New Risk • Apr 28
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: 2.4% Last year net profit margin: 3.7% 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 8.3% 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 (2.4% net profit margin). Market cap is less than US$100m (zł64.9m market cap, or US$17.9m). Reported Earnings • Apr 28
Full year 2025 earnings released Full year 2025 results: Revenue: zł323.6m (up 8.5% from FY 2024). Net income: zł7.77m (down 29% from FY 2024). Profit margin: 2.4% (down from 3.7% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Dec 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings have declined by 5.5% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (zł70.4m market cap, or US$19.4m). Reported Earnings • Dec 02
Third quarter 2025 earnings released: EPS: zł1.25 (vs zł1.05 in 3Q 2024) Third quarter 2025 results: EPS: zł1.25 (up from zł1.05 in 3Q 2024). Revenue: zł92.4m (up 14% from 3Q 2024). Net income: zł2.44m (up 78% from 3Q 2024). Profit margin: 2.6% (up from 1.7% 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 17% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Sep 28
Second quarter 2025 earnings released: EPS: zł1.92 (vs zł2.72 in 2Q 2024) Second quarter 2025 results: EPS: zł1.92 (down from zł2.72 in 2Q 2024). Revenue: zł75.5m (up 4.3% from 2Q 2024). Net income: zł3.25m (down 44% from 2Q 2024). Profit margin: 4.3% (down from 8.0% 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 9% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 19
Upcoming dividend of zł3.00 per share Eligible shareholders must have bought the stock before 26 September 2025. Payment date: 28 October 2025. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 7.5%. Within top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (2.0%). Annonce • Aug 25
ESOTIQ & Henderson S.A. to Report First Half, 2025 Results on Sep 26, 2025 ESOTIQ & Henderson S.A. announced that they will report first half, 2025 results on Sep 26, 2025 Annonce • Jul 08
ESOTIQ & Henderson S.A. announces Annual dividend, payable on October 28, 2025 ESOTIQ & Henderson S.A. announced Annual dividend of PLN 3.0000 per share payable on October 28, 2025, ex-date on September 26, 2025 and record date on September 29, 2025. New Risk • Jun 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.6% 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 (4.6% operating cash flow to total debt). High level of non-cash earnings (47% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (zł69.0m market cap, or US$18.4m). New Risk • Jun 08
New major risk - Revenue and earnings growth Earnings have declined by 0.2% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 0.2% 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. Market cap is less than US$100m (zł69.0m market cap, or US$18.3m). Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł39.90, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 8x in the Luxury industry in Poland. Total loss to shareholders of 34% over the past three years. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł1.05 (vs zł1.72 in 3Q 2023) Third quarter 2024 results: EPS: zł1.05 (down from zł1.72 in 3Q 2023). Revenue: zł81.2m (down 1.2% from 3Q 2023). Net income: zł1.37m (down 64% from 3Q 2023). Profit margin: 1.7% (down from 4.6% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. 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. New Risk • Nov 29
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 6.9% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (zł78.8m market cap, or US$19.4m). Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł45.60, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 10x in the Luxury industry in Poland. Total returns to shareholders of 12% over the past three years. Reported Earnings • Oct 01
Second quarter 2024 earnings released: EPS: zł2.72 (vs zł0.62 in 2Q 2023) Second quarter 2024 results: EPS: zł2.72 (up from zł0.62 in 2Q 2023). Revenue: zł72.4m (up 18% from 2Q 2023). Net income: zł5.80m (up 466% from 2Q 2023). Profit margin: 8.0% (up from 1.7% 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 25% 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. New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (zł85.9m market cap, or US$21.0m). Annonce • Jun 05
ESOTIQ & Henderson S.A., Annual General Meeting, Jun 28, 2024 ESOTIQ & Henderson S.A., Annual General Meeting, Jun 28, 2024. New Risk • Feb 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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: 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. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (zł75.1m market cap, or US$18.7m). Reported Earnings • Nov 30
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł82.1m (up 9.8% from 3Q 2022). Net income: zł3.80m (down 18% from 3Q 2022). Profit margin: 4.6% (down from 6.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 01
Second quarter 2023 earnings released: EPS: zł0.62 (vs zł1.20 in 2Q 2022) Second quarter 2023 results: EPS: zł0.62 (down from zł1.20 in 2Q 2022). Revenue: zł61.1m (up 10% from 2Q 2022). Net income: zł1.03m (down 54% from 2Q 2022). Profit margin: 1.7% (down from 4.0% in 2Q 2022). The decrease in margin was driven by higher expenses. 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 52% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł37.70, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 9x in the Luxury industry in Poland. Total returns to shareholders of 372% over the past three years. Upcoming Dividend • Jul 13
Upcoming dividend of zł1.20 per share at 6.5% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 18 August 2023. Trailing yield: 6.5%. Lower than top quartile of Polish dividend payers (7.1%). Higher than average of industry peers (1.5%). Annonce • Jun 13
