New Risk • Jul 10
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 10% 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 (10% average weekly change). Minor Risk Market cap is less than US$100m (zł61.5m market cap, or US$16.2m). Upcoming Dividend • Jul 02
Upcoming dividend of zł0.22 per share Eligible shareholders must have bought the stock before 09 July 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł9.50, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 20x in the IT industry in Poland. Total returns to shareholders of 65% over the past three years. Declared Dividend • Jun 06
Dividend increased to zł0.22 Dividend of zł0.22 is 47% higher than last year. Ex-date: 9th July 2026 Payment date: 24th July 2026 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 7.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 05
MakoLab Spólka Akcyjna, Annual General Meeting, Jun 29, 2026 MakoLab Spólka Akcyjna, Annual General Meeting, Jun 29, 2026. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł8.45, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 62% over the past three years. Reported Earnings • May 21
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł19.2m (up 5.6% from 1Q 2025). Net income: zł1.39m (up zł1.25m from 1Q 2025). Profit margin: 7.2% (up from 0.8% in 1Q 2025). The increase in margin was primarily driven by higher revenue. New Risk • Apr 23
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 7.1% 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 (7.1% average weekly change). Market cap is less than US$100m (zł48.2m market cap, or US$13.3m). Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: zł0.59 (vs zł0.68 in FY 2024) Full year 2025 results: EPS: zł0.59 (down from zł0.68 in FY 2024). Revenue: zł77.9m (up 3.7% from FY 2024). Net income: zł4.13m (down 13% from FY 2024). Profit margin: 5.3% (down from 6.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Feb 10
MakoLab Spólka Akcyjna to Report Q4, 2025 Results on Feb 13, 2026 MakoLab Spólka Akcyjna announced that they will report Q4, 2025 results on Feb 13, 2026 Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł20.5m (up 28% from 3Q 2024). Net income: zł1.53m (up zł2.08m from 3Q 2024). Profit margin: 7.5% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 1% per year. Announcement • Nov 12
MakoLab Spólka Akcyjna to Report Q3, 2025 Results on Nov 14, 2025 MakoLab Spólka Akcyjna announced that they will report Q3, 2025 results on Nov 14, 2025 Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł5.70, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 19x in the IT industry in Poland. Total returns to shareholders of 30% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of zł0.15 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 23 July 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (7.0%). Higher than average of industry peers (2.3%). Declared Dividend • Jun 02
Dividend increased to zł0.15 Dividend of zł0.15 is 25% higher than last year. Ex-date: 8th July 2025 Payment date: 23rd July 2025 Dividend yield will be 3.4%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 48% to shift the payout ratio to a potentially unsustainable range, which is more than the 17% EPS decline seen over the last 5 years. New Risk • Apr 20
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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 19% per year over the past 5 years. Market cap is less than US$10m (zł33.0m market cap, or US$8.79m). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł4.72, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 15x in the IT industry in Poland. Total returns to shareholders of 9.1% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł4.50, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 3.1% over the past three years. Buy Or Sell Opportunity • Feb 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to zł5.40. The fair value is estimated to be zł4.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has declined by 13%. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to zł5.00, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 3.8% over the past three years. Buy Or Sell Opportunity • Feb 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to zł3.76. The fair value is estimated to be zł4.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has declined by 13%. Buy Or Sell Opportunity • Dec 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to zł3.74. The fair value is estimated to be zł4.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has declined by 13%. Buy Or Sell Opportunity • Nov 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to zł3.74. The fair value is estimated to be zł4.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has declined by 8.9%. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł17.2m (down 9.1% from 2Q 2023). Net income: zł540.1k (up 122% from 2Q 2023). Profit margin: 3.1% (up from 1.3% in 2Q 2023). Upcoming Dividend • Jul 02
Upcoming dividend of zł0.12 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 24 July 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Polish dividend payers (7.6%). In line with average of industry peers (2.4%). Announcement • May 31
MakoLab Spólka Akcyjna, Annual General Meeting, Jun 26, 2024 MakoLab Spólka Akcyjna, Annual General Meeting, Jun 26, 2024. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł18.4m (down 7.0% from 1Q 2023). Net income: zł1.42m (down 12% from 1Q 2023). Profit margin: 7.7% (down from 8.2% in 1Q 2023). 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 10% per year. Reported Earnings • Feb 17
