Buy Or Sell Opportunity • May 21
Now 21% undervalued Over the last 90 days, the stock has risen 9.6% to zł13.70. The fair value is estimated to be zł17.44, 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 grown by 50%. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł13.10, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 24x in the Software industry in Poland. Total loss to shareholders of 71% over the past three years. New Risk • Jan 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 9.8% 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 (9.8% average weekly change). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (zł17.8m market cap, or US$4.95m). Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł15.30, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 24x in the Software industry in Poland. Total loss to shareholders of 64% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: zł1.06 (vs zł0.76 in 3Q 2024) Third quarter 2025 results: EPS: zł1.06 (up from zł0.76 in 3Q 2024). Revenue: zł20.8m (down 35% from 3Q 2024). Net income: zł1.19m (up 40% from 3Q 2024). Profit margin: 5.7% (up from 2.7% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 14
Now 31% overvalued Over the last 90 days, the stock has fallen 3.0% to zł14.65. The fair value is estimated to be zł11.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years, while earnings per share has been flat. Announcement • Nov 12
Pointpack S.A. to Report Q3, 2025 Results on Nov 14, 2025 Pointpack S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł14.00, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 19x in the Software industry in Poland. Total loss to shareholders of 61% over the past three years. Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł28.3m (down 17% from 2Q 2024). Net income: zł2.95m (up 96% from 2Q 2024). Profit margin: 10% (up from 4.4% in 2Q 2024). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł14.30, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 21x in the Software industry in Poland. Total loss to shareholders of 63% over the past three years. New Risk • Jun 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 21% per year over the past 5 years. High level of non-cash earnings (33% accrual ratio). Market cap is less than US$10m (zł14.8m market cap, or US$3.96m). Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to zł14.80, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 19x in the Software industry in Poland. Total loss to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł21.50, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 17x in the Software industry in Poland. Total loss to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł16.10, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 17x in the Software industry in Poland. Total loss to shareholders of 59% over the past three years. Reported Earnings • Mar 25
Third quarter 2024 earnings released: EPS: zł0.76 (vs zł0.65 loss in 3Q 2023) Third quarter 2024 results: EPS: zł0.76 (up from zł0.65 loss in 3Q 2023). Revenue: zł31.8m (up 21% from 3Q 2023). Net income: zł848.0k (up zł1.58m from 3Q 2023). Profit margin: 2.7% (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 58% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 44% After last week's 44% share price gain to zł15.80, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 18x in the Software industry in Poland. Total loss to shareholders of 62% over the past three years. New Risk • Mar 24
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 16% 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 (16% average weekly change). Earnings have declined by 21% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Market cap is less than US$10m (zł18.4m market cap, or US$4.76m). Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł12.75, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 14x in the Software industry in Poland. Total loss to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł10.45, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 14x in the Software industry in Poland. Total loss to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł11.60, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 17x in the Software industry in Poland. Total loss to shareholders of 80% over the past three years. New Risk • Sep 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Earnings have declined by 17% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Market cap is less than US$10m (zł21.8m market cap, or US$5.63m). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (1.1% net profit margin). New Risk • Aug 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% 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 Risks Earnings have declined by 17% per year over the past 5 years. High level of non-cash earnings (29% accrual ratio). Market cap is less than US$10m (zł24.4m market cap, or US$6.36m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (1.1% net profit margin). Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł23.20, the stock trades at a trailing P/E ratio of 51.1x. Average trailing P/E is 20x in the Software industry in Poland. Total loss to shareholders of 64% over the past three years. New Risk • Jun 09
New major risk - Revenue and earnings growth Earnings have declined by 9.0% 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 Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 9.0% per year over the past 5 years. Market cap is less than US$10m (zł27.6m market cap, or US$6.92m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Announcement • Jun 05
