New Risk • Apr 30
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 7.1% 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 Market cap is less than US$10m (zł3.73m market cap, or US$1.02m). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (2.4% net profit margin). Revenue is less than US$5m (zł13m revenue, or US$3.7m). New Risk • Feb 19
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: 2.4% Last year net profit margin: 5.5% 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: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (zł3.86m market cap, or US$1.08m). Minor Risks Profit margins are more than 30% lower than last year (2.4% net profit margin). Revenue is less than US$5m (zł13m revenue, or US$3.7m). Tillkännagivande • Feb 09
Mineral Midrange S.A. to Report Q4, 2025 Results on Feb 10, 2026 Mineral Midrange S.A. announced that they will report Q4, 2025 results on Feb 10, 2026 Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł1.28, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 58% over the past three years. New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 55% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.8% average weekly change). High level of non-cash earnings (55% accrual ratio). Market cap is less than US$10m (zł4.76m market cap, or US$1.31m). Minor Risk Revenue is less than US$5m (zł18m revenue, or US$4.8m). Tillkännagivande • Nov 07
Mineral Midrange S.A. to Report Q3, 2025 Results on Nov 10, 2025 Mineral Midrange S.A. announced that they will report Q3, 2025 results on Nov 10, 2025 Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł1.52, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 20x in the IT industry in Poland. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł1.58, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 20x in the IT industry in Poland. Total returns to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł1.18, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł1.40, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to zł1.25, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 44% over the past three years. Tillkännagivande • May 15
Mineral Midrange S.A., Annual General Meeting, Jun 11, 2025 Mineral Midrange S.A., Annual General Meeting, Jun 11, 2025. Reported Earnings • May 13
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł3.06m (up 41% from 1Q 2024). Net loss: zł29.3k (loss narrowed 89% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł1.06, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 34% over the past three years. Reported Earnings • Apr 04
Full year 2024 earnings released Full year 2024 results: Revenue: zł16.1m (up 28% from FY 2023). Net income: zł884.6k (up 245% from FY 2023). Profit margin: 5.5% (up from 2.0% in FY 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to zł1.09, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 19x in the IT industry in Poland. Total returns to shareholders of 46% over the past three years. Reported Earnings • Aug 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł2.97m (down 22% from 2Q 2023). Net income: zł37.8k (down 82% from 2Q 2023). Profit margin: 1.3% (down from 5.4% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 14
Mineral Midrange S.A., Annual General Meeting, Jun 13, 2024 Mineral Midrange S.A., Annual General Meeting, Jun 13, 2024. Reported Earnings • May 11
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł2.17m (down 39% from 1Q 2023). Net loss: zł258.6k (loss widened 120% from 1Q 2023). Reported Earnings • Feb 14
Full year 2023 earnings released: EPS: zł0.059 (vs zł0.074 in FY 2022) Full year 2023 results: EPS: zł0.059 (down from zł0.074 in FY 2022). Revenue: zł12.6m (up 39% from FY 2022). Net income: zł261.4k (down 20% from FY 2022). Profit margin: 2.1% (down from 3.6% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jan 23
Now 23% overvalued Over the last 90 days, the stock has fallen 12% to zł0.66. The fair value is estimated to be zł0.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł1.22m (down 30% from 3Q 2022). Net loss: zł370.9k (loss widened 184% from 3Q 2022). Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł3.80m (up 79% from 2Q 2022). Net income: zł204.1k (up 47% from 2Q 2022). Profit margin: 5.4% (down from 6.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł0.074 (vs zł0.084 in FY 2021) Full year 2022 results: EPS: zł0.074 (down from zł0.084 in FY 2021). Revenue: zł9.10m (down 4.0% from FY 2021). Net income: zł328.0k (down 11% from FY 2021). Profit margin: 3.6% (down from 3.9% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł2.12m (up 29% from 2Q 2021). Net income: zł139.0k (up 82% from 2Q 2021). Profit margin: 6.6% (up from 4.6% in 2Q 2021). The increase in margin was driven by higher revenue. Tillkännagivande • Jun 07
Mineral Midrange S.A., Annual General Meeting, Jul 05, 2022 Mineral Midrange S.A., Annual General Meeting, Jul 05, 2022, at 11:00 Central European Standard Time. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.084 (down from zł0.12 in FY 2020). Revenue: zł9.48m (up 5.2% from FY 2020). Net income: zł371.6k (down 30% from FY 2020). Profit margin: 3.9% (down from 5.9% 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 fallen by 29% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 49% share price gain to zł1.10, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 15x in the IT industry in Poland. Total returns to shareholders of 214% over the past three years. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: zł1.68m (up 21% from 3Q 2020). Net income: zł27.0k (down 58% from 3Q 2020). Profit margin: 1.6% (down from 4.7% in 3Q 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improved over the past week After last week's 21% share price gain to zł1.02, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 17x in the IT industry in Poland. Total returns to shareholders of 143% 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 58% share price gain to zł1.36, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 18x in the IT industry in Poland. Total returns to shareholders of 258% over the past three years. Reported Earnings • Feb 15
Full year 2020 earnings released: EPS zł0.12 (vs zł0.079 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł9.01m (down 3.4% from FY 2019). Net income: zł534.1k (up 53% from FY 2019). Profit margin: 5.9% (up from 3.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 12
New 90-day high: zł0.84 The company is up 30% from its price of zł0.65 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 IT industry, which is up 7.0% over the same period. Is New 90 Day High Low • Jan 27
New 90-day high: zł0.78 The company is up 39% from its price of zł0.56 on 29 October 2020. The Polish market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 4.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: zł0.54 The company is down 25% from its price of zł0.71 on 28 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: zł0.54 The company is down 23% from its price of zł0.70 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 IT industry, which is down 8.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: zł0.65 The company is down 11% from its price of zł0.73 on 15 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 3.0% over the same period.