Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł3.50, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 15x in the IT industry in Poland. Total returns to shareholders of 29% over the past three years. New Risk • Mar 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x 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 (1.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 181% Paying a dividend despite having no free cash flows. Earnings have declined by 57% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł110.8m market cap, or US$29.9m). New Risk • Nov 17
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 7.0% 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 55% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (181% payout ratio). Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (zł103.2m market cap, or US$28.3m). Announcement • Nov 11
Atende S.A. to Report Q3, 2025 Results on Nov 13, 2025 Atende S.A. announced that they will report Q3, 2025 results on Nov 13, 2025 Reported Earnings • Aug 26
Second quarter 2025 earnings released: EPS: zł0.022 (vs zł0.015 in 2Q 2024) Second quarter 2025 results: EPS: zł0.022 (up from zł0.015 in 2Q 2024). Revenue: zł63.6m (down 1.9% from 2Q 2024). Net income: zł790.0k (up 46% from 2Q 2024). Profit margin: 1.2% (up from 0.8% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Aug 21
Atende S.A. to Report First Half, 2025 Results on Sep 16, 2025 Atende S.A. announced that they will report first half, 2025 results on Sep 16, 2025 Reported Earnings • May 15
First quarter 2025 earnings released: EPS: zł0.05 (vs zł0.027 loss in 1Q 2024) First quarter 2025 results: EPS: zł0.05 (up from zł0.027 loss in 1Q 2024). Revenue: zł77.7m (up 25% from 1Q 2024). Net income: zł1.91m (up zł2.89m from 1Q 2024). Profit margin: 2.5% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 27
Third quarter 2024 earnings released: EPS: zł0.03 (vs zł0.06 in 3Q 2023) Third quarter 2024 results: EPS: zł0.03 (down from zł0.06 in 3Q 2023). Revenue: zł93.8m (up 19% from 3Q 2023). Net income: zł1.16m (down 46% from 3Q 2023). Profit margin: 1.2% (down from 2.7% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 15% per year. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł2.78, the stock trades at a trailing P/E ratio of 35.9x. Average trailing P/E is 18x in the IT industry in Poland. Total loss to shareholders of 36% over the past three years. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: zł0.032 (vs zł0.06 in 3Q 2023) Third quarter 2024 results: EPS: zł0.032 (down from zł0.06 in 3Q 2023). Revenue: zł93.8m (up 19% from 3Q 2023). Net income: zł1.16m (down 46% from 3Q 2023). Profit margin: 1.2% (down from 2.7% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. New Risk • Sep 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 406% Dividend yield: 4.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 406% Earnings have declined by 22% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (zł104.3m market cap, or US$27.1m). Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: zł0.015 (vs zł0.06 in 2Q 2023) Second quarter 2024 results: EPS: zł0.015 (down from zł0.06 in 2Q 2023). Revenue: zł64.8m (down 12% from 2Q 2023). Net income: zł540.0k (down 77% from 2Q 2023). Profit margin: 0.8% (down from 3.2% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 18
Upcoming dividend of zł0.14 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 03 July 2024. The company last paid an ordinary dividend in August 2013. The average dividend yield among industry peers is 2.6%. Announcement • May 21
Atende S.A., Annual General Meeting, Jun 14, 2024 Atende S.A., Annual General Meeting, Jun 14, 2024. Reported Earnings • May 07
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł62.2m (down 14% from 1Q 2023). Net loss: zł1.01m (down 133% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł2.81, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the IT industry in Poland. Total loss to shareholders of 32% over the past three years. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: zł0.24 (vs zł0.036 in FY 2022) Full year 2023 results: EPS: zł0.24 (up from zł0.036 in FY 2022). Revenue: zł328.1m (up 45% from FY 2022). Net income: zł8.75m (up zł7.43m from FY 2022). Profit margin: 2.7% (up from 0.6% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: zł0.06 (vs zł0.11 loss in 3Q 2022) Third quarter 2023 results: EPS: zł0.06 (up from zł0.11 loss in 3Q 2022). Revenue: zł78.9m (up 96% from 3Q 2022). Net income: zł2.13m (up zł6.24m from 3Q 2022). Profit margin: 2.7% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: zł0.064 (vs zł0.09 in 2Q 2022) Second quarter 2023 results: EPS: zł0.064 (down from zł0.09 in 2Q 2022). Revenue: zł73.5m (up 21% from 2Q 2022). Net income: zł2.32m (down 31% from 2Q 2022). Profit margin: 3.2% (down from 5.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł3.60, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 20x in the IT industry in Poland. Total returns to shareholders of 39% over the past three years. Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: zł0.04 (vs zł0.063 loss in FY 2021) Full year 2022 results: EPS: zł0.04 (up from zł0.063 loss in FY 2021). Revenue: zł225.6m (up 9.9% from FY 2021). Net income: zł1.32m (up zł3.59m from FY 2021). Profit margin: 0.6% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 20
Third quarter 2022 earnings released: zł0.11 loss per share (vs zł0.05 loss in 3Q 2021) Third quarter 2022 results: zł0.11 loss per share (further deteriorated from zł0.05 loss in 3Q 2021). Revenue: zł40.3m (flat on 3Q 2021). Net loss: zł4.11m (loss widened 132% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 28% 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 • Aug 23
