New Risk • Jun 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 6x increase in shares outstanding. This is considered a major 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 Shareholders have been substantially diluted in the past year (over 6x increase in shares outstanding). Market cap is less than US$10m (zł18.9m market cap, or US$5.01m). Minor Risk Revenue is less than US$5m (zł3.9m revenue, or US$1.0m). Duyuru • Jan 28
Milisystem S.A., Annual General Meeting, Feb 23, 2026 Milisystem S.A., Annual General Meeting, Feb 23, 2026, at 11:00 Central European Standard Time. New Risk • Dec 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.6% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (33% accrual ratio). Market cap is less than US$10m (zł3.84m market cap, or US$1.07m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.6% net profit margin). Revenue is less than US$5m (zł4.0m revenue, or US$1.1m). Duyuru • Nov 13
Milisystem S.A. to Report Q3, 2025 Results on Nov 14, 2025 Milisystem S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 19
First quarter 2025 earnings released: zł0.031 loss per share (vs zł0.055 loss in 1Q 2024) First quarter 2025 results: zł0.031 loss per share (improved from zł0.055 loss in 1Q 2024). Revenue: zł141.6k (up zł139.5k from 1Q 2024). Net loss: zł370.1k (loss narrowed 38% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 67% to zł0.57. The fair value is estimated to be zł0.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 77% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jul 18
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 6.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 (17% average weekly change). Market cap is less than US$10m (zł9.13m market cap, or US$2.50m). Minor Risks Paying a dividend despite having no free cash flows. Revenue is less than US$5m (zł4.5m revenue, or US$1.2m). Duyuru • Jul 06
Milisystem S.A., Annual General Meeting, Jul 30, 2025 Milisystem S.A., Annual General Meeting, Jul 30, 2025. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł1.25, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 21x in the Software industry in Poland. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to zł1.29, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 7.2% over the past three years. Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł141.6k (up zł139.5k from 1Q 2024). Net loss: zł370.1k (loss narrowed 38% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 96% 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 • May 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł1.47, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 540% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł1.14, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 17x in the Software industry in Poland. Total returns to shareholders of 479% over the past three years. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to zł2.12, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 734% over the past three years. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to zł1.75, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 720% over the past three years. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: zł0.065 (vs zł0.23 in FY 2023) Full year 2024 results: EPS: zł0.065 (down from zł0.23 in FY 2023). Revenue: zł4.37m (down 77% from FY 2023). Net income: zł716.8k (down 72% from FY 2023). Profit margin: 16% (up from 14% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 93% per year whereas the company’s share price has increased by 94% per year. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł1.47, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 650% over the past three years. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł1.26, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 359% over the past three years. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł1.06, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 16x in the Software industry in Poland. Total returns to shareholders of 264% over the past three years. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł1.27, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 15x in the Software industry in Poland. Total returns to shareholders of 403% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to zł1.90, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 580% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł1.25, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 19x in the Software industry in Poland. Total returns to shareholders of 366% over the past three years. Reported Earnings • Aug 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł154.5k (down 46% from 2Q 2023). Net loss: zł210.1k (loss narrowed 2.7% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 12
Now 22% overvalued Over the last 90 days, the stock has fallen 20% to zł1.15. The fair value is estimated to be zł0.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 153% over the last 3 years. Meanwhile, the company has become profitable. Duyuru • Jun 10
Milisystem S.A., Annual General Meeting, Jul 04, 2024 Milisystem S.A., Annual General Meeting, Jul 04, 2024. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł1.56, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 21x in the Software industry in Poland. Total returns to shareholders of 291% over the past three years. Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł2.0k (down 97% from 1Q 2023). Net loss: zł599.6k (loss widened 184% from 1Q 2023). Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł2.80, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 27x in the Software industry in Poland. Total returns to shareholders of 633% over the past three years. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.35 (vs zł0.01 loss in FY 2022) Full year 2023 results: EPS: zł0.35 (up from zł0.01 loss in FY 2022). Revenue: zł18.9m (up zł18.5m from FY 2022). Net income: zł3.88m (up zł4.00m from FY 2022). Profit margin: 21% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. 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 81% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 04
2Intellect.com S.A., Annual General Meeting, Jun 28, 2023 2Intellect.com S.A., Annual General Meeting, Jun 28, 2023, at 13:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 17% share price gain to zł7.75, the stock trades at a trailing P/E ratio of 75.3x. Average trailing P/E is 17x in the Software industry in Poland. Total returns to shareholders of 252% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł7.75, the stock trades at a trailing P/E ratio of 75.3x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 574% over the past three years. Duyuru • May 20
2Intellect.com S.A., Annual General Meeting, Jun 23, 2022 2Intellect.com S.A., Annual General Meeting, Jun 23, 2022, at 11:00 Central European Standard Time. Reported Earnings • Feb 15
Full year 2020 earnings released: zł0.13 loss per share (vs zł0.017 loss in FY 2019) Full year 2020 results: Net loss: zł287.9k (loss widened zł251.4k from FY 2019). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 85% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 21
New 90-day high: zł2.70 The company is up 82% from its price of zł1.48 on 23 October 2020. The Polish market is up 17% 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 • Jan 04
New 90-day high: zł1.90 The company is up 102% from its price of zł0.94 on 06 October 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 13
New 90-day low: zł0.80 The company is down 64% from its price of zł2.20 on 14 August 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 09
New 90-day low: zł0.91 The company is down 59% from its price of zł2.24 on 10 July 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 7.0% over the same period.