New Risk • May 17
New major risk - Revenue and earnings growth Earnings have declined by 19% 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 Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 19% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł349.5m market cap, or US$95.6m). Reported Earnings • Apr 07
Full year 2025 earnings released: EPS: zł0.49 (vs zł0.53 loss in FY 2024) Full year 2025 results: EPS: zł0.49 (up from zł0.53 loss in FY 2024). Revenue: zł1.70b (up 13% from FY 2024). Net income: zł9.31m (up zł19.3m from FY 2024). Profit margin: 0.5% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. New Risk • Mar 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł366.2m (US$99.0m) 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: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risk Market cap is less than US$100m (zł366.2m market cap, or US$99.0m). Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: zł0.42 (vs zł0.36 loss in 3Q 2024) Third quarter 2025 results: EPS: zł0.42 (up from zł0.36 loss in 3Q 2024). Revenue: zł393.7m (up 14% from 3Q 2024). Net income: zł1.43m (up zł8.22m from 3Q 2024). Profit margin: 0.4% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Specialty Retail industry in Poland. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Duyuru • Nov 15
Answear.com S.A. to Report Q3, 2025 Results on Nov 19, 2025 Answear.com S.A. announced that they will report Q3, 2025 results on Nov 19, 2025 Buy Or Sell Opportunity • Sep 24
Now 20% undervalued Over the last 90 days, the stock has risen 8.6% to zł30.80. The fair value is estimated to be zł38.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to grow by 170% in the next 2 years. Reported Earnings • Sep 21
Second quarter 2025 earnings released: EPS: zł0.15 (vs zł0.93 loss in 2Q 2024) Second quarter 2025 results: EPS: zł0.15 (up from zł0.93 loss in 2Q 2024). Revenue: zł399.3m (up 16% from 2Q 2024). Net income: zł2.87m (up zł20.4m from 2Q 2024). Profit margin: 0.7% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Specialty Retail industry in Poland. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Duyuru • Aug 21
Answear.com S.A. to Report Q2, 2025 Results on Sep 18, 2025 Answear.com S.A. announced that they will report Q2, 2025 results on Sep 18, 2025 Reported Earnings • May 22
First quarter 2025 earnings released: EPS: zł0.19 (vs zł0.23 loss in 1Q 2024) First quarter 2025 results: EPS: zł0.19 (up from zł0.23 loss in 1Q 2024). Revenue: zł352.5m (up 22% from 1Q 2024). Net income: zł3.66m (up zł7.95m from 1Q 2024). Profit margin: 1.0% (up from net loss in 1Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Specialty Retail industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 11
Full year 2024 earnings released: zł0.53 loss per share (vs zł1.13 profit in FY 2023) Full year 2024 results: zł0.53 loss per share (down from zł1.13 profit in FY 2023). Revenue: zł1.51b (up 20% from FY 2023). Net loss: zł10.0m (down 150% from profit in FY 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Specialty Retail industry in Poland. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 03
Now 21% undervalued Over the last 90 days, the stock has risen 13% to zł26.35. The fair value is estimated to be zł33.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Dec 03
Now 20% undervalued Over the last 90 days, the stock has risen 10% to zł24.80. The fair value is estimated to be zł31.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 21
Third quarter 2024 earnings released: zł0.36 loss per share (vs zł0.46 loss in 3Q 2023) Third quarter 2024 results: zł0.36 loss per share (improved from zł0.46 loss in 3Q 2023). Revenue: zł344.0m (up 26% from 3Q 2023). Net loss: zł6.79m (loss narrowed 18% from 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 20
Second quarter 2024 earnings released: zł0.93 loss per share (vs zł0.65 profit in 2Q 2023) Second quarter 2024 results: zł0.93 loss per share (down from zł0.65 profit in 2Q 2023). Revenue: zł343.4m (up 20% from 2Q 2023). Net loss: zł17.6m (down 254% from profit in 2Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Specialty Retail industry in Poland. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 16% per year. Buy Or Sell Opportunity • Jul 26
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at zł23.90. The fair value is estimated to be zł19.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 8.4%. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł27.00, the stock trades at a trailing P/E ratio of 41x. Average forward P/E is 12x in the Specialty Retail industry in Poland. Total loss to shareholders of 17% over the past three years. Buy Or Sell Opportunity • Jul 06
Now 25% overvalued The stock has been flat over the last 90 days, currently trading at zł25.50. The fair value is estimated to be zł20.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 8.4%. Duyuru • May 31
Answear.com S.A., Annual General Meeting, Jun 26, 2024 Answear.com S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 30
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł288.5m (up 6.4% from 1Q 2023). Net loss: zł4.29m (down 225% from profit in 1Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Price Target Changed • May 10
