Declared Dividend • Mar 11
Dividend reduced to zł1.57 Dividend of zł1.57 is 20% lower than last year. Ex-date: 24th June 2026 Payment date: 2nd July 2026 Dividend yield will be 1.2%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 69% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 10
Passus S.A. announces Annual dividend, payable on July 02, 2026 Passus S.A. announced Annual dividend of PLN 1.5738 per share payable on July 02, 2026, ex-date on June 24, 2026 and record date on June 25, 2026. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł147, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 19x in the IT industry in Poland. Total returns to shareholders of 452% over the past three years. New Risk • Jan 02
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 7.2% 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 Risk Share price has been highly volatile over the past 3 months (7.2% average weekly change). Minor Risk Market cap is less than US$100m (zł168.0m market cap, or US$46.8m). Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to zł118, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 253% over the past three years. Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: zł3.19 (vs zł1.51 in 3Q 2024) Third quarter 2025 results: EPS: zł3.19 (up from zł1.51 in 3Q 2024). Revenue: zł36.6m (up 46% from 3Q 2024). Net income: zł4.94m (up 60% from 3Q 2024). Profit margin: 14% (up from 12% in 3Q 2024). 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 only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • Nov 15
Passus S.A. to Report Q3, 2025 Results on Nov 20, 2025 Passus S.A. announced that they will report Q3, 2025 results on Nov 20, 2025 Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł80.00, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 20x in the IT industry in Poland. Total returns to shareholders of 203% over the past three years. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł82.40, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 21x in the IT industry in Poland. Total returns to shareholders of 212% over the past three years. Reported Earnings • Sep 11
Second quarter 2025 earnings released: zł0.82 loss per share (vs zł0.65 loss in 2Q 2024) Second quarter 2025 results: zł0.82 loss per share. Revenue: zł14.7m (down 1.4% from 2Q 2024). Net loss: zł180.0k (loss narrowed 86% from 2Q 2024). Announcement • Aug 21
Passus S.A. to Report First Half, 2025 Results on Sep 10, 2025 Passus S.A. announced that they will report first half, 2025 results on Sep 10, 2025 Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł72.00, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 20x in the IT industry in Poland. Total returns to shareholders of 158% over the past three years. New Risk • Jun 26
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 7.8% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (zł99.4m market cap, or US$27.4m). Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł55.60, 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 129% over the past three years. Buy Or Sell Opportunity • Jun 26
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 68% to zł55.60. The fair value is estimated to be zł42.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 50%. Upcoming Dividend • Jun 17
Upcoming dividend of zł1.96 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 02 July 2025. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Polish dividend payers (7.6%). Higher than average of industry peers (2.5%). Reported Earnings • May 28
First quarter 2025 earnings released: zł0.37 loss per share (vs zł1.26 loss in 1Q 2024) First quarter 2025 results: zł0.37 loss per share (improved from zł1.26 loss in 1Q 2024). Revenue: zł11.4m (up 28% from 1Q 2024). Net loss: zł555.0k (loss narrowed 79% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Passus S.A., Annual General Meeting, Jun 10, 2025 Passus S.A., Annual General Meeting, Jun 10, 2025. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł40.80, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 15x in the IT industry in Poland. Total loss to shareholders of 3.8% over the past three years. Declared Dividend • Apr 17
Dividend reduced to zł1.96 Dividend of zł1.96 is 33% lower than last year. Ex-date: 24th June 2025 Payment date: 2nd July 2025 Dividend yield will be 4.8%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is not covered by earnings (181% earnings payout ratio) nor is it covered by cash flows (130% cash payout ratio). The dividend has increased by an average of 97% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 101% to bring the payout ratio under control, which is more than the 70% EPS growth achieved over the last 5 years. Announcement • Apr 17
Passus S.A. announces Annual dividend, payable on July 02, 2025 Passus S.A. announced Annual dividend of PLN 1.9600 per share payable on July 02, 2025, ex-date on June 24, 2025 and record date on June 25, 2025. Reported Earnings • Apr 16
Full year 2024 earnings released: EPS: zł6.47 (vs zł0.79 in FY 2023) Full year 2024 results: EPS: zł6.47 (up from zł0.79 in FY 2023). Revenue: zł107.5m (up 20% from FY 2023). Net income: zł10.3m (up zł8.71m from FY 2023). Profit margin: 9.6% (up from 1.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 21
