Upcoming Dividend • Jun 25
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 30 June 2026. Payment date: 08 July 2026. Payout ratio is a comfortable 10% but the company is paying out more than the cash it is generating. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.8%). Declared Dividend • May 27
Dividend of zł0.20 announced Shareholders will receive a dividend of zł0.20. Ex-date: 30th June 2026 Payment date: 8th July 2026 Dividend yield will be 7.8%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (10% earnings payout ratio) but 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 31% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 10.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 26
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 German stocks, typically moving 8.6% 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. お知らせ • May 21
Mirbud S.A., Annual General Meeting, Jun 19, 2026 Mirbud S.A., Annual General Meeting, Jun 19, 2026, at 09:00 Central European Standard Time. お知らせ • Aug 20
Mirbud S.A. to Report First Half, 2025 Results on Aug 28, 2025 Mirbud S.A. announced that they will report first half, 2025 results on Aug 28, 2025 お知らせ • May 20
Mirbud S.A. announces Annual dividend, payable on August 08, 2025 Mirbud S.A. announced Annual dividend of PLN 0.0900 per share payable on August 08, 2025, ex-date on June 30, 2025 and record date on July 01, 2025. お知らせ • May 19
Mirbud S.A., Annual General Meeting, Jun 13, 2025 Mirbud S.A., Annual General Meeting, Jun 13, 2025. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.94, the stock trades at a trailing P/E ratio of 8.9x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 290% over the past three years. New Risk • Sep 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 44% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.7% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: zł0.16 (vs zł0.17 in 2Q 2023) Second quarter 2024 results: EPS: zł0.16. Revenue: zł815.7m (up 20% from 2Q 2023). Net income: zł21.1m (up 34% from 2Q 2023). Profit margin: 2.6% (up from 2.3% in 2Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.39, the stock trades at a trailing P/E ratio of 10.1x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 291% over the past three years. New Risk • Jun 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% 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: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). お知らせ • Jun 24
Mirbud to Pay Dividend, Payable on August 7, 2024 Mirbud's shareholders have decided to pay a total dividend of PLN 19.27 million (EUR 4.4 million), or PLN 0.21 (EUR 0.05) per share. The record date is June 27, 2024 and the dividend will be paid on August 7, 2024. In 2023, Mirbud's general meeting decided to pay a total dividend for 2022 of PLN 23.85 million (EUR 5.5 million), or PLN 0.26 (EUR 0.06) gross per share. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to €3.28, the stock trades at a trailing P/E ratio of 7.9x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 261% over the past three years. Upcoming Dividend • Jun 19
Upcoming dividend of zł0.21 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 07 August 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.9%). お知らせ • Jun 15
Mirbud S.A. has completed a Follow-on Equity Offering in the amount of PLN 201.8368 million. Mirbud S.A. has completed a Follow-on Equity Offering in the amount of PLN 201.8368 million.
Security Name: Series L Shares
Security Type: Common Stock
Securities Offered: 18,348,800
Price\Range: PLN 11
Transaction Features: Regulation S; Subsequent Direct Listing New Risk • Jun 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Declared Dividend • May 27
Dividend of zł0.21 announced Shareholders will receive a dividend of zł0.21. Ex-date: 26th June 2024 Payment date: 7th August 2024 Dividend yield will be 8.2%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (27% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 90% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. お知らせ • May 26
Mirbud S.A. Proposes Dividend for the Year 2023 Mirbud S.A. recommends dividend payment of PLN 19.27 million (EUR 4.53 million) or PLN 0.21 (EUR 0.05) per share, the company said in a market filing. In 2023, the company's general meeting decided on a dividend payment for 2022 amounting to PLN 23.85 million (EUR 5.60 million) or PLN 0.26 (EUR 0.06) per share. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.61, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 14x in the Construction industry in Europe. Total returns to shareholders of 163% over the past three years. New Risk • Apr 17
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 German stocks, typically moving 7.1% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). お知らせ • Jan 13
Mirbud S.A. to Report Fiscal Year 2023 Results on Apr 25, 2024 Mirbud S.A. announced that they will report fiscal year 2023 results on Apr 25, 2024 Reported Earnings • Nov 30
Third quarter 2023 earnings released: EPS: zł0.30 (vs zł0.53 in 3Q 2022) Third quarter 2023 results: EPS: zł0.30 (down from zł0.53 in 3Q 2022). Revenue: zł872.4m (down 8.3% from 3Q 2022). Net income: zł27.5m (down 43% from 3Q 2022). Profit margin: 3.2% (down from 5.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.71, the stock trades at a trailing P/E ratio of 6.6x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 175% over the past year. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: zł0.17 (vs zł0.27 in 2Q 2022) Second quarter 2023 results: EPS: zł0.17 (down from zł0.27 in 2Q 2022). Revenue: zł679.9m (down 20% from 2Q 2022). Net income: zł15.7m (down 36% from 2Q 2022). Profit margin: 2.3% (down from 2.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Construction industry in Germany. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €1.36, the stock trades at a trailing P/E ratio of 5.1x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 100% over the past year.