Upcoming Dividend • May 08
Upcoming dividend of zł5.00 per share Eligible shareholders must have bought the stock before 15 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 16%. Within top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (4.6%). Reported Earnings • Apr 17
Full year 2025 earnings released Full year 2025 results: Revenue: zł462.4m (up 14% from FY 2024). Net income: zł140.2m (up 24% from FY 2024). Profit margin: 30% (up from 28% in FY 2024). The increase in margin was driven by higher revenue. Duyuru • Apr 16
Votum S.A., Annual General Meeting, May 12, 2026 Votum S.A., Annual General Meeting, May 12, 2026, at 12:00 Central European Standard Time. Upcoming Dividend • Dec 08
Upcoming dividend of zł1.67 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 23 December 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Polish dividend payers (7.4%). Higher than average of industry peers (4.3%). Reported Earnings • Nov 25
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł98.4m (up 11% from 3Q 2024). Net income: zł29.5m (up 58% from 3Q 2024). Profit margin: 30% (up from 21% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Duyuru • Nov 15
Votum S.A. to Report Q3, 2025 Results on Nov 21, 2025 Votum S.A. announced that they will report Q3, 2025 results on Nov 21, 2025 Upcoming Dividend • Oct 13
Upcoming dividend of zł1.67 per share Eligible shareholders must have bought the stock before 20 October 2025. Payment date: 28 October 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Polish dividend payers (7.1%). Higher than average of industry peers (4.2%). Reported Earnings • Sep 25
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł115.7m (up 14% from 2Q 2024). Net income: zł35.9m (up 58% from 2Q 2024). Profit margin: 31% (up from 22% in 2Q 2024). Duyuru • Aug 22
Votum S.A. to Report First Half, 2025 Results on Sep 23, 2025 Votum S.A. announced that they will report first half, 2025 results on Sep 23, 2025 Reported Earnings • May 23
First quarter 2025 earnings released: EPS: zł3.69 (vs zł1.68 in 1Q 2024) First quarter 2025 results: EPS: zł3.69 (up from zł1.68 in 1Q 2024). Revenue: zł123.1m (up 59% from 1Q 2024). Net income: zł43.6m (up 116% from 1Q 2024). Profit margin: 35% (up from 26% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 22
Upcoming dividend of zł3.33 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 06 June 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Polish dividend payers (6.9%). Higher than average of industry peers (4.2%). Duyuru • Apr 10
Votum S.A., Annual General Meeting, May 07, 2025 Votum S.A., Annual General Meeting, May 07, 2025. Reported Earnings • Apr 08
Full year 2024 earnings released: EPS: zł9.62 (vs zł11.00 in FY 2023) Full year 2024 results: EPS: zł9.62 (down from zł11.00 in FY 2023). Revenue: zł407.4m (up 5.2% from FY 2023). Net income: zł112.9m (down 14% from FY 2023). Profit margin: 28% (down from 34% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł390.6m (US$99.7m) 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł390.6m market cap, or US$99.7m). Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł36.15, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 12x in the Insurance industry in Europe. Total returns to shareholders of 133% over the past three years. Reported Earnings • Nov 26
Third quarter 2024 earnings released: EPS: zł1.59 (vs zł2.19 in 3Q 2023) Third quarter 2024 results: EPS: zł1.59 (down from zł2.19 in 3Q 2023). Revenue: zł88.6m (up 7.6% from 3Q 2023). Net income: zł18.7m (down 28% from 3Q 2023). Profit margin: 21% (down from 32% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 10
Upcoming dividend of zł2.42 per share Eligible shareholders must have bought the stock before 17 September 2024. Payment date: 17 December 2024. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 7.5%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (4.9%). Reported Earnings • Sep 03
Second quarter 2024 earnings released: EPS: zł2.00 (vs zł2.27 in 2Q 2023) Second quarter 2024 results: EPS: zł2.00 (down from zł2.27 in 2Q 2023). Revenue: zł101.7m (up 15% from 2Q 2023). Net income: zł22.7m (down 17% from 2Q 2023). Profit margin: 22% (down from 31% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. New Risk • Aug 08
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 6.5% 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 High level of non-cash earnings (35% accrual ratio). 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 (6.5% average weekly change). Market cap is less than US$100m (zł342.0m market cap, or US$86.4m). Reported Earnings • May 30
