Buy Or Sell Opportunity • May 25
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 1.5% to zł26.40. The fair value is estimated to be zł21.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 53%. Declared Dividend • May 24
Dividend of zł2.50 announced Shareholders will receive a dividend of zł2.50. Ex-date: 18th June 2026 Payment date: 24th June 2026 Dividend yield will be 14%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is not covered by earnings (189% earnings payout ratio) nor is it covered by cash flows (156% cash payout ratio). The dividend has increased by an average of 15% 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 110% to bring the payout ratio under control. However, EPS has declined by 9.7% over the last 5 years so the company would need to reverse this trend. Annonce • May 22
Fabrity S.A. announces Annual dividend, payable on June 24, 2026 Fabrity S.A. announced Annual dividend of PLN 2.5000 per share payable on June 24, 2026, ex-date on June 18, 2026 and record date on June 19, 2026. Annonce • May 21
Fabrity S.A., Annual General Meeting, Jun 16, 2026 Fabrity S.A., Annual General Meeting, Jun 16, 2026, at 10:30 Central European Standard Time. Buy Or Sell Opportunity • Mar 05
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at zł25.70. The fair value is estimated to be zł21.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 53%. Buy Or Sell Opportunity • Jan 09
Now 21% overvalued Over the last 90 days, the stock has fallen 3.4% to zł25.30. The fair value is estimated to be zł20.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 53%. Buy Or Sell Opportunity • Dec 10
Now 21% overvalued Over the last 90 days, the stock has fallen 5.9% to zł25.30. The fair value is estimated to be zł20.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 53%. Reported Earnings • Dec 02
Third quarter 2025 earnings released: EPS: zł0.35 (vs zł0.34 in 3Q 2024) Third quarter 2025 results: EPS: zł0.35 (up from zł0.34 in 3Q 2024). Revenue: zł16.8m (down 8.7% from 3Q 2024). Net income: zł911.0k (up 20% from 3Q 2024). Profit margin: 5.4% (up from 4.1% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: zł0.31 (vs zł2.34 in 2Q 2024) Second quarter 2025 results: EPS: zł0.31 (down from zł2.34 in 2Q 2024). Revenue: zł17.4m (down 8.0% from 2Q 2024). Net income: zł782.0k (down 85% from 2Q 2024). Profit margin: 4.5% (down from 28% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% 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. Annonce • Aug 20
Fabrity S.A. to Report First Half, 2025 Results on Aug 28, 2025 Fabrity S.A. announced that they will report first half, 2025 results on Aug 28, 2025 Upcoming Dividend • Jun 16
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 27 June 2025. The company is paying out more than 100% of its profits and is paying out 85% of its cash flow. Trailing yield: 14%. Within top quartile of Polish dividend payers (7.5%). Higher than average of industry peers (6.1%). Upcoming Dividend • Jun 02
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 09 June 2025. Payment date: 13 June 2025. The company is paying out more than 100% of its profits and is paying out 85% of its cash flow. Trailing yield: 14%. Within top quartile of Polish dividend payers (6.7%). Higher than average of industry peers (5.5%). Reported Earnings • May 30
First quarter 2025 earnings released: EPS: zł0.28 (vs zł0.40 in 1Q 2024) First quarter 2025 results: EPS: zł0.28 (down from zł0.40 in 1Q 2024). Revenue: zł16.6m (down 12% from 1Q 2024). Net income: zł885.0k (down 10% from 1Q 2024). Profit margin: 5.3% (up from 5.2% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • May 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 92% Dividend yield: 14% 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. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 92% Minor Risks Profit margins are more than 30% lower than last year (9.7% net profit margin). Market cap is less than US$100m (zł62.1m market cap, or US$16.5m). Annonce • May 07
Fabrity S.A., Annual General Meeting, Jun 05, 2025 Fabrity S.A., Annual General Meeting, Jun 05, 2025. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł27.50, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 13x in the Media industry in Poland. Total returns to shareholders of 94% over the past three years. Reported Earnings • Dec 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł18.4m (up 3.1% from 3Q 2023). Net income: zł758.0k (down 92% from 3Q 2023). Profit margin: 4.1% (down from 53% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 15
Upcoming dividend of zł1.30 per share Eligible shareholders must have bought the stock before 22 November 2024. Payment date: 28 November 2024. Payout ratio is a comfortable 63% and the cash payout ratio is 78%. Trailing yield: 7.6%. Lower than top quartile of Polish dividend payers (7.9%). Higher than average of industry peers (5.7%). Reported Earnings • Sep 03
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł18.9m (up 22% from 2Q 2023). Net income: zł5.30m (up zł4.50m from 2Q 2023). Profit margin: 28% (up from 5.2% in 2Q 2023). Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł35.00, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 14x in the Media industry in Poland. Total returns to shareholders of 143% over the past three years. Upcoming Dividend • Jun 17
Upcoming dividend of zł3.25 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 21%. Within top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (7.0%). Annonce • May 23
Fabrity Holding S.A., Annual General Meeting, Jun 20, 2024 Fabrity Holding S.A., Annual General Meeting, Jun 20, 2024. Upcoming Dividend • Jun 26
Upcoming dividend of zł4.00 per share at 21% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 04 October 2023. Payout ratio is on the higher end at 84% but the company is not cash flow positive. Trailing yield: 21%. Within top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (7.2%). Annonce • Jun 02
