Buy Or Sell Opportunity • Oct 22
Now 21% overvalued Over the last 90 days, the stock has fallen 2.4% to zł79.80. The fair value is estimated to be zł65.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has declined by 7.0%. Reported Earnings • Sep 24
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł2.87m (down 11% from 2Q 2024). Net income: zł1.05m (up 119% from 2Q 2024). Profit margin: 37% (up from 15% in 2Q 2024). The increase in margin was driven by lower expenses. Duyuru • Aug 26
Render Cube S.A. to Report First Half, 2025 Results on Sep 30, 2025 Render Cube S.A. announced that they will report first half, 2025 results on Sep 30, 2025 New Risk • Jul 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 236% Cash payout ratio: 124% Dividend yield: 15% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 236% Cash payout ratio: 124% Earnings have declined by 3.6% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (36% net profit margin). Revenue is less than US$5m (zł17m revenue, or US$4.7m). Market cap is less than US$100m (zł104.5m market cap, or US$28.8m). Buy Or Sell Opportunity • Jul 10
Now 21% undervalued Over the last 90 days, the stock has risen 17% to zł92.60. The fair value is estimated to be zł117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has declined by 4.8%. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł99.60, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 14x in the Entertainment industry in Poland. Total returns to shareholders of 6.6% over the past three years. New Risk • Jun 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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). Earnings have declined by 3.6% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (36% net profit margin). Revenue is less than US$5m (zł17m revenue, or US$4.6m). Market cap is less than US$100m (zł113.6m market cap, or US$30.7m). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł104, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 17x in the Entertainment industry in Poland. Negligible returns to shareholders over past three years. New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 1.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Revenue is less than US$5m (zł17m revenue, or US$4.6m). Market cap is less than US$100m (zł94.3m market cap, or US$25.2m). New Risk • May 12
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 6.1% 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: Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Revenue is less than US$5m (zł17m revenue, or US$4.5m). Market cap is less than US$100m (zł90.9m market cap, or US$23.7m). Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł97.00, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 17x in the Entertainment industry in Poland. Total loss to shareholders of 8.1% over the past three years. Reported Earnings • May 05
Full year 2024 earnings released Full year 2024 results: Revenue: zł17.2m (up 11% from FY 2023). Net income: zł7.15m (down 5.9% from FY 2023). Profit margin: 42% (down from 49% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 03
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł3.76m (down 30% from 3Q 2023). Net income: zł1.37m (down 57% from 3Q 2023). Profit margin: 36% (down from 60% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. New Risk • Nov 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risks Revenue is less than US$5m (zł19m revenue, or US$4.7m). Market cap is less than US$100m (zł112.5m market cap, or US$27.9m). Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł99.60, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 14x in the Entertainment industry in Poland. Total loss to shareholders of 53% over the past year. New Risk • Sep 24
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: Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (zł128.1m market cap, or US$33.6m). Reported Earnings • Sep 24
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł3.22m (up 21% from 2Q 2023). Net income: zł480.4k (down 46% from 2Q 2023). Profit margin: 15% (down from 34% in 2Q 2023). The decrease in margin was driven by higher expenses. New Risk • Jun 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (7.3% average weekly change). Revenue is less than US$5m (zł14m revenue, or US$3.4m). Market cap is less than US$100m (zł135.6m market cap, or US$34.4m). Duyuru • May 31
Render Cube S.A., Annual General Meeting, Jun 25, 2024 Render Cube S.A., Annual General Meeting, Jun 25, 2024. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł144, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 22x in the Entertainment industry in Poland. Total returns to shareholders of 1.1% over the past year. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Revenue is less than US$5m (zł14m revenue, or US$3.4m). Market cap is less than US$100m (zł127.6m market cap, or US$32.0m). Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to zł121, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 20x in the Entertainment industry in Poland. Total loss to shareholders of 21% over the past year. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to zł144, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 22x in the Entertainment industry in Poland. Total returns to shareholders of 22% over the past year. New Risk • Aug 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% 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 Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Revenue is less than US$5m (zł14m revenue, or US$3.4m). Market cap is less than US$100m (zł276.8m market cap, or US$68.0m). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł232, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 23x in the Entertainment industry in Poland. Total returns to shareholders of 111% over the past year. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł160, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 20x in the Entertainment industry in Poland. Total returns to shareholders of 63% over the past year. Duyuru • Jun 04
Render Cube S.A., Annual General Meeting, Jun 30, 2023 Render Cube S.A., Annual General Meeting, Jun 30, 2023, at 13:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 20% share price gain to zł141, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 14x in the Entertainment industry in Poland. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 18% share price gain to zł119, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 14x in the Entertainment industry in Poland. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 16% share price gain to zł110, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 14x in the Entertainment industry in Poland. Duyuru • Dec 24
Render Cube S.A. has completed an IPO in the amount of PLN 24.42 million. Render Cube S.A. has completed an IPO in the amount of PLN 24.42 million.
Security Name: Series A Shares
Security Type: Common Stock
Securities Offered: 98,000
Price\Range: PLN 150
Security Name: Series B Shares
Security Type: Common Stock
Securities Offered: 38,900
Price\Range: PLN 150
Security Name: Series C Shares
Security Type: Common Stock
Securities Offered: 25,900
Price\Range: PLN 150