Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RON2.00, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 18x in the Infrastructure industry in Europe. Total returns to shareholders of 15% over the past three years. Upcoming Dividend • Jun 04
Upcoming dividend of RON0.055 per share Eligible shareholders must have bought the stock before 11 June 2026. Payment date: 01 July 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.3%. Within top quartile of Romanian dividend payers (6.2%). Higher than average of industry peers (4.0%). Reported Earnings • Jun 02
First quarter 2026 earnings released First quarter 2026 results: Revenue: RON49.5m (down 7.3% from 1Q 2025). Net income: RON12.8m (down 31% from 1Q 2025). Profit margin: 26% (down from 35% in 1Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Annuncio • Apr 30
SOCEP S.A. announces Annual dividend, payable on July 01, 2026 SOCEP S.A. announced Annual dividend of RON 0.0547 per share payable on July 01, 2026, ex-date on June 11, 2026 and record date on June 12, 2026. Reported Earnings • Mar 30
Full year 2025 earnings released Full year 2025 results: Revenue: RON223.4m (up 8.9% from FY 2024). Net income: RON71.7m (down 20% from FY 2024). Profit margin: 32% (down from 44% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Annuncio • Mar 24
SOCEP S.A., Annual General Meeting, Apr 29, 2026 SOCEP S.A., Annual General Meeting, Apr 29, 2026, at 11:00 E. Europe Standard Time. Location: at the company`s headquarters, constanta municipality, port nou precinct, dana 34, constanta county, protocol room, 1st floor., Romania Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to RON1.60, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 17x in the Infrastructure industry in Europe. Total returns to shareholders of 286% over the past three years. Upcoming Dividend • Feb 19
Upcoming dividend of RON0.11 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 18 March 2026. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 5.8%. Lower than top quartile of Romanian dividend payers (6.2%). Higher than average of industry peers (3.2%). Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: RON74.9m (up 13% from 3Q 2024). Net income: RON32.8m (down 18% from 3Q 2024). Profit margin: 44% (down from 60% in 3Q 2024). 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 25% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Oct 22
SOCEP S.A. announces Annual dividend, payable on March 18, 2026 SOCEP S.A. announced Annual dividend of RON 0.0391 per share payable on March 18, 2026, ex-date on February 26, 2026 and record date on February 27, 2026. Reported Earnings • Aug 31
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: RON46.7m (up 3.1% from 2Q 2024). Net income: RON8.28m (down 48% from 2Q 2024). Profit margin: 18% (down from 35% 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 15% 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 • Aug 26
Upcoming dividend of RON0.023 per share Eligible shareholders must have bought the stock before 02 September 2025. Payment date: 19 September 2025. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of Romanian dividend payers (6.3%). Higher than average of industry peers (3.5%). Upcoming Dividend • Aug 11
Upcoming dividend of RON0.023 per share Eligible shareholders must have bought the stock before 18 August 2025. Payment date: 26 August 2025. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Romanian dividend payers (6.3%). Higher than average of industry peers (3.6%). Reported Earnings • May 03
Full year 2024 earnings released: EPS: RON0.14 (vs RON0.15 in FY 2023) Full year 2024 results: EPS: RON0.14 (down from RON0.15 in FY 2023). Revenue: RON205.2m (flat on FY 2023). Net income: RON90.6m (down 8.7% from FY 2023). Profit margin: 44% (down from 49% in FY 2023). Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 37% per year. Annuncio • Mar 26
SOCEP S.A., Annual General Meeting, Apr 28, 2025 SOCEP S.A., Annual General Meeting, Apr 28, 2025, at 11:00 E. Europe Standard Time. Location: at the company`s headquarters, in the municipality of constanta, incinta port nou, dana 34, constanta county, protocol room, floor 1, Romania Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: RON0.14 (vs RON0.15 in FY 2023) Full year 2024 results: EPS: RON0.14 (down from RON0.15 in FY 2023). Revenue: RON222.0m (up 8.9% from FY 2023). Net income: RON90.6m (down 8.7% from FY 2023). Profit margin: 41% (down from 49% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jan 02
