Buy Or Sell Opportunity • Apr 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to zł248. The fair value is estimated to be zł312, 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 17%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 2.0% per annum over the same time period. Declared Dividend • Mar 19
Final dividend of zł7.00 announced Dividend of zł7.00 is the same as last year. Ex-date: 24th June 2026 Payment date: 2nd July 2026 Dividend yield will be 5.9%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but not covered by cash flows (191% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: zł25.36 (vs zł22.07 in FY 2024) Full year 2025 results: EPS: zł25.36 (up from zł22.07 in FY 2024). Revenue: zł3.26b (up 2.8% from FY 2024). Net income: zł654.2m (up 15% from FY 2024). Profit margin: 20% (up from 18% in FY 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 03
Dom Development S.A. to Report Q1, 2026 Results on May 14, 2026 Dom Development S.A. announced that they will report Q1, 2026 results on May 14, 2026 Upcoming Dividend • Nov 24
Upcoming dividend of zł7.00 per share Eligible shareholders must have bought the stock before 01 December 2025. Payment date: 09 December 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Polish dividend payers (7.4%). Lower than average of industry peers (6.3%). Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: zł4.99 (vs zł2.51 in 3Q 2024) Third quarter 2025 results: EPS: zł4.99 (up from zł2.51 in 3Q 2024). Revenue: zł706.6m (up 47% from 3Q 2024). Net income: zł128.6m (up 99% from 3Q 2024). Profit margin: 18% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 17
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at zł237. The fair value is estimated to be zł310, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings are also forecast to grow by 2.8% per annum over the same time period. Declared Dividend • Oct 08
First half dividend of zł7.00 announced Shareholders will receive a dividend of zł7.00. Ex-date: 1st December 2025 Payment date: 9th December 2025 Dividend yield will be 5.9%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: zł3.77 (vs zł3.64 in 2Q 2024) Second quarter 2025 results: EPS: zł3.77 (up from zł3.64 in 2Q 2024). Revenue: zł552.1m (down 17% from 2Q 2024). Net income: zł97.3m (up 3.7% from 2Q 2024). Profit margin: 18% (up from 14% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (103% cash payout ratio). Upcoming Dividend • Jun 17
Upcoming dividend of zł7.00 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 03 July 2025. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Polish dividend payers (7.6%). In line with average of industry peers (5.8%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: zł5.75 (vs zł5.33 in 1Q 2024) First quarter 2025 results: EPS: zł5.75 (up from zł5.33 in 1Q 2024). Revenue: zł741.9m (up 5.1% from 1Q 2024). Net income: zł148.4m (up 8.1% from 1Q 2024). Profit margin: 20% (in line with 1Q 2024). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 09
Dom Development S.A., Annual General Meeting, Jun 12, 2025 Dom Development S.A., Annual General Meeting, Jun 12, 2025. Declared Dividend • Mar 20
Final dividend of zł7.00 announced Shareholders will receive a dividend of zł7.00. Ex-date: 24th June 2025 Payment date: 3rd July 2025 Dividend yield will be 6.0%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: zł22.07 (vs zł17.94 in FY 2023) Full year 2024 results: EPS: zł22.07 (up from zł17.94 in FY 2023). Revenue: zł3.17b (up 24% from FY 2023). Net income: zł569.1m (up 24% from FY 2023). Profit margin: 18% (in line with FY 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 24
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at zł199. The fair value is estimated to be zł250, 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 13%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 8.7% per annum over the same time period. Buy Or Sell Opportunity • Feb 05
Now 21% undervalued Over the last 90 days, the stock has risen 6.8% to zł208. The fair value is estimated to be zł263, 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 13%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 8.7% per annum over the same time period. Upcoming Dividend • Dec 04
Upcoming dividend of zł6.00 per share Eligible shareholders must have bought the stock before 11 December 2024. Payment date: 18 December 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Polish dividend payers (8.1%). Lower than average of industry peers (7.1%). Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: zł2.51 (vs zł1.47 in 3Q 2023) Third quarter 2024 results: EPS: zł2.51 (up from zł1.47 in 3Q 2023). Revenue: zł482.3m (up 48% from 3Q 2023). Net income: zł64.7m (up 72% from 3Q 2023). Profit margin: 13% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Nov 08
First half dividend of zł6.00 announced Shareholders will receive a dividend of zł6.00. Ex-date: 11th December 2024 Payment date: 18th December 2024 Dividend yield will be 6.4%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not covered by cash flows (161% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: zł3.64 (vs zł2.49 in 2Q 2023) Second quarter 2024 results: EPS: zł3.64 (up from zł2.49 in 2Q 2023). Revenue: zł663.7m (up 47% from 2Q 2023). Net income: zł93.8m (up 47% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Major Estimate Revision • Jul 05