Now 21% undervalued Over the last 90 days, the stock has risen 12% to zł32.50. The fair value is estimated to be zł41.21, 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 declined by 46%. Buy Or Sell Opportunity • Feb 20
Now 21% undervalued Over the last 90 days, the stock has risen 21% to zł32.60. The fair value is estimated to be zł41.30, 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 declined by 46%. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł33.50, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 16x in the IT industry in Poland. Total loss to shareholders of 31% over the past three years. New Risk • Dec 03
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 8.8% 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 (8.8% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 181% Paying a dividend despite having no free cash flows. High level of non-cash earnings (75% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (zł62.0m market cap, or US$15.2m). New Risk • Nov 27
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: 3.3% Last year net profit margin: 6.2% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 181% Paying a dividend despite having no free cash flows. High level of non-cash earnings (75% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (zł63.2m market cap, or US$15.4m). Reported Earnings • Nov 22
Third quarter 2024 earnings released: zł0.33 loss per share (vs zł0.74 loss in 3Q 2023) Third quarter 2024 results: zł0.33 loss per share (improved from zł0.74 loss in 3Q 2023). Revenue: zł25.2m (up 114% from 3Q 2023). Net income: zł3.10m (up zł4.63m from 3Q 2023). Profit margin: 12% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 11
Second quarter 2024 earnings released: zł0.65 loss per share (vs zł0.43 loss in 2Q 2023) Second quarter 2024 results: zł0.65 loss per share (further deteriorated from zł0.43 loss in 2Q 2023). Revenue: zł14.9m (up 12% from 2Q 2023). Net loss: zł1.27m (loss widened 44% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 06
Now 21% undervalued Over the last 90 days, the stock has risen 23% to zł33.40. The fair value is estimated to be zł42.28, 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. Meanwhile, the company became loss making. Upcoming Dividend • Jun 28
Upcoming dividend of zł2.92 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 17 July 2024. Trailing yield: 8.0%. Within top quartile of Polish dividend payers (7.9%). Higher than average of industry peers (2.5%). Announcement • May 26
Passus S.A., Annual General Meeting, Jun 20, 2024 Passus S.A., Annual General Meeting, Jun 20, 2024. Reported Earnings • May 24
First quarter 2024 earnings released: zł1.26 loss per share (vs zł0.41 loss in 1Q 2023) First quarter 2024 results: zł1.26 loss per share (further deteriorated from zł0.41 loss in 1Q 2023). Revenue: zł8.97m (down 33% from 1Q 2023). Net loss: zł2.58m (loss widened 211% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł37.30, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 15x in the IT industry in Poland. Total loss to shareholders of 39% over the past three years. Buy Or Sell Opportunity • May 07
Now 25% undervalued Over the last 90 days, the stock has risen 24% to zł31.80. The fair value is estimated to be zł42.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 36%. Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: zł0.79 (vs zł2.11 in FY 2022) Full year 2023 results: EPS: zł0.79 (down from zł2.11 in FY 2022). Revenue: zł89.3m (up 17% from FY 2022). Net income: zł1.62m (down 63% from FY 2022). Profit margin: 1.8% (down from 5.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł28.00, the stock trades at a trailing P/E ratio of 71.2x. Average trailing P/E is 14x in the IT industry in Poland. Total loss to shareholders of 51% over the past three years. Reported Earnings • Nov 17
Third quarter 2023 earnings released: zł0.74 loss per share (vs zł0.043 profit in 3Q 2022) Third quarter 2023 results: zł0.74 loss per share (down from zł0.043 profit in 3Q 2022). Revenue: zł11.8m (down 4.9% from 3Q 2022). Net loss: zł1.53m (down zł1.61m from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 14
Second quarter 2023 earnings released: zł0.42 loss per share (vs zł0.14 profit in 2Q 2022) Second quarter 2023 results: zł0.42 loss per share (down from zł0.14 profit in 2Q 2022). Revenue: zł13.3m (down 18% from 2Q 2022). Net loss: zł881.0k (down 433% from profit in 2Q 2022). 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 10% per year, which means it is well ahead of earnings. New Risk • Jun 26
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 9.6% 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 (9.6% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (0.5% net profit margin). Shareholders have been diluted in the past year (7.1% increase in shares outstanding). Market cap is less than US$100m (zł51.7m market cap, or US$12.7m). Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł25.60, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the IT industry in Europe. Total returns to shareholders of 129% over the past three years. Price Target Changed • Nov 16
Price target decreased to zł51.40 Down from zł58.80, the current price target is provided by 1 analyst. New target price is 62% above last closing price of zł31.80. Stock is down 36% over the past year. The company posted earnings per share of zł3.19 last year. Buying Opportunity • Oct 21
