Upcoming Dividend • May 22
Upcoming dividend of zł35.00 per share Eligible shareholders must have bought the stock before 29 May 2026. Payment date: 16 June 2026. Payout ratio is a comfortable 50% and the cash payout ratio is 96%. Trailing yield: 4.4%. Lower than top quartile of Polish dividend payers (7.3%). In line with average of industry peers (4.5%). New Risk • May 21
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 96% Dividend yield: 4.5% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 07
Full year 2025 earnings released: EPS: zł65.50 (vs zł57.08 in FY 2024) Full year 2025 results: EPS: zł65.50 (up from zł57.08 in FY 2024). Revenue: zł739.4m (up 7.3% from FY 2024). Net income: zł84.6m (up 15% from FY 2024). Profit margin: 11% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Buy Or Sell Opportunity • Dec 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.9% to zł720. The fair value is estimated to be zł594, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 23%. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: zł15.24 (vs zł10.66 in 3Q 2024) Third quarter 2025 results: EPS: zł15.24 (up from zł10.66 in 3Q 2024). Revenue: zł171.9m (up 8.4% from 3Q 2024). Net income: zł19.7m (up 43% from 3Q 2024). Profit margin: 12% (up from 8.7% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 19% per year. Announcement • Oct 28
Wawel S.A. to Report Q3, 2025 Results on Oct 28, 2025 Wawel S.A. announced that they will report Q3, 2025 results on Oct 28, 2025 Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: zł7.51 (vs zł6.83 in 2Q 2024) Second quarter 2025 results: EPS: zł7.51 (up from zł6.83 in 2Q 2024). Revenue: zł144.1m (up 13% from 2Q 2024). Net income: zł9.70m (up 9.9% from 2Q 2024). Profit margin: 6.7% (down from 6.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 26
Upcoming dividend of zł10.00 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 23 July 2025. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (4.1%). Reported Earnings • May 02
First quarter 2025 earnings released: EPS: zł13.80 (vs zł14.97 in 1Q 2024) First quarter 2025 results: EPS: zł13.80 (down from zł14.97 in 1Q 2024). Revenue: zł184.0m (up 9.6% from 1Q 2024). Net income: zł17.8m (down 7.9% from 1Q 2024). Profit margin: 9.7% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: zł57.08 (vs zł55.80 in FY 2023) Full year 2024 results: EPS: zł57.08 (up from zł55.80 in FY 2023). Revenue: zł689.3m (up 3.9% from FY 2023). Net income: zł73.7m (up 2.3% from FY 2023). Profit margin: 11% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 28
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł158.6m (flat on 3Q 2023). Net income: zł13.8m (down 23% from 3Q 2023). Profit margin: 8.7% (down from 11% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: zł6.83 (vs zł7.28 in 2Q 2023) Second quarter 2024 results: EPS: zł6.83 (down from zł7.28 in 2Q 2023). Revenue: zł128.1m (down 1.7% from 2Q 2023). Net income: zł8.82m (down 6.2% from 2Q 2023). Profit margin: 6.9% (down from 7.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Food industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 01
Now 21% undervalued Over the last 90 days, the stock has risen 2.1% to zł680. The fair value is estimated to be zł861, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 4.9% in 2 years. Earnings are forecast to decline by 9.2% in the next 2 years. Upcoming Dividend • Jun 12
Upcoming dividend of zł35.00 per share Eligible shareholders must have bought the stock before 19 June 2024. Payment date: 03 July 2024. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Polish dividend payers (7.7%). In line with average of industry peers (5.2%). Buy Or Sell Opportunity • May 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to zł660. The fair value is estimated to be zł832, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 4.9% in 2 years. Earnings are forecast to decline by 9.2% in the next 2 years. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: zł14.97 (vs zł12.40 in 1Q 2023) First quarter 2024 results: EPS: zł14.97 (up from zł12.40 in 1Q 2023). Revenue: zł167.9m (up 6.9% from 1Q 2023). Net income: zł19.3m (up 21% from 1Q 2023). Profit margin: 12% (up from 10% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Food industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to zł668. The fair value is estimated to be zł837, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are forecast to decline by 0.2% per annum over the same time period. Announcement • Mar 23
Wawel S.A., Annual General Meeting, Apr 30, 2024 Wawel S.A., Annual General Meeting, Apr 30, 2024, at 11:00 Central European Standard Time. New Risk • Mar 21
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 19
