Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł3.40, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 134% over the past three years. Declared Dividend • Jun 29
Dividend increased to zł0.26 Dividend of zł0.26 is 189% higher than last year. Ex-date: 6th July 2026 Payment date: 15th July 2026 Dividend yield will be 8.5%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio). However, it is covered by cash flows (76% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 1.8% to bring the payout ratio under control. However, EPS has remained steady over the last 5 years so the company would need to improve on their historical growth rates. Announcement • Jun 01
Xplus S.A., Annual General Meeting, Jun 26, 2026 Xplus S.A., Annual General Meeting, Jun 26, 2026, at 13:00 Central European Standard Time. Reported Earnings • May 20
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł16.0m (up 11% from 1Q 2025). Net income: zł2.76m (up 63% from 1Q 2025). Profit margin: 17% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł2.42, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 21x in the Software industry in Poland. Total returns to shareholders of 29% over the past three years. New Risk • Apr 10
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 9.0% 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 Earnings have declined by 18% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (92% payout ratio). Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (zł185.3m market cap, or US$51.1m). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to zł2.66, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 63% over the past three years. New Risk • Nov 19
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 6.4% 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 Earnings have declined by 18% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (92% payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (zł166.5m market cap, or US$45.4m). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: zł0.017 (vs zł0.042 in 3Q 2024) Third quarter 2025 results: EPS: zł0.017 (down from zł0.042 in 3Q 2024). Revenue: zł12.6m (down 28% from 3Q 2024). Net income: zł1.17m (down 59% from 3Q 2024). Profit margin: 9.3% (down from 16% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Nov 13
Xplus S.A. to Report Q3, 2025 Results on Nov 15, 2025 Xplus S.A. announced that they will report Q3, 2025 results on Nov 15, 2025 Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to zł2.45, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 16x in the Software industry in Poland. Total loss to shareholders of 2.4% over the past three years. Announcement • Aug 21
Xplus S.A. to Report First Half, 2025 Results on Sep 15, 2025 Xplus S.A. announced that they will report first half, 2025 results on Sep 15, 2025 Reported Earnings • May 18
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł14.4m (up 6.7% from 1Q 2024). Net income: zł1.69m (up 170% from 1Q 2024). Profit margin: 12% (up from 4.6% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to zł4.80, the stock trades at a trailing P/E ratio of 51.9x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 113% over the past three years. Buy Or Sell Opportunity • Mar 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 113% to zł3.67. The fair value is estimated to be zł3.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to zł2.90, the stock trades at a trailing P/E ratio of 64.2x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł2.29, the stock trades at a trailing P/E ratio of 50.7x. Average trailing P/E is 18x in the Software industry in Poland. Total loss to shareholders of 16% over the past three years. Reported Earnings • Nov 19
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł17.6m (up 63% from 3Q 2023). Net income: zł2.86m (up zł3.17m from 3Q 2023). Profit margin: 16% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. New Risk • Nov 19
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 8.7% 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 (8.7% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 106% Earnings have declined by 23% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (zł115.6m market cap, or US$28.2m). Reported Earnings • Oct 03
Second quarter 2024 earnings released: zł0.01 loss per share (vs zł0.001 profit in 2Q 2023) Second quarter 2024 results: zł0.01 loss per share (down from zł0.001 profit in 2Q 2023). Revenue: zł12.4m (down 11% from 2Q 2023). Net loss: zł685.0k (down zł745.0k from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. New Risk • Sep 27
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 6.5% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 229% Cash payout ratio: 134% Earnings have declined by 9.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (zł111.4m market cap, or US$29.1m). New Risk • Jun 23
New major risk - Revenue and earnings growth Earnings have declined by 9.2% 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. Payout ratio: 229% Cash payout ratio: 134% Earnings have declined by 9.2% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (zł94.7m market cap, or US$23.4m). Announcement • May 31
Xplus S.A., Annual General Meeting, Jun 28, 2024 Xplus S.A., Annual General Meeting, Jun 28, 2024. New Risk • Mar 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 229% Cash payout ratio: 135% Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (zł125.4m market cap, or US$31.5m). New Risk • Feb 20
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 7.0% 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: 229% Cash payout ratio: 131% Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (zł116.5m market cap, or US$29.1m). Reported Earnings • Dec 05
Third quarter 2023 earnings released: zł0.005 loss per share (vs zł0.028 profit in 3Q 2022) Third quarter 2023 results: zł0.005 loss per share (down from zł0.028 profit in 3Q 2022). Revenue: zł10.8m (down 22% from 3Q 2022). Net loss: zł318.0k (down 117% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Oct 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Dividend is not well covered by earnings (102% payout ratio). Profit margins are more than 30% lower than last year (6.8% net profit margin). Market cap is less than US$100m (zł132.0m market cap, or US$30.3m). Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to zł1.96, the stock trades at a trailing P/E ratio of 33.5x. Average trailing P/E is 24x in the Software industry in Poland. Total returns to shareholders of 29% over the past three years. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: zł0.001 (vs zł0.039 in 2Q 2022) Second quarter 2023 results: EPS: zł0.001 (down from zł0.039 in 2Q 2022). Revenue: zł13.9m (down 5.1% from 2Q 2022). Net income: zł60.0k (down 98% from 2Q 2022). Profit margin: 0.4% (down from 18% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Jul 14
