View ValuationBudimex 향후 성장Future 기준 점검 3/6Budimex (는) 각각 연간 12.5% 및 11.8% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 14.2% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 66% 로 예상됩니다.핵심 정보12.5%이익 성장률14.18%EPS 성장률Construction 이익 성장12.0%매출 성장률11.8%향후 자기자본이익률65.96%애널리스트 커버리지Low마지막 업데이트30 Jul 2026최근 향후 성장 업데이트공고 • Jan 12Budimex Provides Consolidated Earnings Guidance for the Fourth Quarter of 2023Budimex provided consolidated earnings guidance for the fourth quarter of 2023. for the quarter, the company estimates revenue of PLN 2.8 billion (EUR 643.7 million) and operating profit at PLN 295 million (EUR 67.8 million) and net profit of PLN 287 million (EUR 66 million), up by PLN 107 million (EUR 24.6 million) or 59% year on year.공고 • Jul 27Budimex Provides Revenue Guidance for the Year 2023Budimex provided revenue guidance for the year 2023. The company will improve its revenues and grow year on year when it comes to revenues value at the end of 2023.모든 업데이트 보기Recent updatesReported Earnings • Jul 30Second quarter 2026 earnings released: EPS: zł6.40 (vs zł6.12 in 2Q 2025)Second quarter 2026 results: EPS: zł6.40 (up from zł6.12 in 2Q 2025). Revenue: zł2.77b (up 20% from 2Q 2025). Net income: zł163.4m (up 4.6% from 2Q 2025). Profit margin: 5.9% (down from 6.8% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth.공고 • Jul 28Budimex SA to Report First Half, 2026 Results on Jul 28, 2026Budimex SA announced that they will report first half, 2026 results on Jul 28, 2026Buy Or Sell Opportunity • Jun 12Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 2.8% to €158. The fair value is estimated to be €128, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 11% per annum over the same time period.Declared Dividend • May 20Dividend of zł32.42 announcedShareholders will receive a dividend of zł32.42. Ex-date: 2nd June 2026 Payment date: 10th June 2026 Dividend yield will be 21%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (115% earnings payout ratio) nor is it covered by cash flows (143% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 28% to bring the payout ratio under control. EPS is expected to grow by 40% over the next 3 years, which is sufficient to bring the dividend into a sustainable range.공고 • Apr 28Budimex SA, Annual General Meeting, May 27, 2026Budimex SA, Annual General Meeting, May 27, 2026, at 10:00 Central European Standard Time.공고 • Mar 27Budimex SA announces Annual dividend, payable on June 10, 2026Budimex SA announced Annual dividend of PLN 32.4200 per share payable on June 10, 2026, ex-date on June 02, 2026 and record date on June 03, 2026.공고 • Mar 20Budimex SA to Report Q1, 2026 Results on May 06, 2026Budimex SA announced that they will report Q1, 2026 results on May 06, 2026공고 • Oct 27Budimex SA to Report Q3, 2025 Results on Oct 27, 2025Budimex SA announced that they will report Q3, 2025 results on Oct 27, 2025공고 • Aug 20Budimex SA to Report First Half, 2025 Results on Aug 22, 2025Budimex SA announced that they will report first half, 2025 results on Aug 22, 2025공고 • Apr 25Budimex SA, Annual General Meeting, May 29, 2025Budimex SA, Annual General Meeting, May 29, 2025.공고 • Apr 11Budimex SA announces Annual dividend, payable on June 13, 2025Budimex SA announced Annual dividend of PLN 25.4300 per share payable on June 13, 2025, ex-date on June 04, 2025 and record date on June 05, 2025.Reported Earnings • Oct 28Third quarter 2024 earnings released: EPS: zł6.67 (vs zł6.88 in 3Q 2023)Third quarter 2024 results: EPS: zł6.67 (down from zł6.88 in 3Q 2023). Revenue: zł2.47b (down 7.7% from 3Q 2023). Net income: zł170.3m (down 3.1% from 3Q 2023). Profit margin: 6.9% (up from 6.6% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% 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 21% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth.Buy Or Sell Opportunity • Sep 13Now 21% overvaluedOver the last 90 days, the stock has fallen 13% to €134. The fair value is estimated to be €110, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 8.0% per annum over the same time period.Reported Earnings • Aug 25Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: zł2.40b (flat on 2Q 2023). Net income: zł157.6m (down 6.4% from 2Q 2023). Profit margin: 6.6% (down from 7.1% in 2Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.