New Risk • Mar 21
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 12% 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 (12% average weekly change). Minor Risk Market cap is less than US$100m (zł48.6m market cap, or US$13.1m). New Risk • Feb 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł35.2m (US$9.85m) 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 (zł35.2m market cap, or US$9.85m). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to zł18.20, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 19x in the IT industry in Poland. Total loss to shareholders of 3.4% over the past three years. Announcement • Feb 10
KBJ S.A. to Report Q4, 2025 Results on Feb 12, 2026 KBJ S.A. announced that they will report Q4, 2025 results on Feb 12, 2026 Announcement • Nov 11
KBJ S.A. to Report Q3, 2025 Results on Nov 13, 2025 KBJ S.A. announced that they will report Q3, 2025 results on Nov 13, 2025 Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł25.40, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 60% over the past three years. New Risk • Dec 18
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 8.2% 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 Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). High level of non-cash earnings (26% accrual ratio). Minor Risk Market cap is less than US$100m (zł43.2m market cap, or US$10.7m). Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to zł24.00, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 75% over the past three years. New Risk • Nov 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł40.3m (US$9.83m) 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 Risks High level of non-cash earnings (24% accrual ratio). Market cap is less than US$10m (zł40.3m market cap, or US$9.83m). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł23.60, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 44% over the past three years. Buy Or Sell Opportunity • Aug 22
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to zł21.00. The fair value is estimated to be zł27.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 25%. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł22.6m (up 27% from 2Q 2023). Net income: zł404.7k (up zł3.03m from 2Q 2023). Profit margin: 1.8% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to zł21.00. The fair value is estimated to be zł27.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 20%. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł26.20, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 32% over the past three years. Announcement • Jun 05
KBJ S.A., Annual General Meeting, Jun 27, 2024 KBJ S.A., Annual General Meeting, Jun 27, 2024. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł16.7m (down 11% from 1Q 2023). Net income: zł626.3k (up 69% from 1Q 2023). Profit margin: 3.8% (up from 2.0% in 1Q 2023). The increase in margin was driven by lower expenses. Announcement • Mar 09
KBJ S.A. to Report Fiscal Year 2023 Results on May 29, 2024 KBJ S.A. announced that they will report fiscal year 2023 results on May 29, 2024 Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł252 (vs zł1.66 in FY 2022) Full year 2023 results: EPS: zł252 (up from zł1.66 in FY 2022). Revenue: zł9.58b (up zł9.50b from FY 2022). Net income: zł451.9m (up zł448.9m from FY 2022). Profit margin: 4.7% (up from 3.7% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 155% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Feb 16
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 7.3% 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 Market cap is less than US$10m (zł39.1m market cap, or US$9.69m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Nov 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% 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 Market cap is less than US$10m (zł32.5m market cap, or US$8.17m). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Oct 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.3% 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 Market cap is less than US$10m (zł29.4m market cap, or US$6.72m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Shareholders have been diluted in the past year (9.3% increase in shares outstanding). Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł17.8m (up 4.3% from 2Q 2022). Net loss: zł2.62m (loss widened 287% from 2Q 2022). Announcement • Aug 05
KBJ S.A. (WSE:KBJ) signed an agreement to acquire the remaining 68% stake in BTech Sp. z o. o. KBJ S.A. (WSE:KBJ) signed an agreement to acquire the remaining 68% stake in BTech Sp. z o. o. on August 3, 2023. KBJ President Artur Jedynak said the deal will ultimately lead to the merger of the companies and the absorption of BTech by KBJ. Announcement • Jun 02
KBJ S.A., Annual General Meeting, Jun 28, 2023 KBJ S.A., Annual General Meeting, Jun 28, 2023, at 10:00 Central European Standard Time. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: zł1.77 (vs zł1.77 in FY 2021) Full year 2022 results: EPS: zł1.77 (down from zł1.77 in FY 2021). Revenue: zł80.1m (up 7.1% from FY 2021). Net income: zł3.16m (flat on FY 2021). Profit margin: 3.9% (down from 4.2% in FY 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 33% share price gain to zł17.40, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 19x in the IT industry in Poland. Total returns to shareholders of 94% over the past three years. Announcement • Jun 07
