New Risk • Jun 16
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 11% 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 (11% average weekly change). 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 (zł150.0m market cap, or US$41.0m). Buy Or Sell Opportunity • Jun 10
Now 21% undervalued Over the last 90 days, the stock has risen 29% to zł44.50. The fair value is estimated to be zł56.49, 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 57%. Announcement • Jun 04
LSI Software S.A., Annual General Meeting, Jun 29, 2026 LSI Software S.A., Annual General Meeting, Jun 29, 2026, at 10:00 Central European Standard Time. Buy Or Sell Opportunity • May 25
Now 20% undervalued Over the last 90 days, the stock has risen 16% to zł38.50. The fair value is estimated to be zł48.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 50%. Announcement • May 22
LSI Software S.A. announces Annual dividend, payable on October 15, 2026 LSI Software S.A. announced Annual dividend of PLN 1.0000 per share payable on October 15, 2026, ex-date on July 14, 2026 and record date on July 15, 2026. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł54.40, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 21x in the Software industry in Poland. Total returns to shareholders of 350% over the past three years. New Risk • Apr 30
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 8.9% 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 Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (zł177.3m market cap, or US$48.9m). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to zł44.90, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 271% over the past three years. Reported Earnings • Dec 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł23.6m (up 22% from 3Q 2024). Net income: zł3.55m (up 5.9% from 3Q 2024). Profit margin: 15% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • Oct 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł21.0m (up 24% from 2Q 2024). Net income: zł1.65m (up zł1.43m from 2Q 2024). Profit margin: 7.9% (up from 1.3% in 2Q 2024). Announcement • Aug 25
LSI Software S.A. to Report First Half, 2025 Results on Sep 30, 2025 LSI Software S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł27.40, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 23x in the Software industry in Poland. Total returns to shareholders of 114% over the past three years. Announcement • Jul 08
LSI Software S.A., Annual General Meeting, Jul 24, 2025 LSI Software S.A., Annual General Meeting, Jul 24, 2025, at 10:00 Central European Standard Time. New Risk • Jun 20
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: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (zł74.3m market cap, or US$20.0m). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł22.20, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 19x in the Software industry in Poland. Total returns to shareholders of 71% over the past three years. Reported Earnings • Jun 02
First quarter 2025 earnings released: EPS: zł0.79 (vs zł0.28 in 1Q 2024) First quarter 2025 results: EPS: zł0.79 (up from zł0.28 in 1Q 2024). Revenue: zł16.5m (up 25% from 1Q 2024). Net income: zł2.59m (up 182% from 1Q 2024). Profit margin: 16% (up from 7.0% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 01
LSI Software S.A. announces Annual dividend, payable on September 30, 2025 LSI Software S.A. announced Annual dividend of PLN 0.3100 per share payable on September 30, 2025, ex-date on September 12, 2025 and record date on September 15, 2025. New Risk • May 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 76% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł61.9m market cap, or US$16.5m). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł18.40, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 32% over the past three years. New Risk • Dec 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł54.4m market cap, or US$13.5m). Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł1.04 (vs zł0.63 in 3Q 2023) Third quarter 2024 results: EPS: zł1.04 (up from zł0.63 in 3Q 2023). Revenue: zł19.3m (up 37% from 3Q 2023). Net income: zł3.35m (up 63% from 3Q 2023). Profit margin: 17% (up from 15% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Oct 01
Second quarter 2024 earnings released: EPS: zł0.068 (vs zł0.19 loss in 2Q 2023) Second quarter 2024 results: EPS: zł0.068 (up from zł0.19 loss in 2Q 2023). Revenue: zł17.0m (up 34% from 2Q 2023). Net income: zł222.0k (up zł837.0k from 2Q 2023). Profit margin: 1.3% (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 5% per year whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • Aug 07
Upcoming dividend of zł0.49 per share Eligible shareholders must have bought the stock before 14 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Polish dividend payers (8.1%). Lower than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł16.90, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 19x in the Software industry in Poland. Total loss to shareholders of 1.2% over the past three years. New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.6% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł47.3m market cap, or US$11.6m). New Risk • Jun 13
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: 3.3% 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: Major Risk Earnings have declined by 6.6% per year over the past 5 years. 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 (zł47.9m market cap, or US$11.9m). Announcement • Jun 05
