Buy Or Sell Opportunity • May 08
Now 23% undervalued Over the last 90 days, the stock has risen 13% to zł560. The fair value is estimated to be zł725, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 24% in a year. Earnings are forecast to grow by 93% in the next year. New Risk • May 05
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 7.3% 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. This is currently the only risk that has been identified for the company. New Risk • May 03
New major risk - Revenue and earnings growth Earnings have declined by 68% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Apr 22
Now 24% undervalued Over the last 90 days, the stock has risen 16% to zł586. The fair value is estimated to be zł772, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 23% in a year. Earnings are forecast to grow by 25% in the next year. Price Target Changed • Jan 06
Price target increased by 8.4% to zł597 Up from zł551, the current price target is an average from 2 analysts. New target price is 22% above last closing price of zł488. Stock is up 4.1% over the past year. The company posted a net loss per share of zł4.67 last year. Reported Earnings • Dec 02
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł23.3m (up 49% from 3Q 2024). Net loss: zł1.43m (loss narrowed 68% from 3Q 2024). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 26
Second quarter 2025 earnings released: zł0.32 loss per share (vs zł0.56 profit in 2Q 2024) Second quarter 2025 results: zł0.32 loss per share (down from zł0.56 profit in 2Q 2024). Revenue: zł20.3m (down 11% from 2Q 2024). Net loss: zł951.0k (down 294% from profit in 2Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Electronic industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Announcement • Aug 22
VIGO Photonics S.A. to Report First Half, 2025 Results on Sep 25, 2025 VIGO Photonics S.A. announced that they will report first half, 2025 results on Sep 25, 2025 Reported Earnings • May 29
First quarter 2025 earnings released: zł1.96 loss per share (vs zł0.98 loss in 1Q 2024) First quarter 2025 results: zł1.96 loss per share (further deteriorated from zł0.98 loss in 1Q 2024). Revenue: zł22.1m (up 39% from 1Q 2024). Net loss: zł1.71m (loss widened 100% from 1Q 2024). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Announcement • May 29
VIGO Photonics S.A., Annual General Meeting, Jun 23, 2025 VIGO Photonics S.A., Annual General Meeting, Jun 23, 2025. Major Estimate Revision • May 18
Consensus revenue estimates decrease by 21% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from zł121.0m to zł95.2m. EPS estimate unchanged at zł17.05 per share. Net income forecast to grow 8.2% next year vs 12% growth forecast for Electronic industry in Poland. Consensus price target up from zł504 to zł548. Share price was steady at zł520 over the past week. Price Target Changed • May 15
Price target increased by 9.3% to zł551 Up from zł504, the current price target is an average from 3 analysts. New target price is 5.9% above last closing price of zł520. Stock is up 2.8% over the past year. The company posted a net loss per share of zł4.67 last year. Price Target Changed • Feb 14
Price target decreased by 12% to zł504 Down from zł574, the current price target is an average from 3 analysts. New target price is 7.7% above last closing price of zł468. Stock is down 3.3% over the past year. The company is forecast to post earnings per share of zł22.00 next year compared to a net loss per share of zł4.09 last year. Price Target Changed • Dec 16
Price target decreased by 12% to zł537 Down from zł610, the current price target is an average from 3 analysts. New target price is 30% above last closing price of zł412. Stock is down 19% over the past year. The company is forecast to post earnings per share of zł22.00 next year compared to a net loss per share of zł4.09 last year. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: zł0.89 (vs zł4.18 in 3Q 2022) Third quarter 2023 results: EPS: zł0.89 (down from zł4.18 in 3Q 2022). Revenue: zł17.2m (up 2.3% from 3Q 2022). Net income: zł650.0k (down 79% from 3Q 2022). Profit margin: 3.8% (down from 18% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 4 years, compared to a 8.6% growth forecast for the Electronic industry in Poland. New Risk • Oct 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł393.7m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (7.4% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (zł393.7m market cap, or US$100.0m). Buy Or Sell Opportunity • Jul 03
Now 21% undervalued Over the last 90 days, the stock has risen 1.7% to zł584. The fair value is estimated to be zł741, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 44%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Buy Or Sell Opportunity • Jun 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.7% to zł510. The fair value is estimated to be zł646, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 44%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. New Risk • Jun 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (6.9% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • May 21
VIGO Photonics S.A., Annual General Meeting, Jun 17, 2024 VIGO Photonics S.A., Annual General Meeting, Jun 17, 2024. New Risk • Apr 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł399.8m (US$98.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (6.9% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (zł399.8m market cap, or US$98.8m). Buy Or Sell Opportunity • Mar 18
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at zł510. The fair value is estimated to be zł646, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 44%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Buy Or Sell Opportunity • Mar 01
Now 21% undervalued Over the last 90 days, the stock has risen 7.8% to zł512. The fair value is estimated to be zł645, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 44%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Major Estimate Revision • Feb 02
Consensus EPS estimates fall by 37% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from zł77.3m to zł76.4m. EPS estimate also fell from zł17.83 per share to zł11.20 per share. Net income forecast to grow 228% next year vs 23% growth forecast for Electronic industry in Poland. Consensus price target down from zł610 to zł592. Share price fell 2.4% to zł440 over the past week. New Risk • Jan 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% 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: Minor Risks Profit margins are more than 30% lower than last year (6.9% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (zł401.5m market cap, or US$99.6m). Announcement • Nov 22
