Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł10.00, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 19x in the Telecom industry in Poland. Total returns to shareholders of 20% over the past three years. Buy Or Sell Opportunity • Feb 25
Now 22% undervalued Over the last 90 days, the stock has risen 52% to zł12.50. The fair value is estimated to be zł15.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 4.2%. Buy Or Sell Opportunity • Feb 06
Now 22% undervalued Over the last 90 days, the stock has risen 42% to zł12.20. The fair value is estimated to be zł15.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 4.2%. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł12.60, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 17x in the Telecom industry in Poland. Total returns to shareholders of 70% over the past three years. New Risk • Jan 16
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: Major Risk Earnings have declined by 6.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (zł48.9m market cap, or US$13.4m). Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł10.70, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 17x in the Telecom industry in Poland. Total returns to shareholders of 41% over the past three years. Duyuru • Nov 12
Korbank S.A. to Report Q3, 2025 Results on Nov 14, 2025 Korbank S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Aug 26
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: 7.7% Last year net profit margin: 13% 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 Risk Earnings have declined by 5.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (zł42.0m market cap, or US$11.5m). Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł9.50, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 15x in the Telecom industry in Poland. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł10.90, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 18x in the Telecom industry in Poland. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł9.50, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 16x in the Telecom industry in Poland. Total returns to shareholders of 2.7% over the past three years. New Risk • Mar 20
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: Major Risk Earnings have declined by 2.7% per year over the past 5 years. Minor Risks High level of debt (43% net debt to equity). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (zł38.5m market cap, or US$9.96m). Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł8.90, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 18x in the Telecom industry in Poland. Total returns to shareholders of 1.1% over the past three years. New Risk • Nov 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 200% 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 Earnings have declined by 3.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). Minor Risks High level of debt (43% net debt to equity). Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (zł107.4m market cap, or US$26.1m). Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł8.80, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 16x in the Telecom industry in Poland. Total loss to shareholders of 9.7% over the past three years. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł10.4m (up 6.8% from 2Q 2023). Net income: zł1.58m (up 30% from 2Q 2023). Profit margin: 15% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Duyuru • Jun 05
Korbank S.A., Annual General Meeting, Jun 26, 2024 Korbank S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł9.87m (flat on 1Q 2023). Net income: zł1.79m (down 1.1% from 1Q 2023). Profit margin: 18% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł8.90, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 22x in the Telecom industry in Poland. Total returns to shareholders of 12% over the past three years. New Risk • Feb 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Market cap is less than US$10m (zł39.5m market cap, or US$9.81m). New Risk • Feb 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 850% 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 (850% accrual ratio). Minor Risks High level of debt (57% net debt to equity). Market cap is less than US$100m (zł41.0m market cap, or US$10.2m). Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł115 (vs zł0.88 in FY 2022) Full year 2023 results: EPS: zł115 (up from zł0.88 in FY 2022). Revenue: zł3.77b (up zł3.73b from FY 2022). Net income: zł570.1m (up zł565.8m from FY 2022). Profit margin: 15% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 152% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to zł9.80, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 14x in the Telecom industry in Poland. Total returns to shareholders of 77% over the past three years. New Risk • Oct 13
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 9.5% 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 Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.5% average weekly change). High level of non-cash earnings (25% accrual ratio). Market cap is less than US$10m (zł41.0m market cap, or US$9.50m). Minor Risk Profit margins are more than 30% lower than last year (10% net profit margin). Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł8.30, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 14x in the Telecom industry in Poland. Total returns to shareholders of 54% over the past three years. Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł9.71m (up 8.8% from 2Q 2022). Net income: zł1.21m (up zł1.53m from 2Q 2022). Profit margin: 13% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Duyuru • Jun 04
Korbank S.A., Annual General Meeting, Jun 30, 2023 Korbank S.A., Annual General Meeting, Jun 30, 2023, at 10:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł9.89m (up 16% from 1Q 2022). Net income: zł1.81m (down 51% from 1Q 2022). Profit margin: 18% (down from 43% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: zł1.11 (vs zł1.03 in FY 2021) Full year 2022 results: EPS: zł1.11 (up from zł1.03 in FY 2021). Revenue: zł36.4m (up 8.8% from FY 2021). Net income: zł5.50m (up 8.4% from FY 2021). Profit margin: 15% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł8.93m (up 8.0% from 2Q 2021). Net loss: zł316.1k (down 122% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jun 07
Korbank S.A., Annual General Meeting, Jun 30, 2022 Korbank S.A., Annual General Meeting, Jun 30, 2022, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł7.80, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 11x in the Telecom industry in Poland. Total returns to shareholders of 251% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł8.56m (up 25% from 3Q 2020). Net income: zł2.51m (up 499% from 3Q 2020). Profit margin: 29% (up from 6.1% 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 22% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS zł0.29 (vs zł0.24 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: zł8.27m (up 18% from 2Q 2020). Net income: zł1.45m (up 23% from 2Q 2020). Profit margin: 18% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł7.95, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 41x in the Telecom industry in Poland. Total returns to shareholders of 246% over the past three years. Reported Earnings • May 18
First quarter 2021 earnings released The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: zł7.69m (up 13% from 1Q 2020). Net income: zł1.97m (down 16% from 1Q 2020). Profit margin: 26% (down from 34% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 13
Full year 2020 earnings released: EPS zł1.74 (vs zł1.02 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł31.2m (up 9.3% from FY 2019). Net income: zł8.60m (up 71% from FY 2019). Profit margin: 28% (up from 18% in FY 2019). Over the last 3 years on average, earnings per share has increased by 49% per year whereas the company’s share price has increased by 45% per year. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improved over the past week After last week's 49% share price gain to zł7.60, the stock is trading at a trailing P/E ratio of 11.3x, up from the previous P/E ratio of 7.6x. This compares to an average P/E of 25x in the Telecom industry in Poland. Total returns to shareholders over the past three years are 206%. Is New 90 Day High Low • Feb 01
New 90-day low: zł4.90 The company is down 12% from its price of zł5.60 on 03 November 2020. The Polish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 8.0% over the same period.