View ValuationErbud 향후 성장Future 기준 점검 0/6Erbud의 수익이 증가할 것으로 예상됨입니다.핵심 정보n/a이익 성장률n/aEPS 성장률Construction 이익 성장11.0%매출 성장률0.7%향후 자기자본이익률n/a애널리스트 커버리지Low마지막 업데이트13 May 2026최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updates공시 • Apr 23Erbud S.A., Annual General Meeting, May 19, 2026Erbud S.A., Annual General Meeting, May 19, 2026, at 16:15 Central European Standard Time.New Risk • Dec 30New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 10% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 57% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (€79.7m market cap, or US$93.6m).공시 • Nov 06Erbud S.A. to Report Q3, 2025 Results on Nov 06, 2025Erbud S.A. announced that they will report Q3, 2025 results on Nov 06, 2025공시 • Aug 21Erbud S.A. to Report First Half, 2025 Results on Sep 10, 2025Erbud S.A. announced that they will report first half, 2025 results on Sep 10, 2025공시 • May 01Erbud S.A., Annual General Meeting, May 27, 2025Erbud S.A., Annual General Meeting, May 27, 2025.Reported Earnings • Nov 08Third quarter 2024 earnings releasedThird quarter 2024 results: Revenue: zł771.1m (down 11% from 3Q 2023). Net income: zł5.05m (down 93% from 3Q 2023). Profit margin: 0.7% (down from 7.8% in 3Q 2023). Revenue is forecast to grow 3.2% 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 50% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.New Risk • Sep 24New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 76% 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: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (140% payout ratio). Large one-off items impacting financial results.New Risk • Sep 12New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €88.5m (US$98.0m) 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 Risk Earnings have declined by 17% 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 (€88.5m market cap, or US$98.0m).Reported Earnings • Sep 11Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: zł689.2m (down 20% from 2Q 2023). Net loss: zł8.34m (down 341% from profit in 2Q 2023). Revenue is forecast to grow 2.8% 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 11% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings.Declared Dividend • May 19Dividend of zł1.68 announcedShareholders will receive a dividend of zł1.68. Ex-date: 21st May 2024 Payment date: 4th June 2024 Dividend yield will be 17%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (200% earnings payout ratio). However, it is well covered by cash flows (9% cash payout ratio). The dividend has increased by an average of 14% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 123% to bring the payout ratio under control. However, EPS has declined by 6.0% over the last 5 years so the company would need to reverse this trend.Upcoming Dividend • May 14Upcoming dividend of zł1.68 per shareEligible shareholders must have bought the stock before 21 May 2024. Payment date: 04 June 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (3.8%).Reported Earnings • May 09First quarter 2024 earnings releasedFirst quarter 2024 results: Revenue: zł644.3m (down 11% from 1Q 2023). Net income: zł2.76m (up zł16.2m from 1Q 2023). Profit margin: 0.4% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 13% per year.공시 • Apr 23Erbud S.A., Annual General Meeting, May 17, 2024Erbud S.A., Annual General Meeting, May 17, 2024, at 14:00 Central European Standard Time. Location: UL. FRANCISZKA KLIMCZAKA 1 Warsaw Poland Agenda: To consider the report on the Activities of ERBUD S.A. Supervisory Board in the financial year ended on 31 December 2023; to consider the distribution of the profit generated in the financial year ended on 31 December 2023; to consider granting a vote of approval to the members of the Management Board for the performance of their duties in the financial year ended on 31 December 2023; to consider the granting a vote of approval to the members of the Supervisory Board for the performance of their duties in the financial year ended on 