New Risk • Jul 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 69% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (zł154.0m market cap, or US$41.1m). Annonce • Apr 27
Stalprofil S.A., Annual General Meeting, May 21, 2026 Stalprofil S.A., Annual General Meeting, May 21, 2026, at 12:00 Central European Standard Time. Declared Dividend • Apr 20
Dividend of zł0.30 announced Dividend of zł0.30 is the same as last year. Ex-date: 18th August 2026 Payment date: 9th September 2026 Dividend yield will be 3.6%, which is lower than the industry average of 10%. Sustainability & Growth Dividend is not covered by earnings (121% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 34% to bring the payout ratio under control. However, EPS has declined by 26% over the last 5 years so the company would need to reverse this trend. Annonce • Apr 18
Stalprofil S.A. announces Annual dividend, payable on September 09, 2026 Stalprofil S.A. announced Annual dividend of PLN 0.3000 per share payable on September 09, 2026, ex-date on August 18, 2026 and record date on August 19, 2026. Reported Earnings • Nov 26
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł556.4m (up 56% from 3Q 2024). Net loss: zł1.16m (down 140% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. New Risk • Oct 07
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: 0.4% Last year net profit margin: 1.1% 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 23% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (zł157.5m market cap, or US$43.1m). Upcoming Dividend • Aug 12
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 19 August 2025. Payment date: 10 September 2025. Trailing yield: 3.6%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (4.2%). Annonce • Apr 28
Stalprofil S.A., Annual General Meeting, May 22, 2025 Stalprofil S.A., Annual General Meeting, May 22, 2025. Declared Dividend • Apr 19
Dividend of zł0.30 announced Dividend of zł0.30 is the same as last year. Ex-date: 19th August 2025 Payment date: 10th September 2025 Dividend yield will be 3.5%, which is lower than the industry average of 10%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 67% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.4% EPS decline seen over the last 5 years. Annonce • Apr 17
Stalprofil S.A. announces Annual dividend, payable on September 10, 2025 Stalprofil S.A. announced Annual dividend of PLN 0.3000 per share payable on September 10, 2025, ex-date on August 19, 2025 and record date on August 20, 2025. Reported Earnings • Nov 29
Third quarter 2024 earnings released: EPS: zł0.17 (vs zł0.045 in 3Q 2023) Third quarter 2024 results: EPS: zł0.17 (up from zł0.045 in 3Q 2023). Revenue: zł355.6m (down 11% from 3Q 2023). Net income: zł2.90m (up 266% from 3Q 2023). Profit margin: 0.8% (up from 0.2% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 03
Second quarter 2024 earnings released: EPS: zł0.27 (vs zł0.19 in 2Q 2023) Second quarter 2024 results: EPS: zł0.27 (up from zł0.19 in 2Q 2023). Revenue: zł388.0m (up 22% from 2Q 2023). Net income: zł4.63m (up 42% from 2Q 2023). Profit margin: 1.2% (up from 1.0% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% 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. Upcoming Dividend • Aug 13
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 11 September 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (7.8%). Lower than average of industry peers (6.8%). Annonce • May 01
Stalprofil S.A., Annual General Meeting, May 23, 2024 Stalprofil S.A., Annual General Meeting, May 23, 2024. Declared Dividend • Apr 19
Dividend of zł0.30 announced Shareholders will receive a dividend of zł0.30. Ex-date: 20th August 2024 Payment date: 11th September 2024 Dividend yield will be 3.5%, which is lower than the industry average of 10%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio). However, it is well covered by cash flows (32% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 58% to bring the payout ratio under control. However, EPS has declined by 19% over the last 5 years so the company would need to reverse this trend. Upcoming Dividend • Aug 16
Upcoming dividend of zł0.74 per share at 7.4% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 13 September 2023. Trailing yield: 7.4%. Within top quartile of Polish dividend payers (7.3%). In line with average of industry peers (6.9%). Annonce • May 09
Stalprofil S.A., Annual General Meeting, May 25, 2023 Stalprofil S.A., Annual General Meeting, May 25, 2023, at 12:00 Central European Standard Time. Buying Opportunity • Dec 16
Now 20% undervalued Over the last 90 days, the stock is up 5.2%. The fair value is estimated to be zł12.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 73%. Reported Earnings • Nov 27
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł576.0m (up 56% from 3Q 2021). Net income: zł12.4m (down 51% from 3Q 2021). Profit margin: 2.2% (down from 6.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 16
Upcoming dividend of zł1.20 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 14 September 2022. Trailing yield: 10%. Within top quartile of Polish dividend payers (8.8%). Higher than average of industry peers (8.9%). Annonce • May 03
Stalprofil S.A., Annual General Meeting, May 26, 2022 Stalprofil S.A., Annual General Meeting, May 26, 2022, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 17% share price gain to zł11.00, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 6x in the Trade Distributors industry in Poland. Total returns to shareholders of 30% over the past three years. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: zł370.0m (down 10% from 3Q 2020). Net income: zł25.2m (up zł22.5m from 3Q 2020). Profit margin: 6.8% (up from 0.6% in 3Q 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 6.0%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 05
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł344.6m (down 10% from 2Q 2020). Net income: zł45.9m (up zł38.8m from 2Q 2020). Profit margin: 13% (up from 1.8% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Aug 16
Upcoming dividend of zł0.16 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 14 September 2021. Trailing yield: 1.3%. Lower than top quartile of Polish dividend payers (5.7%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improved over the past week After last week's 15% share price gain to zł13.15, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 14x in the Trade Distributors industry in Poland. Total returns to shareholders of 1.3% over the past three years. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 19% share price gain to zł10.70, the stock is trading at a trailing P/E ratio of 9.5x, up from the previous P/E ratio of 8x. This compares to an average P/E of 15x in the Trade Distributors industry in Poland. Total return to shareholders over the past three years is a loss of 22%. Is New 90 Day High Low • Mar 12
New 90-day high: zł10.70 The company is up 53% from its price of zł6.98 on 11 December 2020. The Polish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: zł9.18 The company is up 96% from its price of zł4.69 on 27 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 38% over the same period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 17% share price gain to zł8.60, the stock is trading at a trailing P/E ratio of 7.7x, up from the previous P/E ratio of 6.5x. This compares to an average P/E of 14x in the Trade Distributors industry in Poland. Total return to shareholders over the past three years is a loss of 39%. Is New 90 Day High Low • Jan 04
New 90-day high: zł8.10 The company is up 37% from its price of zł5.90 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 Trade Distributors industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improved over the past week After last week's 16% share price gain to zł6.98, the stock is trading at a trailing P/E ratio of 6.2x, up from the previous P/E ratio of 5.4x. This compares to an average P/E of 10x in the Trade Distributors industry in Poland. Total return to shareholders over the past three years is a loss of 52%. Is New 90 Day High Low • Dec 08
New 90-day high: zł6.42 The company is up 12% from its price of zł5.72 on 09 September 2020. The Polish market is also up 12% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Trade Distributors industry, which is up 17% over the same period. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 16% share price gain to zł5.40, the stock is trading at a trailing P/E ratio of 4.8x, up from the previous P/E ratio of 4.1x. This compares to an average P/E of 9x in the Trade Distributors industry in Poland. Total return to shareholders over the past three years is a loss of 59%. Is New 90 Day High Low • Nov 05
New 90-day low: zł4.60 The company is down 31% from its price of zł6.70 on 07 August 2020. The Polish market is down 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is down 17% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: zł5.24 The company is down 15% from its price of zł6.20 on 22 July 2020. The Polish market is down 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: zł5.30 The company is down 13% from its price of zł6.06 on 26 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 22% over the same period.