VIGO Photonics S.A. announced a financing transaction VIGO Photonics S.A. announced a private placement of 1,00,000 Series F common shares on November 20, 2023. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: zł0.89 (vs zł4.18 in 3Q 2022) Third quarter 2023 results: EPS: zł0.89 (down from zł4.18 in 3Q 2022). Revenue: zł17.2m (up 2.3% from 3Q 2022). Net income: zł650.0k (down 79% from 3Q 2022). Profit margin: 3.8% (down from 18% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 20
Second quarter 2023 earnings released: EPS: zł5.37 (vs zł3.46 in 2Q 2022) Second quarter 2023 results: EPS: zł5.37 (up from zł3.46 in 2Q 2022). Revenue: zł18.3m (down 3.9% from 2Q 2022). Net income: zł4.35m (up 72% from 2Q 2022). Profit margin: 24% (up from 13% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Poland. Over the last 3 years on average, earnings per share has fallen by 26% 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. New Risk • Jul 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł406.8m (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (46% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (29% net profit margin). Market cap is less than US$100m (zł406.8m market cap, or US$99.3m). Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to zł570, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 17x in the Electronic industry in Europe. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł1,017 per share. Buying Opportunity • Dec 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.8%. The fair value is estimated to be zł629, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 25%. Price Target Changed • Nov 16
Price target increased to zł632 Up from zł455, the current price target is provided by 1 analyst. New target price is 36% above last closing price of zł465. Stock is down 35% over the past year. The company posted earnings per share of zł44.37 last year. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: zł4.18 (vs zł11.81 in 3Q 2021) Third quarter 2022 results: EPS: zł4.18 (down from zł11.81 in 3Q 2021). Revenue: zł16.8m (up 1.0% from 3Q 2021). Net income: zł3.05m (down 65% from 3Q 2021). Profit margin: 18% (down from 52% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Electronic industry in Europe. 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 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 21
Second quarter 2022 earnings released: EPS: zł3.46 (vs zł9.63 in 2Q 2021) Second quarter 2022 results: EPS: zł3.46 (down from zł9.63 in 2Q 2021). Revenue: zł19.0m (up 5.5% from 2Q 2021). Net income: zł2.52m (down 64% from 2Q 2021). Profit margin: 13% (down from 39% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • May 21
VIGO System S.A., Annual General Meeting, Jun 14, 2022 VIGO System S.A., Annual General Meeting, Jun 14, 2022, at 10:00 Central European Standard Time. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: zł4.95 (vs zł7.40 in 1Q 2021) First quarter 2022 results: EPS: zł4.95 (down from zł7.40 in 1Q 2021). Revenue: zł11.7m (down 20% from 1Q 2021). Net income: zł3.61m (down 33% from 1Q 2021). Profit margin: 31% (down from 37% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 09
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: zł44.37 (down from zł44.65 in FY 2020). Revenue: zł71.5m (up 34% from FY 2020). Net income: zł32.3m (flat on FY 2020). Profit margin: 45% (down from 61% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.6%. Over the last 3 years on average, earnings per share has increased by 46% 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 • Jan 10
Investor sentiment improved over the past week After last week's 16% share price gain to zł798, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 8x in the Electronic industry in Poland. Total returns to shareholders of 185% over the past three years. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS zł11.80 (vs zł5.25 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł16.7m (up 29% from 3Q 2020). Net income: zł8.61m (up 125% from 3Q 2020). Profit margin: 52% (up from 30% in 3Q 2020). The increase in margin was primarily driven by higher revenue. 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 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 30
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: zł18.0m (up 30% from 2Q 2020). Net income: zł7.02m (up 26% from 2Q 2020). Profit margin: 39% (down from 40% 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 43% 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 • May 10
First quarter 2021 earnings released: EPS zł7.40 (vs zł3.60 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł14.6m (up 18% from 1Q 2020). Net income: zł5.39m (up 106% from 1Q 2020). Profit margin: 37% (up from 21% in 1Q 2020). The increase in margin was primarily 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 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS zł44.65 (vs zł19.05 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł53.5m (up 25% from FY 2019). Net income: zł32.5m (up 134% from FY 2019). Profit margin: 61% (up from 32% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 24
New 90-day high: zł715 The company is up 28% from its price of zł560 on 26 November 2020. The Polish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 15% over the same period. Is New 90 Day High Low • Feb 08
New 90-day high: zł680 The company is up 31% from its price of zł520 on 10 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 Electronic industry, which is up 16% over the same period. Announcement • Feb 02
VIGO System S.A. to Report Q1, 2021 Results on May 07, 2021 VIGO System S.A. announced that they will report Q1, 2021 results on May 07, 2021 Is New 90 Day High Low • Jan 22
New 90-day high: zł655 The company is up 19% from its price of zł550 on 23 October 2020. The Polish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: zł595 The company is up 8.0% from its price of zł550 on 09 October 2020. The Polish market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: zł585 The company is up 4.0% from its price of zł565 on 14 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 9.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS zł5.25 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: zł12.9m (up 8.2% from 3Q 2019). Net income: zł3.83m (up 2.8% from 3Q 2019). Profit margin: 30% (down from 31% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Oct 30
New 90-day low: zł505 The company is down 12% from its price of zł575 on 31 July 2020. The Polish market is down 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is down 1.0% over the same period.