Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł74.00, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 15x in the Software industry in Poland. Total loss to shareholders of 6.0% over the past three years. Declared Dividend • May 14
Dividend reduced to zł1.10 Dividend of zł1.10 is 12% lower than last year. Ex-date: 18th June 2026 Payment date: 26th June 2026 Dividend yield will be 1.7%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio). However, it is well covered by cash flows (47% cash payout ratio). The dividend has increased by an average of 7.7% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 2.2% to bring the payout ratio under control, which is less than the 70% EPS growth achieved over the last 5 years. Duyuru • May 13
Cloud Technologies S.A., Annual General Meeting, Jun 08, 2026 Cloud Technologies S.A., Annual General Meeting, Jun 08, 2026, at 12:00 Central European Standard Time. Reported Earnings • Apr 16
Full year 2025 earnings released: EPS: zł1.86 (vs zł2.92 in FY 2024) Full year 2025 results: EPS: zł1.86 (down from zł2.92 in FY 2024). Revenue: zł50.7m (up 7.9% from FY 2024). Net income: zł9.27m (down 29% from FY 2024). Profit margin: 18% (down from 28% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł79.00, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 24x in the Software industry in Poland. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł66.20, the stock trades at a trailing P/E ratio of 48.7x. Average trailing P/E is 23x in the Software industry in Poland. Total returns to shareholders of 96% over the past three years. New Risk • Dec 22
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 6.2% 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 (6.2% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Market cap is less than US$100m (zł247.8m market cap, or US$69.0m). Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł58.00, the stock trades at a trailing P/E ratio of 38.8x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 113% over the past three years. Reported Earnings • Sep 16
Second quarter 2025 earnings released: zł0.04 loss per share (vs zł0.74 profit in 2Q 2024) Second quarter 2025 results: zł0.04 loss per share (down from zł0.74 profit in 2Q 2024). Revenue: zł11.9m (down 1.1% from 2Q 2024). Net loss: zł215.0k (down 106% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Duyuru • Aug 21
Cloud Technologies S.A. to Report First Half, 2025 Results on Sep 15, 2025 Cloud Technologies S.A. announced that they will report first half, 2025 results on Sep 15, 2025 Upcoming Dividend • Jun 11
Upcoming dividend of zł1.25 per share Eligible shareholders must have bought the stock before 18 June 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Polish dividend payers (7.2%). In line with average of industry peers (2.9%). Reported Earnings • May 28
First quarter 2025 earnings released: EPS: zł0.01 (vs zł0.57 in 1Q 2024) First quarter 2025 results: EPS: zł0.01 (down from zł0.57 in 1Q 2024). Revenue: zł10.7m (down 2.3% from 1Q 2024). Net income: zł66.3k (down 97% from 1Q 2024). Profit margin: 0.6% (down from 23% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Declared Dividend • May 15
Dividend of zł1.25 announced Dividend of zł1.25 is the same as last year. Ex-date: 18th June 2025 Payment date: 27th June 2025 Dividend yield will be 2.3%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 12% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 39% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • May 13
Cloud Technologies S.A., Annual General Meeting, Jun 09, 2025 Cloud Technologies S.A., Annual General Meeting, Jun 09, 2025. Buy Or Sell Opportunity • Apr 30
Now 38% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to zł57.80. The fair value is estimated to be zł41.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł49.90, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 17x in the Software industry in Poland. Total returns to shareholders of 35% over the past three years. Reported Earnings • Apr 11
Full year 2024 earnings released: EPS: zł2.63 (vs zł1.97 in FY 2023) Full year 2024 results: EPS: zł2.63 (up from zł1.97 in FY 2023). Revenue: zł47.0m (down 14% from FY 2023). Net income: zł13.1m (up 50% from FY 2023). Profit margin: 28% (up from 16% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • Apr 10
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 7.5% 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: Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (zł196.4m market cap, or US$51.7m). Buy Or Sell Opportunity • Mar 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.4% to zł41.20. The fair value is estimated to be zł51.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Mar 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to zł41.80. The fair value is estimated to be zł52.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Dec 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to zł44.60. The fair value is estimated to be zł56.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to zł50.00, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 91% over the past three years. Reported Earnings • Nov 26
Third quarter 2024 earnings released: EPS: zł0.38 (vs zł0.63 in 3Q 2023) Third quarter 2024 results: EPS: zł0.38 (down from zł0.63 in 3Q 2023). Revenue: zł11.6m (down 13% from 3Q 2023). Net income: zł1.91m (down 40% from 3Q 2023). Profit margin: 16% (down from 24% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Reported Earnings • Sep 17
Second quarter 2024 earnings released: EPS: zł0.74 (vs zł0.29 in 2Q 2023) Second quarter 2024 results: EPS: zł0.74 (up from zł0.29 in 2Q 2023). Revenue: zł12.0m (down 17% from 2Q 2023). Net income: zł3.70m (up 157% from 2Q 2023). Profit margin: 31% (up from 9.9% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 18
Cloud Technologies S.A. (WSE:CLD) agreed to acquire Nordic Data Resources As for NOK 19.1 million. Cloud Technologies S.A. (WSE:CLD) agreed to acquire Nordic Data Resources As for NOK 19.1 million on July 17, 2024. NDR will continue to be led by an existing shareholder who is also a co-founder. Upcoming Dividend • Jun 13
Upcoming dividend of zł1.25 per share Eligible shareholders must have bought the stock before 20 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Polish dividend payers (7.7%). Lower than average of industry peers (3.8%). Reported Earnings • May 29
First quarter 2024 earnings released: EPS: zł0.51 (vs zł0.48 in 1Q 2023) First quarter 2024 results: EPS: zł0.51 (up from zł0.48 in 1Q 2023). Revenue: zł11.0m (down 21% from 1Q 2023). Net income: zł2.54m (up 5.2% from 1Q 2023). Profit margin: 23% (up from 17% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 15