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from zł2.96b to zł3.29b. EPS estimate increased from zł20.69 to zł20.91 per share. Net income forecast to grow 28% next year vs 9.6% growth forecast for Consumer Durables industry in Poland. Consensus price target up from zł195 to zł203. Share price was steady at zł173 over the past week. Upcoming Dividend • Jun 18
Upcoming dividend of zł6.50 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 04 July 2024. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 7.3%. Lower than top quartile of Polish dividend payers (7.8%). In line with average of industry peers (6.8%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: zł5.33 (vs zł6.21 in 1Q 2023) First quarter 2024 results: EPS: zł5.33 (down from zł6.21 in 1Q 2023). Revenue: zł705.9m (down 14% from 1Q 2023). Net income: zł137.2m (down 14% from 1Q 2023). Profit margin: 19% (in line with 1Q 2023). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Annonce • May 17
Dom Development S.A., Annual General Meeting, Jun 19, 2024 Dom Development S.A., Annual General Meeting, Jun 19, 2024. Price Target Changed • May 10
Price target increased by 7.9% to zł195 Up from zł180, the current price target is an average from 5 analysts. New target price is 8.8% above last closing price of zł179. Stock is up 28% over the past year. The company is forecast to post earnings per share of zł21.60 for next year compared to zł17.94 last year. Major Estimate Revision • Apr 16
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from zł2.84b to zł2.90b. EPS estimate increased from zł18.10 to zł21.60 per share. Net income forecast to grow 12% next year vs 3.1% growth forecast for Consumer Durables industry in Poland. Consensus price target up from zł180 to zł187. Share price was steady at zł181 over the past week. New Risk • Mar 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 113% Dividend yield: 6.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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. Declared Dividend • Mar 21
Final dividend of zł6.50 announced Shareholders will receive a dividend of zł6.50. Ex-date: 25th June 2024 Payment date: 4th July 2024 Dividend yield will be 7.0%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but not covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Mar 21
Dom Development Recommends Additional Dividend, Payable on July 4, 2024 Dom Development announced that according to the management board's proposal, a total of PLN 309.58 million (EUR 71.9 million), or PLN 12 (EUR 2.8 million) per share, is to go towards the dividend for 2023. With regard to the 25.698,422 shares of the company, the remaining dividend to be paid for 2023 amounts to PLN 167.04 million (EUR 38.8 million), or PLN 6.50 (EUR 1.51) dividend per share. On the other hand, in relation to the 100,000 shares of the company that were not registered at that time, the remaining dividend to be paid for 2023 is PLN 1.2 million (EUR 280k) or PLN 12 (EUR 2.79) per share. The company's management board proposes to set June 26, 2024 as the dividend date and July 4, 2024 as the dividend payment date. In November 2023, Dom Development's management board decided to pay an advance dividend for 2023, which amounted to PLN 141.3 million (EUR 32.8 million), giving PLN 5.5 (EUR 1.28) per share. Price Target Changed • Mar 20
Price target decreased by 11% to zł157 Down from zł177, the current price target is an average from 5 analysts. New target price is 6.4% below last closing price of zł168. Stock is up 40% over the past year. The company is forecast to post earnings per share of zł18.10 for next year compared to zł17.94 last year. Upcoming Dividend • Dec 04
Upcoming dividend of zł5.50 per share at 6.7% yield Eligible shareholders must have bought the stock before 11 December 2023. Payment date: 18 December 2023. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 6.7%. Lower than top quartile of Polish dividend payers (7.9%). Lower than average of industry peers (8.1%). Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: zł1.47 (vs zł0.93 in 3Q 2022) Third quarter 2023 results: EPS: zł1.47 (up from zł0.93 in 3Q 2022). Revenue: zł325.9m (up 1.8% from 3Q 2022). Net income: zł37.7m (up 59% from 3Q 2022). Profit margin: 12% (up from 7.4% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% 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 (30% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Annonce • Oct 18
Dom Development Intends to Pay an Advance Dividend for 2023 Dom Development intends to pay an advance dividend for 2023, which will amount to PLN 141.3 million (EUR 31.8 million), or PLN 5.5 (EUR 1,24) per share, the company said in a market filing. Annonce • Sep 26
Dom Development Launches Sales of 100 Apartments in Warsaw Dom Development launched the sales of 100 apartments under the residential project Apartamenty Literacka located in Bielany quarter in Warsaw. Major Estimate Revision • Sep 08
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł2.58b to zł2.52b. EPS estimate rose from zł14.85 to zł16.52. Net income forecast to grow 2.8% next year vs 2.8% growth forecast for Consumer Durables industry in Poland. Consensus price target up from zł140 to zł166. Share price was steady at zł156 over the past week. Price Target Changed • Sep 07
Price target increased by 19% to zł166 Up from zł140, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of zł161. Stock is up 82% over the past year. The company is forecast to post earnings per share of zł16.52 for next year compared to zł16.07 last year. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: zł2.49 (vs zł3.68 in 2Q 2022) Second quarter 2023 results: EPS: zł2.49 (down from zł3.68 in 2Q 2022). Revenue: zł452.5m (down 25% from 2Q 2022). Net income: zł63.8m (down 32% from 2Q 2022). Profit margin: 14% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Jun 16