ESOTIQ & Henderson S.A., Annual General Meeting, Jun 30, 2023 ESOTIQ & Henderson S.A., Annual General Meeting, Jun 30, 2023, at 15:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł33.30, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 7x in the Luxury industry in Poland. Total returns to shareholders of 426% over the past three years. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 16% share price gain to zł27.30, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 7x in the Luxury industry in Poland. Total returns to shareholders of 149% over the past three years. Reported Earnings • Nov 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł74.8m (up 25% from 3Q 2021). Net income: zł4.63m (down 40% from 3Q 2021). Profit margin: 6.2% (down from 13% 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 55% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 20% share price gain to zł23.80, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 4x in the Luxury industry in Poland. Total returns to shareholders of 123% over the past three years. Reported Earnings • Sep 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł55.5m (up 13% from 2Q 2021). Net income: zł2.23m (down 58% from 2Q 2021). Profit margin: 4.0% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 21% share price decline to zł21.60, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 5x in the Luxury industry in Poland. Total returns to shareholders of 71% over the past three years. Upcoming Dividend • Aug 04
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 30 September 2022. Trailing yield: 6.3%. Lower than top quartile of Polish dividend payers (8.6%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 15% share price gain to zł35.00, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 8x in the Luxury industry in Poland. Total returns to shareholders of 146% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł32.50, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 7x in the Luxury industry in Poland. Total returns to shareholders of 155% over the past three years. Reported Earnings • May 31
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł51.3m (up 12% from 1Q 2021). Net income: zł2.33m (down 17% from 1Q 2021). Profit margin: 4.5% (down from 6.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 22% share price gain to zł47.40, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 12x in the Luxury industry in Poland. Total returns to shareholders of 120% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł42.20, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 13x in the Luxury industry in Poland. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł48.00, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 24x in the Luxury industry in Poland. Total returns to shareholders of 190% over the past three years. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: zł59.9m (up 16% from 3Q 2020). Net income: zł7.74m (up 115% from 3Q 2020). Profit margin: 13% (up from 7.0% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. 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 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 16% share price gain to zł69.60, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 10x in the Luxury industry in Poland. Total returns to shareholders of 289% over the past three years. Reported Earnings • Sep 30
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł49.1m (up 24% from 2Q 2020). Net income: zł5.37m (up 147% from 2Q 2020). Profit margin: 11% (up from 5.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 15% share price gain to zł36.90, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 26x in the Luxury industry in Poland. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 19% share price gain to zł35.70, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 28x in the Luxury industry in Poland. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 23% share price gain to zł25.70, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 11x in the Luxury industry in Poland. Total returns to shareholders of 52% over the past three years. Reported Earnings • May 06
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: zł173.7m (down 3.4% from FY 2019). Net income: zł5.50m (down 6.8% from FY 2019). Profit margin: 3.2% (down from 3.3% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 16% share price gain to zł21.00, the stock is trading at a trailing P/E ratio of 6.5x, up from the previous P/E ratio of 5.6x. This compares to an average P/E of 32x in the Luxury industry in Poland. Total return to shareholders over the past three years is a loss of 18%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 18% share price gain to zł16.50, the stock is trading at a trailing P/E ratio of 5.1x, up from the previous P/E ratio of 4.4x. This compares to an average P/E of 31x in the Luxury industry in Poland. Total return to shareholders over the past three years is a loss of 30%. Is New 90 Day High Low • Dec 28
New 90-day high: zł16.50 The company is up 72% from its price of zł9.58 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 21% over the same period. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS zł1.65 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł51.7m (up 2.6% from 3Q 2019). Net income: zł3.60m (up 137% from 3Q 2019). Profit margin: 7.0% (up from 3.0% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 25% share price gain to zł12.45, the stock is trading at a trailing P/E ratio of 5.5x, up from the previous P/E ratio of 4.4x. This compares to an average P/E of 29x in the Luxury industry in Poland. Total return to shareholders over the past three years is a loss of 48%. Is New 90 Day High Low • Nov 17
New 90-day high: zł9.96 The company is up 11% from its price of zł9.00 on 19 August 2020. The Polish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 1.0% over the same period. Is New 90 Day High Low • Oct 01
New 90-day high: zł9.76 The company is up 9.0% from its price of zł8.92 on 03 July 2020. The Polish market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is flat over the same period. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of zł4.94m, down 7.3% from the prior year. Total revenue was zł173.5m over the last 12 months, up 4.0% from the prior year.