First quarter 2024 earnings released: EPS: zł1.70 (vs zł2.71 in 1Q 2023) First quarter 2024 results: EPS: zł1.70 (down from zł2.71 in 1Q 2023). Revenue: zł77.4m (down 3.6% from 1Q 2023). Net income: zł20.2m (down 38% from 1Q 2023). Profit margin: 26% (down from 41% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to zł37.30, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 11x in the Insurance industry in Europe. Total returns to shareholders of 138% over the past three years. Declared Dividend • May 28
Dividend reduced to zł2.42 Dividend of zł2.42 is 3.2% lower than last year. Ex-date: 17th September 2024 Payment date: 17th December 2024 Dividend yield will be 5.5%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 74% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • May 22
Votum S.A., Annual General Meeting, Jun 20, 2024 Votum S.A., Annual General Meeting, Jun 20, 2024. Reported Earnings • Apr 24
Full year 2023 earnings released: EPS: zł11.16 (vs zł7.28 in FY 2022) Full year 2023 results: EPS: zł11.16 (up from zł7.28 in FY 2022). Revenue: zł387.1m (up 29% from FY 2022). Net income: zł131.9m (up 51% from FY 2022). Profit margin: 34% (up from 29% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 22
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.1% to zł45.95. The fair value is estimated to be zł37.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 91%. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł44.00, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 10x in the Insurance industry in Europe. Total returns to shareholders of 291% over the past three years. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł82.3m (up 40% from 3Q 2022). Net income: zł26.2m (up 77% from 3Q 2022). Profit margin: 32% (up from 25% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Sep 18
Second quarter 2023 earnings released: EPS: zł2.34 (vs zł2.21 in 2Q 2022) Second quarter 2023 results: EPS: zł2.34 (up from zł2.21 in 2Q 2022). Revenue: zł88.1m (up 14% from 2Q 2022). Net income: zł27.2m (up 2.8% from 2Q 2022). Profit margin: 31% (down from 34% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 13
Upcoming dividend of zł2.50 per share at 2.5% yield Eligible shareholders must have bought the stock before 20 September 2023. Payment date: 20 December 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Polish dividend payers (7.7%). Lower than average of industry peers (5.1%). New Risk • Jun 22
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 126% Dividend yield: 2.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (48% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Dividend is not well covered by cash flows (126% cash payout ratio). Duyuru • May 26
Votum S.A., Annual General Meeting, Jun 23, 2023 Votum S.A., Annual General Meeting, Jun 23, 2023, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł52.70, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 13x in the Insurance industry in Europe. Total returns to shareholders of 396% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 19% share price gain to zł44.30, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 12x in the Insurance industry in Europe. Total returns to shareholders of 258% over the past three years. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: zł1.25 (vs zł0.06 in 3Q 2021) Third quarter 2022 results: EPS: zł1.25 (up from zł0.06 in 3Q 2021). Revenue: zł58.8m (up 20% from 3Q 2021). Net income: zł14.8m (up zł14.1m from 3Q 2021). Profit margin: 25% (up from 1.3% in 3Q 2021). The increase in margin was primarily driven by higher revenue. 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 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 22% share price decline to zł33.90, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 10x in the Insurance industry in Europe. Total returns to shareholders of 192% over the past three years. Reported Earnings • Sep 25
Second quarter 2022 earnings released: EPS: zł2.26 (vs zł0.034 loss in 2Q 2021) Second quarter 2022 results: EPS: zł2.26 (up from zł0.034 loss in 2Q 2021). Revenue: zł77.3m (up 65% from 2Q 2021). Net income: zł26.5m (up zł26.9m from 2Q 2021). Profit margin: 34% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 14
Upcoming dividend of zł0.41 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 12 December 2022. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 1.0%. Lower than top quartile of Polish dividend payers (9.1%). Lower than average of industry peers (5.5%). Reported Earnings • Jun 01