KBJ S.A., Annual General Meeting, Jun 28, 2022 KBJ S.A., Annual General Meeting, Jun 28, 2022, at 12:00 Central European Standard Time. Reported Earnings • May 15
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł19.2m (up 27% from 1Q 2021). Net income: zł1.31m (up zł1.48m from 1Q 2021). Profit margin: 6.8% (up from net loss in 1Q 2021). Reported Earnings • Feb 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł1.81 (down from zł2.10 in FY 2020). Revenue: zł74.8m (up 9.1% from FY 2020). Net income: zł3.07m (down 14% from FY 2020). Profit margin: 4.1% (down from 5.2% in FY 2020). Revenue was in line with analyst estimates. 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 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 15% share price gain to zł16.00, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 14x in the IT industry in Poland. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł22.20, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 55% over the past three years. Announcement • Mar 20
KBJ S.A. to Report Fiscal Year 2020 Results on May 17, 2021 KBJ S.A. announced that they will report fiscal year 2020 results on May 17, 2021 Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improved over the past week After last week's 25% share price gain to zł27.40, the stock is trading at a trailing P/E ratio of 6.2x, up from the previous P/E ratio of 5x. This compares to an average P/E of 18x in the IT industry in Poland. Total returns to shareholders over the past three years are 86%. Is New 90 Day High Low • Mar 04
New 90-day high: zł25.00 The company is up 100% from its price of zł12.50 on 04 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 IT industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 18% share price gain to zł20.00, the stock is trading at a trailing P/E ratio of 4.6x, up from the previous P/E ratio of 3.8x. This compares to an average P/E of 15x in the IT industry in Poland. Total returns to shareholders over the past three years are 35%. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS zł4.39 (vs zł0.84 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł68.5m (up 56% from FY 2019). Net income: zł7.43m (up 424% from FY 2019). Profit margin: 11% (up from 3.2% in FY 2019). The increase in margin was driven by higher revenue. 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 2% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 08
New 90-day high: zł17.20 The company is up 23% from its price of zł14.00 on 10 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is flat over the same period. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 19% share price gain to zł16.70, the stock is trading at a trailing P/E ratio of 16x, up from the previous P/E ratio of 13.4x. This compares to an average P/E of 13x in the IT industry in Poland. Total returns to shareholders over the past three years are 26%. Is New 90 Day High Low • Jan 13
New 90-day high: zł16.70 The company is up 13% from its price of zł14.80 on 15 October 2020. The Polish market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 4.0% over the same period. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 15% share price gain to zł15.00, the stock is trading at a trailing P/E ratio of 14.4x, up from the previous P/E ratio of 12.4x. This compares to an average P/E of 13x in the IT industry in Poland. Total returns to shareholders over the past three years are 16%. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improved over the past week After last week's 18% share price gain to zł14.80, the stock is trading at a trailing P/E ratio of 14.2x, up from the previous P/E ratio of 12x. This compares to an average P/E of 13x in the IT industry in Poland. Total returns to shareholders over the past three years are 14%. Valuation Update With 7 Day Price Move • Nov 30
Market pulls back on stock over the past week After last week's 19% share price decline to zł12.00, the stock is trading at a trailing P/E ratio of 11.5x, down from the previous P/E ratio of 14.3x. This compares to an average P/E of 12x in the IT industry in Poland. Total return to shareholders over the past three years is a loss of 7.9%. Is New 90 Day High Low • Nov 16
New 90-day high: zł15.40 The company is up 3.0% from its price of zł15.00 on 18 August 2020. The Polish market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 12% over the same period. Announcement • Sep 09
KBJ S.A. (WSE:KBJ) acquired 32% stake in BTech Sp. z o. o from P. Daniel Gawel-Karwatka for PLN 1.1 million. KBJ S.A. (WSE:KBJ) acquired 32% stake in BTech Sp. z o. o from P. Daniel Gawel-Karwatka for PLN 1.1 million on September 7, 2020. The consideration of PLN 1.1 million, of which approximately half of the value is covered by KBJ in cash on the agreement date, the remaining part will be covered in cash or KBJ shares within 2 years from the date of the transaction. BTech will be an associate of KBJ and will be consolidated with the Issuer under the equity method. BTech Sp. z o. o reported the revenue of PLN 7.4 million.
KBJ S.A. (WSE:KBJ) completed the acquisition of 32% stake in BTech Sp. z o. o from P. Daniel Gawel-Karwatka on September 7, 2020.