Upcoming dividend of zł11.00 per share at 7.8% yield Eligible shareholders must have bought the stock before 23 June 2023. Payment date: 04 July 2023. Payout ratio is a comfortable 66% and the cash payout ratio is 97%. Trailing yield: 7.8%. Within top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (9.2%). Price Target Changed • Jun 02
Price target increased by 9.4% to zł125 Up from zł114, the current price target is an average from 4 analysts. New target price is 9.3% below last closing price of zł138. Stock is up 37% over the past year. The company is forecast to post earnings per share of zł13.81 for next year compared to zł16.07 last year. Price Target Changed • May 31
Price target increased by 8.9% to zł117 Up from zł107, the current price target is an average from 5 analysts. New target price is 16% below last closing price of zł139. Stock is up 38% over the past year. The company is forecast to post earnings per share of zł13.81 for next year compared to zł16.07 last year. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: zł6.21 (vs zł5.57 in 1Q 2022) First quarter 2023 results: EPS: zł6.21 (up from zł5.57 in 1Q 2022). Revenue: zł822.0m (up 13% from 1Q 2022). Net income: zł158.8m (up 12% from 1Q 2022). Profit margin: 19% (in line with 1Q 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 25
Price target increased by 11% to zł114 Up from zł103, the current price target is an average from 5 analysts. New target price is 17% below last closing price of zł138. Stock is up 60% over the past year. The company is forecast to post earnings per share of zł13.81 for next year compared to zł16.07 last year. Price Target Changed • Mar 30
Price target increased by 8.9% to zł107 Up from zł98.54, the current price target is an average from 5 analysts. New target price is 17% below last closing price of zł130. Stock is up 31% over the past year. The company is forecast to post earnings per share of zł13.58 for next year compared to zł16.07 last year. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: zł16.07 (vs zł12.89 in FY 2021) Full year 2022 results: EPS: zł16.07 (up from zł12.89 in FY 2021). Revenue: zł2.42b (up 28% from FY 2021). Net income: zł410.3m (up 25% from FY 2021). Profit margin: 17% (in line with FY 2021). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 16% per year. Buying Opportunity • Jan 31
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be zł123, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 8.7%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings is forecast to decline by 8.6% per annum over the same time period. Annonce • Jan 10
Dom Development S.A. to Report Fiscal Year 2022 Results on Mar 16, 2023 Dom Development S.A. announced that they will report fiscal year 2022 results on Mar 16, 2023 Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: zł0.93 (vs zł2.11 in 3Q 2021) Third quarter 2022 results: EPS: zł0.93 (down from zł2.11 in 3Q 2021). Revenue: zł320.2m (down 3.4% from 3Q 2021). Net income: zł23.8m (down 56% from 3Q 2021). Profit margin: 7.4% (down from 16% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Poland are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to zł98.54 Down from zł112, the current price target is an average from 5 analysts. New target price is 9.7% above last closing price of zł89.80. Stock is down 25% over the past year. The company is forecast to post earnings per share of zł14.47 for next year compared to zł12.89 last year. Price Target Changed • Nov 07
Price target decreased to zł102 Down from zł112, the current price target is an average from 4 analysts. New target price is 8.5% above last closing price of zł94.10. Stock is down 28% over the past year. The company is forecast to post earnings per share of zł14.47 for next year compared to zł12.89 last year. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: zł3.68 (vs zł2.29 in 2Q 2021) Second quarter 2022 results: EPS: zł3.68 (up from zł2.29 in 2Q 2021). Revenue: zł601.8m (up 79% from 2Q 2021). Net income: zł94.0m (up 62% from 2Q 2021). Profit margin: 16% (down from 17% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.4%, compared to a 3.6% growth forecast for the Consumer Durables industry in Poland. 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 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 25
Price target decreased to zł112 Down from zł121, the current price target is an average from 4 analysts. New target price is 27% above last closing price of zł88.20. Stock is down 35% over the past year. The company is forecast to post earnings per share of zł13.10 for next year compared to zł12.89 last year. Price Target Changed • Jul 30
Price target decreased to zł112 Down from zł121, the current price target is an average from 4 analysts. New target price is 33% above last closing price of zł84.60. Stock is down 40% over the past year. The company is forecast to post earnings per share of zł13.10 for next year compared to zł12.89 last year. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł80.50, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Consumer Durables industry in Europe. Total returns to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł106 per share. Buying Opportunity • Jul 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be zł107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings is forecast to decline by 7.1% per annum over the same time period. 
