Buy Or Sell Opportunity • Jun 27
Now 21% undervalued Over the last 90 days, the stock has risen 9.0% to €23.12. The fair value is estimated to be €29.30, 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 2.5%. Revenue is forecast to grow by 5.1% in 2 years. Earnings are forecast to decline by 5.9% in the next 2 years. Upcoming Dividend • Jun 06
Upcoming dividend of zł4.07 per share Eligible shareholders must have bought the stock before 12 June 2026. Payment date: 24 June 2026. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.9%). Buy Or Sell Opportunity • May 27
Now 22% undervalued Over the last 90 days, the stock has risen 20% to €24.47. The fair value is estimated to be €31.20, 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 2.5%. Revenue is forecast to grow by 0.07% in 2 years. Earnings are forecast to decline by 13% in the next 2 years. Declared Dividend • May 20
Dividend of zł4.07 announced Shareholders will receive a dividend of zł4.07. Ex-date: 12th June 2026 Payment date: 24th June 2026 Dividend yield will be 17%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (108% cash payout ratio). The dividend has increased by an average of 37% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.0% to bring the payout ratio under control. EPS is expected to grow by 10% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Tillkännagivande • May 15
XTB S.A. (WSE:XTB) commences an Equity Buyback Plan for 80,000 shares, representing 0.07% for PLN 11.2 million. under the authorization approved on May 8, 2026. XTB S.A. (WSE:XTB) commences a share repurchases on May 11, 2026, under the program mandated by the shareholders in the Annual General Meeting held on May 8, 2026. As per the mandate, the company is authorized to repurchase up to 80,000 shares, representing 0.07% for PLN 11.2 million. The acquisition price of Treasury Shares may not be lower than PLN 50.00 (in words: fifty) per Treasury Share and may not be higher than PLN 140.00 per share. Treasury Shares will be acquired against payment, for an acquisition price paid by the Company from the reserve capital. Treasury Shares acquired by the Company under the MRT Incentive Scheme will be offered to Eligible Persons in this scheme The authorization for the Company's Management Board to acquire Treasury Shares is valid until September 30, 2026, but not longer than until the depletion of the funds allocated for the acquisition of Treasury Shares indicated above ("Authorization Period"), provided that the acquisition of Treasury Shares under the MRT Incentive Scheme may be executed freely during the Authorization Period, including in stages or tranches. Tillkännagivande • Apr 08
XTB S.A., Annual General Meeting, May 08, 2026 XTB S.A., Annual General Meeting, May 08, 2026, at 11:30 Central European Standard Time. Tillkännagivande • Mar 28
XTB S.A. announces Annual dividend, payable on June 24, 2026 XTB S.A. announced Annual dividend of PLN 4.0700 per share payable on June 24, 2026, ex-date on June 12, 2026 and record date on June 15, 2026. Tillkännagivande • Apr 16
XTB S.A., Annual General Meeting, May 14, 2025 XTB S.A., Annual General Meeting, May 14, 2025. Tillkännagivande • Apr 02
XTB S.A. announces Annual dividend, payable on June 25, 2025 XTB S.A. announced Annual dividend of PLN 5.4500 per share payable on June 25, 2025, ex-date on June 13, 2025 and record date on June 16, 2025. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: zł1.73 (vs zł1.03 in 3Q 2023) Third quarter 2024 results: EPS: zł1.73 (up from zł1.03 in 3Q 2023). Revenue: zł451.9m (up 63% from 3Q 2023). Net income: zł203.8m (up 68% from 3Q 2023). Profit margin: 45% (up from 44% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. 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 61% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: zł1.36 (vs zł1.01 in 2Q 2023) Second quarter 2024 results: EPS: zł1.36 (up from zł1.01 in 2Q 2023). Revenue: zł381.9m (up 38% from 2Q 2023). Net income: zł160.3m (up 36% from 2Q 2023). Profit margin: 42% (in line with 2Q 2023). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 03
Now 25% undervalued Over the last 90 days, the stock has risen 4.4% to €14.18. The fair value is estimated to be €18.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 39%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €13.91, the stock trades at a trailing P/E ratio of 8.9x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total returns to shareholders of 410% over the past three years. New Risk • Jun 12
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 German stocks, typically moving 6.8% 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 Dividend is not well covered by cash flows (91% cash payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Upcoming Dividend • May 26
Upcoming dividend of zł5.02 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 20 June 2024. Payout ratio is a comfortable 75% and the cash payout ratio is 88%. Trailing yield: 6.7%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.7%). Tillkännagivande • May 24
XTB S.A. Announces Dividend for the Year 2023, Payable on June 20, 2024 XTB S.A. decided to pay PLN 590.2 million (EUR 138.3 million) from its 2023 net profit as dividend, which amounts to PLN 5.02 (EUR 1.18) per share, the company said in a market filing. The dividend day was set for June 3 and its payment for June 20, 2024. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: zł2.58 (vs zł2.57 in 1Q 2023) First quarter 2024 results: EPS: zł2.58. Revenue: zł555.7m (up 1.4% from 1Q 2023). Net income: zł302.7m (flat on 1Q 2023). Profit margin: 55% (in line with 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.7% growth forecast for the Capital Markets industry in Germany. Tillkännagivande • Apr 28