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: zł55.80 (up from zł26.98 in FY 2022). Revenue: zł663.4m (up 13% from FY 2022). Net income: zł72.1m (up 95% from FY 2022). Profit margin: 11% (up from 6.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 4.6%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł608, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Food industry in Europe. Total returns to shareholders of 9.4% over the past three years. Buy Or Sell Opportunity • Mar 05
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to zł630. The fair value is estimated to be zł837, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 3.0%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 1.6% per annum over the same time period. Major Estimate Revision • Dec 05
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from zł603.0m to zł677.0m. EPS estimate increased from zł27.12 to zł53.33 per share. Net income forecast to shrink 0.2% next year vs 15% growth forecast for Food industry in Poland . Consensus price target up from zł392 to zł628. Share price was steady at zł764 over the past week. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: zł13.81 (vs zł5.21 in 3Q 2022) Third quarter 2023 results: EPS: zł13.81 (up from zł5.21 in 3Q 2022). Revenue: zł157.7m (up 18% from 3Q 2022). Net income: zł17.8m (up 145% from 3Q 2022). Profit margin: 11% (up from 5.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Food industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: zł7.28 (vs zł1.26 in 2Q 2022) Second quarter 2023 results: EPS: zł7.28 (up from zł1.26 in 2Q 2022). Revenue: zł130.4m (up 20% from 2Q 2022). Net income: zł9.41m (up 413% from 2Q 2022). Profit margin: 7.2% (up from 1.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Food industry in Europe. 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 4% per year, which means it is well ahead of earnings. Buying Opportunity • Aug 08
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be zł775, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 1.5% in 2 years. Earnings is forecast to grow by 0.6% in the next 2 years. Upcoming Dividend • Jul 06
Upcoming dividend of zł10.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 27 July 2023. Trailing yield: 1.7%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (5.3%). Buying Opportunity • Jun 22
Now 21% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be zł695, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 1.5% in 2 years. Earnings is forecast to grow by 0.6% in the next 2 years. Announcement • May 09
Wawel S.A., Annual General Meeting, Jun 30, 2023 Wawel S.A., Annual General Meeting, Jun 30, 2023, at 11:00 Central European Standard Time. Reported Earnings • Mar 20
Full year 2022 earnings released: EPS: zł26.98 (vs zł28.82 in FY 2021) Full year 2022 results: EPS: zł26.98 (down from zł28.82 in FY 2021). Revenue: zł585.1m (up 13% from FY 2021). Net income: zł37.0m (down 14% from FY 2021). Profit margin: 6.3% (down from 8.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Food industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 16
Price target decreased to zł530 Down from zł650, the current price target is provided by 1 analyst. New target price is 22% above last closing price of zł434. Stock is down 21% over the past year. The company is forecast to post earnings per share of zł24.49 for next year compared to zł28.82 last year. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: zł5.64 (vs zł8.57 in 3Q 2021) Third quarter 2022 results: EPS: zł5.64 (down from zł8.57 in 3Q 2021). Revenue: zł133.5m (up 7.3% from 3Q 2021). Net income: zł7.28m (down 43% from 3Q 2021). Profit margin: 5.5% (down from 10% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Food industry in Europe. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 13% per year. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: zł1.31 (vs zł1.23 loss in 2Q 2021) Second quarter 2022 results: EPS: zł1.31 (up from zł1.23 loss in 2Q 2021). Revenue: zł108.9m (up 34% from 2Q 2021). Net income: zł1.83m (up zł3.68m from 2Q 2021). Profit margin: 1.7% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 7.6% growth forecast for the 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 10% per year. Price Target Changed • Apr 27
Price target decreased to zł530 Down from zł650, the current price target is provided by 1 analyst. New target price is 15% above last closing price of zł462. Stock is down 23% over the past year. The company is forecast to post earnings per share of zł24.49 for next year compared to zł28.82 last year. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: zł4.35 (down from zł8.89 in 1Q 2021). Revenue: zł133.4m (flat on 1Q 2021). Net income: zł6.52m (down 51% from 1Q 2021). Profit margin: 4.9% (down from 10% in 1Q 2021). Revenue missed analyst estimates by 17%. Earnings per share (EPS) exceeded analyst estimates by 68%. Over the next year, revenue is forecast to grow 5.6%, compared to a 7.8% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has fallen by 14% per year and the company’s share price has also fallen by 14% per year. Announcement • Apr 04