Cloud Technologies S.A., Annual General Meeting, Jun 10, 2024 Cloud Technologies S.A., Annual General Meeting, Jun 10, 2024. New Risk • Apr 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 7.1% 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 (7.1% average weekly change). Profit margins are more than 30% lower than last year (16% net profit margin). Market cap is less than US$100m (zł311.9m market cap, or US$77.5m). Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to zł60.00, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 21x in the Software industry in Poland. Total returns to shareholders of 199% over the past three years. Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: zł1.76 (vs zł2.55 in FY 2022) Full year 2023 results: EPS: zł1.76 (down from zł2.55 in FY 2022). Revenue: zł54.7m (up 8.6% from FY 2022). Net income: zł8.78m (down 31% from FY 2022). Profit margin: 16% (down from 25% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł74.20, the stock trades at a trailing P/E ratio of 35.7x. Average trailing P/E is 25x in the Software industry in Poland. Total returns to shareholders of 368% over the past three years. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: zł0.63 (vs zł0.90 in 3Q 2022) Third quarter 2023 results: EPS: zł0.63 (down from zł0.90 in 3Q 2022). Revenue: zł13.4m (up 9.0% from 3Q 2022). Net income: zł3.17m (down 30% from 3Q 2022). Profit margin: 24% (down from 37% in 3Q 2022). 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 increased by 68% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 05
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 9.2% 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 (9.2% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risk Market cap is less than US$100m (zł334.4m market cap, or US$80.5m). Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł73.20, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 23x in the Software industry in Poland. Total returns to shareholders of 457% over the past three years. New Risk • Sep 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (zł397.6m market cap, or US$90.7m). Reported Earnings • Sep 27
Second quarter 2023 earnings released: EPS: zł0.29 (vs zł0.71 in 2Q 2022) Second quarter 2023 results: EPS: zł0.29 (down from zł0.71 in 2Q 2022). Revenue: zł14.5m (up 23% from 2Q 2022). Net income: zł1.44m (down 60% from 2Q 2022). Profit margin: 9.9% (down from 30% 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 69% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł86.60, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 22x in the Software industry in Poland. Total returns to shareholders of 622% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł76.00, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 25x in the Software industry in Poland. Total returns to shareholders of 983% over the past three years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł65.00, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 23x in the Software industry in Poland. Total returns to shareholders of 845% over the past three years. Reported Earnings • Apr 19
Full year 2022 earnings released: EPS: zł2.55 (vs zł1.93 in FY 2021) Full year 2022 results: EPS: zł2.55 (up from zł1.93 in FY 2021). Revenue: zł50.4m (down 8.6% from FY 2021). Net income: zł12.8m (up 40% from FY 2021). Profit margin: 25% (up from 17% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 100% per year whereas the company’s share price has increased by 101% per year. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł44.40, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 24x in the Software industry in Poland. Total returns to shareholders of 621% over the past three years. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 17% share price gain to zł33.70, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 462% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł30.20, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 319% over the past three years. Reported Earnings • May 22
First quarter 2022 earnings released: EPS: zł0.44 (vs zł0.19 in 1Q 2021) First quarter 2022 results: EPS: zł0.44 (up from zł0.19 in 1Q 2021). Revenue: zł10.0m (down 20% from 1Q 2021). Net income: zł2.22m (up 144% from 1Q 2021). Profit margin: 22% (up from 7.3% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 87% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improved over the past week After last week's 15% share price gain to zł38.00, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 391% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 19% share price gain to zł30.00, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 268% over the past three years. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł1.74 (up from zł0.14 in FY 2020). Revenue: zł55.0m (up 9.7% from FY 2020). Net income: zł8.72m (up zł8.08m from FY 2020). Profit margin: 16% (up from 1.3% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 16% share price gain to zł30.40, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 19x in the Software industry in Poland. Total returns to shareholders of 342% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 18% share price gain to zł28.40, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 15x in the Software industry in Poland. Total returns to shareholders of 316% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS zł0.88 (vs zł0.17 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł14.4m (up 16% from 3Q 2020). Net income: zł4.41m (up zł3.68m from 3Q 2020). Profit margin: 31% (up from 5.9% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS zł0.44 (vs zł0.22 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł14.0m (up 31% from 2Q 2020). Net income: zł2.19m (up zł3.12m from 2Q 2020). Profit margin: 16% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS zł0.11 (vs zł1.10 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł50.1m (up 17% from FY 2019). Net income: zł493.6k (up zł5.21m from FY 2019). Profit margin: 1.0% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 11
New 90-day high: zł17.40 The company is up 9.0% from its price of zł16.00 on 13 November 2020. The Polish market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Software industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: zł16.80 The company is up 32% from its price of zł12.70 on 09 October 2020. The Polish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 14
New 90-day low: zł11.80 The company is down 9.0% from its price of zł13.00 on 15 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is flat over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS zł0.16 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł12.4m (up 2.8% from 3Q 2019). Net income: zł730.5k (up 469% from 3Q 2019). Profit margin: 5.9% (up from 1.1% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 111% per year but the company’s share price has only fallen by 40% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 05
New 90-day high: zł13.95 The company is up 13% from its price of zł12.30 on 06 August 2020. The Polish market is down 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: zł13.80 The company is up 20% from its price of zł11.50 on 09 July 2020. The Polish market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 9.0% over the same period.