Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł2.00, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 15x in the Media industry in Poland. Total returns to shareholders of 62% over the past three years. Reported Earnings • Nov 29
Third quarter 2025 earnings released: EPS: zł0.27 (vs zł0.14 loss in 3Q 2024) Third quarter 2025 results: EPS: zł0.27 (up from zł0.14 loss in 3Q 2024). Net income: zł3.55m (up zł5.50m from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł2.39, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 19x in the Media industry in Poland. Total returns to shareholders of 122% over the past three years. Reported Earnings • Sep 25
Second quarter 2025 earnings released: EPS: zł0.70 (vs zł0.31 loss in 2Q 2024) Second quarter 2025 results: EPS: zł0.70 (up from zł0.31 loss in 2Q 2024). Net income: zł9.37m (up zł13.4m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 07
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 6.7% 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 Risks Revenue is less than US$1m (zł430k revenue, or US$118k). Market cap is less than US$10m (zł27.0m market cap, or US$7.40m). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). New Risk • Jun 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% 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 Risks Revenue is less than US$1m (zł430k revenue, or US$117k). Market cap is less than US$10m (zł28.0m market cap, or US$7.65m). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). Reported Earnings • Nov 29
Third quarter 2024 earnings released: zł0.14 loss per share (vs zł0.023 profit in 3Q 2023) Third quarter 2024 results: zł0.14 loss per share (down from zł0.023 profit in 3Q 2023). Net loss: zł1.94m (down zł2.26m from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 27
First quarter 2024 earnings released: EPS: zł0.13 (vs zł0.11 in 1Q 2023) First quarter 2024 results: EPS: zł0.13 (up from zł0.11 in 1Q 2023). Net income: zł1.68m (up 17% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Sep 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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 Risks High level of non-cash earnings (23% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (zł25.5m market cap, or US$6.66m). Minor Risk Shareholders have been diluted in the past year (2.1% increase in shares outstanding). New Risk • Jul 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% 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 Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). High level of non-cash earnings (23% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (zł29.6m market cap, or US$7.49m). Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Reported Earnings • Jun 05
First quarter 2024 earnings released: EPS: zł0.52 (vs zł0.11 in 1Q 2023) First quarter 2024 results: EPS: zł0.52 (up from zł0.11 in 1Q 2023). Net income: zł6.70m (up 368% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 05
Larq S.A., Annual General Meeting, Jun 27, 2024 Larq S.A., Annual General Meeting, Jun 27, 2024. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł2.48, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 9x in the Media industry in Poland. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł1.86, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 12x in the Media industry in Poland. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł2.26, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 13x in the Media industry in Poland. Total loss to shareholders of 3.8% over the past three years. Reported Earnings • Nov 30
Third quarter 2023 earnings released Third quarter 2023 results: Net income: zł315.9k (up zł1.63m from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł1.60, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 11x in the Media industry in Poland. Total loss to shareholders of 21% over the past three years. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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 Risks Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m (zł346k revenue, or US$87k). Market cap is less than US$10m (zł20.0m market cap, or US$5.00m). Minor Risk Shareholders have been diluted in the past year (2.1% increase in shares outstanding). New Risk • Jul 04
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 7.4% 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 Risks Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m (zł346k revenue, or US$85k). Market cap is less than US$10m (zł19.4m market cap, or US$4.79m). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Shareholders have been diluted in the past year (32% increase in shares outstanding). Duyuru • Jun 02
Larq S.A., Annual General Meeting, Jun 26, 2023 Larq S.A., Annual General Meeting, Jun 26, 2023, at 10:00 Central European Standard Time. Reported Earnings • Nov 30
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: zł1.31m (loss narrowed 56% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 30
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: zł1.21m (loss narrowed 71% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Duyuru • Jun 07
Larq S.A., Annual General Meeting, Jun 30, 2022 Larq S.A., Annual General Meeting, Jun 30, 2022, at 10:00 Central European Standard Time. Reported Earnings • Jun 02
First quarter 2022 earnings released First quarter 2022 results: Net loss: zł547.1k (loss narrowed 54% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released Third quarter 2021 results: Net loss: zł3.02m (loss narrowed 84% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Reported Earnings • Sep 29
Second quarter 2021 earnings released Second quarter 2021 results: Net loss: zł4.15m (loss narrowed 41% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Reported Earnings • May 30
First quarter 2021 earnings released First quarter 2021 results: Net loss: zł1.18m (loss narrowed 91% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 12
New 90-day high: zł2.26 The company is up 28% from its price of zł1.76 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 Media industry, which is up 8.0% over the same period. Reported Earnings • Dec 02
Third quarter 2020 earnings released: zł2.16 loss per share Third quarter 2020 results: Net loss: zł18.6m (loss widened 117% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 104% per year but the company’s share price has only fallen by 51% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 28
First half earnings released Over the last 12 months the company has reported total losses of zł37.9m, with losses widening by 60% from the prior year. Is New 90 Day High Low • Sep 26
New 90-day low: zł1.75 The company is down 34% from its price of zł2.66 on 26 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is flat over the same period. Duyuru • Sep 25
Larq Growth Fund 1 FIZ of AgioFunds Towarzystwo Funduszy Inwestycyjnych S.A. agreed to acquire 17.78% stake in YouLead Sp. z.o.o. from Larq S.A. (WSE:LRQ) for PLN 1.3 million. Larq Growth Fund 1 FIZ of AgioFunds Towarzystwo Funduszy Inwestycyjnych S.A. agreed to acquire 17.78% stake in YouLead Sp. z.o.o. from Larq S.A. (WSE:LRQ) for PLN 1.3 million on August 20, 2020. A promised deal for the transaction was signed on September 24, 2020. 