31 December 2023; to amend the company's Statutes; to approve the uniform text of the company's Statutes; to consider the appointment of new members of the company's Supervisory Board; and to consider other matters.New Risk • Apr 10New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 23% 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 Dividend is not well covered by earnings (200% payout ratio). Large one-off items impacting financial results.Reported Earnings • Mar 28Full year 2023 earnings releasedFull year 2023 results: Revenue: zł3.23b (down 16% from FY 2022). Net income: zł10.0m (up 21% from FY 2022). Profit margin: 0.3% (up from 0.2% in FY 2022). The increase in margin was driven by lower expenses.Valuation Update With 7 Day Price Move • Feb 28Investor sentiment improves as stock rises 32%After last week's 32% share price gain to €10.60, the stock trades at a trailing P/E ratio of 8.4x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 47% over the past year.공시 • Jan 10+ 3 more updatesErbud S.A. to Report Q1, 2024 Results on May 08, 2024Erbud S.A. announced that they will report Q1, 2024 results on May 08, 2024공시 • Jan 04Erbud S.A. (WSE:ERB) acquired CKTiS Spólka Akcyjna from Termo-Rex S.A. (WSE:TRR).Erbud S.A. (WSE:ERB) acquired CKTiS Spólka Akcyjna from Termo-Rex S.A. (WSE:TRR) on January 3, 2024. Upon completion, CKTiS has employed 130 people. Erbud S.A. (WSE:ERB) completed the acquisition of CKTiS Spólka Akcyjna from Termo-Rex S.A. (WSE:TRR) on January 3, 2024.New Risk • Dec 01New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €91.8m (US$99.9m) 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: Minor Risks Dividend is not well covered by earnings (dividend per share is over 43x earnings per share). Market cap is less than US$100m (€91.8m market cap, or US$99.9m).Reported Earnings • Nov 17Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: zł865.0m (down 14% from 3Q 2022). Net income: zł67.6m (up zł64.7m from 3Q 2022). Profit margin: 7.8% (up from 0.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Construction industry in Germany are expected to grow by 7.3%.Reported Earnings • Sep 08Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: zł861.6m (down 16% from 2Q 2022). Net income: zł3.47m (up zł5.03m from 2Q 2022). Profit margin: 0.4% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Construction industry in Germany are expected to grow by 8.8%.공시 • May 09Erbud S.A., Annual General Meeting, May 22, 2023Erbud S.A., Annual General Meeting, May 22, 2023, at 15:30 Central European Standard Time.Valuation Update With 7 Day Price Move • Apr 15Investor sentiment improves as stock rises 22%After last week's 22% share price gain to €8.80, the stock trades at a trailing P/E ratio of 60.7x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 11% over the past year.공시 • Jan 12+ 3 more updatesErbud S.A. to Report First Half, 2023 Results on Sep 06, 2023Erbud S.A. announced that they will report first half, 2023 results on Sep 06, 2023Valuation Update With 7 Day Price Move • Dec 01Investor sentiment improved over the past weekAfter last week's 16% share price gain to €6.64, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 10x in the Construction industry in Germany. Total loss to shareholders of 50% over the past year.Reported Earnings • Nov 09Third quarter 2022 earnings releasedThird quarter 2022 results: Revenue: zł1.01b (up 14% from 3Q 2021). Net income: zł3.33m (up zł27.2m from 3Q 2021). Profit margin: 0.3% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue.Reported Earnings • May 12First quarter 2022 earnings releasedFirst quarter 2022 results: Revenue: zł763.9m (up 42% from 1Q 2021). Net income: zł179.0k (up zł7.61m from 1Q 2021). Profit margin: 0% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue.공시 • Apr 26Erbud S.A., Annual General Meeting, May 20, 2022Erbud S.A., Annual General Meeting, May 20, 2022, at 13:00 Central European Standard Time.Reported Earnings • Apr 10Full year 2021 earnings releasedFull year 2021 results: Revenue: zł3.10b (up 39% from FY 2020). Net income: zł8.79m (down 81% from FY 2020). Profit margin: 0.3% (down from 2.1% in FY 2020). The decrease in margin was driven by higher expenses.Reported Earnings • Nov 10Third quarter 2021 earnings releasedThe company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: zł881.0m (up 69% from 3Q 2020). Net loss: zł23.9m (down 207% from profit in 3Q 2020).Reported Earnings • Sep 04Second quarter 2021 earnings releasedThe company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł754.1m (up 17% from 2Q 2020). Net income: zł21.4m (up 83% from 2Q 2020). Profit margin: 2.8% (up from 1.8% in 2Q 2020). The increase in margin was driven by higher revenue.Valuation Update With 7 Day Price Move • Jul 06Investor sentiment improved over the past weekAfter last week's 16% share price gain to zł21.30, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 15x in the Construction industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €26.12 per share.Valuation Update With 7 Day Price Move • Jun 18Investor sentiment improved over the past weekAfter last week's 18% share price gain to zł17.00, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 15x in the Construction industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €21.23 per share.공시 • Jun 03Erbud S.A. (WSE:ERB) acquired Bilfinger Rohrleitungsbau GmbH.Erbud S.A. (WSE:ERB) acquired Bilfinger Rohrleitungsbau GmbH from Bilfinger Berger Industrial Services GmbH on June 1, 2021. Bilfinger will operate under the name IKR in the Erbud Group. Bilfinger generated revenue of €39.3 million in 2020. Bern König will retain the position of president, Andreas Schmitz, president of the service company IVT Weiner + Reimann GmbH from Oberhausen, taken over by ERBUD in 2018, will join the management board. Erbud S.A. (WSE:ERB) completed the acquisition of Bilfinger Rohrleitungsbau GmbH from Bilfinger Berger Industrial Services GmbH on June 1, 2021. Manfred Steinborn, Fabian Kinalzik of RSM GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft acted as legal advisor and Nils Wördemann, Jörg Zerhusen of RWP Rechtsanwälte acted as legal advisors to Erbud S.A in the deal. Ulrich Schneider, Christoph Studinka, John Jürgens of Proventis Partners GmbH acted as financial advisors to Bilfinger SE. Benjamin Parameswaran, Christoph Dachner, Semin ODLA Piper acted as legal advisor for Bilfinger Berger Industrial. Clairfield International LLC acted as financial advisor to Erbud S.A.Reported Earnings • May 15First quarter 2021 earnings released: EPS zł1.51 (vs zł0.041 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł536.7m (up 22% from 1Q 2020). Net income: zł19.3m (up zł19.8m from 1Q 2020). Profit margin: 3.6% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue.Reported Earnings • Apr 10Full year 2020 earnings released: EPS zł3.65 (vs zł2.63 in FY 2019)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł2.23b (down 3.7% from FY 2019). Net income: zł46.7m (up 39% from FY 2019). Profit margin: 2.1% (up from 1.5% in FY 2019). The increase in margin was driven by lower expenses.이익 및 매출 성장 예측DB:9DP - 애널리스트 향후 추정치 및 과거 재무 데이터 (PLN Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/20273,149N/AN/AN/A212/31/20263,145N/AN/AN/A13/31/20263,112-41-62-43N/A12/31/20253,258-36-61-37N/A9/30/20253,319-48-2071N/A6/30/20253,179-35-4447N/A3/31/20253,069-455102N/A12/31/20242,980-2987182N/A9/30/20242,892-48200233N/A6/30/20242,98614202230N/A3/31/20243,15826225246N/A12/31/20233,23410234257N/A9/30/20233,507657388N/A6/30/20233,6480115144N/A3/31/20233,812-5-135-93N/A12/31/20223,8568-190-136N/A9/30/20223,72620-242-153N/A6/30/20223,602-7-379-300N/A3/31/20223,32915-306-228N/A12/31/20213,1029-261-173N/A9/30/20212,7933-79-25N/A6/30/20212,4354968119N/A3/31/20212,32541193230N/A12/31/20202,22847291304N/A9/30/20202,131404154N/A6/30/20202,199293043N/A3/31/20202,152311330N/A12/31/20192,31334N/A-116N/A9/30/20192,49631N/A35N/A6/30/20192,57124N/A62N/A3/31/20192,501-23N/A72N/A12/31/20182,332-20N/A67N/A9/30/20182,148-16N/A38N/A6/30/20181,989-13N/A-41N/A3/31/20181,89427N/A-61N/A12/31/20171,80523N/A-44N/A9/30/20171,85822N/A-30N/A6/30/20171,77818N/A24N/A3/31/20171,79230N/A51N/A12/31/20161,79036N/A75N/A9/30/20161,63528N/A3N/A6/30/20161,69835N/A1N/A3/31/20161,74424N/A-22N/A12/31/20151,71519N/A9N/A9/30/20151,73431N/A129N/A6/30/20151,67527N/A78N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 9DP 의 예상 수익 증가율이 절약률(1.9%)보다 높은지 판단하기에는 데이터가 부족합니다.