Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to zł6.58, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 13x in the Software industry in Poland. Total returns to shareholders of 318% over the past three years. Declared Dividend • May 03
Dividend increased to zł0.10 Dividend of zł0.10 is 233% higher than last year. Ex-date: 22nd June 2026 Payment date: 14th July 2026 Dividend yield will be 1.2%, which is lower than the industry average of 4.2%. Payout Ratios Payout ratio: 15%. Cash payout ratio: 5%. Announcement • May 02
Wasko S.A. announces Annual dividend, payable on July 14, 2026 Wasko S.A. announced Annual dividend of PLN 0.1000 per share payable on July 14, 2026, ex-date on June 22, 2026 and record date on June 23, 2026. Buy Or Sell Opportunity • Apr 28
Now 21% undervalued Over the last 90 days, the stock has risen 124% to zł8.60. The fair value is estimated to be zł10.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 91%. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł8.26, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 456% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł7.54, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 387% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł6.66, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 21x in the Software industry in Poland. Total returns to shareholders of 341% over the past three years. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: zł0.56 (vs zł0.074 in FY 2024) Full year 2025 results: EPS: zł0.56 (up from zł0.074 in FY 2024). Revenue: zł595.9m (up 13% from FY 2024). Net income: zł51.0m (up zł44.3m from FY 2024). Profit margin: 8.6% (up from 1.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł5.04, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 24x in the Software industry in Poland. Total returns to shareholders of 231% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł4.15, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 23x in the Software industry in Poland. Total returns to shareholders of 160% over the past three years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to zł4.18, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 24x in the Software industry in Poland. Total returns to shareholders of 162% over the past three years. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł2.59, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 24x in the Software industry in Poland. Total returns to shareholders of 62% over the past three years. New Risk • Dec 23
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 2.7% 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 (2.7% average weekly change). Earnings have declined by 6.1% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł154.6m market cap, or US$43.1m). Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to zł2.22, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 23x in the Software industry in Poland. Total returns to shareholders of 54% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: zł0.09 (vs zł0.04 in 3Q 2024) Third quarter 2025 results: EPS: zł0.09 (up from zł0.04 in 3Q 2024). Revenue: zł116.7m (down 19% from 3Q 2024). Net income: zł8.58m (up 126% from 3Q 2024). Profit margin: 7.4% (up from 2.6% 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 39% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Nov 12
Wasko S.A. to Report Q3, 2025 Results on Nov 14, 2025 Wasko S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Sep 15
Second quarter 2025 earnings released: EPS: zł4.00 (vs zł0.01 loss in 2Q 2024) Second quarter 2025 results: EPS: zł4.00 (up from zł0.01 loss in 2Q 2024). Revenue: zł125.3m (up 4.6% from 2Q 2024). Net income: zł3.86m (up zł4.78m from 2Q 2024). Profit margin: 3.1% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Aug 21
Wasko S.A. to Report First Half, 2025 Results on Sep 12, 2025 Wasko S.A. announced that they will report first half, 2025 results on Sep 12, 2025 Upcoming Dividend • Jun 13
Upcoming dividend of zł0.03 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Polish dividend payers (7.3%). Lower than average of industry peers (2.9%). Reported Earnings • May 19
First quarter 2025 earnings released: EPS: zł0.01 (vs zł0.003 in 1Q 2024) First quarter 2025 results: EPS: zł0.01 (up from zł0.003 in 1Q 2024). Revenue: zł106.4m (up 22% from 1Q 2024). Net income: zł483.0k (up 87% from 1Q 2024). Profit margin: 0.5% (up from 0.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 3% per year. Announcement • May 05
Wasko S.A., Annual General Meeting, May 29, 2025 Wasko S.A., Annual General Meeting, May 29, 2025. Declared Dividend • Apr 30
Dividend reduced to zł0.02 Dividend of zł0.02 is 33% lower than last year. Ex-date: 20th June 2025 Payment date: 11th July 2025 Dividend yield will be 1.1%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is covered by both earnings (16% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 29
Wasko S.A. announces Annual dividend, payable on July 11, 2025 Wasko S.A. announced Annual dividend of PLN 0.0200 per share payable on July 11, 2025, ex-date on June 20, 2025 and record date on June 23, 2025. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: zł0.08 (vs zł0.01 loss in FY 2023) Full year 2024 results: EPS: zł0.08 (up from zł0.01 loss in FY 2023). Revenue: zł522.7m (down 2.1% from FY 2023). Net income: zł6.90m (up zł7.80m from FY 2023). Profit margin: 1.3% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: zł0.04 (vs zł0.015 in 3Q 2023) Third quarter 2024 results: EPS: zł0.04 (up from zł0.015 in 3Q 2023). Revenue: zł144.4m (up 29% from 3Q 2023). Net income: zł3.80m (up 186% from 3Q 2023). Profit margin: 2.6% (up from 1.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Sep 15
Second quarter 2024 earnings released: zł0.01 loss per share (vs zł0.13 loss in 2Q 2023) Second quarter 2024 results: zł0.01 loss per share (improved from zł0.13 loss in 2Q 2023). Revenue: zł119.8m (up 49% from 2Q 2023). Net loss: zł921.0k (loss narrowed 92% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 13
Upcoming dividend of zł0.03 per share Eligible shareholders must have bought the stock before 20 June 2024. Payment date: 09 July 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.7%. Lower than top quartile of Polish dividend payers (7.7%). Lower than average of industry peers (3.7%). Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł87.4m (down 22% from 1Q 2023). Net income: zł259.0k (up zł4.33m from 1Q 2023). Profit margin: 0.3% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • May 10
