Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł6.52, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 21x in the Telecom industry in Poland. Total returns to shareholders of 26% over the past three years. Announcement • May 18
yarrl S.A., Annual General Meeting, Jun 10, 2026 yarrl S.A., Annual General Meeting, Jun 10, 2026, at 12:00 Central European Standard Time. New Risk • Mar 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.3m (US$9.89m) This is considered a major 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 Market cap is less than US$10m (zł36.3m market cap, or US$9.89m). Minor Risk Profit margins are more than 30% lower than last year (2.9% net profit margin). Reported Earnings • Sep 28
Second quarter 2025 earnings released: EPS: zł0.09 (vs zł0.051 in 2Q 2024) Second quarter 2025 results: EPS: zł0.09 (up from zł0.051 in 2Q 2024). Revenue: zł23.9m (up 74% from 2Q 2024). Net income: zł627.0k (up 77% from 2Q 2024). Profit margin: 2.6% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Aug 22
yarrl S.A. to Report First Half, 2025 Results on Sep 25, 2025 yarrl S.A. announced that they will report first half, 2025 results on Sep 25, 2025 Reported Earnings • Jun 02
First quarter 2025 earnings released: EPS: zł0.18 (vs zł0.16 in 1Q 2024) First quarter 2025 results: EPS: zł0.18 (up from zł0.16 in 1Q 2024). Revenue: zł22.8m (up 31% from 1Q 2024). Net income: zł1.25m (up 16% from 1Q 2024). Profit margin: 5.5% (down from 6.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • May 07
yarrl S.A., Annual General Meeting, Jun 03, 2025 yarrl S.A., Annual General Meeting, Jun 03, 2025. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to zł7.28, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 18x in the Telecom industry in Poland. Total returns to shareholders of 3.1% over the past three years. Reported Earnings • Apr 01
Full year 2024 earnings released: EPS: zł0.52 (vs zł0.37 in FY 2023) Full year 2024 results: EPS: zł0.52 (up from zł0.37 in FY 2023). Revenue: zł71.8m (up 134% from FY 2023). Net income: zł3.60m (up 155% from FY 2023). Profit margin: 5.0% (up from 4.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Jan 17
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 5.5% 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 Risks Share price has been highly volatile over the past 3 months (5.5% average weekly change). High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (zł50.1m market cap, or US$12.1m). Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to zł9.15, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 17x in the Telecom industry in Poland. Total returns to shareholders of 56% over the past three years. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł0.17 (vs zł0.098 in 3Q 2023) Third quarter 2024 results: EPS: zł0.17 (up from zł0.098 in 3Q 2023). Revenue: zł17.2m (up 174% from 3Q 2023). Net income: zł1.17m (up 333% from 3Q 2023). Profit margin: 6.8% (up from 4.3% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year and the company’s share price has also increased by 12% per year. Reported Earnings • Oct 03
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł13.8m (up 146% from 2Q 2023). Net income: zł354.0k (up zł320.0k from 2Q 2023). Profit margin: 2.6% (up from 0.6% in 2Q 2023). The increase in margin was driven by higher revenue. New Risk • Jun 16
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: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł5.2m free cash flow). Earnings have declined by 73% per year over the past 5 years. Shareholders have been substantially diluted in the past year (154% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (zł44.2m market cap, or US$10.8m). Announcement • May 23
yarrl S.A., Annual General Meeting, Jun 18, 2024 yarrl S.A., Annual General Meeting, Jun 18, 2024. New Risk • Mar 04
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 6.6% 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 Less than 1 year of cash runway based on free cash flow trend (-zł5.2m free cash flow). Earnings have declined by 73% per year over the past 5 years. Shareholders have been substantially diluted in the past year (154% increase in shares outstanding). Market cap is less than US$10m (zł39.7m market cap, or US$9.96m). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). New Risk • Feb 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł38.0m (US$9.55m) This is considered a major 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 Risks Less than 1 year of cash runway based on free cash flow trend (-zł5.2m free cash flow). Earnings have declined by 73% per year over the past 5 years. Shareholders have been substantially diluted in the past year (154% increase in shares outstanding). Market cap is less than US$10m (zł38.0m market cap, or US$9.55m). Reported Earnings • Dec 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł6.25m (down 1.9% from 3Q 2022). Net income: zł269.0k (up zł1.85m from 3Q 2022). Profit margin: 4.3% (up from net loss in 3Q 2022). 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 151 percentage points per year, which is a significant difference in performance. New Risk • Oct 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 194% This is considered a major 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 Risks Less than 1 year of cash runway based on free cash flow trend (-zł7.1m free cash flow). Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (194% increase in shares outstanding). Minor Risks Revenue is less than US$5m (zł21m revenue, or US$4.9m). Market cap is less than US$100m (zł59.2m market cap, or US$13.6m). Reported Earnings • Oct 01
