New Risk • Mar 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł37.3m (US$9.99m) 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m (zł3.3m revenue, or US$888k). Market cap is less than US$10m (zł37.3m market cap, or US$9.99m). Duyuru • Feb 11
IDH Development S.A. to Report Q4, 2025 Results on Feb 13, 2026 IDH Development S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 Duyuru • Nov 12
IDH Development S.A. to Report Q3, 2025 Results on Nov 14, 2025 IDH Development S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Aug 21
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: zł3.7m (US$997k) This is considered a major risk. Companies with a small amount of revenue 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 Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m (zł3.7m revenue, or US$997k). Minor Risk Market cap is less than US$100m (zł51.7m market cap, or US$14.1m). Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł635.0k (down 70% from 2Q 2024). Net income: zł795.4k (up zł929.0k from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł2.40, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 20x in the Construction industry in Poland. Total loss to shareholders of 4.8% over the past three years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to zł2.46, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 20x in the Construction industry in Poland. Total returns to shareholders of 2.5% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł1.78, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 19x in the Construction industry in Poland. Total loss to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł1.67, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 15x in the Construction industry in Poland. Total loss to shareholders of 46% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł1.33, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 14x in the Construction industry in Poland. Total loss to shareholders of 63% over the past three years. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: zł0.042 (vs zł1.07 in FY 2023) Full year 2024 results: EPS: zł0.042 (down from zł1.07 in FY 2023). Revenue: zł4.84m (down 49% from FY 2023). Net income: zł981.0k (down 96% from FY 2023). Profit margin: 20% (down from 261% in FY 2023). Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Nov 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 68% 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 (13% average weekly change). High level of non-cash earnings (68% accrual ratio). Market cap is less than US$10m (zł36.6m market cap, or US$8.79m). Minor Risk Revenue is less than US$5m (zł9.2m revenue, or US$2.2m). Reported Earnings • Aug 17
Second quarter 2024 earnings released Second quarter 2024 results: Net loss: zł133.6k (down 101% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 132 percentage points per year, which is a significant difference in performance. Duyuru • Jun 27
IDH Development S.A., Annual General Meeting, Jul 24, 2024 IDH Development S.A., Annual General Meeting, Jul 24, 2024. New Risk • Jun 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł39.6m (US$9.99m) 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 Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Market cap is less than US$10m (zł39.6m market cap, or US$9.99m). Minor Risk Revenue is less than US$5m (zł8.7m revenue, or US$2.2m). Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Net loss: zł223.1k (loss narrowed 21% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 138 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to zł2.60, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 13x in the Construction industry in Poland. Total loss to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to zł1.92, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 11x in the Construction industry in Poland. Total loss to shareholders of 79% over the past three years. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.88 (vs zł4.25 loss in FY 2022) Full year 2023 results: EPS: zł0.88 (up from zł4.25 loss in FY 2022). Net income: zł20.4m (up zł72.3m from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. New Risk • Feb 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł35.2m (US$8.70m) 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 Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 64% per year over the past 5 years. Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Market cap is less than US$10m (zł35.2m market cap, or US$8.70m). Minor Risk Revenue is less than US$5m (zł4.1m revenue, or US$1.0m). Reported Earnings • Aug 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł966.3k (down 63% from 2Q 2022). Net income: zł14.5m (up zł15.2m from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Duyuru • Jul 18
IDH Development S.A., Annual General Meeting, Jul 31, 2023 IDH Development S.A., Annual General Meeting, Jul 31, 2023, at 10:00 Central European Standard Time. New Risk • Jul 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 91% 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 Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-zł32m). Earnings have declined by 65% per year over the past 5 years. Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (zł65.7m market cap, or US$16.3m). Duyuru • May 26
IDH Development S.A. to Report Fiscal Year 2022 Results on Jun 23, 2023 IDH Development S.A. announced that they will report fiscal year 2022 results on Jun 23, 2023 Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: zł1,188 loss per share (down from zł266 profit in FY 2020). Revenue: zł21.9m (down 26% from FY 2020). Net loss: zł18.1m (down zł22.2m from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a decent third quarter result with improved revenues, although losses increased and control over costs was weaker. Third quarter 2021 results: Revenue: zł10.8m (up 127% from 3Q 2020). Net loss: zł15.9m (loss widened 217% from 3Q 2020). Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS zł102 (vs zł327 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and revenues, although profit margins were improved. Second quarter 2021 results: Revenue: zł4.11m (down 72% from 2Q 2020). Net income: zł1.56m (down 69% from 2Q 2020). Profit margin: 38% (up from 34% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 16
New 90-day low: zł6.05 The company is down 24% from a price of zł8.00 on 16 December 2020. Underperformed the Polish market, which is up 6.0% over the last 90 days. Lagged the Construction industry, which is up 21% over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS zł0.53 (vs zł0.25 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł30.1m (up 43% from FY 2019). Net income: zł6.43m (up 108% from FY 2019). Profit margin: 21% (up from 15% in FY 2019). The increase in margin was driven by higher revenue. 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 5% per year, which means it is well ahead of earnings.