Reported Earnings • May 11
First quarter 2026 earnings released: EPS: zł0.37 (vs zł0.56 in 1Q 2025) First quarter 2026 results: EPS: zł0.37 (down from zł0.56 in 1Q 2025). Revenue: zł15.7m (down 1.7% from 1Q 2025). Net income: zł2.37m (down 34% from 1Q 2025). Profit margin: 15% (down from 22% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. 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 4% per year, which means it is significantly lagging earnings growth. Announcement • Apr 02
Ifirma SA, Annual General Meeting, Apr 29, 2026 Ifirma SA, Annual General Meeting, Apr 29, 2026, at 11:00 Central European Standard Time. Buy Or Sell Opportunity • Mar 12
Now 23% undervalued Over the last 90 days, the stock has risen 2.4% to zł30.10. The fair value is estimated to be zł39.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 20%. Upcoming Dividend • Mar 03
Upcoming dividend of zł0.37 per share Eligible shareholders must have bought the stock before 10 March 2026. Payment date: 18 March 2026. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (6.8%). Higher than average of industry peers (3.0%). Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: zł2.03 (vs zł1.31 in FY 2024) Full year 2025 results: EPS: zł2.03 (up from zł1.31 in FY 2024). Revenue: zł63.4m (up 8.8% from FY 2024). Net income: zł13.0m (up 55% from FY 2024). Profit margin: 21% (up from 14% in FY 2024). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 21% per year. Buy Or Sell Opportunity • Feb 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to zł33.65. The fair value is estimated to be zł27.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 18%. Buy Or Sell Opportunity • Jan 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.3% to zł33.00. The fair value is estimated to be zł27.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 18%. Upcoming Dividend • Dec 03
Upcoming dividend of zł0.40 per share Eligible shareholders must have bought the stock before 10 December 2025. Payment date: 18 December 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (2.8%). Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: zł0.47 (vs zł0.30 in 3Q 2024) Third quarter 2025 results: EPS: zł0.47 (up from zł0.30 in 3Q 2024). Revenue: zł14.7m (up 6.4% from 3Q 2024). Net income: zł2.99m (up 56% from 3Q 2024). Profit margin: 20% (up from 14% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Software industry in Poland. 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. Announcement • Nov 07
Ifirma SA to Report Q3, 2025 Results on Nov 07, 2025 Ifirma SA announced that they will report Q3, 2025 results on Nov 07, 2025 Upcoming Dividend • Sep 01
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 08 September 2025. Payment date: 16 September 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (7.4%). Higher than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł32.30, the stock trades at a trailing P/E ratio of 16.3x. Average forward P/E is 24x in the Software industry in Poland. Total returns to shareholders of 77% over the past three years. Announcement • Aug 21
Ifirma SA to Report First Half, 2025 Results on Sep 05, 2025 Ifirma SA announced that they will report first half, 2025 results on Sep 05, 2025 Reported Earnings • Aug 04
Second quarter 2025 earnings released: EPS: zł0.63 (vs zł0.29 in 2Q 2024) Second quarter 2025 results: EPS: zł0.63 (up from zł0.29 in 2Q 2024). Revenue: zł17.6m (up 12% from 2Q 2024). Net income: zł4.00m (up 112% from 2Q 2024). Profit margin: 23% (up from 12% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 12% per year and the company’s share price has also increased by 12% per year. Upcoming Dividend • May 28
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 12 June 2025. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Polish dividend payers (6.7%). Higher than average of industry peers (3.0%). Reported Earnings • May 12
First quarter 2025 earnings released: EPS: zł0.56 (vs zł0.22 in 1Q 2024) First quarter 2025 results: EPS: zł0.56 (up from zł0.22 in 1Q 2024). Revenue: zł16.0m (up 15% from 1Q 2024). Net income: zł3.58m (up 158% from 1Q 2024). Profit margin: 22% (up from 10.0% in 1Q 2024). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 6% per year. New Risk • May 04
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 7.5% 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: Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (zł168.3m market cap, or US$44.5m). Price Target Changed • Apr 10
