Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł2.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Media industry in Europe. Total loss to shareholders of 4.6% over the past three years. Upcoming Dividend • Dec 02
Upcoming dividend of zł0.12 per share Eligible shareholders must have bought the stock before 09 December 2025. Payment date: 15 December 2025. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Polish dividend payers (7.3%). In line with average of industry peers (4.2%). Reported Earnings • Nov 28
Third quarter 2025 earnings released: EPS: zł0.04 (vs zł0.06 in 3Q 2024) Third quarter 2025 results: EPS: zł0.04 (down from zł0.06 in 3Q 2024). Revenue: zł15.6m (down 4.3% from 3Q 2024). Net income: zł1.68m (down 25% from 3Q 2024). Profit margin: 11% (down from 14% in 3Q 2024). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Major Estimate Revision • Oct 08
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from zł73.0m to zł70.7m. EPS estimate also fell from zł0.29 per share to zł0.24 per share. Net income forecast to grow 0.7% next year vs 20% growth forecast for Media industry in Poland. Consensus price target down from zł4.50 to zł4.00. Share price rose 6.6% to zł3.07 over the past week. Price Target Changed • Oct 07
Price target decreased by 13% to zł4.00 Down from zł4.60, the current price target is provided by 1 analyst. New target price is 32% above last closing price of zł3.04. Stock is down 13% over the past year. The company is forecast to post earnings per share of zł0.24 for next year compared to zł0.32 last year. Reported Earnings • Sep 18
Second quarter 2025 earnings released: EPS: zł0.05 (vs zł0.08 in 2Q 2024) Second quarter 2025 results: EPS: zł0.05 (down from zł0.08 in 2Q 2024). Revenue: zł16.3m (up 3.6% from 2Q 2024). Net income: zł1.67m (down 39% from 2Q 2024). Profit margin: 10% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Duyuru • Aug 21
IMS S.A. to Report First Half, 2025 Results on Sep 17, 2025 IMS S.A. announced that they will report first half, 2025 results on Sep 17, 2025 Major Estimate Revision • Jun 12
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from zł0.33 to zł0.29. Revenue forecast unchanged from zł73.0m at last update. Net income forecast to grow 4.9% next year vs 24% growth forecast for Media industry in Poland. Consensus price target down from zł4.60 to zł4.50. Share price rose 6.7% to zł3.97 over the past week. Duyuru • May 23
IMS S.A., Annual General Meeting, Jun 18, 2025 IMS S.A., Annual General Meeting, Jun 18, 2025. Major Estimate Revision • May 22
Consensus revenue estimates decrease by 11%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from zł82.2m to zł73.0m. EPS estimate increased from zł0.31 to zł0.33 per share. Net income forecast to grow 4.0% next year vs 22% growth forecast for Media industry in Poland. Consensus price target up from zł4.50 to zł4.60. Share price rose 10.0% to zł4.07 over the past week. Reported Earnings • May 05
Full year 2024 earnings released: EPS: zł0.32 (vs zł0.26 in FY 2023) Full year 2024 results: EPS: zł0.32 (up from zł0.26 in FY 2023). Revenue: zł66.4m (down 1.4% from FY 2023). Net income: zł11.1m (up 28% from FY 2023). Profit margin: 17% (up from 13% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Nov 25
Upcoming dividend of zł0.16 per share Eligible shareholders must have bought the stock before 02 December 2024. Payment date: 06 December 2024. Trailing yield: 7.0%. Lower than top quartile of Polish dividend payers (8.2%). Higher than average of industry peers (5.7%). Buy Or Sell Opportunity • Oct 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to zł3.48. The fair value is estimated to be zł4.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Price Target Changed • Oct 09
Price target decreased by 10.0% to zł4.50 Down from zł5.00, the current price target is provided by 1 analyst. New target price is 29% above last closing price of zł3.50. Stock is up 2.9% over the past year. The company posted earnings per share of zł0.23 last year. Buy Or Sell Opportunity • Sep 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to zł3.64. The fair value is estimated to be zł4.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. New Risk • Jul 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.5% This is considered a minor 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 Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (5.5% increase in shares outstanding). Market cap is less than US$100m (zł160.4m market cap, or US$40.6m). Upcoming Dividend • May 20
Upcoming dividend of zł0.27 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 30 May 2024. Trailing yield: 6.0%. Lower than top quartile of Polish dividend payers (7.5%). In line with average of industry peers (6.4%). Duyuru • May 01