Wasko S.A., Annual General Meeting, Jun 04, 2024 Wasko S.A., Annual General Meeting, Jun 04, 2024. Reported Earnings • Feb 29
Full year 2023 earnings released: zł0.02 loss per share (vs zł0.07 profit in FY 2022) Full year 2023 results: zł0.02 loss per share (down from zł0.07 profit in FY 2022). Revenue: zł525.4m (down 7.1% from FY 2022). Net loss: zł1.60m (down 125% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: zł0.015 (vs zł0.02 in 3Q 2022) Third quarter 2023 results: EPS: zł0.015 (down from zł0.02 in 3Q 2022). Revenue: zł112.3m (down 25% from 3Q 2022). Net income: zł1.39m (down 35% from 3Q 2022). Profit margin: 1.2% (down from 1.4% 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 53% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 322% Earnings have declined by 13% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł151.8m market cap, or US$38.1m). Reported Earnings • Sep 18
Second quarter 2023 earnings released: zł0.13 loss per share (vs zł0.05 profit in 2Q 2022) Second quarter 2023 results: zł0.13 loss per share (down from zł0.05 profit in 2Q 2022). Revenue: zł80.5m (down 44% from 2Q 2022). Net loss: zł11.9m (down 373% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Jun 18
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 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 133% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (zł181.9m market cap, or US$44.6m). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł2.00, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 43% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of zł0.07 per share at 4.2% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 04 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.2%. Lower than top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (3.6%). Reported Earnings • May 23
First quarter 2023 earnings released: zł0.04 loss per share (vs zł0.015 loss in 1Q 2022) First quarter 2023 results: zł0.04 loss per share (further deteriorated from zł0.015 loss in 1Q 2022). Revenue: zł112.5m (up 17% from 1Q 2022). Net loss: zł4.07m (loss widened 203% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Announcement • May 09
Wasko S.A., Annual General Meeting, May 29, 2023 Wasko S.A., Annual General Meeting, May 29, 2023, at 11:00 Central European Standard Time. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: zł0.06 (vs zł0.17 in FY 2021) Full year 2022 results: EPS: zł0.06 (down from zł0.17 in FY 2021). Revenue: zł555.0m (up 11% from FY 2021). Net income: zł7.51m (down 53% from FY 2021). Profit margin: 1.4% (down from 3.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: zł0.02 (vs zł0.02 in 3Q 2021) Third quarter 2022 results: EPS: zł0.02 (in line with 3Q 2021). Revenue: zł150.0m (up 17% from 3Q 2021). Net income: zł2.14m (up 21% from 3Q 2021). Profit margin: 1.4% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 11
Second quarter 2022 earnings released: EPS: zł0.05 (vs zł0 in 2Q 2021) Second quarter 2022 results: EPS: zł0.05 (up from zł0 in 2Q 2021). Revenue: zł142.9m (up 44% from 2Q 2021). Net income: zł4.38m (up zł4.37m from 2Q 2021). Profit margin: 3.1% (up from 0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Polish dividend payers (8.2%). Lower than average of industry peers (4.2%). Reported Earnings • May 22
First quarter 2022 earnings released: zł0.01 loss per share (vs zł0.036 profit in 1Q 2021) First quarter 2022 results: zł0.01 loss per share (down from zł0.036 profit in 1Q 2021). Revenue: zł95.9m (down 6.5% from 1Q 2021). Net loss: zł1.34m (down 141% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 14% per year. Announcement • May 20
Wasko S.A., Annual General Meeting, Jun 14, 2022 Wasko S.A., Annual General Meeting, Jun 14, 2022, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improved over the past week After last week's 16% share price gain to zł2.05, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 27% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: zł0.16 (up from zł0.14 in FY 2020). Revenue: zł500.2m (up 9.1% from FY 2020). Net income: zł14.4m (up 17% from FY 2020). Profit margin: 2.9% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 22
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: EPS: zł0.02 (up from zł0.02 loss in 3Q 2020). Revenue: zł128.8m (up 39% from 3Q 2020). Net income: zł1.77m (up zł3.23m from 3Q 2020). Profit margin: 1.4% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of zł0.06 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 30 July 2021. Trailing yield: 2.3%. Lower than top quartile of Polish dividend payers (5.8%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improved over the past week After last week's 15% share price gain to zł1.55, the stock is trading at a trailing P/E ratio of 11.9x, up from the previous P/E ratio of 10.3x. This compares to an average P/E of 22x in the Software industry in Poland. Total return to shareholders over the past three years is a loss of 28%. Is New 90 Day High Low • Mar 01
New 90-day high: zł1.40 The company is up 18% from its price of zł1.19 on 01 December 2020. The Polish market is up 7.0% 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. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS zł0.13 (vs zł0.064 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł458.6m (up 11% from FY 2019). Net income: zł11.9m (up 103% from FY 2019). Profit margin: 2.6% (up from 1.4% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 02
New 90-day high: zł1.35 The company is up 13% from its price of zł1.20 on 04 November 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 9.0% over the same period. Reported Earnings • Nov 25
Third quarter 2020 earnings released: zł0.02 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: zł93.0m (down 15% from 3Q 2019). Net loss: zł1.46m (down 144% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 21
New 90-day low: zł1.20 The company is down 13% from its price of zł1.39 on 23 July 2020. The Polish market is down 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 7.0% over the same period.