공시 • Feb 02
Fega & Schmitt ElektrogroßHandel Gmbh completed the acquisition of TIM S.A. from Krzysztof Folta and others. Fega & Schmitt ElektrogroßHandel Gmbh agreed to acquire TIM S.A. from Krzysztof Folta and others for PLN 1.1 billion on March 24, 2023. The Offer price will be PLN 50.69, representing a premium of 34.1%, 51.7% and 67.0% to the last closing price. Transaction comprises acquiring also 3LP S.A., TIM’s subsidiary. It was further agreed that the composition of the boards of directors of TIM and 3LP would remain unchanged to allow them to continue the implementation of their existing strategies with the support of the Würth Group. If, as a result of the Offer, the threshold of at least 95% of the total number of votes at the general meeting is achieved, the Offeror intends to announce a squeeze-out of the shares. The offer will open from September 28, 2023, and will close on October 27, 2023. As of October 20, 2023, Fega + Schmitt Elektrogroßhandel Extends Tender Offer For Tim Shares till December 6, 2023. As of November 29, 2023, Fega & Schmitt are extending their tender offer for shares of electrical equipment distributor TIM until December 29, 2023. The share purchase transaction on the Warsaw Stock Exchange is scheduled for January 4, 2024, with the settlement expected to take place on January 9, 2024. The transaction was subject to the approval of the responsible competition authorities. On January 25, 2024, UOKiK Tomasz Chróstny has granted conditional approval and a condition acceptable to the buyer.
Anna Romaniuk, Jacek Jarosz, Michal Michalak and Maksymilan Przeczek of mInvestment Banking S.A. acted as financial advisor to TIM S.A. DLA Piper Gizinski Kycia sp. k. acted as legal advisor to TIM S.A. mBank S.A. (WSE:MBK) acted as financial advisor to TIM S.A. BNP Paribas Bank Polska Spolka Akcyjna acted as financial advisor to Fega & Schmitt ElektrogroßHandel Gmbh. Marek Swiatkowski, Piotr Jackowski, and Maciej Goszczyk of Domanski Zakrzewski Palinka sp. k. acted as legal advisor to Fega & Schmitt ElektrogroßHandel Gmbh. Ernst & Young Global Limited acted as accountant to Fega & Schmitt ElektrogroßHandel Gmbh. Santander Bank Polska S.A. – Santander Biuro Maklerskie acts as intermediary broker and transaction advisor under the tender offer for Fega & Schmitt ElektrogroßHandel Gmbh. KPMG Advisory Sp. z o.o. appointed as Fairness Opinion provider by Management Board of TIM.
Fega & Schmitt ElektrogroßHandel Gmbh completed the acquisition of TIM S.A. from Krzysztof Folta and others on January 31, 2024. W.EG intends to conduct a public squeeze-out, followed by delisting the company from Warsaw Stock Exchange. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: zł0.19 (vs zł0.72 in 3Q 2022) Third quarter 2023 results: EPS: zł0.19 (down from zł0.72 in 3Q 2022). Revenue: zł360.7m (down 1.0% from 3Q 2022). Net income: zł4.24m (down 74% from 3Q 2022). Profit margin: 1.2% (down from 4.4% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Reported Earnings • Sep 20
Second quarter 2023 earnings released: EPS: zł0.82 (vs zł1.31 in 2Q 2022) Second quarter 2023 results: EPS: zł0.82 (down from zł1.31 in 2Q 2022). Revenue: zł353.6m (down 2.5% from 2Q 2022). Net income: zł18.2m (down 38% from 2Q 2022). Profit margin: 5.1% (down from 8.0% in 2Q 2022). 공시 • Jun 02
TIM S.A., Annual General Meeting, Jun 27, 2023 TIM S.A., Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Reported Earnings • May 31
First quarter 2023 earnings released: EPS: zł0.66 (vs zł1.41 in 1Q 2022) First quarter 2023 results: EPS: zł0.66 (down from zł1.41 in 1Q 2022). Revenue: zł379.3m (down 7.5% from 1Q 2022). Net income: zł14.7m (down 53% from 1Q 2022). Profit margin: 3.9% (down from 7.6% in 1Q 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to €10.28, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 12x in the Trade Distributors industry in Germany. Total returns to shareholders of 53% over the past year. 공시 • Feb 20
TIM S.A. to Report Q3, 2023 Results on Nov 22, 2023 TIM S.A. announced that they will report Q3, 2023 results on Nov 22, 2023 Upcoming Dividend • Dec 08
Upcoming dividend of zł1.35 per share Eligible shareholders must have bought the stock before 15 December 2022. Payment date: 23 December 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 9.5%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (2.9%). Reported Earnings • Nov 28
Third quarter 2022 earnings released: EPS: zł0.72 (vs zł1.12 in 3Q 2021) Third quarter 2022 results: EPS: zł0.72 (down from zł1.12 in 3Q 2021). Revenue: zł364.4m (up 4.7% from 3Q 2021). Net income: zł16.0m (down 36% from 3Q 2021). Profit margin: 4.4% (down from 7.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Sep 24