Price target decreased by 11% to zł36.00 Down from zł40.40, the current price target is provided by 1 analyst. New target price is 51% above last closing price of zł23.80. Stock is down 33% over the past year. The company posted earnings per share of zł1.13 last year. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: zł1.13 (vs zł1.49 in FY 2022) Full year 2023 results: EPS: zł1.13 (down from zł1.49 in FY 2022). Revenue: zł1.26b (up 29% from FY 2022). Net income: zł20.2m (down 22% from FY 2022). Profit margin: 1.6% (down from 2.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to zł30.00. The fair value is estimated to be zł24.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 34%. Buy Or Sell Opportunity • Mar 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.4% to zł30.50. The fair value is estimated to be zł25.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 34%. Duyuru • Feb 02
Answear.com S.A. to Report Q4, 2023 Results on Mar 26, 2024 Answear.com S.A. announced that they will report Q4, 2023 results on Mar 26, 2024 Reported Earnings • Nov 30
Third quarter 2023 earnings released: zł0.46 loss per share (vs zł0.083 profit in 3Q 2022) Third quarter 2023 results: zł0.46 loss per share (down from zł0.083 profit in 3Q 2022). Revenue: zł273.2m (up 17% from 3Q 2022). Net loss: zł8.26m (down zł9.69m from profit in 3Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Specialty Retail industry in Europe. Reported Earnings • Sep 28
Second quarter 2023 earnings released: EPS: zł0.65 (vs zł0.42 in 2Q 2022) Second quarter 2023 results: EPS: zł0.65 (up from zł0.42 in 2Q 2022). Revenue: zł285.3m (up 44% from 2Q 2022). Net income: zł11.4m (up 59% from 2Q 2022). Profit margin: 4.0% (up from 3.6% in 2Q 2022). The increase in margin was driven by higher revenue. New Risk • Jun 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% 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: Minor Risks High level of debt (47% net debt to equity). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Duyuru • Jun 13
Answear.com S.A., Annual General Meeting, Jun 29, 2023 Answear.com S.A., Annual General Meeting, Jun 29, 2023, at 13:00 Central European Standard Time. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: zł1.49 (vs zł1.34 in FY 2021) Full year 2022 results: EPS: zł1.49 (up from zł1.34 in FY 2021). Revenue: zł973.4m (up 42% from FY 2021). Net income: zł25.9m (up 13% from FY 2021). Profit margin: 2.7% (down from 3.3% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 16% share price gain to zł27.40, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 20x in the Online Retail industry in Poland. Total loss to shareholders of 11% over the past year. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: zł0.08 (vs zł0.18 in 3Q 2021) Third quarter 2022 results: EPS: zł0.08 (down from zł0.18 in 3Q 2021). Revenue: zł233.5m (up 51% from 3Q 2021). Net income: zł1.44m (down 54% from 3Q 2021). Profit margin: 0.6% (down from 2.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Price Target Changed • Nov 16
Price target decreased to zł24.45 Down from zł47.33, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of zł23.40. Stock is down 33% over the past year. The company posted earnings per share of zł1.34 last year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 16% share price gain to zł19.06, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 26x in the Online Retail industry in Poland. Total loss to shareholders of 42% over the past year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł16.06, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 23x in the Online Retail industry in Poland. Total loss to shareholders of 49% over the past year. Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł19.26, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 22x in the Online Retail industry in Poland. Total loss to shareholders of 40% over the past year. Reported Earnings • May 23
First quarter 2022 earnings released: zł0.19 loss per share (vs zł0.18 profit in 1Q 2021) First quarter 2022 results: zł0.19 loss per share (down from zł0.18 profit in 1Q 2021). Revenue: zł178.2m (up 44% from 1Q 2021). Net loss: zł3.35m (down 210% from profit in 1Q 2021). Price Target Changed • Apr 27
Price target decreased to zł39.60 Down from zł47.33, the current price target is provided by 1 analyst. New target price is 57% above last closing price of zł25.20. Stock is down 27% over the past year. The company posted earnings per share of zł1.34 last year. Price Target Changed • Mar 29
Price target increased to zł51.60 Up from zł47.33, the current price target is provided by 1 analyst. New target price is 98% above last closing price of zł26.05. Stock is down 23% over the past year. The company posted earnings per share of zł0.56 last year. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł24.00, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 27x in the Online Retail industry in Poland. Total loss to shareholders of 30% over the past year. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.18 (up from zł0.12 in 3Q 2020). Revenue: zł154.8m (up 72% from 3Q 2020). Net income: zł3.10m (up 69% from 3Q 2020). Profit margin: 2.0% (in line with 3Q 2020). Revenue was in line with analyst estimates. Reported Earnings • Sep 24
Second quarter 2021 earnings released The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł146.1m (up 41% from 2Q 2020). Net income: zł5.72m (down 43% from 2Q 2020). Profit margin: 3.9% (down from 9.6% in 2Q 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 16% share price gain to zł33.30, the stock is trading at a trailing P/E ratio of 72.5x, up from the previous P/E ratio of 62.3x. This compares to an average P/E of 8x in the Online Retail industry in Poland. Duyuru • Feb 02
Answear.com S.A. to Report First Half, 2021 Results on Sep 30, 2021 Answear.com S.A. announced that they will report first half, 2021 results on Sep 30, 2021