XTB S.A., Annual General Meeting, May 23, 2024 XTB S.A., Annual General Meeting, May 23, 2024, at 11:30 Central European Standard Time. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €10.32, the stock trades at a trailing P/E ratio of 7x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total returns to shareholders of 73% over the past year. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: zł1.03 (vs zł2.01 in 3Q 2022) Third quarter 2023 results: EPS: zł1.03 (down from zł2.01 in 3Q 2022). Revenue: zł290.2m (down 26% from 3Q 2022). Net income: zł121.1m (down 49% from 3Q 2022). Profit margin: 42% (down from 60% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. New Risk • Oct 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 German stocks, typically moving 6.3% 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. 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 (6.3% average weekly change). Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €7.05, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Capital Markets industry in Germany. Total returns to shareholders of 77% over the past year. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: zł1.01 (vs zł1.94 in 2Q 2022) Second quarter 2023 results: EPS: zł1.01 (down from zł1.94 in 2Q 2022). Revenue: zł276.0m (down 30% from 2Q 2022). Net income: zł118.2m (down 48% from 2Q 2022). Profit margin: 43% (down from 57% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Buying Opportunity • Jul 10
Now 23% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be €11.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 3.2% in 2 years. Earnings is forecast to decline by 18% in the next 2 years. Upcoming Dividend • Jun 30
Upcoming dividend of zł4.86 per share at 12% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.0%). Buying Opportunity • Jun 13
Now 20% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be €11.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 3.2% in 2 years. Earnings is forecast to decline by 18% in the next 2 years. Tillkännagivande • Jun 04
XTB S.A., Annual General Meeting, Jun 30, 2023 XTB S.A., Annual General Meeting, Jun 30, 2023, at 10:00 Central European Standard Time. Buying Opportunity • May 26
Now 20% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be €11.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 3.2% in 2 years. Earnings is forecast to decline by 18% in the next 2 years. Buying Opportunity • Apr 25
Now 21% undervalued Over the last 90 days, the stock is up 9.8%. The fair value is estimated to be €9.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to decline by 6.5% per annum. Earnings is also forecast to decline by 19% per annum over the same time period. Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: zł6.53 (vs zł2.03 in FY 2021) Full year 2022 results: EPS: zł6.53 (up from zł2.03 in FY 2021). Revenue: zł1.45b (up 132% from FY 2021). Net income: zł766.1m (up 222% from FY 2021). Profit margin: 53% (up from 38% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 6.5% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Buying Opportunity • Mar 27
Now 21% undervalued Over the last 90 days, the stock is up 5.4%. The fair value is estimated to be €8.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 42%. Buying Opportunity • Jan 18
Now 20% undervalued Over the last 90 days, the stock is up 46%. The fair value is estimated to be €8.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 49%. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: zł2.01 (vs zł0.89 in 3Q 2021) Third quarter 2022 results: EPS: zł2.01 (up from zł0.89 in 3Q 2021). Revenue: zł391.0m (up 96% from 3Q 2021). Net income: zł236.2m (up 126% from 3Q 2021). Profit margin: 60% (up from 52% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: zł1.94 (vs zł0.21 loss in 2Q 2021) Second quarter 2022 results: EPS: zł1.94 (up from zł0.21 loss in 2Q 2021). Revenue: zł396.4m (up zł343.8m from 2Q 2021). Net income: zł227.3m (up zł251.4m from 2Q 2021). Profit margin: 57% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • Apr 28
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł438.2m (up 132% from 1Q 2021). Net income: zł252.6m (up 184% from 1Q 2021). Profit margin: 58% (up from 47% in 1Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Apr 27
Upcoming dividend of zł1.50 per share Eligible shareholders must have bought the stock before 04 May 2022. Payment date: 16 May 2022. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.0%). Higher than average of industry peers (2.6%). Tillkännagivande • Apr 26
XTB Announces Dividend for the Year 2021 XTB secured shareholders nod to pay out PLN 1.5 DPS from 2021 profit, or PLN 176.1 million in total. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 19% share price gain to €3.79, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 14x in the Capital Markets industry in Germany. Total returns to shareholders of 8.1% over the past year. Reported Earnings • Feb 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł2.03 (down from zł3.43 in FY 2020). Revenue: zł621.3m (down 22% from FY 2020). Net income: zł238.3m (down 41% from FY 2020). Profit margin: 38% (down from 50% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS zł0.86 (vs zł0.58 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł196.4m (up 40% from 3Q 2020). Net income: zł101.5m (up 48% from 3Q 2020). Profit margin: 52% (up from 49% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł2.82, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 20x in the Capital Markets industry in Germany. Reported Earnings • Aug 02
Second quarter 2021 earnings released: zł0.20 loss per share (vs zł1.00 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: zł53.9m (down 74% from 2Q 2020). Net loss: zł23.9m (down 120% from profit in 2Q 2020). Reported Earnings • Apr 26
First quarter 2021 earnings released: EPS zł0.76 (vs zł1.50 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł186.6m (down 41% from 1Q 2020). Net income: zł89.1m (down 49% from 1Q 2020). Profit margin: 48% (down from 56% in 1Q 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł3.62, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 21x in the Capital Markets industry in Germany. Tillkännagivande • Mar 17
X-Trade Brokers Dom Maklerski S.A., Annual General Meeting, Apr 12, 2021 X-Trade Brokers Dom Maklerski S.A., Annual General Meeting, Apr 12, 2021, at 12:00 Central European Standard Time. Tillkännagivande • Mar 13
XTB Brokerage Recommends DPS from 2020 Profit Trade Brokers DM recommended that shareholders take PLN 1.79 DPS from the 2020 profit, translating into a total payout of PLN 210.12 million. In 2019, XTB paid out PLN 0.24 DPS or PLN 54.1 million in total.