Duyuru • Apr 23
Vercom S.A., Annual General Meeting, May 18, 2026 Vercom S.A., Annual General Meeting, May 18, 2026, at 14:00 Central European Standard Time. New Risk • Apr 14
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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Feb 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to zł154. The fair value is estimated to be zł128, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 62% in the next 2 years. Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: zł0.90 (vs zł0.88 in 3Q 2024) Third quarter 2025 results: EPS: zł0.90 (up from zł0.88 in 3Q 2024). Revenue: zł116.5m (down 20% from 3Q 2024). Net income: zł19.9m (up 2.7% from 3Q 2024). Profit margin: 17% (up from 13% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 06
Vercom S.A. to Report Q3, 2025 Results on Nov 05, 2025 Vercom S.A. announced that they will report Q3, 2025 results on Nov 05, 2025 Major Estimate Revision • Sep 12
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from zł533.0m to zł471.7m. EPS estimate unchanged from zł4.55 per share at last update. Software industry in Poland expected to see average net income growth of 23% next year. Consensus price target broadly unchanged at zł140. Share price was steady at zł129 over the past week. Reported Earnings • Sep 03
Second quarter 2025 earnings released: EPS: zł1.02 (vs zł0.82 in 2Q 2024) Second quarter 2025 results: EPS: zł1.02 (up from zł0.82 in 2Q 2024). Revenue: zł114.1m (down 1.6% from 2Q 2024). Net income: zł22.6m (up 24% from 2Q 2024). Profit margin: 20% (up from 16% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in Poland. 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 54% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 21
Vercom S.A. to Report First Half, 2025 Results on Sep 02, 2025 Vercom S.A. announced that they will report first half, 2025 results on Sep 02, 2025 Reported Earnings • May 22
First quarter 2025 earnings released: EPS: zł0.16 (vs zł0.75 in 1Q 2024) First quarter 2025 results: EPS: zł0.16. Revenue: zł110.8m (up 5.9% from 1Q 2024). Net income: zł22.5m (up 37% from 1Q 2024). Profit margin: 20% (up from 16% in 1Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Software industry in Poland. Upcoming Dividend • May 12
Upcoming dividend of zł2.03 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (3.0%). Declared Dividend • Apr 13
Dividend increased to zł2.03 Dividend of zł2.03 is 27% higher than last year. Ex-date: 19th May 2025 Payment date: 22nd May 2025 Dividend yield will be 1.9%, which is lower than the industry average of 4.2%. Payout Ratios Payout ratio: 42%. Cash payout ratio: 35%. Duyuru • Apr 11
Vercom S.A. announces Annual dividend, payable on May 22, 2025 Vercom S.A. announced Annual dividend of PLN 2.0300 per share payable on May 22, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Duyuru • Apr 10
Vercom S.A., Annual General Meeting, May 07, 2025 Vercom S.A., Annual General Meeting, May 07, 2025. Reported Earnings • Mar 20
Full year 2024 earnings released Full year 2024 results: Revenue: zł496.5m (up 47% from FY 2023). Net income: zł76.6m (up 8.8% from FY 2023). Profit margin: 15% (down from 21% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Software industry in Poland. Price Target Changed • Jan 18
Price target increased by 7.2% to zł133 Up from zł124, the current price target is an average from 6 analysts. New target price is 14% above last closing price of zł117. Stock is up 42% over the past year. The company is forecast to post earnings per share of zł3.53 for next year compared to zł3.18 last year. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: zł0.88 (vs zł0.57 in 3Q 2023) Third quarter 2024 results: EPS: zł0.88 (up from zł0.57 in 3Q 2023). Revenue: zł145.1m (up 71% from 3Q 2023). Net income: zł19.4m (up 53% from 3Q 2023). Profit margin: 13% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Software industry in Poland. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 04
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł115.9m (up 43% from 2Q 2023). Net income: zł18.2m (up 3.8% from 2Q 2023). Profit margin: 16% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Software industry in Poland. New Risk • Aug 08
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 6.5% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jul 16
Now 20% undervalued Over the last 90 days, the stock has risen 5.6% to zł124. The fair value is estimated to be zł155, however this is not to be taken as a buy 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 33%. Revenue is forecast to grow by 53% in 2 years. Earnings are forecast to grow by 43% in the next 2 years. Reported Earnings • May 22