Wawel S.A., Annual General Meeting, Apr 28, 2022 Wawel S.A., Annual General Meeting, Apr 28, 2022, at 11:00 Central European Standard Time. Reported Earnings • Mar 17
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: zł28.82 (down from zł38.18 in FY 2020). Revenue: zł517.9m (up 6.0% from FY 2020). Net income: zł43.2m (down 25% from FY 2020). Profit margin: 8.3% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 17%. Earnings per share (EPS) exceeded analyst estimates by 68%. Over the next year, revenue is forecast to grow 5.2%, compared to a 6.4% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 18% per year. Price Target Changed • Dec 17
Price target decreased to zł530 Down from zł650, the current price target is provided by 1 analyst. New target price is 6.2% above last closing price of zł499. Stock is down 14% over the past year. The company is forecast to post earnings per share of zł31.04 for next year compared to zł38.18 last year. Major Estimate Revision • Dec 17
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from zł35.29 to zł31.04 per share. Revenue forecast steady at zł519.0m. Net income forecast to shrink 22% next year vs 14% growth forecast for Food industry in Poland . Consensus price target down from zł650 to zł530. Share price fell 2.2% to zł499 over the past week. Price Target Changed • Nov 17
Price target increased to zł650 Up from zł567, the current price target is provided by 1 analyst. New target price is 18% above last closing price of zł552. Stock is down 1.4% over the past year. The company is forecast to post earnings per share of zł35.29 for next year compared to zł38.18 last year. Reported Earnings • Oct 27
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: zł124.4m (up 11% from 3Q 2020). Net income: zł12.9m (down 28% from 3Q 2020). Profit margin: 10% (down from 16% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: zł1.23 loss per share (vs zł0.33 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: zł81.3m (up 10% from 2Q 2020). Net loss: zł1.85m (loss widened 275% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% 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 • Apr 26
First quarter 2021 earnings released: EPS zł8.89 (vs zł9.15 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: zł132.6m (down 1.4% from 1Q 2020). Net income: zł13.3m (down 2.9% from 1Q 2020). Profit margin: 10% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 31
Upcoming dividend of zł25.00 per share Eligible shareholders must have bought the stock before 07 April 2021. Payment date: 16 April 2021. Trailing yield: 4.7%. Lower than top quartile of Polish dividend payers (5.3%). Higher than average of industry peers (3.7%). Announcement • Mar 04
Wawel S.A., Annual General Meeting, Mar 30, 2021 Wawel S.A., Annual General Meeting, Mar 30, 2021, at 11:00 Central European Standard Time. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS zł38.18 (vs zł39.08 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: zł488.6m (down 13% from FY 2019). Net income: zł57.3m (down 2.3% from FY 2019). Profit margin: 12% (up from 10% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue misses expectations Revenue missed analyst estimates by 9.0%. Over the next year, revenue is forecast to grow 15%, compared to a 17% growth forecast for the Food industry in Poland. Announcement • Feb 26
Wawel S.A. to Report Fiscal Year 2020 Results on Feb 26, 2021 Wawel S.A. announced that they will report fiscal year 2020 results on Feb 26, 2021 Is New 90 Day High Low • Dec 30
New 90-day high: zł584 The company is up 6.0% from its price of zł550 on 01 October 2020. The Polish market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł556 per share. Is New 90 Day High Low • Dec 13
New 90-day high: zł576 The company is up 6.0% from its price of zł542 on 11 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 Food industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł556 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of zł52.6m, down 19% from the prior year. Total revenue was zł509.3m over the last 12 months, down 7.4% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 13% at zł112.5m. Revenue is forecast to grow 9.0% over the next year, while the growth in Food industry in Poland is expected to stay flat. Announcement • Sep 23
Wawel S.A. to Report Q3, 2020 Results on Oct 26, 2020 Wawel S.A. announced that they will report Q3, 2020 results on Oct 26, 2020