New Risk • May 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Earnings have declined by 44% per year over the past 5 years. Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 34% 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 Risks Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Buy Or Sell Opportunity • May 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to zł4.85. The fair value is estimated to be zł6.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 8.6% in a year. Earnings are forecast to grow by 31% in the next year. Buy Or Sell Opportunity • Apr 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.6% to zł4.90. The fair value is estimated to be zł6.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 91% in the next 2 years. Major Estimate Revision • Feb 24
Consensus EPS estimates fall by 80% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -zł0.20 to -zł0.36 per share. Revenue forecast unchanged at zł2.17b. Metals and Mining industry in Poland expected to see average net income growth of 60% next year. Consensus price target up from zł2.51 to zł5.03. Share price was steady at zł4.97 over the past week. New Risk • Jan 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 23% per year over the past 5 years. Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). New Risk • Nov 21
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 7.8% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 23% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • Nov 17
Third quarter 2025 earnings released: zł0.14 loss per share (vs zł0.17 loss in 3Q 2024) Third quarter 2025 results: zł0.14 loss per share (improved from zł0.17 loss in 3Q 2024). Revenue: zł496.3m (flat on 3Q 2024). Net loss: zł24.7m (loss narrowed 13% from 3Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 130 percentage points per year, which is a significant difference in performance. Annonce • Nov 10
Cognor Holding S.A. to Report Q3, 2025 Results on Nov 12, 2025 Cognor Holding S.A. announced that they will report Q3, 2025 results on Nov 12, 2025 New Risk • Oct 12
New major risk - Revenue and earnings growth Earnings have declined by 12% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 12% per year over the past 5 years. Major Estimate Revision • Sep 11
Consensus revenue estimates fall by 27% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from zł2.96b to zł2.16b. Forecast losses increased from -zł0.05 to -zł0.20 per share. Metals and Mining industry in Poland expected to see average net income growth of 26% next year. Consensus price target down from zł3.79 to zł2.51. Share price rose 5.9% to zł6.95 over the past week. Price Target Changed • Sep 10
Price target decreased by 34% to zł2.51 Down from zł3.79, the current price target is provided by 1 analyst. New target price is 64% below last closing price of zł6.99. Stock is up 5.9% over the past year. The company is forecast to post a net loss per share of zł0.20 next year compared to a net loss per share of zł0.31 last year. Reported Earnings • Sep 03
Second quarter 2025 earnings released: zł0.07 loss per share (vs zł0.011 profit in 2Q 2024) Second quarter 2025 results: zł0.07 loss per share (down from zł0.011 profit in 2Q 2024). Revenue: zł594.9m (up 8.0% from 2Q 2024). Net loss: zł11.2m (down zł13.1m from profit in 2Q 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Metals and Mining industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Annonce • Aug 20
Cognor Holding S.A. to Report First Half, 2025 Results on Aug 29, 2025 Cognor Holding S.A. announced that they will report first half, 2025 results on Aug 29, 2025 New Risk • Jul 09
New major risk - Revenue and earnings growth Earnings have declined by 0.3% 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 0.3% per year over the past 5 years. Minor Risk High level of debt (55% net debt to equity). New Risk • May 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 52% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • May 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: zł0.31 loss per share (down from zł1.34 profit in FY 2023). Revenue: zł2.29b (down 16% from FY 2023). Net loss: zł54.0m (down 124% from profit in FY 2023). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Feb 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 36% 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. This is currently the only risk that has been identified for the company. New Risk • Nov 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 7.2% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2024 earnings released: zł0.17 loss per share (vs zł0.17 profit in 3Q 2023) Third quarter 2024 results: zł0.17 loss per share (down from zł0.17 profit in 3Q 2023). Revenue: zł498.3m (flat on 3Q 2023). Net loss: zł28.6m (down 201% from profit in 3Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in Poland. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł5.37, the stock trades at a forward P/E ratio of 512x. Average forward P/E is 11x in the Metals and Mining industry in Poland. Total returns to shareholders of 64% over the past three years. New Risk • Sep 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 32% 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 32% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (1.9% net profit margin). Price Target Changed • Sep 21
Price target decreased by 29% to zł3.80 Down from zł5.36, the current price target is provided by 1 analyst. New target price is 43% below last closing price of zł6.70. Stock is down 11% over the past year. The company is forecast to post earnings per share of zł0.07 for next year compared to zł1.34 last year. Major Estimate Revision • Aug 30