Price target increased by 22% to zł25.40 Up from zł20.80, the current price target is provided by 1 analyst. New target price is 6.7% above last closing price of zł23.80. Stock is up 7.2% over the past year. The company posted earnings per share of zł1.31 last year. Announcement • Apr 03
Ifirma SA, Annual General Meeting, Apr 28, 2025 Ifirma SA, Annual General Meeting, Apr 28, 2025. Upcoming Dividend • Mar 11
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 18 March 2025. Payment date: 26 March 2025. Payout ratio is on the higher end at 98%, and the cash payout ratio is above 100%. Trailing yield: 4.9%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (3.2%). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: zł1.31 (vs zł1.25 in FY 2023) Full year 2024 results: EPS: zł1.31 (up from zł1.25 in FY 2023). Revenue: zł58.3m (up 14% from FY 2023). Net income: zł8.40m (up 4.9% from FY 2023). Profit margin: 14% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł24.30, the stock trades at a trailing P/E ratio of 23x. Average forward P/E is 21x in the Software industry in Poland. Total returns to shareholders of 27% over the past three years. Upcoming Dividend • Nov 27
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 04 December 2024. Payment date: 12 December 2024. Payout ratio is a comfortable 22% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Polish dividend payers (8.1%). Higher than average of industry peers (4.2%). Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: zł0.30 (vs zł0.24 in 3Q 2023) Third quarter 2024 results: EPS: zł0.30 (up from zł0.24 in 3Q 2023). Revenue: zł13.8m (up 12% from 3Q 2023). Net income: zł1.92m (up 27% from 3Q 2023). Profit margin: 14% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to zł22.00. The fair value is estimated to be zł27.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 20%. Upcoming Dividend • Aug 28
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 04 September 2024. Payment date: 12 September 2024. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Lower than top quartile of Polish dividend payers (7.6%). Higher than average of industry peers (3.7%). Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: zł0.29 (vs zł0.44 in 2Q 2023) Second quarter 2024 results: EPS: zł0.29 (down from zł0.44 in 2Q 2023). Revenue: zł15.8m (up 13% from 2Q 2023). Net income: zł1.89m (down 33% from 2Q 2023). Profit margin: 12% (down from 20% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • May 31
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 07 June 2024. Payment date: 17 June 2024. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 5.2%. Lower than top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (3.7%). Reported Earnings • May 04
First quarter 2024 earnings released: EPS: zł0.22 (vs zł0.33 in 1Q 2023) First quarter 2024 results: EPS: zł0.22 (down from zł0.33 in 1Q 2023). Revenue: zł13.8m (up 17% from 1Q 2023). Net income: zł1.39m (down 35% from 1Q 2023). Profit margin: 10.0% (down from 18% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 33% per year. Announcement • Apr 12
Ifirma SA, Annual General Meeting, May 07, 2024 Ifirma SA, Annual General Meeting, May 07, 2024, at 10:00 Central European Standard Time. Upcoming Dividend • Mar 04
Upcoming dividend of zł0.23 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 19 March 2024. Trailing yield: 4.5%. Lower than top quartile of Polish dividend payers (7.4%). Higher than average of industry peers (4.0%). Buy Or Sell Opportunity • Feb 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to zł25.40. The fair value is estimated to be zł32.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 42%. Reported Earnings • Feb 15
Full year 2023 earnings released: EPS: zł1.25 (vs zł1.17 in FY 2022) Full year 2023 results: EPS: zł1.25 (up from zł1.17 in FY 2022). Revenue: zł51.3m (up 19% from FY 2022). Net income: zł7.99m (up 7.1% from FY 2022). Profit margin: 16% (down from 17% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to zł27.00, the stock trades at a trailing P/E ratio of 19.4x. Average forward P/E is 16x in the Software industry in Poland. Total returns to shareholders of 360% over the past three years. New Risk • Jan 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risks Dividend is not well covered by earnings (101% payout ratio). Market cap is less than US$100m (zł219.5m market cap, or US$54.5m). Upcoming Dividend • Dec 04