수익 vs 시장: 9DP 의 수익이 German 시장보다 빠르게 성장할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.고성장 수익: 9DP 의 수익이 향후 3년 동안 상당히 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.수익 대 시장: 9DP 의 수익(연간 0.7%)이 German 시장(연간 6.7%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: 9DP 의 수익(연간 0.7%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 9DP의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YCapital-goods 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/06/09 18:03종가2026/06/09 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Erbud S.A.는 9명의 분석가가 다루고 있습니다. 이 중 2명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Kamil KliszczBiuro maklerskie mBankuPawel PuchalskiErste Bank Polska S.A.Tomasz SokolowskiErste Bank Polska S.A.6명의 분석가 더 보기
공시 • Apr 23Erbud S.A., Annual General Meeting, May 19, 2026Erbud S.A., Annual General Meeting, May 19, 2026, at 16:15 Central European Standard Time.
New Risk • Dec 30New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 10% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 57% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (€79.7m market cap, or US$93.6m).
공시 • Nov 06Erbud S.A. to Report Q3, 2025 Results on Nov 06, 2025Erbud S.A. announced that they will report Q3, 2025 results on Nov 06, 2025
공시 • Aug 21Erbud S.A. to Report First Half, 2025 Results on Sep 10, 2025Erbud S.A. announced that they will report first half, 2025 results on Sep 10, 2025
공시 • May 01Erbud S.A., Annual General Meeting, May 27, 2025Erbud S.A., Annual General Meeting, May 27, 2025.
Reported Earnings • Nov 08Third quarter 2024 earnings releasedThird quarter 2024 results: Revenue: zł771.1m (down 11% from 3Q 2023). Net income: zł5.05m (down 93% from 3Q 2023). Profit margin: 0.7% (down from 7.8% in 3Q 2023). Revenue is forecast to grow 3.2% 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 50% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.
New Risk • Sep 24New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 76% 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: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (140% payout ratio). Large one-off items impacting financial results.
New Risk • Sep 12New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €88.5m (US$98.0m) 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 Risk Earnings have declined by 17% 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 (€88.5m market cap, or US$98.0m).
Reported Earnings • Sep 11Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: zł689.2m (down 20% from 2Q 2023). Net loss: zł8.34m (down 341% from profit in 2Q 2023). Revenue is forecast to grow 2.8% 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 11% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings.
Declared Dividend • May 19Dividend of zł1.68 announcedShareholders will receive a dividend of zł1.68. Ex-date: 21st May 2024 Payment date: 4th June 2024 Dividend yield will be 17%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (200% earnings payout ratio). However, it is well covered by cash flows (9% cash payout ratio). The dividend has increased by an average of 14% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 123% to bring the payout ratio under control. However, EPS has declined by 6.0% over the last 5 years so the company would need to reverse this trend.
Upcoming Dividend • May 14Upcoming dividend of zł1.68 per shareEligible shareholders must have bought the stock before 21 May 2024. Payment date: 04 June 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (3.8%).