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł3.00b to zł2.65b. EPS estimate unchanged at zł0.64 per share. Net income forecast to grow 96% next year vs 24% growth forecast for Metals and Mining industry in Poland. Consensus price target down from zł5.36 to zł5.05. Share price fell 3.4% to zł7.28 over the past week. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: zł0.01 (vs zł0.14 in 2Q 2023) Second quarter 2024 results: EPS: zł0.01 (down from zł0.14 in 2Q 2023). Revenue: zł550.9m (down 28% from 2Q 2023). Net income: zł1.90m (down 92% from 2Q 2023). Profit margin: 0.3% (down from 3.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Metals and Mining industry in Poland. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. New Risk • Jun 10
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 Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (2.6% net profit margin). Annonce • May 31
Cognor Holding S.A., Annual General Meeting, Jun 26, 2024 Cognor Holding S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • Apr 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: zł1.34 (down from zł3.37 in FY 2022). Revenue: zł2.72b (down 26% from FY 2022). Net income: zł229.3m (down 60% from FY 2022). Profit margin: 8.4% (down from 16% in FY 2022). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Poland are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł9.75, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Metals and Mining industry in Poland. Total returns to shareholders of 280% over the past three years. Annonce • Mar 27
Cognor Holding S.A. to Report Fiscal Year 2023 Results on Apr 19, 2024 Cognor Holding S.A. announced that they will report fiscal year 2023 results on Apr 19, 2024 Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: zł0.17 (vs zł0.72 in 3Q 2022) Third quarter 2023 results: EPS: zł0.17 (down from zł0.72 in 3Q 2022). Revenue: zł499.5m (down 33% from 3Q 2022). Net income: zł28.4m (down 77% from 3Q 2022). Profit margin: 5.7% (down from 16% in 3Q 2022). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Metals and Mining industry in Poland. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł7.30, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Poland. Total returns to shareholders of 686% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł11.34 per share. Major Estimate Revision • Sep 06
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from zł3.15b to zł2.83b. EPS estimate fell from zł1.50 to zł1.45 per share. Net income forecast to shrink 62% next year vs 9.3% decline forecast for Metals and Mining industry in Poland. Consensus price target down from zł7.64 to zł6.40. Share price fell 5.9% to zł7.88 over the past week. Reported Earnings • Aug 21
Second quarter 2023 earnings released: EPS: zł0.14 (vs zł1.05 in 2Q 2022) Second quarter 2023 results: EPS: zł0.14 (down from zł1.05 in 2Q 2022). Revenue: zł764.6m (down 26% from 2Q 2022). Net income: zł23.7m (down 87% from 2Q 2022). Profit margin: 3.1% (down from 17% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Poland. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 49% 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 Risks Earnings are forecast to decline by an average of 49% per year for the foreseeable future. High level of non-cash earnings (42% accrual ratio). Minor Risks Dividend is not well covered by cash flows (157% cash payout ratio). Share price has been volatile over the past 3 months (9.3% average weekly change). New Risk • Jul 04
New major 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 9.2% 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 Risks Earnings are forecast to decline by an average of 40% per year for the foreseeable future. High level of non-cash earnings (42% accrual ratio). Minor Risks Dividend is not well covered by cash flows (157% cash payout ratio). Share price has been volatile over the past 3 months (9.2% average weekly change). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł8.42, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Poland. Total returns to shareholders of 951% over the past three years. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: zł0.99 (vs zł0.86 in 1Q 2022) First quarter 2023 results: EPS: zł0.99 (up from zł0.86 in 1Q 2022). Revenue: zł887.4m (down 7.8% from 1Q 2022). Net income: zł169.0m (up 14% from 1Q 2022). Profit margin: 19% (up from 15% in 1Q 2022). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Metals and Mining industry in Poland. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł8.90, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Poland. Total returns to shareholders of 1,183% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł12.73 per share. Upcoming Dividend • Apr 27
Upcoming dividend of zł1.22 per share at 12% yield Eligible shareholders must have bought the stock before 04 May 2023. Payment date: 16 May 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (5.1%). Buying Opportunity • Apr 19
Now 20% undervalued Over the last 90 days, the stock is up 83%. The fair value is estimated to be zł12.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 93%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings is forecast to decline by 37% per annum over the same time period. Buying Opportunity • Apr 04
Now 20% undervalued Over the last 90 days, the stock is up 123%. The fair value is estimated to be zł12.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 93%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings is forecast to decline by 37% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł9.57, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Poland. Total returns to shareholders of 1,295% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł12.74 per share. Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: zł3.37 (vs zł2.05 in FY 2021) Full year 2022 results: EPS: zł3.37 (up from zł2.05 in FY 2021). Revenue: zł3.67b (up 30% from FY 2021). Net income: zł577.9m (up 69% from FY 2021). Profit margin: 16% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 13% p.a. on average during the next 2 years compared to a 1.2% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has increased by 104% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł8.72, the stock trades at a trailing P/E ratio of 2.6x. Average forward P/E is 8x in the Metals and Mining industry in Poland. Total returns to shareholders of 787% over the past three years. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł6.90, the stock trades at a trailing P/E ratio of 2.1x. Average forward P/E is 8x in the Metals and Mining industry in Poland. Total returns to shareholders of 510% over the past three years. Buying Opportunity • Dec 07
