View Future GrowthPCC Exol 過去の業績過去 基準チェック /36PCC Exolの収益は年間平均-11.2%の割合で減少していますが、 Chemicals業界の収益は年間 減少しています。収益は年間5.5% 6.4%割合で 増加しています。 PCC Exolの自己資本利益率は7.5%であり、純利益率は3.5%です。主要情報-11.20%収益成長率-11.31%EPS成長率Chemicals 業界の成長32.56%収益成長率6.41%株主資本利益率7.50%ネット・マージン3.49%次回の業績アップデート20 May 2026最近の業績更新Reported Earnings • Nov 18Third quarter 2025 earnings released: EPS: zł0.059 (vs zł0.037 in 3Q 2024)Third quarter 2025 results: EPS: zł0.059 (up from zł0.037 in 3Q 2024). Revenue: zł270.9m (up 18% from 3Q 2024). Net income: zł10.2m (up 56% from 3Q 2024). Profit margin: 3.8% (up from 2.8% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.お知らせ • Nov 11PCC Exol S.A. to Report Q3, 2025 Results on Nov 13, 2025PCC Exol S.A. announced that they will report Q3, 2025 results on Nov 13, 2025Reported Earnings • Aug 22Second quarter 2025 earnings released: EPS: zł0.054 (vs zł0.05 in 2Q 2024)Second quarter 2025 results: EPS: zł0.054 (up from zł0.05 in 2Q 2024). Revenue: zł269.9m (up 17% from 2Q 2024). Net income: zł9.38m (up 7.9% from 2Q 2024). Profit margin: 3.5% (down from 3.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.お知らせ • Aug 20PCC Exol S.A. to Report First Half, 2025 Results on Aug 20, 2025PCC Exol S.A. announced that they will report first half, 2025 results on Aug 20, 2025Reported Earnings • May 22First quarter 2025 earnings released: EPS: zł0.066 (vs zł0.052 in 1Q 2024)First quarter 2025 results: EPS: zł0.066 (up from zł0.052 in 1Q 2024). Revenue: zł290.0m (up 20% from 1Q 2024). Net income: zł11.4m (up 27% from 1Q 2024). Profit margin: 3.9% (up from 3.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Reported Earnings • Mar 28Full year 2024 earnings released: EPS: zł0.20 (vs zł0.24 in FY 2023)Full year 2024 results: EPS: zł0.20 (down from zł0.24 in FY 2023). Revenue: zł948.1m (flat on FY 2023). Net income: zł35.6m (down 16% from FY 2023). Profit margin: 3.8% (down from 4.4% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.すべての更新を表示Recent updatesお知らせ • Mar 27PCC Exol S.A., Annual General Meeting, Apr 21, 2026PCC Exol S.A., Annual General Meeting, Apr 21, 2026, at 12:30 Central European Standard Time.New Risk • Mar 20New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: zł358.7m (US$96.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings have declined by 7.2% per year over the past 5 years. 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 (zł358.7m market cap, or US$96.9m).Reported Earnings • Nov 18Third quarter 2025 earnings released: EPS: zł0.059 (vs zł0.037 in 3Q 2024)Third quarter 2025 results: EPS: zł0.059 (up from zł0.037 in 3Q 2024). Revenue: zł270.9m (up 18% from 3Q 2024). Net income: zł10.2m (up 56% from 3Q 2024). Profit margin: 3.8% (up from 2.8% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.お知らせ • Nov 11PCC Exol S.A. to Report Q3, 2025 Results on Nov 13, 2025PCC Exol S.A. announced that they will report Q3, 2025 results on Nov 13, 2025Reported Earnings • Aug 22Second quarter 2025 earnings released: EPS: zł0.054 (vs zł0.05 in 2Q 2024)Second quarter 2025 results: EPS: zł0.054 (up from zł0.05 in 2Q 2024). Revenue: zł269.9m (up 17% from 2Q 2024). Net income: zł9.38m (up 7.9% from 2Q 2024). Profit margin: 3.5% (down from 3.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.New Risk • Aug 21New major risk - Revenue and earnings growthEarnings have declined by 1.8% 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 Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings have declined by 1.8% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.