Reported Earnings • May 09First quarter 2024 earnings releasedFirst quarter 2024 results: Revenue: zł644.3m (down 11% from 1Q 2023). Net income: zł2.76m (up zł16.2m from 1Q 2023). Profit margin: 0.4% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 13% per year.
공시 • Apr 23Erbud S.A., Annual General Meeting, May 17, 2024Erbud S.A., Annual General Meeting, May 17, 2024, at 14:00 Central European Standard Time. Location: UL. FRANCISZKA KLIMCZAKA 1 Warsaw Poland Agenda: To consider the report on the Activities of ERBUD S.A. Supervisory Board in the financial year ended on 31 December 2023; to consider the distribution of the profit generated in the financial year ended on 31 December 2023; to consider granting a vote of approval to the members of the Management Board for the performance of their duties in the financial year ended on 31 December 2023; to consider the granting a vote of approval to the members of the Supervisory Board for the performance of their duties in the financial year ended on 31 December 2023; to amend the company's Statutes; to approve the uniform text of the company's Statutes; to consider the appointment of new members of the company's Supervisory Board; and to consider other matters.
New Risk • Apr 10New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 23% 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 Dividend is not well covered by earnings (200% payout ratio). Large one-off items impacting financial results.
Reported Earnings • Mar 28Full year 2023 earnings releasedFull year 2023 results: Revenue: zł3.23b (down 16% from FY 2022). Net income: zł10.0m (up 21% from FY 2022). Profit margin: 0.3% (up from 0.2% in FY 2022). The increase in margin was driven by lower expenses.
Valuation Update With 7 Day Price Move • Feb 28Investor sentiment improves as stock rises 32%After last week's 32% share price gain to €10.60, the stock trades at a trailing P/E ratio of 8.4x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 47% over the past year.
공시 • Jan 10+ 3 more updatesErbud S.A. to Report Q1, 2024 Results on May 08, 2024Erbud S.A. announced that they will report Q1, 2024 results on May 08, 2024
공시 • Jan 04Erbud S.A. (WSE:ERB) acquired CKTiS Spólka Akcyjna from Termo-Rex S.A. (WSE:TRR).Erbud S.A. (WSE:ERB) acquired CKTiS Spólka Akcyjna from Termo-Rex S.A. (WSE:TRR) on January 3, 2024. Upon completion, CKTiS has employed 130 people. Erbud S.A. (WSE:ERB) completed the acquisition of CKTiS Spólka Akcyjna from Termo-Rex S.A. (WSE:TRR) on January 3, 2024.
New Risk • Dec 01New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €91.8m (US$99.9m) 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: Minor Risks Dividend is not well covered by earnings (dividend per share is over 43x earnings per share). Market cap is less than US$100m (€91.8m market cap, or US$99.9m).
Reported Earnings • Nov 17Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: zł865.0m (down 14% from 3Q 2022). Net income: zł67.6m (up zł64.7m from 3Q 2022). Profit margin: 7.8% (up from 0.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Construction industry in Germany are expected to grow by 7.3%.
Reported Earnings • Sep 08Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: zł861.6m (down 16% from 2Q 2022). Net income: zł3.47m (up zł5.03m from 2Q 2022). Profit margin: 0.4% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Construction industry in Germany are expected to grow by 8.8%.
공시 • May 09Erbud S.A., Annual General Meeting, May 22, 2023Erbud S.A., Annual General Meeting, May 22, 2023, at 15:30 Central European Standard Time.
Valuation Update With 7 Day Price Move • Apr 15Investor sentiment improves as stock rises 22%After last week's 22% share price gain to €8.80, the stock trades at a trailing P/E ratio of 60.7x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 11% over the past year.
공시 • Jan 12+ 3 more updatesErbud S.A. to Report First Half, 2023 Results on Sep 06, 2023Erbud S.A. announced that they will report first half, 2023 results on Sep 06, 2023
Valuation Update With 7 Day Price Move • Dec 01Investor sentiment improved over the past weekAfter last week's 16% share price gain to €6.64, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 10x in the Construction industry in Germany. Total loss to shareholders of 50% over the past year.