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be zł4.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 101%. Price Target Changed • Nov 16
Price target decreased to zł4.67 Down from zł5.89, the current price target is an average from 2 analysts. New target price is 22% above last closing price of zł3.81. Stock is down 3.1% over the past year. The company is forecast to post earnings per share of zł2.51 for next year compared to zł2.05 last year. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: zł0.72 (vs zł0.62 in 3Q 2021) Third quarter 2022 results: EPS: zł0.72 (up from zł0.62 in 3Q 2021). Revenue: zł749.4m (up 4.5% from 3Q 2021). Net income: zł123.1m (up 15% from 3Q 2021). Profit margin: 16% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 3.7% p.a. on average during the next 3 years compared to a 2.2% decline forecast for the Metals and Mining industry in Poland. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: zł1.05 (vs zł0.43 in 2Q 2021) Second quarter 2022 results: EPS: zł1.05 (up from zł0.43 in 2Q 2021). Revenue: zł1.03b (up 44% from 2Q 2021). Net income: zł180.0m (up 142% from 2Q 2021). Profit margin: 17% (up from 10% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 4.7% compared to a 2.4% growth forecast for the Metals and Mining industry in Poland. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of zł0.15 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 5.7% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Polish dividend payers (8.4%). In line with average of industry peers (3.9%). Price Target Changed • Jul 15
Price target decreased to zł4.67 Down from zł6.13, the current price target is an average from 2 analysts. New target price is 20% above last closing price of zł3.89. Stock is up 8.4% over the past year. The company is forecast to post earnings per share of zł1.57 for next year compared to zł2.05 last year. Price Target Changed • Apr 27
Price target increased to zł6.13 Up from zł5.11, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of zł5.96. Stock is up 87% over the past year. The company is forecast to post earnings per share of zł2.11 for next year compared to zł0.26 last year. Price Target Changed • Apr 15
Price target increased to zł6.13 Up from zł5.11, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of zł6.03. Stock is up 96% over the past year. The company is forecast to post earnings per share of zł2.11 for next year compared to zł0.26 last year. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 35% share price gain to zł5.55, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 252% over the past three years. Buying Opportunity • Feb 15
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be zł5.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 26% per annum over the last 3 years. Price Target Changed • Jan 25
Price target decreased to zł4.59 Down from zł5.04, the current price target is provided by 1 analyst. New target price is 12% above last closing price of zł4.09. Stock is up 134% over the past year. The company is forecast to post earnings per share of zł1.70 for next year compared to zł0.26 last year. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS zł0.62 (vs zł0.014 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł716.9m (up 93% from 3Q 2020). Net income: zł107.0m (up zł105.2m from 3Q 2020). Profit margin: 15% (up from 0.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of zł0.15 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 11 October 2021. Trailing yield: 3.8%. Lower than top quartile of Polish dividend payers (6.2%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 15% share price gain to zł4.26, the stock trades at a trailing P/E ratio of 7.7x. Average forward P/E is 8x in the Metals and Mining industry in Poland. Total returns to shareholders of 167% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improved over the past week After last week's 16% share price gain to zł3.64, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 175% over the past three years. Reported Earnings • May 04
First quarter 2021 earnings released: EPS zł0.28 (vs zł0.023 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł584.1m (up 27% from 1Q 2020). Net income: zł43.0m (up zł40.1m from 1Q 2020). Profit margin: 7.4% (up from 0.6% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 19% share price gain to zł3.04, the stock is trading at a trailing P/E ratio of 11.5x, up from the previous P/E ratio of 9.7x. This compares to an average P/E of 11x in the Metals and Mining industry in Poland. Total returns to shareholders over the past three years are 137%. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS zł0.27 (vs zł0.16 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł1.73b (down 8.9% from FY 2019). Net income: zł33.5m (up 76% from FY 2019). Profit margin: 1.9% (up from 1.0% 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 49% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.2%. Earnings per share (EPS) also missed analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 31%, compared to a 18% growth forecast for the Metals and Mining industry in Poland. Is New 90 Day High Low • Feb 25
New 90-day high: zł2.58 The company is up 111% from its price of zł1.22 on 27 November 2020. The Polish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 30% over the same period. Annonce • Feb 24
Troesh Family Foundation acquired 11.3% stake in Cognor Holding S.A. (WSE:COG). Troesh Family Foundation acquired 11.3% stake in Cognor Holding S.A. (WSE:COG) on February 22, 2021.
Troesh Family Foundation completed the acquisition of 11.3% stake in Cognor Holding S.A. (WSE:COG) on February 22, 2021.