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł5.59m (down 24% from 2Q 2022). Net income: zł34.0k (up zł563.0k from 2Q 2022). Profit margin: 0.6% (up from net loss in 2Q 2022). 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 164 percentage points per year, which is a significant difference in performance. Announcement • Jun 04
Unima 2000 Systemy Teleinformatyczne S.A., Annual General Meeting, Jun 30, 2023 Unima 2000 Systemy Teleinformatyczne S.A., Annual General Meeting, Jun 30, 2023, at 10:00 Central European Standard Time. Reported Earnings • Dec 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł6.38m (down 38% from 3Q 2021). Net loss: zł1.58m (down 207% from profit in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 05
Second quarter 2022 earnings released: zł0.19 loss per share (vs zł0.11 loss in 2Q 2021) Second quarter 2022 results: zł0.19 loss per share (further deteriorated from zł0.11 loss in 2Q 2021). Revenue: zł7.31m (up 4.4% from 2Q 2021). Net loss: zł529.0k (loss widened 75% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Unima 2000 Systemy Teleinformatyczne S.A. (WSE:U2K) agreed to acquire 100 stake in pTAG sp. z o.o Unima 2000 Systemy Teleinformatyczne S.A. (WSE:U2K) agreed to acquire 100 stake in pTAG sp. z o.o on September 29, 2022. pTAG sp. z o.o shareholders will get the shares of Unima 2000 Systemy Teleinformatyczne S.A. (WSE:U2K). Unima will issue new shares to pTAG. This transaction will increase the share capital of Unima 2000 Systemy Teleinformatyczne S.A. (WSE:U2K). At a later stage of building transaction assumptions, the Parties will consider the benefits that may occur from the combination of U2K with pTAG. Unima and ptag jointly will form a new commission to determine the parameters of the Transaction relating to carry out a valuation of 100% of pTAG shares, based on commission decision further parameters of the Transaction will be determined. With regard to the Unima the valuation will be based on the average turnover-weighted share price at which the shares were traded on the regulated market in the six months preceding the date of valuation of pTAG. The Letter of Intent does not entail an obligation to make the Transaction. The decision to carry out the Transaction will depend on the results of negotiations in this respect, and the fulfillment of other conditions specified in the law or corporate documents. The Letter of Intent is valid until 31 December 2022. The Issuer and pTAG undertook to negotiate the terms of the Transaction on an exclusive basis within this period, unima has a unilateral right to terminate the Letter of Intent within its validity period. Reported Earnings • Jun 04
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł8.08m (up 21% from 1Q 2021). Net loss: zł387.0k (loss narrowed 29% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Announcement • May 31
Unima 2000 Systemy Teleinformatyczne S.A., Annual General Meeting, Jun 22, 2022 Unima 2000 Systemy Teleinformatyczne S.A., Annual General Meeting, Jun 22, 2022, at 11:00 Central European Standard Time. Reported Earnings • Apr 27
Full year 2021 earnings released: zł0.28 loss per share (vs zł0.30 loss in FY 2020) Full year 2021 results: zł0.28 loss per share (up from zł0.30 loss in FY 2020). Revenue: zł33.8m (down 14% from FY 2020). Net loss: zł742.0k (loss narrowed 10% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 21% share price gain to zł7.76, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 11x in the Telecom industry in Poland. Total returns to shareholders of 263% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 18% share price gain to zł6.06, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 16x in the Telecom industry in Poland. Total returns to shareholders of 194% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł4.22, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 14x in the Telecom industry in Poland. Total returns to shareholders of 105% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improved over the past week After last week's 48% share price gain to zł4.90, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 13x in the Telecom industry in Poland. Total returns to shareholders of 139% over the past three years. Reported Earnings • Nov 24
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: zł10.3m (up 6.0% from 3Q 2020). Net income: zł1.47m (up zł1.66m from 3Q 2020). Profit margin: 14% (up from net loss in 3Q 2020). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Sep 25
Second quarter 2021 earnings released The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: zł7.01m (down 37% from 2Q 2020). Net loss: zł302.0k (loss widened 21% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 29
First quarter 2021 earnings released The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: zł6.68m (down 31% from 1Q 2020). Net loss: zł545.0k (loss narrowed 7.6% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 12
New 90-day high: zł3.40 The company is up 15% from its price of zł2.96 on 13 November 2020. The Polish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 21
New 90-day low: zł2.78 The company is down 24% from its price of zł3.66 on 22 September 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is down 4.0% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: zł2.86 The company is down 15% from its price of zł3.36 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is down 10.0% over the same period. Reported Earnings • Sep 25
First half earnings released Over the last 12 months the company has reported total profits of zł809.0k, down 8.1% from the prior year. Total revenue was zł49.2m over the last 12 months, up 20% from the prior year.