit margin: 0.9% (down from 3.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 01
Now 23% overvalued Over the last 90 days, the stock has fallen 9.4% to zł19.30. The fair value is estimated to be zł15.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 44%. Reported Earnings • Nov 24
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł114.4m (up 2.4% from 3Q 2022). Net loss: zł3.93m (down 170% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 29
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł115.7m (up 14% from 2Q 2022). Net income: zł1.83m (down 39% from 2Q 2022). Profit margin: 1.6% (down from 2.9% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 19
Upcoming dividend of zł1.00 per share at 5.2% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 18 October 2023. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (3.7%). New Risk • Jun 10
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: 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 (zł254.5m market cap, or US$61.7m). Announcement • Jun 02
Ailleron S.A., Annual General Meeting, Jun 27, 2023 Ailleron S.A., Annual General Meeting, Jun 27, 2023, at 11:00 Central European Standard Time. Reported Earnings • May 30
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł110.6m (up 44% from 1Q 2022). Net income: zł2.82m (up zł3.49m from 1Q 2022). Profit margin: 2.6% (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 49% per year and the company’s share price has also increased by 49% per year. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: zł1.09 (vs zł0.60 in FY 2021) Full year 2022 results: EPS: zł1.09 (up from zł0.60 in FY 2021). Revenue: zł413.2m (up 91% from FY 2021). Net income: zł13.4m (up 80% from FY 2021). Profit margin: 3.2% (down from 3.4% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 55% per year whereas the company’s share price has increased by 52% per year. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł111.7m (up 86% from 3Q 2021). Net income: zł5.62m (up 451% from 3Q 2021). Profit margin: 5.0% (up from 1.7% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Sep 28
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł101.7m (up 120% from 2Q 2021). Net income: zł2.97m (up zł2.87m from 2Q 2021). Profit margin: 2.9% (up from 0.2% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 21
Upcoming dividend of zł0.32 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 12 August 2022. Payout ratio is on the higher end at 80% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Polish dividend payers (8.4%). Lower than average of industry peers (4.0%). Announcement • May 27
Ailleron S.A., Annual General Meeting, Jun 21, 2022 Ailleron S.A., Annual General Meeting, Jun 21, 2022, at 11:00 Central European Standard Time. Reported Earnings • May 25
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł76.7m (up 97% from 1Q 2021). Net loss: zł666.0k (down 137% from profit in 1Q 2021). 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 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: zł0.60 (down from zł0.76 in FY 2020). Revenue: zł216.8m (up 39% from FY 2020). Net income: zł7.37m (down 22% from FY 2020). Profit margin: 3.4% (down from 6.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 23%. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 20
Ailleron S.A. (WSE:ALL) signed an agreement to acquire 59.01 percentage stake in Chmurowisko sp. z o.o. Ailleron S.A. (WSE:ALL) signed an agreement to acquire 59.01 percentage stake in Chmurowisko sp. z o.o. on February 18, 2022. Under deal unit to also buy additional 30 shares in Chmurowisko in new share issue. Under deal unit to ultimately hold 66.9% stake in Chmurowisko. Deal value does not exceeds 10% of companies equity at the end of Q3. Reported Earnings • Dec 03
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł0.083 (up from zł0.06 in 3Q 2020). Revenue: zł60.2m (up 72% from 3Q 2020). Net income: zł1.02m (up 37% from 3Q 2020). Profit margin: 1.7% (down from 2.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 23%. Over the last 3 years on average, earnings per share has increased by 21% 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 • Sep 17
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: zł46.2m (up 32% from 2Q 2020). Net income: zł100.0k (down 96% from 2Q 2020). Profit margin: 0.2% (down from 6.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 19% share price gain to zł15.65, the stock trades at a trailing P/E ratio of 18.3x. Average forward P/E is 35x in the Software industry in Poland. Total returns to shareholders of 20% over the past three years. Upcoming Dividend • Jul 02
Upcoming dividend of zł0.32 per share Eligible shareholders must have bought the stock before 09 July 2021. Payment date: 30 July 2021. Trailing yield: 2.4%. Lower than top quartile of Polish dividend payers (5.7%). Lower than average of industry peers (3.8%). Reported Earnings • Jun 05
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł39.0m (up 22% from 1Q 2020). Net income: zł1.78m (up 172% from 1Q 2020). Profit margin: 4.6% (up from 2.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł13.40, the stock trades at a trailing P/E ratio of 17.6x. Average forward P/E is 34x in the Software industry in Poland. Total loss to shareholders of 21% over the past three years. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS zł0.76 (vs zł0.04 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł156.2m (up 11% from FY 2019). Net income: zł9.43m (up zł8.93m from FY 2019). Profit margin: 6.0% (up from 0.4% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations Revenue exceeded analyst estimates by 5.5%. Over the next year, revenue is forecast to grow 2.4%, compared to a 21% growth forecast for the Software industry in Poland. Is New 90 Day High Low • Mar 01
New 90-day high: zł13.60 The company is up 75% from its price of zł7.78 on 01 December 2020. The Polish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: zł13.00 The company is up 96% from its price of zł6.64 on 09 October 2020. The Polish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 6.0% over the same period. Announcement • Dec 16
An unknown buyer acquired 13.2% in Ailleron S.A. (WSE:ALL) from Middlefield Ventures, Inc. An unknown buyer acquired 13.2% in Ailleron S.A. (WSE:ALL) from Middlefield Ventures, Inc. on December 14, 2020.
An unknown buyer completed the acquisition of 13.2% in Ailleron S.A. (WSE:ALL) from Middlefield Ventures, Inc. on December 14, 2020. Is New 90 Day High Low • Dec 09
New 90-day high: zł10.55 The company is up 50% from its price of zł7.04 on 10 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 2.0% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS zł0.06 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: zł35.1m (up 3.5% from 3Q 2019). Net income: zł746.0k (down 63% from 3Q 2019). Profit margin: 2.1% (down from 6.0% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 64% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 24
New 90-day high: zł7.58 The company is up 4.0% from its price of zł7.30 on 25 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 Software industry, which is down 4.0% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of zł1.96m, down 40% from the prior year. Total revenue was zł145.7m over the last 12 months, up 12% from the prior year.