Reported Earnings • Mar 30
Full year 2025 earnings released: EPS: zł2.50 (vs zł1.57 in FY 2024) Full year 2025 results: EPS: zł2.50 (up from zł1.57 in FY 2024). Revenue: zł1.39b (down 6.7% from FY 2024). Net income: zł33.9m (up 60% from FY 2024). Profit margin: 2.4% (up from 1.4% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 02
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 5.4% 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: Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (zł132.0m market cap, or US$36.7m). Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł11.10, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 24x in the Tech industry in Europe. Total returns to shareholders of 145% over the past three years. Reported Earnings • Dec 01
Third quarter 2025 earnings released: EPS: zł0.54 (vs zł0.61 in 3Q 2024) Third quarter 2025 results: EPS: zł0.54 (down from zł0.61 in 3Q 2024). Revenue: zł290.4m (down 33% from 3Q 2024). Net income: zł7.28m (down 11% from 3Q 2024). Profit margin: 2.5% (up from 1.9% 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 6% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 06
Second quarter 2025 earnings released: EPS: zł0.14 (vs zł0.24 in 2Q 2024) Second quarter 2025 results: EPS: zł0.14 (down from zł0.24 in 2Q 2024). Revenue: zł264.2m (down 12% from 2Q 2024). Net income: zł1.98m (down 39% from 2Q 2024). Profit margin: 0.7% (down from 1.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 17
Upcoming dividend of zł0.14 per share Eligible shareholders must have bought the stock before 24 September 2025. Payment date: 19 December 2025. Payout ratio is a comfortable 7.6% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Polish dividend payers (7.3%). In line with average of industry peers (1.3%). Announcement • Aug 25
NTT System S.A. to Report First Half, 2025 Results on Sep 30, 2025 NTT System S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Declared Dividend • Jun 30
Dividend reduced to zł0.14 Dividend of zł0.14 is 6.7% lower than last year. Ex-date: 24th September 2025 Payment date: 19th December 2025 Dividend yield will be 1.4%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 34% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: zł0.43 (vs zł0.42 in 1Q 2024) First quarter 2025 results: EPS: zł0.43 (up from zł0.42 in 1Q 2024). Revenue: zł252.1m (down 17% from 1Q 2024). Net income: zł5.80m (up 2.7% from 1Q 2024). Profit margin: 2.3% (up from 1.9% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł0.61 (vs zł0.20 in 3Q 2023) Third quarter 2024 results: EPS: zł0.61 (up from zł0.20 in 3Q 2023). Revenue: zł433.5m (down 5.0% from 3Q 2023). Net income: zł8.20m (up 197% from 3Q 2023). Profit margin: 1.9% (up from 0.6% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% 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 • Oct 01
Second quarter 2024 earnings released: EPS: zł0.23 (vs zł0.43 in 2Q 2023) Second quarter 2024 results: EPS: zł0.23 (down from zł0.43 in 2Q 2023). Revenue: zł298.4m (down 17% from 2Q 2023). Net income: zł3.22m (down 44% from 2Q 2023). Profit margin: 1.1% (down from 1.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 17
Upcoming dividend of zł0.15 per share Eligible shareholders must have bought the stock before 24 September 2024. Payment date: 27 September 2024. Trailing yield: 2.1%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (1.5%). Announcement • May 31
NTT System S.A., Annual General Meeting, Jun 27, 2024 NTT System S.A., Annual General Meeting, Jun 27, 2024. Reported Earnings • May 29
First quarter 2024 earnings released: EPS: zł0.42 (vs zł0.47 in 1Q 2023) First quarter 2024 results: EPS: zł0.42 (down from zł0.47 in 1Q 2023). Revenue: zł302.0m (down 6.3% from 1Q 2023). Net income: zł5.65m (down 12% from 1Q 2023). Profit margin: 1.9% (down from 2.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł7.86, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 17x in the Tech industry in Europe. Total returns to shareholders of 55% over the past three years. New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (zł85.4m market cap, or US$21.5m). Upcoming Dividend • Sep 19
Upcoming dividend of zł0.07 per share at 1.4% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 18 October 2023. Trailing yield: 1.4%. Lower than top quartile of Polish dividend payers (7.7%). Lower than average of industry peers (1.8%). Announcement • Jun 04
NTT System S.A., Annual General Meeting, Jun 28, 2023 NTT System S.A., Annual General Meeting, Jun 28, 2023, at 12:00 Central European Standard Time. Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: zł0.21 (vs zł0.30 in 3Q 2021) Third quarter 2022 results: EPS: zł0.21 (down from zł0.30 in 3Q 2021). Revenue: zł303.7m (up 7.9% from 3Q 2021). Net income: zł2.74m (down 33% from 3Q 2021). Profit margin: 0.9% (down from 1.4% 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 49% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 02
Second quarter 2022 earnings released: EPS: zł0.28 (vs zł0.30 in 2Q 2021) Second quarter 2022 results: EPS: zł0.28 (down from zł0.30 in 2Q 2021). Revenue: zł293.7m (up 30% from 2Q 2021). Net income: zł3.86m (down 5.0% from 2Q 2021). Profit margin: 1.3% (down from 1.8% 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 55% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 27 September 2022. Payment date: 19 October 2022. Payout ratio is a comfortable 2.2% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Polish dividend payers (8.9%). Lower than average of industry peers (2.1%). Announcement • Jun 07
NTT System S.A., Annual General Meeting, Jun 29, 2022 NTT System S.A., Annual General Meeting, Jun 29, 2022, at 12:00 Central European Standard Time. Reported Earnings • Jun 02