お知らせ • Aug 20PCC Exol S.A. to Report First Half, 2025 Results on Aug 20, 2025PCC Exol S.A. announced that they will report first half, 2025 results on Aug 20, 2025Reported Earnings • May 22First quarter 2025 earnings released: EPS: zł0.066 (vs zł0.052 in 1Q 2024)First quarter 2025 results: EPS: zł0.066 (up from zł0.052 in 1Q 2024). Revenue: zł290.0m (up 20% from 1Q 2024). Net income: zł11.4m (up 27% from 1Q 2024). Profit margin: 3.9% (up from 3.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.New Risk • Apr 07New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: zł379.6m (US$96.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł379.6m market cap, or US$96.4m).お知らせ • Mar 31PCC Exol S.A., Annual General Meeting, Apr 24, 2025PCC Exol S.A., Annual General Meeting, Apr 24, 2025.Reported Earnings • Mar 28Full year 2024 earnings released: EPS: zł0.20 (vs zł0.24 in FY 2023)Full year 2024 results: EPS: zł0.20 (down from zł0.24 in FY 2023). Revenue: zł948.1m (flat on FY 2023). Net income: zł35.6m (down 16% from FY 2023). Profit margin: 3.8% (down from 4.4% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.New Risk • Dec 09New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: zł400.5m (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (zł400.5m market cap, or US$99.4m).Reported Earnings • Nov 17Third quarter 2024 earnings released: EPS: zł0.037 (vs zł0.077 in 3Q 2023)Third quarter 2024 results: EPS: zł0.037 (down from zł0.077 in 3Q 2023). Revenue: zł230.3m (up 1.3% from 3Q 2023). Net income: zł6.51m (down 51% from 3Q 2023). Profit margin: 2.8% (down from 5.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.Reported Earnings • Aug 22Second quarter 2024 earnings released: EPS: zł0.05 (vs zł0.029 in 2Q 2023)Second quarter 2024 results: EPS: zł0.05 (up from zł0.029 in 2Q 2023). Revenue: zł230.1m (up 2.0% from 2Q 2023). Net income: zł8.69m (up 69% from 2Q 2023). Profit margin: 3.8% (up from 2.3% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Reported Earnings • May 19First quarter 2024 earnings released: EPS: zł0.052 (vs zł0.12 in 1Q 2023)First quarter 2024 results: EPS: zł0.052 (down from zł0.12 in 1Q 2023). Revenue: zł241.8m (down 14% from 1Q 2023). Net income: zł8.98m (down 56% from 1Q 2023). Profit margin: 3.7% (down from 7.2% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year.お知らせ • Apr 26PCC Exol S.A., Annual General Meeting, May 20, 2024PCC Exol S.A., Annual General Meeting, May 20, 2024.お知らせ • Feb 02+ 3 more updatesPCC Exol S.A. to Report Q3, 2024 Results on Nov 14, 2024PCC Exol S.A. announced that they will report Q3, 2024 results on Nov 14, 2024Reported Earnings • Nov 16Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: zł227.4m (down 23% from 3Q 2022). Net income: zł13.3m (down 52% from 3Q 2022). Profit margin: 5.9% (down from 9.4% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.Reported Earnings • Aug 23Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: zł225.7m (down 27% from 2Q 2022). Net income: zł5.13m (down 85% from 2Q 2022). Profit margin: 2.3% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings.Reported Earnings • May 21First quarter 2023 earnings releasedFirst quarter 2023 results: Revenue: zł281.6m (down 5.4% from 1Q 2022). Net income: zł20.3m (down 48% from 1Q 2022). Profit margin: 7.2% (down from 13% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 03+ 3 more updatesPCC Exol S.A. to Report Q3, 2023 Results on Nov 14, 2023PCC Exol S.A. announced that they will report Q3, 2023 results on Nov 14, 2023分析記事 • Jan 24PCC Exol (WSE:PCX) Could Become A Multi-BaggerIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Valuation Update With 7 Day Price Move • Jan 24Investor sentiment improves as stock rises 16%After last week's 16% share price gain to zł4.15, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 7x in the Chemicals industry in Poland. Total returns to shareholders of 130% over the past three years.Valuation Update With 7 Day Price Move • Aug 29Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to zł2.82, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 7x in the Chemicals industry in Poland. Total returns to shareholders of 99% over the past three years.