New Risk • Jun 25
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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (zł98.6m market cap, or US$26.1m). Buy Or Sell Opportunity • Jun 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.7% to zł7.40. The fair value is estimated to be zł9.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 03
A.P.N. Promise S.A., Annual General Meeting, Jun 29, 2026 A.P.N. Promise S.A., Annual General Meeting, Jun 29, 2026, at 11:00 Central European Standard Time. New Risk • May 22
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 (11% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (zł95.7m market cap, or US$26.2m). Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł10.60, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 14x in the IT industry in Poland. Total returns to shareholders of 213% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł8.35, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 140% over the past three years. New Risk • Mar 05
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. Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (zł88.9m market cap, or US$24.1m). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł8.90, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 19x in the IT industry in Poland. Total returns to shareholders of 193% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł7.90, 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 123% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł280.4m (up 46% from 3Q 2024). Net income: zł2.25m (up zł2.28m from 3Q 2024). Profit margin: 0.8% (up from 0% 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 58% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Nov 13
A.P.N. Promise S.A. to Report Q3, 2025 Results on Nov 14, 2025 A.P.N. Promise S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Aug 26
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: 0.6% Last year net profit margin: 1.1% 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 Risk Share price has been highly volatile over the past 3 months (10.0% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (zł91.1m market cap, or US$24.9m). New Risk • Aug 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 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł91.1m market cap, or US$25.0m). Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł9.40, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 19x in the IT industry in Poland. Total returns to shareholders of 158% over the past three years. New Risk • Jul 21
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: 8.8% 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: 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 (8.5% average weekly change). Market cap is less than US$100m (zł83.2m market cap, or US$22.8m). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł8.45, 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 129% over the past three years. Upcoming Dividend • Jul 10
Upcoming dividend of zł0.64 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 24 July 2025. Trailing yield: 1.3%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł7.25, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 94% over the past three years. Declared Dividend • Jun 02
Dividend of zł0.64 announced Shareholders will receive a dividend of zł0.64. Ex-date: 17th July 2025 Payment date: 24th July 2025 Dividend yield will be 9.3%, which is higher than the industry average of 2.6%. Sustainability & Growth Announcement • Jun 01
A.P.N. Promise S.A. announces Annual dividend, payable on July 24, 2025 A.P.N. Promise S.A. announced Annual dividend of PLN 0.6400 per share payable on July 24, 2025, ex-date on July 17, 2025 and record date on July 18, 2025. New Risk • Apr 05
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 (zł60.4m market cap, or US$15.5m). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to zł5.30, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 41% over the past three years. New Risk • Feb 14
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 5.7% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (zł66.1m market cap, or US$16.6m). Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł7.00, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł6.55, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to zł5.50, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 20x in the IT industry in Poland. Total returns to shareholders of 59% over the past three years. New Risk • Aug 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 9.3% 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 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 (9.3% average weekly change). High level of non-cash earnings (26% accrual ratio). Minor Risk Market cap is less than US$100m (zł77.5m market cap, or US$20.2m). Reported Earnings • Aug 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł202.2m (up 16% from 2Q 2023). Net income: zł895.2k (down 51% from 2Q 2023). Profit margin: 0.4% (down from 1.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł7.25, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 168% over the past three years. Announcement • Jun 05
A.P.N. Promise S.A., Annual General Meeting, Jun 27, 2024 A.P.N. Promise S.A., Annual General Meeting, Jun 27, 2024. Reported Earnings • May 18
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł240.8m (up 18% from 1Q 2023). Net income: zł7.99m (up zł8.16m from 1Q 2023). Profit margin: 3.3% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł5.70, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł4.70, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 13x in the IT industry in Poland. Total loss to shareholders of 2.3% over the past three years. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to zł5.60, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 13x in the IT industry in Poland. Total returns to shareholders of 27% over the past three years. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.24 (vs zł0.24 in FY 2022) Full year 2023 results: EPS: zł0.24 (down from zł0.24 in FY 2022). Revenue: zł920.2m (up 17% from FY 2022). Net income: zł2.71m (down 1.5% from FY 2022). Profit margin: 0.3% (down from 0.4% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł4.98, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 13x in the IT industry in Poland. Total returns to shareholders of 9.8% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł163.7m (down 16% from 3Q 2022). Net loss: zł10.0k (loss narrowed 94% from 3Q 2022). Profit margin: 0% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Interest payments are not well covered by earnings (2.6x net interest cover). Earnings have declined by 26% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (zł45.1m market cap, or US$11.0m). Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł174.0m (up 11% from 2Q 2022). Net income: zł1.81m (up 123% from 2Q 2022). Profit margin: 1.0% (up from 0.5% in 2Q 2022). The increase in margin was driven by higher revenue. Announcement • Jun 04
A.P.N. Promise S.A., Annual General Meeting, Jun 27, 2023 A.P.N. Promise S.A., Annual General Meeting, Jun 27, 2023, at 12:00 Central European Standard Time. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł0.18 (vs zł0.18 in FY 2021) Full year 2022 results: EPS: zł0.18 (up from zł0.18 in FY 2021). Revenue: zł783.8m (up 7.3% from FY 2021). Net income: zł1.85m (up 2.6% from FY 2021). Profit margin: 0.2% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł194.8m (down 5.1% from 3Q 2021). Net loss: zł161.0k (down 122% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 16% share price gain to zł4.06, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 157% over the past three years. Announcement • Jun 07
A.P.N. Promise S.A., Annual General Meeting, Jun 29, 2022 A.P.N. Promise S.A., Annual General Meeting, Jun 29, 2022, at 09:30 Central European Standard Time. Reported Earnings • May 15
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł171.0m (up 14% from 1Q 2021). Net loss: zł405.5k (loss narrowed 88% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł3.25, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 22% over the past three years. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.20 (down from zł0.27 in FY 2020). Revenue: zł728.3m (up 14% from FY 2020). Net income: zł1.98m (down 26% from FY 2020). Profit margin: 0.3% (down from 0.4% 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 57% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 16% share price gain to zł3.60, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 25% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł120.0m (down 13% from 2Q 2020). Net income: zł3.60m (up 107% from 2Q 2020). Profit margin: 3.0% (up from 1.3% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł4.50, the stock is trading at a trailing P/E ratio of 18x, down from the previous P/E ratio of 21.7x. 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 46%. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS zł0.25 (vs zł0.56 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: zł638.2m (up 6.9% from FY 2019). Net income: zł2.53m (down 55% from FY 2019). Profit margin: 0.4% (down from 0.9% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 11
New 90-day high: zł5.45 The company is up 2.0% from its price of zł5.35 on 13 November 2020. The Polish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: zł4.24 The company is down 13% from its price of zł4.90 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 7.0% over the same period. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 16% share price gain to zł5.10, the stock is trading at a trailing P/E ratio of 34.4x, up from the previous P/E ratio of 29.6x. 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 47%. Is New 90 Day High Low • Oct 29
New 90-day low: zł4.40 The company is down 1.0% from its price of zł4.46 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 8.0% over the same period.