Third quarter 2021 earnings released: EPS: zł0.06 (vs zł0.17 in 3Q 2020) Third quarter 2021 results: EPS: zł0.06 (down from zł0.17 in 3Q 2020). Revenue: zł49.0m (up 35% from 3Q 2020). Net income: zł661.0k (down 68% from 3Q 2020). Profit margin: 1.3% (down from 5.7% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 49% per year, which means it is well ahead of earnings. Duyuru • May 27
Votum S.A., Annual General Meeting, Jun 22, 2022 Votum S.A., Annual General Meeting, Jun 22, 2022, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 24% share price gain to zł23.20, the stock trades at a trailing P/E ratio of 53.2x. Average trailing P/E is 11x in the Insurance industry in Europe. Total returns to shareholders of 267% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 16% share price gain to zł17.38, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 11x in the Insurance industry in Europe. Total returns to shareholders of 184% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 28% share price gain to zł17.22, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 12x in the Insurance industry in Europe. Total returns to shareholders of 292% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł0.06 (down from zł0.17 in 3Q 2020). Revenue: zł49.0m (up 35% from 3Q 2020). Net income: zł661.0k (down 68% from 3Q 2020). Profit margin: 1.3% (down from 5.7% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. 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 47% per year, which means it is well ahead of earnings. Reported Earnings • Sep 25
Second quarter 2021 earnings released: zł0.033 loss per share (vs zł0.005 profit in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: zł46.9m (up 48% from 2Q 2020). Net loss: zł413.0k (down zł475.0k from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 13
Upcoming dividend of zł0.35 per share Eligible shareholders must have bought the stock before 20 September 2021. Payment date: 15 December 2021. Trailing yield: 2.4%. Lower than top quartile of Polish dividend payers (5.8%). Lower than average of industry peers (4.8%). Reported Earnings • Jun 06
First quarter 2021 earnings released: EPS zł0.21 (vs zł0.34 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: zł42.8m (up 16% from 1Q 2020). Net income: zł2.50m (down 38% from 1Q 2020). Profit margin: 5.8% (down from 11% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 27% per year. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł17.00, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 13x in the Insurance industry in Europe. Total returns to shareholders of 94% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 20% share price gain to zł17.10, the stock trades at a trailing P/E ratio of 23.4x, up from the previous P/E ratio of 19.4x. Average P/E is 14x in the Insurance industry in Europe. Total returns to shareholders over the past three years are 97%. Is New 90 Day High Low • Mar 15
New 90-day high: zł16.30 The company is up 45% from a price of zł11.25 on 15 December 2020. Outperformed the Polish market which is up 7.0% over the last 90 days. Exceeded the Insurance industry, which is up 13% over the same period. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS zł0.73 (vs zł1.44 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: zł150.1m (up 5.9% from FY 2019). Net income: zł8.77m (down 49% from FY 2019). Profit margin: 5.8% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. 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 14% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 08
New 90-day high: zł14.30 The company is up 18% from its price of zł12.10 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 Insurance industry, which is up 7.0% over the same period. 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 zł14.20, the stock is trading at a trailing P/E ratio of 16.1x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 12x in the Insurance industry in Europe. Total returns to shareholders over the past three years are 36%. Is New 90 Day High Low • Jan 18
New 90-day high: zł12.90 The company is up 7.0% from its price of zł12.10 on 20 October 2020. The Polish market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 20% over the same period. Reported Earnings • Nov 29
Third quarter 2020 earnings released: EPS zł0.17 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: zł36.4m (up 5.9% from 3Q 2019). Net income: zł2.09m (down 49% from 3Q 2019). Profit margin: 5.7% (down from 12% 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 46% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 29
New 90-day low: zł11.05 The company is down 3.0% from its price of zł11.35 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 10.0% over the same period.