分析記事 • Aug 26PCC Exol (WSE:PCX) Is Investing Its Capital With Increasing EfficiencyIf we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a...Reported Earnings • Aug 23Second quarter 2022 earnings releasedSecond quarter 2022 results: Revenue: zł310.2m (up 65% from 2Q 2021). Net income: zł33.7m (up 229% from 2Q 2021). Profit margin: 11% (up from 5.5% in 2Q 2021). The increase in margin was driven by higher revenue.Buying Opportunity • May 21Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 7.4%. The fair value is estimated to be zł3.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 25%.分析記事 • May 21Estimating The Fair Value Of PCC Exol S.A. (WSE:PCX)Today we will run through one way of estimating the intrinsic value of PCC Exol S.A. ( WSE:PCX ) by estimating the...Valuation Update With 7 Day Price Move • May 18Investor sentiment improved over the past weekAfter last week's 18% share price gain to zł2.65, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 11x in the Chemicals industry in Poland. Total returns to shareholders of 93% over the past three years.Buying Opportunity • Feb 24Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be zł2.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% per annum over the last 3 years. Earnings per share has grown by 25% per annum over the last 3 years.Reported Earnings • Nov 10Third quarter 2021 earnings releasedThe company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł199.8m (up 30% from 3Q 2020). Net income: zł13.6m (up 48% from 3Q 2020). Profit margin: 6.8% (up from 6.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 23% per year.Reported Earnings • Aug 21Second quarter 2021 earnings releasedThe company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: zł187.7m (up 29% from 2Q 2020). Net income: zł10.2m (up 8.0% from 2Q 2020). Profit margin: 5.5% (down from 6.5% 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 27% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth.分析記事 • May 28A Look At The Intrinsic Value Of PCC Exol S.A. (WSE:PCX)In this article we are going to estimate the intrinsic value of PCC Exol S.A. ( WSE:PCX ) by estimating the company's...Reported Earnings • May 14First quarter 2021 earnings releasedThe company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: zł187.4m (up 5.2% from 1Q 2020). Net income: zł11.4m (down 7.1% from 1Q 2020). Profit margin: 6.1% (down from 6.9% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth.分析記事 • May 11PCC Exol (WSE:PCX) Is Doing The Right Things To Multiply Its Share PriceWhat are the early trends we should look for to identify a stock that could multiply in value over the long term? In a...Upcoming Dividend • Apr 29Upcoming dividend of zł0.17 per shareEligible shareholders must have bought the stock before 05 May 2021. Payment date: 14 May 2021. Trailing yield: 1.5%. Lower than top quartile of Polish dividend payers (5.2%). Lower than average of industry peers (2.4%).分析記事 • Apr 20These 4 Measures Indicate That PCC Exol (WSE:PCX) Is Using Debt Reasonably WellWarren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...分析記事 • Mar 24Why PCC Exol S.A. (WSE:PCX) Should Be In Your Dividend PortfolioIs PCC Exol S.A. ( WSE:PCX ) a good dividend stock? How can we tell? Dividend paying companies with growing earnings...Reported Earnings • Mar 12Full year 2020 earnings released: EPS zł0.23 (vs zł0.16 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł645.9m (up 1.1% from FY 2019). Net income: zł40.2m (up 42% from FY 2019). Profit margin: 6.2% (up from 4.4% in FY 2019). Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 24% per year.分析記事 • Mar 05Shareholders Of PCC Exol (WSE:PCX) Must Be Happy With Their 116% Total ReturnOne simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive...Is New 90 Day High Low • Feb 26New 90-day low: zł3.23The company is down 5.0% from its price of zł3.41 on 27 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 Chemicals industry, which is up 14% over the same period.分析記事 • Feb 18Could The Market Be Wrong About PCC Exol S.A. (WSE:PCX) Given Its Attractive Financial Prospects?PCC Exol (WSE:PCX) has had a rough three months with its share price down 16%. But if you pay close attention, you...お知らせ • Feb 02+ 1 more updatePCC Exol S.A. to Report Q3, 2021 Results on Nov 05, 2021PCC Exol S.A. announced that they will report Q3, 2021 results on Nov 05, 2021お知らせ • Feb 01+ 1 more updatePCC Exol S.A. to Report First Half, 2021 Results on Aug 16, 2021PCC Exol S.A. announced that they will report first half, 2021 results on Aug 16, 2021分析記事 • Jan 30Will the Promising Trends At PCC Exol (WSE:PCX) Continue?If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven...分析記事 • Jan 15PCC Exol (WSE:PCX) Seems To Use Debt Quite SensiblyWarren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...Is New 90 Day High Low • Dec 28New 90-day low: zł3.24The company is down 18% from its price of zł3.96 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 4.0% over the same period.分析記事 • Dec 24Is PCC Exol S.A. (WSE:PCX) The Right Choice For A Smart Dividend Investor?Today we'll take a closer look at PCC Exol S.A. ( WSE:PCX ) from a dividend investor's perspective. Owning a strong...分析記事 • Dec 11Estimating The Intrinsic Value Of PCC Exol S.A. (WSE:PCX)Does the December share price for PCC Exol S.A. ( WSE:PCX ) reflect what it's really worth? Today, we will estimate the...分析記事 • Nov 26Is PCC Exol's (WSE:PCX) 103% Share Price Increase Well Justified?The last three months have been tough on PCC Exol S.A. (WSE:PCX) shareholders, who have seen the share price decline a...Reported Earnings • Nov 24Third quarter 2020 earnings released: EPS zł0.053The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: zł154.3m (down 2.9% from 3Q 2019). Net income: zł9.22m (up 52% from 3Q 2019). Profit margin: 6.0% (up from 3.8% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year and the company’s share price has also increased by 23% per year.Valuation Update With 7 Day Price Move • Nov 16Market bids up stock over the past weekAfter last week's 21% share price gain to zł4.13, the stock is trading at a trailing P/E ratio of 22.1x, up from the previous P/E ratio of 18.3x. This compares to an average P/E of 15x in the Chemicals industry in Poland. Total returns to shareholders over the past three years are 162%.Valuation Update With 7 Day Price Move • Oct 29Market pulls back on stock over the past weekAfter last week's 26% share price decline to zł3.29, the stock is trading at a trailing P/E ratio of 17.6x, down from the previous P/E ratio of 23.7x. This compares to an average P/E of 15x in the Chemicals industry in Poland. Total returns to shareholders over the past three years are 125%.Valuation Update With 7 Day Price Move • Oct 14Market bids up stock over the past weekAfter last week's 16% share price gain to zł4.35, the stock is trading at a trailing P/E ratio of 23.3x, up from the previous P/E ratio of 20x. This compares to an average P/E of 18x in the Chemicals industry in Poland. Total returns to shareholders over the past three years are 189%.