New Risk • Jun 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 8.9% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (€64.3m market cap, or US$73.2m). Reported Earnings • Jun 04
First quarter 2026 earnings released: zł0.44 loss per share (vs zł0.087 profit in 1Q 2025) First quarter 2026 results: zł0.44 loss per share (down from zł0.087 profit in 1Q 2025). Revenue: zł408.8m (flat on 1Q 2025). Net loss: zł10.9m (down zł13.1m from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. 공시 • May 29
Pekabex S.A., Annual General Meeting, Jun 23, 2026 Pekabex S.A., Annual General Meeting, Jun 23, 2026, at 11:00 Central European Standard Time. 공시 • Aug 21
Pekabex S.A. to Report First Half, 2025 Results on Sep 18, 2025 Pekabex S.A. announced that they will report first half, 2025 results on Sep 18, 2025 공시 • May 01
Pekabex S.A., Annual General Meeting, May 29, 2025 Pekabex S.A., Annual General Meeting, May 29, 2025. Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: zł0.15 (vs zł0.84 in 2Q 2023) Second quarter 2024 results: EPS: zł0.15 (down from zł0.84 in 2Q 2023). Revenue: zł412.3m (up 7.0% from 2Q 2023). Net income: zł3.62m (down 83% from 2Q 2023). Profit margin: 0.9% (down from 5.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €4.96. The fair value is estimated to be €6.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 16%. Buy Or Sell Opportunity • Aug 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €4.73. The fair value is estimated to be €5.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 16%. Upcoming Dividend • Jun 20
Upcoming dividend of zł0.41 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.8%). 공시 • May 31
Pekabex S.A., Annual General Meeting, Jun 25, 2024 Pekabex S.A., Annual General Meeting, Jun 25, 2024. Reported Earnings • May 24
First quarter 2024 earnings released: EPS: zł0.42 (vs zł0.99 in 1Q 2023) First quarter 2024 results: EPS: zł0.42 (down from zł0.99 in 1Q 2023). Revenue: zł324.6m (down 16% from 1Q 2023). Net income: zł10.4m (down 58% from 1Q 2023). Profit margin: 3.2% (down from 6.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €5.70, the stock trades at a trailing P/E ratio of 9.3x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 30% over the past three years. Reported Earnings • Apr 12
Full year 2023 earnings released: EPS: zł2.78 (vs zł2.66 in FY 2022) Full year 2023 results: EPS: zł2.78 (up from zł2.66 in FY 2022). Revenue: zł1.57b (down 6.7% from FY 2022). Net income: zł69.1m (up 4.5% from FY 2022). Profit margin: 4.4% (up from 3.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 25
Third quarter 2023 earnings released: EPS: zł0.61 (vs zł0.81 in 3Q 2022) Third quarter 2023 results: EPS: zł0.61 (down from zł0.81 in 3Q 2022). Revenue: zł410.9m (down 1.6% from 3Q 2022). Net income: zł15.1m (down 26% from 3Q 2022). Profit margin: 3.7% (down from 4.8% in 3Q 2022). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Construction industry in Germany. Reported Earnings • Sep 17
Second quarter 2023 earnings released: EPS: zł0.85 (vs zł0.60 in 2Q 2022) Second quarter 2023 results: EPS: zł0.85 (up from zł0.60 in 2Q 2022). Revenue: zł385.2m (down 9.5% from 2Q 2022). Net income: zł20.9m (up 40% from 2Q 2022). Profit margin: 5.4% (up from 3.5% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Construction industry in Germany. Upcoming Dividend • Jun 22
Upcoming dividend of zł0.41 per share at 1.9% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.7%). Reported Earnings • Jun 04
First quarter 2023 earnings released: EPS: zł0.99 (vs zł0.51 in 1Q 2022) First quarter 2023 results: EPS: zł0.99 (up from zł0.51 in 1Q 2022). Revenue: zł387.1m (down 6.1% from 1Q 2022). Net income: zł24.7m (up 95% from 1Q 2022). Profit margin: 6.4% (up from 3.1% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Construction industry in Europe. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.45, 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 52% over the past year. 공시 • May 23
Pekabex S.A., Annual General Meeting, Jun 14, 2023 Pekabex S.A., Annual General Meeting, Jun 14, 2023, at 12:00 Central European Standard Time. Reported Earnings • Apr 21
Full year 2022 earnings released: EPS: zł2.71 (vs zł1.62 in FY 2021) Full year 2022 results: EPS: zł2.71 (up from zł1.62 in FY 2021). Revenue: zł1.68b (up 12% from FY 2021). Net income: zł67.3m (up 67% from FY 2021). Profit margin: 4.0% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Construction industry in Europe. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 16% share price gain to €3.41, the stock trades at a trailing P/E ratio of 7.2x. Average forward P/E is 10x in the Construction industry in Europe. Total loss to shareholders of 26% over the past year. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 26% share price gain to €2.92, the stock trades at a trailing P/E ratio of 6.3x. Average forward P/E is 10x in the Construction industry in Germany. Total loss to shareholders of 34% over the past year. Reported Earnings • Nov 26
Third quarter 2022 earnings released: EPS: zł0.81 (vs zł0.34 in 3Q 2021) Third quarter 2022 results: EPS: zł0.81 (up from zł0.34 in 3Q 2021). Revenue: zł417.6m (up 1.2% from 3Q 2021). Net income: zł20.2m (up 142% from 3Q 2021). Profit margin: 4.8% (up from 2.0% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.0% growth forecast for the Construction industry in Europe. Reported Earnings • Oct 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł425.5m (up 8.2% from 2Q 2021). Net income: zł15.0m (up 97% from 2Q 2021). Profit margin: 3.5% (up from 1.9% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Construction industry in Europe. Upcoming Dividend • Jul 21
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.2%). 공시 • May 31
Pekabex S.A., Annual General Meeting, Jun 23, 2022 Pekabex S.A., Annual General Meeting, Jun 23, 2022, at 11:30 Central European Standard Time. Reported Earnings • May 03
Full year 2021 earnings released: EPS: zł1.62 (vs zł2.35 in FY 2020) Full year 2021 results: EPS: zł1.62 (down from zł2.35 in FY 2020). Revenue: zł1.50b (up 58% from FY 2020). Net income: zł40.6m (down 30% from FY 2020). Profit margin: 2.7% (down from 6.1% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 3.4% compared to a 6.0% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €3.48, the stock trades at a trailing P/E ratio of 9.7x. Average forward P/E is 11x in the Construction industry in Europe. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.34 (down from zł0.55 in 3Q 2020). Revenue: zł412.7m (up 100% from 3Q 2020). Net income: zł8.35m (down 40% from 3Q 2020). Profit margin: 2.0% (down from 6.7% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 8.9%, compared to a 10.0% growth forecast for the industry in Germany. Reported Earnings • Sep 11
Second quarter 2021 earnings released: EPS zł0.30 (vs zł0.70 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł393.4m (up 71% from 2Q 2020). Net income: zł7.59m (down 56% from 2Q 2020). Profit margin: 1.9% (down from 7.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Jun 04
First quarter 2021 earnings released: EPS zł0.59 (vs zł0.54 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: zł246.2m (flat on 1Q 2020). Net income: zł14.6m (up 11% from 1Q 2020). Profit margin: 5.9% (up from 5.3% in 1Q 2020). Reported Earnings • Apr 26
Full year 2020 earnings released: EPS zł2.35 (vs zł1.25 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł952.3m (up 23% from FY 2019). Net income: zł57.9m (up 90% from FY 2019). Profit margin: 6.1% (up from 4.0% in FY 2019). The increase in margin was driven by higher revenue.