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł104.6m (up 40% from 1Q 2023). Net income: zł16.5m (up 73% from 1Q 2023). Profit margin: 16% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Software industry in Poland. Upcoming Dividend • May 21
Upcoming dividend of zł1.60 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 31 May 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Polish dividend payers (7.3%). Lower than average of industry peers (3.6%). Duyuru • Apr 24
Vercom S.A., Annual General Meeting, May 16, 2024 Vercom S.A., Annual General Meeting, May 16, 2024, at 10:00 Central European Standard Time. New Risk • Apr 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. New Risk • Apr 02
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 6.8% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 31
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: zł3.18 (up from zł1.54 in FY 2022). Revenue: zł337.4m (up 30% from FY 2022). Net income: zł70.4m (up 124% from FY 2022). Profit margin: 21% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in Poland. Price Target Changed • Mar 25
Price target increased by 51% to zł105 Up from zł69.55, the current price target is an average from 2 analysts. New target price is 6.0% below last closing price of zł112. Stock is up 135% over the past year. The company is forecast to post earnings per share of zł3.23 for next year compared to zł1.54 last year. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł110, the stock trades at a trailing P/E ratio of 43.7x. Average forward P/E is 17x in the Software industry in Poland. Total returns to shareholders of 152% over the past year. Buy Or Sell Opportunity • Mar 02
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 63% to zł110. The fair value is estimated to be zł86.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł84.9m (up 12% from 3Q 2022). Net income: zł12.7m (up 194% from 3Q 2022). Profit margin: 15% (up from 5.7% in 3Q 2022). Duyuru • Nov 03
Positive Group agreed to acquire 30.3% stake in User.com SP Z O.O from Vercom S.A. (WSE:VRC) for €5.06 million. Positive Group agreed to acquire 30.3% stake in User.com SP Z O.O from Vercom S.A. (WSE:VRC) for €5.06 million on October 31, 2023. In this transaction, Positive will acquire 40 shares of User.com SP from Vercom. Proceeds from the sale will be used for further development of Vercom. Reported Earnings • Sep 08
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł81.1m (up 52% from 2Q 2022). Net income: zł17.6m (up 264% from 2Q 2022). Profit margin: 22% (up from 9.0% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Software industry in Poland. Duyuru • May 26
Vercom S.A., Annual General Meeting, Jun 23, 2023 Vercom S.A., Annual General Meeting, Jun 23, 2023, at 10:00 Central European Standard Time. Buying Opportunity • Jan 21
Now 20% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be zł53.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last year. Earnings per share has declined by 20%. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: zł0.21 (vs zł0.26 in 3Q 2021) Third quarter 2022 results: EPS: zł0.21 (down from zł0.26 in 3Q 2021). Revenue: zł76.0m (up 72% from 3Q 2021). Net income: zł4.33m (down 10% from 3Q 2021). Profit margin: 5.7% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Poland. Price Target Changed • Nov 16
Price target decreased to zł37.00 Down from zł59.30, the current price target is an average from 2 analysts. New target price is 9.8% below last closing price of zł41.00. Stock is down 22% over the past year. The company posted earnings per share of zł1.37 last year. Price Target Changed • Jul 08
Price target decreased to zł50.90 Down from zł59.30, the current price target is an average from 2 analysts. New target price is 41% above last closing price of zł36.20. Stock is down 33% over the past year. The company posted earnings per share of zł1.37 last year. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 18% share price gain to zł36.30, the stock trades at a trailing P/E ratio of 28.3x. Average forward P/E is 28x in the Software industry in Poland. Total loss to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at zł64.18 per share. Duyuru • May 03
Vercom S.A., Annual General Meeting, May 27, 2022 Vercom S.A., Annual General Meeting, May 27, 2022, at 11:00 Central European Standard Time. Duyuru • Apr 27
Vercom S.A. (WSE:VRC) agreed to acquire 65% stake in Uab Mlr Grupe from Uab Itema Ventures and GEDIMINAS ANDRIJAITIS for EUR 84.1 million. Vercom S.A. (WSE:VRC) agreed to acquire 65% stake in Uab Mlr Grupe from Uab Itema Ventures and GEDIMINAS ANDRIJAITIS for EUR 84.1 million on April 26, 2022.