Reported Earnings • Nov 09Third quarter 2022 earnings releasedThird quarter 2022 results: Revenue: zł1.01b (up 14% from 3Q 2021). Net income: zł3.33m (up zł27.2m from 3Q 2021). Profit margin: 0.3% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue.
Reported Earnings • May 12First quarter 2022 earnings releasedFirst quarter 2022 results: Revenue: zł763.9m (up 42% from 1Q 2021). Net income: zł179.0k (up zł7.61m from 1Q 2021). Profit margin: 0% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue.
공시 • Apr 26Erbud S.A., Annual General Meeting, May 20, 2022Erbud S.A., Annual General Meeting, May 20, 2022, at 13:00 Central European Standard Time.
Reported Earnings • Apr 10Full year 2021 earnings releasedFull year 2021 results: Revenue: zł3.10b (up 39% from FY 2020). Net income: zł8.79m (down 81% from FY 2020). Profit margin: 0.3% (down from 2.1% in FY 2020). The decrease in margin was driven by higher expenses.
Reported Earnings • Nov 10Third quarter 2021 earnings releasedThe company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: zł881.0m (up 69% from 3Q 2020). Net loss: zł23.9m (down 207% from profit in 3Q 2020).
Reported Earnings • Sep 04Second quarter 2021 earnings releasedThe company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł754.1m (up 17% from 2Q 2020). Net income: zł21.4m (up 83% from 2Q 2020). Profit margin: 2.8% (up from 1.8% in 2Q 2020). The increase in margin was driven by higher revenue.
Valuation Update With 7 Day Price Move • Jul 06Investor sentiment improved over the past weekAfter last week's 16% share price gain to zł21.30, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 15x in the Construction industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €26.12 per share.
Valuation Update With 7 Day Price Move • Jun 18Investor sentiment improved over the past weekAfter last week's 18% share price gain to zł17.00, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 15x in the Construction industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €21.23 per share.
공시 • Jun 03Erbud S.A. (WSE:ERB) acquired Bilfinger Rohrleitungsbau GmbH.Erbud S.A. (WSE:ERB) acquired Bilfinger Rohrleitungsbau GmbH from Bilfinger Berger Industrial Services GmbH on June 1, 2021. Bilfinger will operate under the name IKR in the Erbud Group. Bilfinger generated revenue of €39.3 million in 2020. Bern König will retain the position of president, Andreas Schmitz, president of the service company IVT Weiner + Reimann GmbH from Oberhausen, taken over by ERBUD in 2018, will join the management board. Erbud S.A. (WSE:ERB) completed the acquisition of Bilfinger Rohrleitungsbau GmbH from Bilfinger Berger Industrial Services GmbH on June 1, 2021. Manfred Steinborn, Fabian Kinalzik of RSM GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft acted as legal advisor and Nils Wördemann, Jörg Zerhusen of RWP Rechtsanwälte acted as legal advisors to Erbud S.A in the deal. Ulrich Schneider, Christoph Studinka, John Jürgens of Proventis Partners GmbH acted as financial advisors to Bilfinger SE. Benjamin Parameswaran, Christoph Dachner, Semin ODLA Piper acted as legal advisor for Bilfinger Berger Industrial. Clairfield International LLC acted as financial advisor to Erbud S.A.
Reported Earnings • May 15First quarter 2021 earnings released: EPS zł1.51 (vs zł0.041 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł536.7m (up 22% from 1Q 2020). Net income: zł19.3m (up zł19.8m from 1Q 2020). Profit margin: 3.6% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue.
Reported Earnings • Apr 10Full year 2020 earnings released: EPS zł3.65 (vs zł2.63 in FY 2019)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł2.23b (down 3.7% from FY 2019). Net income: zł46.7m (up 39% from FY 2019). Profit margin: 2.1% (up from 1.5% in FY 2019). The increase in margin was driven by lower expenses.