収支内訳PCC Exol の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史WSE:PCX 収益、費用、利益 ( )PLN Millions日付収益収益G+A経費研究開発費31 Dec 251,08638122030 Sep 251,07742120030 Jun 251,03639114031 Mar 2599638112031 Dec 2494836109030 Sep 2491628105030 Jun 2491334103031 Mar 2490831101031 Dec 2394842102030 Sep 231,01358103030 Jun 231,08072104031 Mar 231,165101105031 Dec 221,181120100030 Sep 221,13512396030 Jun 221,04010988031 Mar 229178679031 Dec 218075874030 Sep 217434572030 Jun 216974072031 Mar 216553972031 Dec 206464073030 Sep 206293572030 Jun 206343273031 Mar 206432972031 Dec 196392870030 Sep 196252767030 Jun 196352864031 Mar 196492864031 Dec 186361962030 Sep 186471961030 Jun 186301959031 Mar 186131856031 Dec 176251856030 Sep 176122054030 Jun 175991853031 Mar 175802053031 Dec 165402153030 Sep 165312153030 Jun 165282251031 Mar 165161750031 Dec 155151548030 Sep 155101147030 Jun 155127450質の高い収益: PCXは 高品質の収益 を持っています。利益率の向上: PCXの現在の純利益率 (3.5%)は、昨年(3.8%)よりも低くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: PCXの収益は過去 5 年間で年間11.2%減少しました。成長の加速: PCXの過去 1 年間の収益成長率 ( 6.6% ) は、5 年間の平均 ( 年間-11.2%を上回っています。収益対業界: PCXの過去 1 年間の収益成長率 ( 6.6% ) はChemicals業界-11.9%を上回りました。株主資本利益率高いROE: PCXの 自己資本利益率 ( 7.5% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YMaterials 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/08 13:05終値2026/05/08 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋PCC Exol S.A. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
Reported Earnings • Nov 18Third quarter 2025 earnings released: EPS: zł0.059 (vs zł0.037 in 3Q 2024)Third quarter 2025 results: EPS: zł0.059 (up from zł0.037 in 3Q 2024). Revenue: zł270.9m (up 18% from 3Q 2024). Net income: zł10.2m (up 56% from 3Q 2024). Profit margin: 3.8% (up from 2.8% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.
お知らせ • Nov 11PCC Exol S.A. to Report Q3, 2025 Results on Nov 13, 2025PCC Exol S.A. announced that they will report Q3, 2025 results on Nov 13, 2025
Reported Earnings • Aug 22Second quarter 2025 earnings released: EPS: zł0.054 (vs zł0.05 in 2Q 2024)Second quarter 2025 results: EPS: zł0.054 (up from zł0.05 in 2Q 2024). Revenue: zł269.9m (up 17% from 2Q 2024). Net income: zł9.38m (up 7.9% from 2Q 2024). Profit margin: 3.5% (down from 3.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
お知らせ • Aug 20PCC Exol S.A. to Report First Half, 2025 Results on Aug 20, 2025PCC Exol S.A. announced that they will report first half, 2025 results on Aug 20, 2025
Reported Earnings • May 22First quarter 2025 earnings released: EPS: zł0.066 (vs zł0.052 in 1Q 2024)First quarter 2025 results: EPS: zł0.066 (up from zł0.052 in 1Q 2024). Revenue: zł290.0m (up 20% from 1Q 2024). Net income: zł11.4m (up 27% from 1Q 2024). Profit margin: 3.9% (up from 3.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Reported Earnings • Mar 28Full year 2024 earnings released: EPS: zł0.20 (vs zł0.24 in FY 2023)Full year 2024 results: EPS: zł0.20 (down from zł0.24 in FY 2023). Revenue: zł948.1m (flat on FY 2023). Net income: zł35.6m (down 16% from FY 2023). Profit margin: 3.8% (down from 4.4% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
お知らせ • Mar 27PCC Exol S.A., Annual General Meeting, Apr 21, 2026PCC Exol S.A., Annual General Meeting, Apr 21, 2026, at 12:30 Central European Standard Time.
New Risk • Mar 20New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: zł358.7m (US$96.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings have declined by 7.2% per year over the past 5 years. 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 (zł358.7m market cap, or US$96.9m).
Reported Earnings • Nov 18Third quarter 2025 earnings released: EPS: zł0.059 (vs zł0.037 in 3Q 2024)Third quarter 2025 results: EPS: zł0.059 (up from zł0.037 in 3Q 2024). Revenue: zł270.9m (up 18% from 3Q 2024). Net income: zł10.2m (up 56% from 3Q 2024). Profit margin: 3.8% (up from 2.8% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.