공고 • Jul 04Budimex SA to Report Q2, 2024 Results on Jul 29, 2024Budimex SA announced that they will report Q2, 2024 results on Jul 29, 2024Buy Or Sell Opportunity • Jun 06Now 22% overvaluedThe stock has been flat over the last 90 days, currently trading at €171. The fair value is estimated to be €140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 14% in the next 2 years.공고 • May 24Budimex SA Approves Dividend for 2023, Payable on June 6, 2024Budimex SA approved that it will pay dividend of PLN 35.69 DPS or the total sum of PLN 749.6 million. The dividend day was set as May 29, 2024 and the dividend payment date as June 6, 2024.Upcoming Dividend • May 21Upcoming dividend of zł35.69 per shareEligible shareholders must have bought the stock before 28 May 2024. Payment date: 06 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: 4.7%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.9%).공고 • Apr 24Budimex SA, Annual General Meeting, May 23, 2024Budimex SA, Annual General Meeting, May 23, 2024, at 10:00 Central European Standard Time.Reported Earnings • Apr 11Full year 2023 earnings released: EPS: zł28.91 (vs zł20.93 in FY 2022)Full year 2023 results: EPS: zł28.91 (up from zł20.93 in FY 2022). Revenue: zł9.80b (up 14% from FY 2022). Net income: zł738.2m (up 38% from FY 2022). Profit margin: 7.5% (up from 6.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% 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 24% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth.Declared Dividend • Apr 11Dividend of zł35.69 announcedShareholders will receive a dividend of zł35.69. Ex-date: 28th May 2024 Payment date: 6th June 2024 Dividend yield will be 22%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover.공고 • Apr 09Budimex SA Recommends Dividend, Payable on June 6 2024The board of Budimex SA recommends the AGM to pay a gross dividend of PLN 35.69 (EUR 8.34) per share. The management board proposed to allocate the entire net profit for 2023 in the amount of approximately PLN 749.57 million (EUR 175.1 million) and a part of the reserve capital created from profits from previous years in the amount of PLN 161.6 million (EUR 37.7 million) for dividend payment. The proposed dividend date is May 29 and the payment date is June 6 2024. In 2023 Budimex paid a dividend of PLN 17.99 (EUR 4.2) per share.공고 • Jan 20+ 3 more updatesBudimex SA to Report Q3, 2024 Results on Oct 28, 2024Budimex SA announced that they will report Q3, 2024 results on Oct 28, 2024공고 • Jan 12Budimex Provides Consolidated Earnings Guidance for the Fourth Quarter of 2023Budimex provided consolidated earnings guidance for the fourth quarter of 2023. for the quarter, the company estimates revenue of PLN 2.8 billion (EUR 643.7 million) and operating profit at PLN 295 million (EUR 67.8 million) and net profit of PLN 287 million (EUR 66 million), up by PLN 107 million (EUR 24.6 million) or 59% year on year.Valuation Update With 7 Day Price Move • Nov 21Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €122, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 138% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €97.02 per share.Reported Earnings • Oct 31Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: zł2.68b (up 13% from 3Q 2022). Net income: zł175.7m (up 12% from 3Q 2022). Profit margin: 6.6% (in line with 3Q 2022). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Construction industry in Germany.Valuation Update With 7 Day Price Move • Oct 16Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €101, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 115% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €90.29 per share.Valuation Update With 7 Day Price Move • Aug 14Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €109, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 114% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €112 per share.Reported Earnings • Jul 28Second quarter 2023 earnings released: EPS: zł6.60 (vs zł5.67 in 2Q 2022)Second quarter 2023 results: EPS: zł6.60 (up from zł5.67 in 2Q 2022). Revenue: zł2.38b (flat on 2Q 2022). Net income: zł168.4m (up 16% from 2Q 2022). Profit margin: 7.1% (up from 6.0% in 2Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Construction industry in Germany.