New Risk • May 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 183% Cash payout ratio: 106% Dividend yield: 17% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 183% Cash payout ratio: 106% Earnings have declined by 23% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (zł78.9m market cap, or US$21.6m). Reported Earnings • May 21
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł100.8m (down 15% from 1Q 2025). Net income: zł1.02m (down 71% from 1Q 2025). Profit margin: 1.0% (down from 3.0% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. New Risk • Feb 22
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: 1.8% Last year net profit margin: 3.5% 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 10% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (119% payout ratio). Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (zł92.8m market cap, or US$25.9m). Reported Earnings • Feb 22
Full year 2025 earnings released: EPS: zł1.09 (vs zł2.49 in FY 2024) Full year 2025 results: EPS: zł1.09 (down from zł2.49 in FY 2024). Revenue: zł402.6m (down 15% from FY 2024). Net income: zł7.23m (down 56% from FY 2024). Profit margin: 1.8% (down from 3.5% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 21
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł96.8m (down 29% from 3Q 2024). Net income: zł505.5k (down 89% from 3Q 2024). Profit margin: 0.5% (down from 3.4% in 3Q 2024). The decrease in margin was driven by lower revenue. 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 4% per year, which means it is well ahead of earnings. Annonce • Nov 12
ATC CARGO S.A. to Report Q3, 2025 Results on Nov 14, 2025 ATC CARGO S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł94.0m (down 9.0% from 2Q 2024). Net income: zł2.82m (down 36% from 2Q 2024). Profit margin: 3.0% (down from 4.3% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 07
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 14 July 2025. Payment date: 21 July 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (7.6%). Declared Dividend • Jun 02
Dividend increased to zł2.00 Dividend of zł2.00 is 135% higher than last year. Ex-date: 14th July 2025 Payment date: 21st July 2025 Dividend yield will be 12%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 17% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 57% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.9% EPS decline seen over the last 3 years. Annonce • Jun 01
ATC CARGO S.A. announces Annual dividend, payable on July 21, 2025 ATC CARGO S.A. announced Annual dividend of PLN 2.0000 per share payable on July 21, 2025, ex-date on July 14, 2025 and record date on July 15, 2025. Reported Earnings • May 18
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł119.0m (up 20% from 1Q 2024). Net income: zł3.53m (up 30% from 1Q 2024). Profit margin: 3.0% (up from 2.7% in 1Q 2024). The increase in margin was driven by higher revenue. Reported Earnings • Feb 17
Full year 2024 earnings released Full year 2024 results: Revenue: zł475.6m (up 46% from FY 2023). Net income: zł17.3m (up 54% from FY 2023). Profit margin: 3.6% (up from 3.4% in FY 2023). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • Jan 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to zł16.15. The fair value is estimated to be zł13.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last year. Earnings per share has declined by 55%. Buy Or Sell Opportunity • Aug 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to zł16.00. The fair value is estimated to be zł13.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last year. Earnings per share has declined by 55%. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł103.3m (up 33% from 2Q 2023). Net income: zł4.43m (up 136% from 2Q 2023). Profit margin: 4.3% (up from 2.4% in 2Q 2023). The increase in margin was driven by higher revenue. Annonce • Aug 12
PSA Baltics N.V. signed an agreement to acquire 85% stake in Loconi Intermodal S.A. from ATC CARGO S.A. (WSE:ATA). PSA Baltics N.V. signed an agreement to acquire 85% stake in Loconi Intermodal S.A. from ATC CARGO S.A. (WSE:ATA) on August 10, 2024. The transaction aims to develop new rail products to support PSA’s European container hubs, thereby offering its customers additional options to execute the modal shift from road to rail. With this acquisition, PSA intends to enhance existing hinterland connections from Baltic Hub Container Terminal in Gdansk, Poland and extend the port’s reach into new markets in Central and Eastern Europe. The transaction is still subject to approval from the relevant authorities. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł15.45, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 40% over the past three years. Upcoming Dividend • Jul 03
Upcoming dividend of zł0.85 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 18 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 17%. Within top quartile of Polish dividend payers (7.6%). Higher than average of industry peers (5.4%). Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł15.40, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 111% over the past three years. Annonce • Jun 05