お知らせ • Nov 11PCC Exol S.A. to Report Q3, 2025 Results on Nov 13, 2025PCC Exol S.A. announced that they will report Q3, 2025 results on Nov 13, 2025
Reported Earnings • Aug 22Second quarter 2025 earnings released: EPS: zł0.054 (vs zł0.05 in 2Q 2024)Second quarter 2025 results: EPS: zł0.054 (up from zł0.05 in 2Q 2024). Revenue: zł269.9m (up 17% from 2Q 2024). Net income: zł9.38m (up 7.9% from 2Q 2024). Profit margin: 3.5% (down from 3.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
New Risk • Aug 21New major risk - Revenue and earnings growthEarnings have declined by 1.8% 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 Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings have declined by 1.8% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
お知らせ • Aug 20PCC Exol S.A. to Report First Half, 2025 Results on Aug 20, 2025PCC Exol S.A. announced that they will report first half, 2025 results on Aug 20, 2025
Reported Earnings • May 22First quarter 2025 earnings released: EPS: zł0.066 (vs zł0.052 in 1Q 2024)First quarter 2025 results: EPS: zł0.066 (up from zł0.052 in 1Q 2024). Revenue: zł290.0m (up 20% from 1Q 2024). Net income: zł11.4m (up 27% from 1Q 2024). Profit margin: 3.9% (up from 3.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
New Risk • Apr 07New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: zł379.6m (US$96.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł379.6m market cap, or US$96.4m).
お知らせ • Mar 31PCC Exol S.A., Annual General Meeting, Apr 24, 2025PCC Exol S.A., Annual General Meeting, Apr 24, 2025.
Reported Earnings • Mar 28Full year 2024 earnings released: EPS: zł0.20 (vs zł0.24 in FY 2023)Full year 2024 results: EPS: zł0.20 (down from zł0.24 in FY 2023). Revenue: zł948.1m (flat on FY 2023). Net income: zł35.6m (down 16% from FY 2023). Profit margin: 3.8% (down from 4.4% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
New Risk • Dec 09New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: zł400.5m (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (zł400.5m market cap, or US$99.4m).
Reported Earnings • Nov 17Third quarter 2024 earnings released: EPS: zł0.037 (vs zł0.077 in 3Q 2023)Third quarter 2024 results: EPS: zł0.037 (down from zł0.077 in 3Q 2023). Revenue: zł230.3m (up 1.3% from 3Q 2023). Net income: zł6.51m (down 51% from 3Q 2023). Profit margin: 2.8% (down from 5.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
Reported Earnings • Aug 22Second quarter 2024 earnings released: EPS: zł0.05 (vs zł0.029 in 2Q 2023)Second quarter 2024 results: EPS: zł0.05 (up from zł0.029 in 2Q 2023). Revenue: zł230.1m (up 2.0% from 2Q 2023). Net income: zł8.69m (up 69% from 2Q 2023). Profit margin: 3.8% (up from 2.3% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Reported Earnings • May 19First quarter 2024 earnings released: EPS: zł0.052 (vs zł0.12 in 1Q 2023)First quarter 2024 results: EPS: zł0.052 (down from zł0.12 in 1Q 2023). Revenue: zł241.8m (down 14% from 1Q 2023). Net income: zł8.98m (down 56% from 1Q 2023). Profit margin: 3.7% (down from 7.2% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year.
お知らせ • Apr 26PCC Exol S.A., Annual General Meeting, May 20, 2024PCC Exol S.A., Annual General Meeting, May 20, 2024.
お知らせ • Feb 02+ 3 more updatesPCC Exol S.A. to Report Q3, 2024 Results on Nov 14, 2024PCC Exol S.A. announced that they will report Q3, 2024 results on Nov 14, 2024
Reported Earnings • Nov 16Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: zł227.4m (down 23% from 3Q 2022). Net income: zł13.3m (down 52% from 3Q 2022). Profit margin: 5.9% (down from 9.4% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.