Upcoming dividend of zł0.30 per share at 3.8% yield Eligible shareholders must have bought the stock before 11 December 2023. Payment date: 19 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.8%. Lower than top quartile of Polish dividend payers (7.9%). In line with average of industry peers (4.0%). Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: zł0.24 (vs zł0.26 in 3Q 2022) Third quarter 2023 results: EPS: zł0.24 (down from zł0.26 in 3Q 2022). Revenue: zł12.3m (up 15% from 3Q 2022). Net income: zł1.52m (down 8.3% from 3Q 2022). Profit margin: 12% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Nov 10
Now 28% undervalued Over the last 90 days, the stock is up 9.7%. The fair value is estimated to be zł41.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 53%. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł35.50, the stock trades at a trailing P/E ratio of 25.1x. Average forward P/E is 27x in the Software industry in Poland. Total returns to shareholders of 845% over the past three years. Reported Earnings • Sep 12
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł13.9m (up 31% from 2Q 2022). Net income: zł2.81m (up 108% from 2Q 2022). Profit margin: 20% (up from 13% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Software industry in Poland. Upcoming Dividend • Aug 30
Upcoming dividend of zł0.40 per share at 4.0% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 14 September 2023. The company is paying out more than 100% of its profits and is paying out 92% of its cash flow. Trailing yield: 4.0%. Lower than top quartile of Polish dividend payers (7.5%). In line with average of industry peers (3.8%). New Risk • Jul 03
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 7.2% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 92% Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (zł164.5m market cap, or US$40.4m). Upcoming Dividend • Jun 06
Upcoming dividend of zł0.30 per share at 4.7% yield Eligible shareholders must have bought the stock before 13 June 2023. Payment date: 21 June 2023. The company is paying out more than 100% of its profits and is paying out 92% of its cash flow. Trailing yield: 4.7%. Lower than top quartile of Polish dividend payers (7.4%). Higher than average of industry peers (3.6%). 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 zł23.80, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 25x in the Software industry in Poland. Total returns to shareholders of 611% over the past three years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł25.80, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 23x in the Software industry in Poland. Total returns to shareholders of 759% over the past three years. Upcoming Dividend • Mar 07
Upcoming dividend of zł0.40 per share at 5.0% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 22 March 2023. Payout ratio and cash payout ratio are on the higher end at 91% and 83% respectively. Trailing yield: 5.0%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (3.6%). Upcoming Dividend • Nov 29
Upcoming dividend of zł0.25 per share Eligible shareholders must have bought the stock before 06 December 2022. Payment date: 14 December 2022. Payout ratio is a comfortable 52% and the cash payout ratio is 83%. Trailing yield: 2.9%. Lower than top quartile of Polish dividend payers (8.4%). Lower than average of industry peers (4.2%). Buying Opportunity • Sep 12
Now 23% undervalued Over the last 90 days, the stock is up 5.5%. The fair value is estimated to be zł27.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 52%. Upcoming Dividend • Aug 09
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 16 August 2022. Payment date: 24 August 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Polish dividend payers (8.8%). Lower than average of industry peers (3.9%). Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: zł0.21 (vs zł0.14 in 2Q 2021) Second quarter 2022 results: EPS: zł0.21 (up from zł0.14 in 2Q 2021). Revenue: zł10.6m (up 34% from 2Q 2021). Net income: zł1.35m (up 49% from 2Q 2021). Profit margin: 13% (up from 12% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 31
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 07 June 2022. Payment date: 15 June 2022. Trailing yield: 2.7%. Lower than top quartile of Polish dividend payers (7.7%). Lower than average of industry peers (4.1%). Reported Earnings • May 17
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł9.99m (up 47% from 1Q 2021). Net income: zł1.99m (up 184% from 1Q 2021). Profit margin: 20% (up from 10% in 1Q 2021). The increase in margin was driven by higher revenue. Announcement • Apr 13
Ifirma SA, Annual General Meeting, May 10, 2022 Ifirma SA, Annual General Meeting, May 10, 2022, at 10:00 Central European Standard Time. Upcoming Dividend • Feb 28