ATC CARGO S.A., Annual General Meeting, Jun 28, 2024 ATC CARGO S.A., Annual General Meeting, Jun 28, 2024. Declared Dividend • May 31
Dividend of zł0.85 announced Shareholders will receive a dividend of zł0.85. Ex-date: 10th July 2024 Payment date: 18th July 2024 Dividend yield will be 6.4%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 87% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 17% to bring the payout ratio under control, which is less than the 41% EPS growth achieved over the last 5 years. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł99.1m (up 17% from 1Q 2023). Net income: zł2.72m (down 45% from 1Q 2023). Profit margin: 2.7% (down from 5.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł1.69 (vs zł3.94 in FY 2022) Full year 2023 results: EPS: zł1.69 (down from zł3.94 in FY 2022). Revenue: zł326.0m (down 35% from FY 2022). Net income: zł11.2m (down 57% from FY 2022). Profit margin: 3.4% (down from 5.2% in FY 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł13.40, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 6x in the Shipping industry in Europe. Total returns to shareholders of 281% over the past three years. Buying Opportunity • Nov 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be zł14.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 32% over the last year. Earnings per share has grown by 6.8%. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł78.0m (down 42% from 3Q 2022). Net income: zł1.70m (down 79% from 3Q 2022). Profit margin: 2.2% (down from 6.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to zł12.80, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 5x in the Shipping industry in Europe. Total returns to shareholders of 273% over the past three years. Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł77.7m (down 43% from 2Q 2022). Net income: zł1.87m (down 77% from 2Q 2022). Profit margin: 2.4% (down from 6.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to zł20.00, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 5x in the Shipping industry in Europe. Total returns to shareholders of 300% over the past three years. New Risk • Jul 24
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 12% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Share price has been highly volatile over the past 3 months (10% average weekly change). 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 (zł175.7m market cap, or US$43.8m). Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł26.40, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 5x in the Shipping industry in Europe. Total returns to shareholders of 403% over the past three years. New Risk • Jul 02
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 9.9% 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 Risk Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risk Market cap is less than US$100m (zł175.1m market cap, or US$43.1m). Annonce • Jun 04
ATC CARGO S.A., Annual General Meeting, Jun 30, 2023 ATC CARGO S.A., Annual General Meeting, Jun 30, 2023, at 10:30 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł22.00, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 6x in the Shipping industry in Europe. Total returns to shareholders of 436% over the past three years. Annonce • Feb 01
ATC CARGO S.A. to Report Fiscal Year 2022 Final Results on May 31, 2023 ATC CARGO S.A. announced that they will report fiscal year 2022 final results on May 31, 2023 Annonce • Jun 07
ATC CARGO S.A., Annual General Meeting, Jun 30, 2022 ATC CARGO S.A., Annual General Meeting, Jun 30, 2022, at 12:00 Central European Standard Time. Upcoming Dividend • Jul 16
Upcoming dividend of zł0.46 per share Eligible shareholders must have bought the stock before 23 July 2021. Payment date: 02 August 2021. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (5.8%). Higher than average of industry peers (1.9%). Is New 90 Day High Low • Mar 15
New 90-day high: zł6.90 The company is up 64% from a price of zł4.20 on 15 December 2020. Outperformed the Polish market which is up 7.0% over the last 90 days. Exceeded the Shipping industry, which is up 22% over the same period. Is New 90 Day High Low • Feb 10
New 90-day high: zł5.55 The company is up 42% from its price of zł3.90 on 12 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 26% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: zł4.70 The company is up 18% from its price of zł4.00 on 23 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 39% over the same period. Is New 90 Day High Low • Nov 12
New 90-day low: zł3.90 The company is down 24% from its price of zł5.10 on 14 August 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: zł4.22 The company is down 19% from its price of zł5.20 on 22 July 2020. The Polish market is down 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 17% over the same period. Annonce • Aug 15
Worldwide Logistic Overseas Corporation cancelled the acquisition of 60% stake in ATC Worldwide Limited from ATC CARGO S.A. Worldwide Logistic Overseas Corporation signed an agreement to acquire 60% stake in ATC Worldwide Limited from ATC CARGO S.A. (WSE:ATA) on July 23, 2019.
Worldwide Logistic Overseas Corporation cancelled the acquisition of 60% stake in ATC Worldwide Limited from ATC CARGO S.A. on July 23, 2020.