Now 20% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be zł37.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł32.10, the stock trades at a trailing P/E ratio of 24.5x. Average forward P/E is 22x in the IT industry in Poland. Total returns to shareholders of 199% over the past three years. Announcement • May 27
Passus S.A., Annual General Meeting, Jun 21, 2022 Passus S.A., Annual General Meeting, Jun 21, 2022, at 13:00 Central European Standard Time. Buying Opportunity • Apr 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be zł58.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 91%. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 22% share price gain to zł48.60, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 15x in the IT industry in Poland. Total returns to shareholders of 388% over the past three years. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 18% share price gain to zł59.00, the stock trades at a trailing P/E ratio of 31.9x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 296% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of zł0.07 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 15 July 2021. Trailing yield: 0.1%. Lower than top quartile of Polish dividend payers (5.7%). Lower than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 16% share price gain to zł65.00, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 28x in the Software industry in Poland. Total returns to shareholders of 443% over the past year. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 20% share price gain to zł65.50, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 25x in the Software industry in Poland. Total returns to shareholders of 672% over the past year. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 92% share price gain to zł61.50, the stock is trading at a trailing P/E ratio of 33.2x, up from the previous P/E ratio of 17.3x. This compares to an average P/E of 20x in the Software industry in Poland. Total returns to shareholders over the past year are 325%. Is New 90 Day High Low • Jan 22
New 90-day high: zł39.00 The company is up 136% from its price of zł16.50 on 23 October 2020. The Polish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 16% share price gain to zł35.60, the stock is trading at a trailing P/E ratio of 19.2x, up from the previous P/E ratio of 16.6x. This compares to an average P/E of 19x in the Software industry in Poland. Total returns to shareholders over the past year are 144%. Is New 90 Day High Low • Jan 04
New 90-day high: zł37.20 The company is up 142% from its price of zł15.40 on 06 October 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 3.0% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 22% share price gain to zł37.20, the stock is trading at a trailing P/E ratio of 20.1x, up from the previous P/E ratio of 16.5x. This compares to an average P/E of 19x in the Software industry in Poland. Total returns to shareholders over the past year are 155%. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 15% share price gain to zł31.40, the stock is trading at a trailing P/E ratio of 17x, up from the previous P/E ratio of 14.7x. This compares to an average P/E of 18x in the Software industry in Poland. Total returns to shareholders over the past year are 135%. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł27.20, the stock is trading at a trailing P/E ratio of 14.7x, down from the previous P/E ratio of 17.7x. This compares to an average P/E of 17x in the Software industry in Poland. Total returns to shareholders over the past year are 95%. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 41% share price gain to zł33.80, the stock is trading at a trailing P/E ratio of 18.3x, up from the previous P/E ratio of 13x. This compares to an average P/E of 17x in the Software industry in Poland. Total returns to shareholders over the past year are 130%. Is New 90 Day High Low • Dec 07
New 90-day high: zł33.80 The company is up 119% from its price of zł15.40 on 08 September 2020. The Polish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 2.0% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 21% share price gain to zł26.00, the stock is trading at a trailing P/E ratio of 14x, up from the previous P/E ratio of 11.6x. This compares to an average P/E of 16x in the Software industry in Poland. Total returns to shareholders over the past year are 135%. Is New 90 Day High Low • Nov 16
New 90-day high: zł22.20 The company is up 9.0% from its price of zł20.40 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 Software industry, which is down 4.0% over the same period. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 24% share price gain to zł21.00, the stock is trading at a trailing P/E ratio of 11.1x, up from the previous P/E ratio of 9x. This compares to an average P/E of 16x in the Software industry in Poland. Total returns to shareholders over the past year are 78%. Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 21% share price gain to zł18.00, the stock is trading at a trailing P/E ratio of 9.5x, up from the previous P/E ratio of 7.9x. This compares to an average P/E of 16x in the Software industry in Poland. Total returns to shareholders over the past year are 29%.