Second quarter 2022 earnings released: EPS: zł1.31 (vs zł1.40 in 2Q 2021) Second quarter 2022 results: EPS: zł1.31 (down from zł1.40 in 2Q 2021). Revenue: zł362.5m (up 11% from 2Q 2021). Net income: zł29.1m (down 6.7% from 2Q 2021). Profit margin: 8.0% (down from 9.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 17% share price gain to €5.80, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 12x in the Trade Distributors industry in Germany. Total loss to shareholders of 22% over the past year. Upcoming Dividend • Jul 19
Upcoming dividend of zł1.20 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 11 August 2022. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 8.6%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €5.87, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 12x in the Trade Distributors industry in Germany. Total loss to shareholders of 20% over the past year. Buying Opportunity • May 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €9.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 69%. Revenue is forecast to grow by 11% in a year. Earnings is forecast to grow by 3.3% in the next year. Reported Earnings • May 01
Full year 2021 earnings released: EPS: zł4.14 (vs zł1.67 in FY 2020) Full year 2021 results: EPS: zł4.14 (up from zł1.67 in FY 2020). Revenue: zł1.31b (up 23% from FY 2020). Net income: zł91.8m (up 147% from FY 2020). Profit margin: 7.0% (up from 3.5% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 11%, compared to a 9.6% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 23% share price gain to €6.66, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 19x in the Trade Distributors industry in Germany. Total returns to shareholders of 76% over the past year. Buying Opportunity • Feb 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be zł8.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% per annum over the last 3 years. Earnings per share has grown by 68% per annum over the last 3 years. Upcoming Dividend • Dec 08
Upcoming dividend of zł1.20 per share Eligible shareholders must have bought the stock before 15 December 2021. Payment date: 23 December 2021. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 5.6%. Within top quartile of German dividend payers (3.4%). Higher than average of industry peers (1.2%). Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł1.12 (up from zł0.47 in 3Q 2020). Revenue: zł348.2m (up 30% from 3Q 2020). Net income: zł24.9m (up 138% from 3Q 2020). Profit margin: 7.2% (up from 3.9% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Reported Earnings • Sep 23
Second quarter 2021 earnings released: EPS zł1.33 (vs zł0.39 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł328.0m (up 29% from 2Q 2020). Net income: zł29.6m (up 233% from 2Q 2020). Profit margin: 9.0% (up from 3.5% in 2Q 2020). The increase in margin was driven by higher revenue. 공시 • May 07
IHS Fiber Brasil - Cessao de Infraestruturas Ltda entered into an agreement to acquire 51% stake in FiberCo Soluções de Infraestrutura Ltda. from TIM S.A. (WSE:TIM). IHS Fiber Brasil - Cessao de Infraestruturas Ltda entered into an agreement to acquire 51% stake in FiberCo Soluções de Infraestrutura Ltda. from TIM S.A. (WSE:TIM) on May 5, 2021. Post completion, TIM S.A. (WSE:TIM) will hold 49% stake in FiberCo Soluções de Infraestrutura Ltda. FiberCo's initial asset base will consist of TIM's secondary network infrastructure contribution covering approximately 6.4 million households, of which 3.5 million are FTTH and 3.5 million FTTC. In addition, other assets, contracts and employees will be transferred to FiberCo, all exclusively related to its activities. These transfers will only take place after the agreement is approved by the competent authorities. The transaction is subject to the fulfillment of certain preceding conditions, including, among others, the contribution of assets described above and the obtaining of authorizations from the competent authorities, such as the Agência Nacional de Telecomunicações - Anatel and the Conselho Administrativo de Defesa Econômica - CADE. TIM expects to use the proceeds of this transaction to help meeting its investment obligations, such as the acquisition of Oi Mobile's assets. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS zł1.67 (vs zł0.88 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł1.06b (up 20% from FY 2019). Net income: zł37.1m (up 90% from FY 2019). Profit margin: 3.5% (up from 2.2% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 19% share price gain to zł5.58, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 27x in the Trade Distributors industry in Germany.