IMS S.A., Annual General Meeting, May 23, 2024 IMS S.A., Annual General Meeting, May 23, 2024, at 12:00 Central European Standard Time. New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Market cap is less than US$100m (zł163.4m market cap, or US$41.1m). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł4.29, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Media industry in Europe. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł3.57, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Media industry in Europe. Total returns to shareholders of 63% over the past three years. New Risk • Jul 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor 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 Risk Earnings have declined by 7.8% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (zł97.8m market cap, or US$23.7m). Upcoming Dividend • Jun 27
Upcoming dividend of zł0.20 per share at 6.7% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 6.7%. Lower than top quartile of Polish dividend payers (7.2%). In line with average of industry peers (7.2%). Duyuru • Jun 04
IMS S.A., Annual General Meeting, Jun 28, 2023 IMS S.A., Annual General Meeting, Jun 28, 2023, at 12:00 Central European Standard Time. Reported Earnings • Nov 26
Third quarter 2022 earnings released: EPS: zł0.04 (vs zł0.04 in 3Q 2021) Third quarter 2022 results: EPS: zł0.04 (in line with 3Q 2021). Revenue: zł13.5m (up 23% from 3Q 2021). Net income: zł1.60m (up 26% from 3Q 2021). Profit margin: 12% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Sep 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be zł3.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 11%. Reported Earnings • Sep 17
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł24.7m (up 173% from 2Q 2021). Net income: zł3.61m (down 1.1% from 2Q 2021). Profit margin: 15% (down from 41% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year and the company’s share price has also fallen by 15% per year. Upcoming Dividend • Jun 08
Upcoming dividend of zł0.18 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 6.4%. Lower than top quartile of Polish dividend payers (8.0%). Higher than average of industry peers (4.9%). Reported Earnings • Jun 01
Third quarter 2021 earnings: EPS and revenues miss analyst expectations Third quarter 2021 results: EPS: zł0.04 (up from zł0.038 in 3Q 2020). Revenue: zł11.0m (up 24% from 3Q 2020). Net income: zł1.27m (up 7.7% from 3Q 2020). Profit margin: 12% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 29%. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS and revenues miss analyst expectations Third quarter 2021 results: EPS: zł0.04 (vs zł0.04 in 3Q 2020). Revenue: zł11.0m (up 24% from 3Q 2020). Net income: zł1.27m (up 7.7% from 3Q 2020). Profit margin: 12% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 29%. Earnings per share (EPS) missed analyst estimates by 29%. Over the next year, revenue is forecast to grow 46%, compared to a 6.9% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 22
Second quarter 2021 earnings released: EPS zł12.00 (vs zł0.021 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł9.02m (up 39% from 2Q 2020). Net income: zł3.65m (up 451% from 2Q 2020). Profit margin: 41% (up from 10% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jun 29
Upcoming dividend of zł0.07 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 20 July 2021. Trailing yield: 1.4%. Lower than top quartile of Polish dividend payers (5.7%). Lower than average of industry peers (3.9%). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 16% share price gain to zł3.45, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Media industry in Europe. Total loss to shareholders of 1.5% over the past three years. Is New 90 Day High Low • Feb 03
New 90-day high: zł2.88 The company is up 44% from its price of zł2.00 on 04 November 2020. The Polish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: zł2.77 The company is up 19% from its price of zł2.33 on 09 October 2020. The Polish market is also up 19% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Media industry, which is up 11% over the same period. Reported Earnings • Nov 27
Third quarter 2020 earnings released: EPS zł0.038 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: zł8.91m (down 34% from 3Q 2019). Net income: zł1.18m (down 34% from 3Q 2019). Profit margin: 13% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 22% share price gain to zł2.27, the stock is trading at a trailing P/E ratio of 10.2x, up from the previous P/E ratio of 8.3x. This compares to an average P/E of 14x in the Media industry in Poland. Total return to shareholders over the past three years is a loss of 25%. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 22% share price gain to zł2.44, the stock is trading at a trailing P/E ratio of 10.9x, up from the previous P/E ratio of 8.9x. This compares to an average P/E of 15x in the Media industry in Poland. Total return to shareholders over the past three years is a loss of 20%. Is New 90 Day High Low • Nov 07
New 90-day low: zł1.86 The company is down 28% from its price of zł2.57 on 07 August 2020. The Polish market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day low: zł2.29 The company is down 5.0% from its price of zł2.41 on 16 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Media industry, which is also down 5.0% over the same period.