Pointpack S.A., Annual General Meeting, Jun 27, 2024 Pointpack S.A., Annual General Meeting, Jun 27, 2024. Buy Or Sell Opportunity • Mar 28
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 47% to zł22.50. The fair value is estimated to be zł30.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has declined by 43%. New Risk • Mar 27
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 15% 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 (15% average weekly change). Market cap is less than US$10m (zł31.8m market cap, or US$7.97m). Minor Risk Profit margins are more than 30% lower than last year (0.09% net profit margin). Reported Earnings • Mar 25
Full year 2023 earnings released: EPS: zł0.079 (vs zł3.14 in FY 2022) Full year 2023 results: EPS: zł0.079 (down from zł3.14 in FY 2022). Revenue: zł99.7m (up 62% from FY 2022). Net income: zł88.0k (down 98% from FY 2022). Profit margin: 0.1% (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 43% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł53.60, the stock trades at a trailing P/E ratio of 53.1x. Average trailing P/E is 24x in the Software industry in Poland. Total loss to shareholders of 22% over the past three years. New Risk • Dec 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (zł45.3m market cap, or US$11.3m). Reported Earnings • Nov 19
Third quarter 2023 earnings released: zł0.65 loss per share (vs zł0.29 profit in 3Q 2022) Third quarter 2023 results: zł0.65 loss per share (down from zł0.29 profit in 3Q 2022). Revenue: zł26.4m (up 74% from 3Q 2022). Net loss: zł727.0k (down 323% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: zł0.56 (vs zł0.95 in 2Q 2022) Second quarter 2023 results: EPS: zł0.56 (down from zł0.95 in 2Q 2022). Revenue: zł20.4m (up 36% from 2Q 2022). Net income: zł628.0k (down 41% from 2Q 2022). Profit margin: 3.1% (down from 7.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 18% per year. Announcement • Jun 13
PointPack S.A., Annual General Meeting, Jun 29, 2023 PointPack S.A., Annual General Meeting, Jun 29, 2023, at 11:00 Central European Standard Time. New Risk • Jun 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (124% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (zł46.5m market cap, or US$11.3m). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: zł3.14 (vs zł5.41 in FY 2021) Full year 2022 results: EPS: zł3.14 (down from zł5.41 in FY 2021). Revenue: zł61.7m (up 25% from FY 2021). Net income: zł3.51m (down 42% from FY 2021). Profit margin: 5.7% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 22% share price gain to zł39.50, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 16x in the Software industry in Poland. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 19% share price gain to zł34.90, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 17x in the Software industry in Poland. Total loss to shareholders of 27% over the past three years. Reported Earnings • Sep 17
Second quarter 2022 earnings released: EPS: zł0.95 (vs zł1.33 in 2Q 2021) Second quarter 2022 results: EPS: zł0.95 (down from zł1.33 in 2Q 2021). Revenue: zł14.9m (up 24% from 2Q 2021). Net income: zł1.06m (down 29% from 2Q 2021). Profit margin: 7.1% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jun 07
PointPack S.A., Annual General Meeting, Jun 30, 2022 PointPack S.A., Annual General Meeting, Jun 30, 2022, at 12:00 Central European Standard Time. Announcement • May 25
PointPack S.A. (WSE:PNT), entered into an agreement to acquire 51% stake in P2A Box Spolka Z Ograniczona Odpowiedzialnoscia. PointPack S.A. (WSE:PNT), entered into an agreement to acquire 51% stake in P2A Box Spolka Z Ograniczona Odpowiedzialnoscia, on May 23, 2022. Pointpack's secured financing of maximum PLN 30 million (including PLN 10 million in the form of bonds), which will be used for the execution of this contract. The estimated deal value is approximately PLN 240 million. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 21% share price gain to zł42.70, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 19x in the Software industry in Poland. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł33.00, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 19x in the Software industry in Poland. Total returns to shareholders of 121% over the past three years. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł44.40, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 17x in the Software industry in Poland. Total returns to shareholders of 196% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł61.60, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 17x in the Software industry in Poland. Total loss to shareholders of 23% over the past year. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł75.50, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 25x in the Software industry in Poland. Total returns to shareholders of 69% over the past year. Is New 90 Day High Low • Feb 22
New 90-day high: zł76.00 The company is up 11% from its price of zł68.50 on 24 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 10.0% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: zł74.50 The company is up 5.0% from its price of zł71.00 on 21 October 2020. The Polish market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 1.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: zł70.00 The company is down 13% from its price of zł80.50 on 17 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 5.0% over the same period.