First quarter 2022 earnings released: EPS: zł0.39 (vs zł0.32 in 1Q 2021) First quarter 2022 results: EPS: zł0.39 (up from zł0.32 in 1Q 2021). Revenue: zł301.3m (up 28% from 1Q 2021). Net income: zł5.25m (up 21% from 1Q 2021). Profit margin: 1.7% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł4.07, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 19x in the Tech industry in Europe. Total returns to shareholders of 100% over the past three years. Reported Earnings • May 03
Full year 2021 earnings released: EPS: zł1.32 (vs zł0.63 in FY 2020) Full year 2021 results: EPS: zł1.32 (up from zł0.63 in FY 2020). Revenue: zł1.15b (up 46% from FY 2020). Net income: zł17.9m (up 110% from FY 2020). Profit margin: 1.6% (up from 1.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 18% share price gain to zł4.82, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 22x in the Tech industry in Europe. Total returns to shareholders of 129% 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 17% share price decline to zł4.00, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 17x in the Tech industry in Europe. Total returns to shareholders of 111% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.30 (up from zł0.22 in 3Q 2020). Revenue: zł281.5m (up 33% from 3Q 2020). Net income: zł4.08m (up 38% from 3Q 2020). Profit margin: 1.4% (in line with 3Q 2020). Revenue was in line with analyst estimates. 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 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 03
Second quarter 2021 earnings released: EPS zł0.30 (vs zł0.18 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł225.6m (up 35% from 2Q 2020). Net income: zł4.07m (up 71% from 2Q 2020). Profit margin: 1.8% (up from 1.4% in 2Q 2020). The increase in margin was driven by higher revenue. 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 30% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of zł0.15 per share Eligible shareholders must have bought the stock before 27 September 2021. Payment date: 19 October 2021. Trailing yield: 2.6%. Lower than top quartile of Polish dividend payers (6.0%). Higher than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 15% share price gain to zł6.12, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 25x in the Tech industry in Europe. Total returns to shareholders of 162% over the past three years. Reported Earnings • Jun 04
First quarter 2021 earnings released: EPS zł0.32 (vs zł0.13 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł235.6m (up 93% from 1Q 2020). Net income: zł4.34m (up 150% from 1Q 2020). Profit margin: 1.8% (up from 1.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 35% per year. Reported Earnings • May 05
Full year 2020 earnings released: EPS zł0.63 (vs zł0.35 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł791.0m (up 47% from FY 2019). Net income: zł8.55m (up 82% from FY 2019). Profit margin: 1.1% (up from 0.9% 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 37% per year whereas the company’s share price has increased by 42% per year. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł6.16, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 26x in the Tech industry in Europe. Total returns to shareholders of 204% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 28% share price gain to zł6.48, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 28x in the Tech industry in Europe. Total returns to shareholders of 242% over the past three years. Is New 90 Day High Low • Feb 15
New 90-day high: zł5.46 The company is up 64% from its price of zł3.33 on 17 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 Tech industry, which is up 35% over the same period. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 25% share price gain to zł5.16, the stock is trading at a trailing P/E ratio of 8.4x, up from the previous P/E ratio of 6.8x. This compares to an average P/E of 24x in the Tech industry in Europe. Total returns to shareholders over the past three years are 154%. Is New 90 Day High Low • Dec 30
New 90-day high: zł5.16 The company is up 91% from its price of zł2.70 on 01 October 2020. The Polish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 18% over the same period. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 19% share price gain to zł4.00, the stock is trading at a trailing P/E ratio of 6.5x, up from the previous P/E ratio of 5.5x. This compares to an average P/E of 23x in the Tech industry in Europe. Total returns to shareholders over the past three years are 97%. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS zł0.22 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł212.4m (up 65% from 3Q 2019). Net income: zł2.97m (up 236% from 3Q 2019). Profit margin: 1.4% (up from 0.7% in 3Q 2019). The increase in margin was driven by higher revenue. 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 12% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 17
New 90-day high: zł3.33 The company is up 12% from its price of zł2.98 on 19 August 2020. The Polish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: zł2.60 The company is down 9.0% from its price of zł2.86 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 Tech industry, which is up 16% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total profits of zł6.20m, up 75% from the prior year. Total revenue was zł593.8m over the last 12 months, up 24% from the prior year. Announcement • Aug 06
NTT System S.A. Appoints Tania Balcombe as CEO of Australia and New Zealand Operations NTT System S.A. has appointed Tania Balcombe as CEO of its operations in Australia and New Zealand (ANZ). The changes follow NTT's recent announcement that, after 31 years with company, its CEO for Australia, Steve Nola, will retire from corporate life at the end of September.