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł61.0m (up 26% from 2Q 2021). Net income: zł3.22m (up zł3.17m from 2Q 2021). Profit margin: 5.3% (up from 0.1% in 2Q 2021). Announcement • Jun 01
Atende S.A., Annual General Meeting, Jun 23, 2022 Atende S.A., Annual General Meeting, Jun 23, 2022, at 11:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2022 earnings released: zł0.09 loss per share (vs zł0.05 loss in 1Q 2021) First quarter 2022 results: zł0.09 loss per share (down from zł0.05 loss in 1Q 2021). Revenue: zł41.8m (up 5.3% from 1Q 2021). Net loss: zł3.26m (loss widened 74% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Full year 2021 earnings released: zł0.063 loss per share (vs zł1.05 profit in FY 2020) Full year 2021 results: zł0.063 loss per share (down from zł1.05 profit in FY 2020). Revenue: zł205.3m (down 21% from FY 2020). Net loss: zł2.28m (down 106% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 17% share price gain to zł4.70, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 14x in the IT industry in Poland. Total returns to shareholders of 61% over the past three years. Reported Earnings • Nov 19
Third quarter 2021 earnings released: zł0.05 loss per share (vs zł0.053 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: zł40.6m (down 25% from 3Q 2020). Net loss: zł1.77m (down 198% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 16
Second quarter 2021 earnings released: EPS zł0.001 (vs zł0.09 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł48.3m (down 7.1% from 2Q 2020). Net income: zł50.0k (down 98% from 2Q 2020). Profit margin: 0.1% (down from 5.9% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł5.82, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 22x in the IT industry in Poland. Total returns to shareholders of 85% over the past three years. Reported Earnings • May 21
First quarter 2021 earnings released: zł0.05 loss per share (vs zł0.05 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: zł39.7m (down 5.5% from 1Q 2020). Net loss: zł1.88m (loss widened 3.4% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 20
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 26 May 2021. Payment date: 08 June 2021. Trailing yield: 16%. Within top quartile of Polish dividend payers (5.6%). Higher than average of industry peers (2.4%). Reported Earnings • Apr 15
Full year 2020 earnings released: EPS zł1.05 (vs zł0.33 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: zł260.1m (down 12% from FY 2019). Net income: zł38.2m (up 215% from FY 2019). Profit margin: 15% (up from 4.1% in FY 2019). The increase in margin was driven by lower expenses. 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 11% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 15
New 90-day high: zł4.32 The company is up 46% from its price of zł2.96 on 16 October 2020. The Polish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 1.0% over the same period. Announcement • Dec 30
An unknown buyer acquired Atende Software sp. z o.o. from Atende S.A. (WSE:ATD) for PLN 52.5 million. An unknown buyer acquired Atende Software sp. z o.o. from Atende S.A. (WSE:ATD) for PLN 52.5 million on December 29, 2020.
An unknown buyer completed the acquisition of Atende Software sp. z o.o. from Atende S.A. (WSE:ATD) for PLN 52.5 million on December 29, 2020. Is New 90 Day High Low • Dec 17
New 90-day high: zł3.66 The company is up 9.0% from its price of zł3.36 on 18 September 2020. The Polish market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 7.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: zł3.50 The company is up 9.0% from its price of zł3.20 on 28 August 2020. The Polish market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 13% over the same period. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS zł0.09 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: zł54.2m (down 7.3% from 3Q 2019). Net income: zł1.81m (up zł3.21m from 3Q 2019). Profit margin: 3.3% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 16% share price gain to zł3.40, the stock is trading at a trailing P/E ratio of 8.5x, up from the previous P/E ratio of 7.3x. This compares to an average P/E of 14x in the IT industry in Poland. Total return to shareholders over the past three years is a loss of 9.2%. Is New 90 Day High Low • Oct 16
New 90-day low: zł2.96 The company is down 20% from its price of zł3.68 on 17 July 2020. The Polish market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 6.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: zł3.00 The company is down 15% from its price of zł3.54 on 30 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 5.0% over the same period. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total profits of zł12.6m, largely unchanged from the prior year. Total revenue was zł242.2m over the last 12 months, down 21% from the prior year. Announcement • Sep 17
STGE Inv sp. Z o.o completed the acquisition of remaining 60% stake in Sputnik Software Sp. z o. o from Atende S.A. (WSE:ATD) STGE Inv sp. Z o.o signed a letter of intent to acquire remaining 60% stake in Sputnik Software Sp. z o. o from Atende S.A. (WSE:ATD) for PLN 16.2 million on December 11, 2019. STGE Inv sp. Z o.o signed a contract to acquire 60% stake in Sputnik Software Sp. z o. o from Atende S.A. (WSE:ATD) on December 27, 2019. Before this transaction, Stge Inv sp. Z o.o holds 40% stake in Sputnik Software Sp. z o. o.
STGE Inv sp. Z o.o completed the acquisition of remaining 60% stake in Sputnik Software Sp. z o. o from Atende S.A. (WSE:ATD) on December 27, 2019. STGE paid the sales price in two installments, PLN 8 million on December 30, 2019 and PLN 8.2 million on January 31, 2020. In 2018, Sputnik Software reported revenue of PLN 28.7 million and net profit of PLN 3.42 million.