K2 Holding S.A., Annual General Meeting, Jun 27, 2023 K2 Holding S.A., Annual General Meeting, Jun 27, 2023, at 10:30 Central European Standard Time. Upcoming Dividend • Oct 05
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 12 October 2022. Payment date: 18 October 2022. Trailing yield: 14%. Within top quartile of Polish dividend payers (9.4%). Higher than average of industry peers (6.7%). Reported Earnings • Sep 02
Second quarter 2022 earnings released: EPS: zł8.73 (vs zł0.48 in 2Q 2021) Second quarter 2022 results: EPS: zł8.73 (up from zł0.48 in 2Q 2021). Revenue: zł25.4m (down 12% from 2Q 2021). Net income: zł20.2m (up zł19.3m from 2Q 2021). Profit margin: 80% (up from 3.3% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 22
Upcoming dividend of zł6.40 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 06 September 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 18%. Within top quartile of Polish dividend payers (9.0%). Higher than average of industry peers (6.0%). Annonce • Aug 17
K2 Holding S.A., Annual General Meeting, Aug 23, 2022 K2 Holding S.A., Annual General Meeting, Aug 23, 2022, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 17% share price gain to zł35.70, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 8x in the Media industry in Poland. Total returns to shareholders of 315% over the past three years. Annonce • Jun 24
Netia S.A. acquired 100% stake in Oktawave S.A. and other minority shareholders for PLN 33.7 million. Netia S.A. agreed to acquire 100% stake Oktawave and other minority shareholders for PLN 28.0 million on April 12, 2022.
Netia S.A. completed the acquisition of 100% stake in Oktawave S.A. and other minority shareholders for PLN 33.7 million on June 22, 2022. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 20% share price gain to zł31.90, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 8x in the Media industry in Poland. Total returns to shareholders of 261% over the past three years. Reported Earnings • May 30
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł31.3m (down 2.7% from 1Q 2021). Net income: zł1.23m (up 84% from 1Q 2021). Profit margin: 3.9% (up from 2.1% in 1Q 2021). The increase in margin was driven by lower expenses. Buying Opportunity • Apr 29
Now 20% undervalued Over the last 90 days, the stock is up 5.4%. The fair value is estimated to be zł29.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 38%. Buying Opportunity • Apr 19
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be zł29.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 38%. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 15% share price gain to zł24.60, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 12x in the Media industry in Poland. Total returns to shareholders of 163% over the past three years. Buying Opportunity • Feb 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.9%. The fair value is estimated to be zł28.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% per annum over the last 3 years. Earnings per share has grown by 38% per annum over the last 3 years. Buying Opportunity • Jan 20
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be zł28.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% per annum over the last 3 years. Earnings per share has grown by 38% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 15% share price gain to zł24.20, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 13x in the Media industry in Poland. Total returns to shareholders of 123% over the past three years. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS zł0.48 (vs zł0.55 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł28.9m (up 6.3% from 2Q 2020). Net income: zł961.0k (down 29% from 2Q 2020). Profit margin: 3.3% (down from 5.0% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 21% per year. Upcoming Dividend • Jun 15
Upcoming dividend of zł1.05 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 29 June 2021. Trailing yield: 4.2%. Lower than top quartile of Polish dividend payers (5.7%). In line with average of industry peers (3.9%). Reported Earnings • Apr 26
Full year 2020 earnings released: EPS zł2.09 (vs zł0.74 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł119.7m (up 9.1% from FY 2019). Net income: zł4.03m (up zł5.86m from FY 2019). Profit margin: 3.4% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 17
New 90-day high: zł26.40 The company is up 31% from its price of zł20.20 on 19 November 2020. The Polish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: zł25.00 The company is up 98% from its price of zł12.60 on 10 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 18% share price gain to zł24.40, the stock is trading at a trailing P/E ratio of 14.7x, up from the previous P/E ratio of 12.4x. This compares to an average P/E of 14x in the Media industry in Poland. Total returns to shareholders over the past three years are 125%. Reported Earnings • Nov 24
Third quarter 2020 earnings released: EPS zł0.67 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł29.0m (up 11% from 3Q 2019). Net income: zł1.36m (up zł1.98m from 3Q 2019). Profit margin: 4.7% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 13
New 90-day high: zł19.90 The company is up 55% from its price of zł12.80 on 14 August 2020. The Polish market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 4.0% over the same period. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 15% share price decline to zł15.80, the stock is trading at a trailing P/E ratio of 24.1x, down from the previous P/E ratio of 28.4x. This compares to an average P/E of 14x in the Media industry in Poland. Total returns to shareholders over the past three years are 20%. Is New 90 Day High Low • Oct 05
New 90-day high: zł17.50 The company is up 79% from its price of zł9.80 on 07 July 2020. The Polish market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 2.0% over the same period.