Upcoming dividend of RON0.087 per share Eligible shareholders must have bought the stock before 09 January 2025. Payment date: 21 January 2025. Trailing yield: 4.3%. Lower than top quartile of Romanian dividend payers (7.5%). Higher than average of industry peers (3.7%). New Risk • Nov 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% 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 High level of non-cash earnings (32% accrual ratio). Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Sep 05
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: RON45.6m (up 10% from 2Q 2023). Net income: RON16.0m (down 10.0% from 2Q 2023). Profit margin: 35% (down from 43% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RON1.94, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 14x in the Infrastructure industry in Europe. Total returns to shareholders of 801% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: RON48.4m (up 5.2% from 1Q 2023). Net income: RON17.4m (up 4.3% from 1Q 2023). Profit margin: 36% (in line with 1Q 2023). Buy Or Sell Opportunity • May 19
Now 21% overvalued Over the last 90 days, the stock has fallen 21% to RON1.72. The fair value is estimated to be RON1.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. New Risk • May 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 85% 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 Risk Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: RON0.12 (vs RON0.12 in FY 2022) Full year 2023 results: EPS: RON0.12 (up from RON0.12 in FY 2022). Revenue: RON142.7m (up 2.2% from FY 2022). Net income: RON42.6m (up 3.5% from FY 2022). Profit margin: 30% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 69% per year whereas the company’s share price has increased by 71% per year. New Risk • Jan 17
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 Romanian stocks, typically moving 8.1% 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 (8.1% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to RON2.66, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 18x in the Infrastructure industry in Europe. Total returns to shareholders of 1,075% over the past three years. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: RON57.4m (up 45% from 3Q 2022). Net income: RON15.6m (up 16% from 3Q 2022). Profit margin: 27% (down from 34% in 3Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Sep 06
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: RON41.9m (up 18% from 2Q 2022). Net income: RON17.8m (up 67% from 2Q 2022). Profit margin: 43% (up from 30% in 2Q 2022). The increase in margin was primarily driven by higher 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 RON2.48, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 17x in the Infrastructure industry in Europe. Total returns to shareholders of 551% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to RON1.61, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 16x in the Infrastructure industry in Europe. Total returns to shareholders of 347% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to RON1.07, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 16x in the Infrastructure industry in Europe. Total returns to shareholders of 183% over the past three years. Reported Earnings • Dec 10
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: RON40.3m (up 60% from 3Q 2021). Net income: RON13.4m (up 46% from 3Q 2021). Profit margin: 33% (down from 37% in 3Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • May 05
Full year 2021 earnings released Full year 2021 results: Revenue: RON82.8m (up 23% from FY 2020). Net income: RON11.4m (up 109% from FY 2020). Profit margin: 14% (up from 8.1% in FY 2020). The increase in margin was driven by higher revenue. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: RON25.5m (up 54% from 3Q 2020). Net income: RON9.24m (up RON8.28m from 3Q 2020). Profit margin: 36% (up from 5.8% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 28
Upcoming dividend of RON0.014 per share Eligible shareholders must have bought the stock before 05 October 2021. Payment date: 15 October 2021. Trailing yield: 2.8%. Lower than top quartile of Romanian dividend payers (5.7%). Higher than average of industry peers (1.6%). Reported Earnings • Sep 05
First half 2021 earnings released: EPS RON0.002 (vs RON0.01 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: RON35.8m (up 5.8% from 1H 2020). Net income: RON569.9k (down 84% from 1H 2020). Profit margin: 1.6% (down from 11% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 09
Upcoming Dividend of RON0.013 Per Share Will be paid on the 10th of December to those who are registered shareholders by the 16th of November. The company last paid an ordinary dividend in March 2014. The average dividend yield among industry peers is 7.0%.