Reported Earnings • Aug 23Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: zł225.7m (down 27% from 2Q 2022). Net income: zł5.13m (down 85% from 2Q 2022). Profit margin: 2.3% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings.
Reported Earnings • May 21First quarter 2023 earnings releasedFirst quarter 2023 results: Revenue: zł281.6m (down 5.4% from 1Q 2022). Net income: zł20.3m (down 48% from 1Q 2022). Profit margin: 7.2% (down from 13% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 03+ 3 more updatesPCC Exol S.A. to Report Q3, 2023 Results on Nov 14, 2023PCC Exol S.A. announced that they will report Q3, 2023 results on Nov 14, 2023
分析記事 • Jan 24PCC Exol (WSE:PCX) Could Become A Multi-BaggerIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
Valuation Update With 7 Day Price Move • Jan 24Investor sentiment improves as stock rises 16%After last week's 16% share price gain to zł4.15, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 7x in the Chemicals industry in Poland. Total returns to shareholders of 130% over the past three years.
Valuation Update With 7 Day Price Move • Aug 29Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to zł2.82, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 7x in the Chemicals industry in Poland. Total returns to shareholders of 99% over the past three years.
分析記事 • Aug 26PCC Exol (WSE:PCX) Is Investing Its Capital With Increasing EfficiencyIf we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a...
Reported Earnings • Aug 23Second quarter 2022 earnings releasedSecond quarter 2022 results: Revenue: zł310.2m (up 65% from 2Q 2021). Net income: zł33.7m (up 229% from 2Q 2021). Profit margin: 11% (up from 5.5% in 2Q 2021). The increase in margin was driven by higher revenue.
Buying Opportunity • May 21Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 7.4%. The fair value is estimated to be zł3.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 25%.
分析記事 • May 21Estimating The Fair Value Of PCC Exol S.A. (WSE:PCX)Today we will run through one way of estimating the intrinsic value of PCC Exol S.A. ( WSE:PCX ) by estimating the...
Valuation Update With 7 Day Price Move • May 18Investor sentiment improved over the past weekAfter last week's 18% share price gain to zł2.65, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 11x in the Chemicals industry in Poland. Total returns to shareholders of 93% over the past three years.
Buying Opportunity • Feb 24Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be zł2.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% per annum over the last 3 years. Earnings per share has grown by 25% per annum over the last 3 years.
Reported Earnings • Nov 10Third quarter 2021 earnings releasedThe company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł199.8m (up 30% from 3Q 2020). Net income: zł13.6m (up 48% from 3Q 2020). Profit margin: 6.8% (up from 6.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 23% per year.
Reported Earnings • Aug 21Second quarter 2021 earnings releasedThe company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: zł187.7m (up 29% from 2Q 2020). Net income: zł10.2m (up 8.0% from 2Q 2020). Profit margin: 5.5% (down from 6.5% 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 27% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth.
分析記事 • May 28A Look At The Intrinsic Value Of PCC Exol S.A. (WSE:PCX)In this article we are going to estimate the intrinsic value of PCC Exol S.A. ( WSE:PCX ) by estimating the company's...
Reported Earnings • May 14First quarter 2021 earnings releasedThe company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: zł187.4m (up 5.2% from 1Q 2020). Net income: zł11.4m (down 7.1% from 1Q 2020). Profit margin: 6.1% (down from 6.9% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth.
分析記事 • May 11PCC Exol (WSE:PCX) Is Doing The Right Things To Multiply Its Share PriceWhat are the early trends we should look for to identify a stock that could multiply in value over the long term? In a...
Upcoming Dividend • Apr 29Upcoming dividend of zł0.17 per shareEligible shareholders must have bought the stock before 05 May 2021. Payment date: 14 May 2021. Trailing yield: 1.5%. Lower than top quartile of Polish dividend payers (5.2%). Lower than average of industry peers (2.4%).
分析記事 • Apr 20These 4 Measures Indicate That PCC Exol (WSE:PCX) Is Using Debt Reasonably WellWarren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...