Upcoming dividend of zł0.23 per share Eligible shareholders must have bought the stock before 07 March 2022. Payment date: 15 March 2022. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Polish dividend payers (7.4%). Lower than average of industry peers (4.1%). Reported Earnings • Feb 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.82 (up from zł0.29 in FY 2020). Revenue: zł33.5m (up 38% from FY 2020). Net income: zł5.28m (up 184% from FY 2020). Profit margin: 16% (up from 7.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improved over the past week After last week's 21% share price gain to zł25.50, the stock trades at a trailing P/E ratio of 42.4x. Average trailing P/E is 15x in the Software industry in Poland. Total returns to shareholders of 1,166% over the past three years. Upcoming Dividend • Nov 11
Upcoming dividend of zł0.17 per share Eligible shareholders must have bought the stock before 18 November 2021. Payment date: 26 November 2021. Trailing yield: 0.4%. Lower than top quartile of Polish dividend payers (6.5%). Lower than average of industry peers (3.4%). Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS zł0.27 (vs zł0.085 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł9.03m (up 50% from 3Q 2020). Net income: zł1.75m (up 220% from 3Q 2020). Profit margin: 19% (up from 9.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 104% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 16% share price gain to zł18.20, the stock trades at a trailing P/E ratio of 44.1x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 851% over the past three years. Reported Earnings • Sep 16
Second quarter 2021 earnings released: EPS zł0.14 (vs zł0.045 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł7.91m (up 33% from 2Q 2020). Net income: zł906.0k (up 216% from 2Q 2020). Profit margin: 12% (up from 4.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 18
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 02 September 2021. Trailing yield: 1.0%. Lower than top quartile of Polish dividend payers (5.7%). Lower than average of industry peers (3.7%). Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS zł0.14 (vs zł0.045 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł7.91m (up 33% from 2Q 2020). Net income: zł878.0k (up 206% from 2Q 2020). Profit margin: 11% (up from 4.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 20% share price gain to zł11.75, the stock trades at a trailing P/E ratio of 37.2x. Average trailing P/E is 23x in the Software industry in Poland. Total returns to shareholders of 373% over the past three years. Upcoming Dividend • May 13
Upcoming dividend of zł0.07 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 28 May 2021. Trailing yield: 1.7%. Lower than top quartile of Polish dividend payers (5.2%). Lower than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 15% share price gain to zł9.58, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 28x in the Software industry in Poland. Total returns to shareholders of 306% over the past three years. Reported Earnings • May 02
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: zł6.80m (up 18% from 1Q 2020). Net income: zł701.0k (up 32% from 1Q 2020). Profit margin: 10% (up from 9.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 15% share price gain to zł8.18, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 27x in the Software industry in Poland. Total returns to shareholders of 165% over the past three years. Upcoming Dividend • Feb 24
Upcoming Dividend of zł0.05 Per Share Will be paid on the 11th of March to those who are registered shareholders by the 3rd of March. The trailing yield of 2.3% is below the top quartile of Polish dividend payers (5.0%), and is lower than industry peers (3.6%). Reported Earnings • Feb 11
Full year 2020 earnings released: EPS zł0.29 (vs zł0.34 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: zł24.2m (up 15% from FY 2019). Net income: zł1.85m (down 13% from FY 2019). Profit margin: 7.7% (down from 10% 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 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 06
New 90-day high: zł7.28 The company is up 76% from its price of zł4.13 on 06 November 2020. The Polish market is up 12% 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 15
New 90-day high: zł6.12 The company is up 47% from its price of zł4.17 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 Software industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: zł6.10 The company is up 42% from its price of zł4.31 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 Software industry, which is up 2.0% over the same period.