Full year 2023 earnings released: EPS: zł0.32 (vs zł0.52 in FY 2022) Full year 2023 results: EPS: zł0.32 (down from zł0.52 in FY 2022). Revenue: zł72.3m (up 4.6% from FY 2022). Net income: zł2.21m (down 40% from FY 2022). Profit margin: 3.1% (down from 5.3% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł15.8m (down 14% from 3Q 2022). Net income: zł115.2k (down 94% from 3Q 2022). Profit margin: 0.7% (down from 11% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings have declined by 1.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.6% per year over the past 5 years. Market cap is less than US$10m (zł32.3m market cap, or US$8.01m). Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł5.10, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 17x in the IT industry in Poland. Total loss to shareholders of 26% over the past three years. New Risk • Aug 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 45% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (45% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł19.0m (up 27% from 2Q 2022). Net income: zł243.1k (up zł738.2k from 2Q 2022). Profit margin: 1.3% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • Aug 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł39.5m (US$9.70m) 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (zł39.5m market cap, or US$9.70m). Upcoming Dividend • Jul 04
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 26 July 2023. The company last paid an ordinary dividend in May 2013. The average dividend yield among industry peers is 3.1%. Announcement • Jun 04
MakoLab Spólka Akcyjna, Annual General Meeting, Jun 29, 2023 MakoLab Spólka Akcyjna, Annual General Meeting, Jun 29, 2023, at 15:00 Central European Standard Time. 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 zł5.85, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 20x in the IT industry in Poland. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł6.60, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 21x in the IT industry in Poland. Total returns to shareholders of 108% over the past three years. Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: zł0.54 (vs zł0.25 in FY 2021) Full year 2022 results: EPS: zł0.54 (up from zł0.25 in FY 2021). Revenue: zł69.2m (up 27% from FY 2021). Net income: zł3.80m (up 119% from FY 2021). Profit margin: 5.5% (up from 3.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł18.3m (up 28% from 3Q 2021). Net income: zł1.98m (up 77% from 3Q 2021). Profit margin: 11% (up from 7.8% in 3Q 2021). The increase in margin was driven by higher revenue. Buying Opportunity • Nov 20
Now 21% undervalued Over the last 90 days, the stock is up 7.0%. The fair value is estimated to be zł6.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 28%. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł4.62, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 84% over the past three years. Upcoming Dividend • Jun 30
Upcoming dividend of zł0.07 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Polish dividend payers (8.0%). Lower than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 19% share price gain to zł4.68, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 19x in the IT industry in Poland. Total returns to shareholders of 118% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł4.10, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 15x in the IT industry in Poland. Total returns to shareholders of 84% over the past three years. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.26 (down from zł0.68 in FY 2020). Revenue: zł54.5m (up 12% from FY 2020). Net income: zł1.85m (down 61% from FY 2020). Profit margin: 3.4% (down from 9.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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 31% 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 17% share price gain to zł5.60, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 192% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł4.50, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 124% over the past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improved over the past week After last week's 15% share price gain to zł6.50, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 238% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of zł0.23 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 23 July 2021. Trailing yield: 3.5%. Lower than top quartile of Polish dividend payers (5.8%). Higher than average of industry peers (2.7%). Is New 90 Day High Low • Feb 15
New 90-day high: zł8.65 The company is up 24% from its price of zł7.00 on 17 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 up 7.0% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS zł0.69 (vs zł0.69 in FY 2019) The company reported a mediocre full year result with weaker profit margins, although earnings were flat and revenues improved. Full year 2020 results: Revenue: zł48.6m (up 12% from FY 2019). Net income: zł4.79m (flat on FY 2019). Profit margin: 9.9% (down from 11% 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 46% per year whereas the company’s share price has increased by 51% per year. Is New 90 Day High Low • Jan 28
New 90-day high: zł8.10 The company is up 35% from its price of zł6.00 on 30 October 2020. The Polish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 17% share price gain to zł7.30, the stock is trading at a trailing P/E ratio of 8.8x, up from the previous P/E ratio of 7.5x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 202%. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 16% share price gain to zł7.95, the stock is trading at a trailing P/E ratio of 9.6x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 223%.