分析記事 • Mar 24Why PCC Exol S.A. (WSE:PCX) Should Be In Your Dividend PortfolioIs PCC Exol S.A. ( WSE:PCX ) a good dividend stock? How can we tell? Dividend paying companies with growing earnings...
Reported Earnings • Mar 12Full year 2020 earnings released: EPS zł0.23 (vs zł0.16 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł645.9m (up 1.1% from FY 2019). Net income: zł40.2m (up 42% from FY 2019). Profit margin: 6.2% (up from 4.4% in FY 2019). Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 24% per year.
分析記事 • Mar 05Shareholders Of PCC Exol (WSE:PCX) Must Be Happy With Their 116% Total ReturnOne simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive...
Is New 90 Day High Low • Feb 26New 90-day low: zł3.23The company is down 5.0% from its price of zł3.41 on 27 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 Chemicals industry, which is up 14% over the same period.
分析記事 • Feb 18Could The Market Be Wrong About PCC Exol S.A. (WSE:PCX) Given Its Attractive Financial Prospects?PCC Exol (WSE:PCX) has had a rough three months with its share price down 16%. But if you pay close attention, you...
お知らせ • Feb 02+ 1 more updatePCC Exol S.A. to Report Q3, 2021 Results on Nov 05, 2021PCC Exol S.A. announced that they will report Q3, 2021 results on Nov 05, 2021
お知らせ • Feb 01+ 1 more updatePCC Exol S.A. to Report First Half, 2021 Results on Aug 16, 2021PCC Exol S.A. announced that they will report first half, 2021 results on Aug 16, 2021
分析記事 • Jan 30Will the Promising Trends At PCC Exol (WSE:PCX) Continue?If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven...
分析記事 • Jan 15PCC Exol (WSE:PCX) Seems To Use Debt Quite SensiblyWarren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...
Is New 90 Day High Low • Dec 28New 90-day low: zł3.24The company is down 18% from its price of zł3.96 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 4.0% over the same period.
分析記事 • Dec 24Is PCC Exol S.A. (WSE:PCX) The Right Choice For A Smart Dividend Investor?Today we'll take a closer look at PCC Exol S.A. ( WSE:PCX ) from a dividend investor's perspective. Owning a strong...
分析記事 • Dec 11Estimating The Intrinsic Value Of PCC Exol S.A. (WSE:PCX)Does the December share price for PCC Exol S.A. ( WSE:PCX ) reflect what it's really worth? Today, we will estimate the...
分析記事 • Nov 26Is PCC Exol's (WSE:PCX) 103% Share Price Increase Well Justified?The last three months have been tough on PCC Exol S.A. (WSE:PCX) shareholders, who have seen the share price decline a...
Reported Earnings • Nov 24Third quarter 2020 earnings released: EPS zł0.053The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: zł154.3m (down 2.9% from 3Q 2019). Net income: zł9.22m (up 52% from 3Q 2019). Profit margin: 6.0% (up from 3.8% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year and the company’s share price has also increased by 23% per year.
Valuation Update With 7 Day Price Move • Nov 16Market bids up stock over the past weekAfter last week's 21% share price gain to zł4.13, the stock is trading at a trailing P/E ratio of 22.1x, up from the previous P/E ratio of 18.3x. This compares to an average P/E of 15x in the Chemicals industry in Poland. Total returns to shareholders over the past three years are 162%.
Valuation Update With 7 Day Price Move • Oct 29Market pulls back on stock over the past weekAfter last week's 26% share price decline to zł3.29, the stock is trading at a trailing P/E ratio of 17.6x, down from the previous P/E ratio of 23.7x. This compares to an average P/E of 15x in the Chemicals industry in Poland. Total returns to shareholders over the past three years are 125%.
Valuation Update With 7 Day Price Move • Oct 14Market bids up stock over the past weekAfter last week's 16% share price gain to zł4.35, the stock is trading at a trailing P/E ratio of 23.3x, up from the previous P/E ratio of 20x. This compares to an average P/E of 18x in the Chemicals industry in Poland. Total returns to shareholders over the past three years are 189%.