New Risk • Nov 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 108% 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 Share price has been highly volatile over the past 3 months (9.9% average weekly change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (108% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (zł27.1m market cap, or US$7.42m). Annonce • Aug 22
CPD S.A. to Report First Half, 2025 Results on Sep 25, 2025 CPD S.A. announced that they will report first half, 2025 results on Sep 25, 2025 New Risk • Jul 01
New major risk - Negative shareholders equity The company has negative equity. Total equity: -zł1.1m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. 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). Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-zł1.1m). Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m (zł15k revenue, or US$4.2k). Market cap is less than US$10m (zł23.5m market cap, or US$6.54m). New Risk • Jun 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m (zł15k revenue, or US$4.0k). Market cap is less than US$10m (zł26.9m market cap, or US$7.20m). Minor Risk Negative equity (-zł1.1m). New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (19% average weekly change). Market cap is less than US$10m (zł13.0m market cap, or US$3.37m). Reported Earnings • Dec 03
Third quarter 2023 earnings released: zł0.45 loss per share (vs zł0.68 loss in 3Q 2022) Third quarter 2023 results: zł0.45 loss per share (improved from zł0.68 loss in 3Q 2022). Net loss: zł2.34m (loss narrowed 56% from 3Q 2022). New Risk • Nov 29
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Share price has been highly volatile over the past 3 months (10% average weekly change). Revenue is less than US$1m (zł775k revenue, or US$191k). Market cap is less than US$10m (zł7.26m market cap, or US$1.79m). 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: Major Risks Revenue is less than US$1m (zł775k revenue, or US$189k). Market cap is less than US$10m (zł16.2m market cap, or US$3.97m). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Annonce • Jun 05
CPD S.A., Annual General Meeting, Jun 28, 2024 CPD S.A., Annual General Meeting, Jun 28, 2024. New Risk • Feb 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 89% 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 Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (89% accrual ratio). Revenue is less than US$1m (zł171k revenue, or US$43k). Market cap is less than US$10m (zł29.1m market cap, or US$7.26m). New Risk • Dec 03
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: -321% Last year net profit margin: -278% 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 Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 5.7% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (zł33.8m market cap, or US$8.51m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (-321% net profit margin). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to zł5.22, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total loss to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł5.06, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total loss to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł7.14, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total returns to shareholders of 8.2% over the past three years. New Risk • Oct 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 141% 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 Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 2.2% per year over the past 5 years. High level of non-cash earnings (141% accrual ratio). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (zł46.0m market cap, or US$10.5m). New Risk • Sep 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 8.0% per year over the past 5 years. Revenue is less than US$1m (zł3.0m revenue, or US$678k). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (zł47.0m market cap, or US$10.7m). Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł5.48, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 7x in the Real Estate industry in Poland. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to zł5.62, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total loss to shareholders of 25% over the past three years. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 8.0% 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 8.0% per year over the past 5 years. Revenue is less than US$1m (zł3.0m revenue, or US$733k). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł64.2m market cap, or US$15.8m). Annonce • Jun 04
CPD S.A., Annual General Meeting, Jun 28, 2023 CPD S.A., Annual General Meeting, Jun 28, 2023, at 12:00 Central European Standard Time. Reported Earnings • Nov 30
Third quarter 2022 earnings released: EPS: zł2.00 (vs zł0.21 in 3Q 2021) Third quarter 2022 results: EPS: zł2.00 (up from zł0.21 in 3Q 2021). Revenue: zł4.78m (up 6.7% from 3Q 2021). Net income: zł15.6m (up zł13.1m from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Oct 02
Second quarter 2022 earnings released: zł3.64 loss per share (vs zł0.76 profit in 2Q 2021) Second quarter 2022 results: zł3.64 loss per share (down from zł0.76 profit in 2Q 2021). Revenue: zł5.45m (up 12% from 2Q 2021). Net loss: zł32.6m (down 342% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorated over the past week After last week's 24% share price decline to zł8.80, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total returns to shareholders of 45% over the past three years. Annonce • Jun 10
CPD S.A., Annual General Meeting, Jun 28, 2022 CPD S.A., Annual General Meeting, Jun 28, 2022, at 14:00 Central European Standard Time. Location: ul. Cybernetyki 7b, 02-677 Warsaw Poland Agenda: To consider the Election of the Chairman of the General Meeting; to consider the Adoption of the agenda of the General Meeting; to consider the presentation of the financial statements of CPD S.A. for the financial year from January 1 to December 31, 2021; to consider the Presentation of the Management Board’s report on the activities of CPD S.A. for the financial year from January 1 to December 31, 2021 and the Management Board’s motion regarding the distribution of profit; and to discuss other matters. Reported Earnings • Jun 05
Full year 2021 earnings released: EPS: zł2.20 (vs zł0.81 in FY 2020) Full year 2021 results: EPS: zł2.20 (up from zł0.81 in FY 2020). Net income: zł31.2m (up 91% from FY 2020). Over the last 3 years on average, earnings per share has increased by 38% 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 • May 30
Investor sentiment improved over the past week After last week's 15% share price gain to zł10.05, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total returns to shareholders of 62% over the past three years. Reported Earnings • May 03
Full year 2021 earnings released: EPS: zł1.77 (vs zł0.81 in FY 2020) Full year 2021 results: EPS: zł1.77 (up from zł0.81 in FY 2020). Net income: zł31.2m (up 91% from FY 2020). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 37% share price gain to zł10.50, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 5x in the Real Estate industry in Poland. Total returns to shareholders of 64% over the past three years. Reported Earnings • Nov 30
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: EPS: zł0.21 (up from zł0.15 in 3Q 2020). Net income: zł2.54m (down 4.1% from 3Q 2020). Revenue missed analyst estimates by 1.9%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Sep 29
Second quarter 2021 earnings released: EPS zł0.76 (vs zł0.34 loss in 2Q 2020) Second quarter 2021 results: Net income: zł13.5m (up zł21.0m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment deteriorated over the past week After last week's 25% share price decline to zł11.10, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 7x in the Real Estate industry in Poland. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improved over the past week After last week's 68% share price gain to zł14.60, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 10x in the Real Estate industry in Poland. Total returns to shareholders of 115% over the past three years. Is New 90 Day High Low • Mar 01
New 90-day high: zł7.20 The company is up 3.0% from its price of zł7.00 on 30 November 2020. The Polish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 9.0% over the same period. Reported Earnings • Nov 30
Third quarter 2020 earnings released: EPS zł0.15 Third quarter 2020 results: Net income: zł2.65m (down 91% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 04
New 90-day low: zł6.20 The company is down 9.0% from its price of zł6.80 on 05 August 2020. The Polish market is down 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 16% over the same period. 