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 9.5% 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 (9.5% 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 (11% net profit margin). Market cap is less than US$100m (zł111.8m market cap, or US$28.2m). New Risk • Jun 23
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: 11% Last year net profit margin: 17% 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: 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). Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (zł109.1m market cap, or US$27.0m). Announcement • Jun 04
Xplus S.A., Annual General Meeting, Jun 29, 2023 Xplus S.A., Annual General Meeting, Jun 29, 2023, at 12:00 Central European Standard Time. Buying Opportunity • May 16
Now 34% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be zł2.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 28%. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł1.85, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 23x in the Software industry in Poland. Total returns to shareholders of 179% over the past three years. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł0.12 (vs zł0.15 in FY 2021) Full year 2022 results: EPS: zł0.12 (down from zł0.15 in FY 2021). Revenue: zł59.7m (up 13% from FY 2021). Net income: zł8.13m (down 21% from FY 2021). Profit margin: 14% (down from 19% 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 29% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: zł0.03 (vs zł0.026 in 3Q 2021) Third quarter 2022 results: EPS: zł0.03 (up from zł0.026 in 3Q 2021). Revenue: zł13.9m (up 21% from 3Q 2021). Net income: zł1.91m (up 9.8% from 3Q 2021). Profit margin: 14% (down from 15% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł2.40, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 17x in the Software industry in Poland. Total returns to shareholders of 726% over the past three years. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 24% share price gain to zł3.10, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 934% over the past three years. Upcoming Dividend • Jul 21
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 08 August 2022. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of Polish dividend payers (8.4%). In line with average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 16% share price gain to zł2.69, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 778% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 16% share price gain to zł2.37, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 664% over the past three years. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.14 (up from zł0.12 in FY 2020). Revenue: zł52.7m (up 36% from FY 2020). Net income: zł9.78m (up 21% from FY 2020). Profit margin: 19% (down from 21% 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 increased by 47% per year but the company’s share price has increased by 115% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 18% share price gain to zł3.42, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 17x in the Software industry in Poland. Total returns to shareholders of 1,191% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: zł11.4m (up 30% from 3Q 2020). Net income: zł1.74m (up 31% from 3Q 2020). Profit margin: 15% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 126% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improved over the past week After last week's 15% share price gain to zł3.60, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 1,655% over the past three years. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improved over the past week After last week's 15% share price gain to zł3.60, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 1,655% over the past three years. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł2.82, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 1,079% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: zł13.7m (up 53% from 2Q 2020). Net income: zł1.64m (up 24% from 2Q 2020). Profit margin: 12% (down from 15% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 130% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 29% share price decline to zł3.36, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 28x in the Software industry in Poland. Total returns to shareholders of 2,173% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 28% share price gain to zł4.20, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 28x in the Software industry in Poland. Total returns to shareholders of 1,977% over the past three years. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 32% share price gain to zł2.90, the stock is trading at a trailing P/E ratio of 25.6x, up from the previous P/E ratio of 19.4x. This compares to an average P/E of 23x in the Software industry in Poland. Total returns to shareholders over the past three years are 1,595%. Is New 90 Day High Low • Mar 03
New 90-day high: zł2.20 The company is up 57% from its price of zł1.40 on 03 December 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 up 9.0% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS zł0.11 (vs zł0.063 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł39.1m (up 27% from FY 2019). Net income: zł7.64m (up 81% from FY 2019). Profit margin: 20% (up from 14% 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 48% per year but the company’s share price has increased by 134% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 48% share price gain to zł2.18, the stock is trading at a trailing P/E ratio of 29.7x, up from the previous P/E ratio of 20x. This compares to an average P/E of 30x in the Software industry in Poland. Total returns to shareholders over the past three years are 1,549%. Is New 90 Day High Low • Feb 10
New 90-day high: zł1.50 The company is up 7.0% from its price of zł1.40 on 10 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Oct 14
Market pulls back on stock over the past week After last week's 16% share price decline to zł1.41, the stock is trading at a trailing P/E ratio of 19.9x, down from the previous P/E ratio of 23.7x. This compares to an average P/E of 16x in the Software industry in Poland. Total returns to shareholders over the past three years are 1,195%.