LSI Software S.A., Annual General Meeting, Jun 27, 2024 LSI Software S.A., Annual General Meeting, Jun 27, 2024. Reported Earnings • Oct 02
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł12.7m (down 14% from 2Q 2022). Net loss: zł615.0k (loss widened 126% from 2Q 2022). New Risk • Sep 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.2% Last year net profit margin: 19% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 9.4% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (6.2% net profit margin). Market cap is less than US$100m (zł47.1m market cap, or US$10.8m). Upcoming Dividend • Aug 09
Upcoming dividend of zł0.25 per share Eligible shareholders must have bought the stock before 16 August 2023. Payment date: 31 August 2023. The company last paid an ordinary dividend in March 2014. The average dividend yield among industry peers is 3.7%. Announcement • Jun 04
LSI Software S.A., Annual General Meeting, Jun 30, 2023 LSI Software S.A., Annual General Meeting, Jun 30, 2023, at 10:00 Central European Standard Time. Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł14.5m (up 38% from 3Q 2021). Net loss: zł567.0k (loss widened 1.1% from 3Q 2021). Reported Earnings • Oct 02
Second quarter 2022 earnings released: zł0.084 loss per share (vs zł2.25 profit in 2Q 2021) Second quarter 2022 results: zł0.084 loss per share (down from zł2.25 profit in 2Q 2021). Revenue: zł14.7m (down 10.0% from 2Q 2021). Net loss: zł272.0k (down 104% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 04
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł10.7m (up 66% from 1Q 2021). Net loss: zł477.0k (loss narrowed 91% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • May 05
LSI Software S.A., Annual General Meeting, May 31, 2022 LSI Software S.A., Annual General Meeting, May 31, 2022, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 16% share price gain to zł16.20, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 17x in the Software industry in Poland. Total returns to shareholders of 46% over the past three years. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: zł10.5m (down 6.9% from 3Q 2020). Net loss: zł561.0k (down 144% from profit in 3Q 2020). Revenue exceeded analyst estimates by 7.7%. Over the next year, revenue is forecast to grow 16%, compared to a 16% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Oct 01
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł16.3m (up 72% from 2Q 2020). Net income: zł7.35m (up 205% from 2Q 2020). Profit margin: 45% (up from 25% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Jun 03
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: zł6.48m (down 43% from 1Q 2020). Net loss: zł5.36m (loss widened 376% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • May 05
Full year 2020 earnings released: EPS zł0.74 (vs zł1.90 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: zł43.1m (down 17% from FY 2019). Net income: zł2.40m (down 61% from FY 2019). Profit margin: 5.6% (down from 12% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improved over the past week After last week's 16% share price gain to zł16.00, the stock is trading at a trailing P/E ratio of 13.1x, up from the previous P/E ratio of 11.4x. This compares to an average P/E of 31x in the Software industry in Poland. Total returns to shareholders over the past three years are 27%. Is New 90 Day High Low • Feb 08
New 90-day high: zł14.40 The company is up 15% from its price of zł12.50 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 Software industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 17% share price gain to zł13.85, the stock is trading at a trailing P/E ratio of 11.4x, up from the previous P/E ratio of 9.7x. This compares to an average P/E of 20x in the Software industry in Poland. Total returns to shareholders over the past three years are 1.8%. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 15% share price gain to zł13.60, the stock is trading at a trailing P/E ratio of 11.2x, up from the previous P/E ratio of 9.7x. This compares to an average P/E of 19x in the Software industry in Poland. Total return to shareholders over the past three years is a loss of 1.1%. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 20% share price gain to zł13.40, the stock is trading at a trailing P/E ratio of 11x, up from the previous P/E ratio of 9.2x. This compares to an average P/E of 20x in the Software industry in Poland. Total return to shareholders over the past three years is a loss of 3.2%. Is New 90 Day High Low • Dec 29
New 90-day low: zł11.20 The company is down 25% from its price of zł15.00 on 30 September 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day low: zł13.00 The company is down 6.0% from its price of zł13.90 on 16 July 2020. The Polish market is also down 6.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Software industry, which is up 3.0% over the same period. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total profits of zł4.78m, down 12% from the prior year. Total revenue was zł50.6m over the last 12 months, up 7.4% from the prior year. Announcement • Sep 24
LSI Software S.A. to Report First Half, 2020 Results on Sep 25, 2020 LSI Software S.A. announced that they will report first half, 2020 results on Sep 25, 2020