공고 • Jul 27Budimex Provides Revenue Guidance for the Year 2023Budimex provided revenue guidance for the year 2023. The company will improve its revenues and grow year on year when it comes to revenues value at the end of 2023.Valuation Update With 7 Day Price Move • Jul 20Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €97.50, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 119% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €93.30 per share.공고 • May 19Budimex Sa Approves Dividend for the Year 2022, Payable on June 5, 2023Budimex SA approved that it will pay out PLN 17.99 DPS from the 2022 profit or the total sum of PLN 459.3 million. Rights will be set on May 25 and the payout made on June 5, 2023.Upcoming Dividend • May 17Upcoming dividend of zł17.99 per share at 5.0% yieldEligible shareholders must have bought the stock before 24 May 2023. Payment date: 05 June 2023. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.7%).Reported Earnings • Apr 02Full year 2022 earnings releasedFull year 2022 results: Revenue: zł8.62b (up 8.9% from FY 2021). Net income: zł534.4m (up 19% from FY 2021). Profit margin: 6.2% (up from 5.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.8% growth forecast for the Construction industry in Europe.공고 • Jan 20+ 3 more updatesBudimex SA to Report Fiscal Year 2022 Results on Mar 31, 2023Budimex SA announced that they will report fiscal year 2022 results at 8:30 AM, Central European Standard Time on Mar 31, 2023Reported Earnings • Oct 28Third quarter 2022 earnings releasedThird quarter 2022 results: Revenue: zł2.37b (up 3.4% from 3Q 2021). Net income: zł157.3m (up 56% from 3Q 2021). Profit margin: 6.6% (up from 4.4% in 3Q 2021). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Construction industry in Europe.Buying Opportunity • Oct 22Now 20% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be €58.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings is forecast to decline by 1.8% per annum over the same time period.Buying Opportunity • Oct 01Now 25% undervalued after recent price dropOver the last 90 days, the stock is down 4.4%. The fair value is estimated to be €59.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings is forecast to decline by 1.8% per annum over the same time period.Reported Earnings • Jul 29Second quarter 2022 earnings released: EPS: zł5.67 (vs zł6.20 in 2Q 2021)Second quarter 2022 results: EPS: zł5.67 (down from zł6.20 in 2Q 2021). Revenue: zł2.40b (up 20% from 2Q 2021). Net income: zł144.9m (down 8.4% from 2Q 2021). Profit margin: 6.0% (down from 7.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 5.7% compared to a 9.1% growth forecast for the industry in Germany.공고 • Jul 28+ 1 more updateBudimex SA to Report First Half, 2022 Results on Aug 31, 2022Budimex SA announced that they will report first half, 2022 results on Aug 31, 2022Upcoming Dividend • May 23Upcoming dividend of zł23.47 per shareEligible shareholders must have bought the stock before 30 May 2022. Payment date: 14 June 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (3.6%).공고 • May 20Budimex SA Approves Dividend for the Year 2021, Payable on June 14, 2022Budimex approved PLN 24.47 DPS from 2021 profit on top of the already distributed PLN 14.90 advance dividend payment per share. Dividend rights will be set on May 31 and the payment made on June 14.Valuation Update With 7 Day Price Move • May 20Investor sentiment improved over the past weekAfter last week's 16% share price gain to €50.10, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Construction industry in Europe. Total loss to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €55.22 per share.Reported Earnings • Apr 30First quarter 2022 earnings releasedFirst quarter 2022 results: Revenue: zł1.60b (up 28% from 1Q 2021). Net income: zł56.4m (up 33% from 1Q 2021). Profit margin: 3.5% (up from 3.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.2%, compared to a 5.9% growth forecast for the industry in Germany.공고 • Apr 23Budimex SA, Annual General Meeting, May 19, 2022Budimex SA, Annual General Meeting, May 19, 2022, at 10:00 Central European Standard Time.Reported Earnings • Mar 29Full year 2021 earnings releasedFull year 2021 results: Revenue: zł7.91b (down 5.6% from FY 2020). Net income: zł451.1m (down 1.8% from FY 2020). Profit margin: 5.7% (up from 5.5% in FY 2020). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 5.7%, compared to a 5.5% growth forecast for the industry in Germany.Valuation Update With 7 Day Price Move • Mar 17Investor sentiment improved over the past weekAfter last week's 15% share price gain to €47.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Construction industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €49.40 per share.Upcoming Dividend • Oct 01Upcoming dividend of zł14.90 per shareEligible shareholders must have bought the stock before 08 October 2021. Payment date: 18 October 2021. Trailing yield: 5.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.0%).Reported Earnings • Sep 08Second quarter 2021 earnings released: EPS zł6.20 (vs zł1.28 in 2Q 2020)The company reported a solid second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: zł2.00b (flat on 2Q 2020). Net income: zł158.2m (up 386% from 2Q 2020). Profit margin: 7.9% (up from 1.6% in 2Q 2020).Reported Earnings • Jul 27Second quarter 2021 earnings released: EPS zł6.20 (vs zł3.47 in 2Q 2020)The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł2.00b (down 12% from 2Q 2020). Net income: zł158.2m (up 79% from 2Q 2020). Profit margin: 7.9% (up from 3.9% in 2Q 2020). The increase in margin was driven by lower expenses.공고 • May 26+ 1 more updateCP Developer S.àr.l. completed the acquisition of Budimex Nieruchomosci Inwestycje Sp. z.o.o. from Budimex SA (WSE:BDX)CP Developer S.àr.l.signed a conditional contract to acquire Budimex Nieruchomosci Inwestycje Sp. z.o.o. from Budimex SA (WSE:BDX) for PLN 1.5 billion on February 22, 2021. The consideration will be reduced by the amount of dividend to be paid by Budimex Nieruchomosci for 2020 prior to signing the deal. The purchasers are obliged to pay a deposit in the amount of PLN 10 million in two equal tranches, respectively, within 5 and 15 business days from the signing of the Agreement, which shall be forfeited to Budimex in the cases specified in the Agreement. As of December 31, 2020, Budimex Nieruchomosci reported net asset value of PLN 844.5 million. The agreement is subject to obtaining financing by buyers before May 7, 2021. The transaction is subject to approval from UOKiK, Poland's Anti-Monopoly Office. Completion of the transaction is expected in 2Q 2021. As of March 30, 2021 Cornerstone Partners and Crestyl have received the approval from the Polish Competition and Consumer Protection Office to finalize the acquisition of Budimex Nieruchomosci. Budimex plans to use the proceeds to advance its diversification strategy and other general corporate purposes. Bartlomiej Kordeczka, Marceli Kasperkiewicz, Jacek Jezierski, Martyna Racz-Suchocka and Anna Gulinska of Dentons UK and Middle East LLP acted as legal advisor to Cornerstone Partners and Crestyl Group. Colliers International provided commercial advice for the deal. MDDP acted as financial and tax advisor and Europtima acted as technical due diligence advisor and BCLA Bisiorek Cieslinski i Wspólnicy sp.k. acted as real estate due diligence advisor to Budimex for the transaction. Janusz Dzianachowski and Michal Miecinski of Linklaters acted as legal advisor to Cornerstone Partners. Daniel Kopania, Tomasz Derda and Jaroslaw Lorenc of Clifford Chance acted as legal advisor to Budimex S.A. CP Developer S.àr.l. completed the acquisition of Budimex Nieruchomosci Inwestycje Sp. z.o.o. from Budimex SA (WSE:BDX) on May 24, 2021.공고 • May 21Budimex to Pay Gross Dividend in 2021 on June 18Budimex will pay out PLN 16.70 gross dividend per share to shareholders in 2021 from 2020 profit and reserve capital, in line with management recommendation. Dividend rights will be set on June 1 and the payment will follow on June 18. The company paid PLN 4.56 gross dividend per share in 2020, or some 50% of 2019 net profit.Reported Earnings • May 02First quarter 2021 earnings releasedThe company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: zł1.24b (down 16% from 1Q 2020). Net income: zł42.5m (up 93% from 1Q 2020). Profit margin: 3.4% (up from 1.5% in 1Q 2020). The increase in margin was driven by lower expenses.이익 및 매출 성장 예측DB:FBF - 애널리스트 향후 추정치 및 과거 재무 데이터 (PLN Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202813,7401,0381,311N/A512/31/202712,0638891,205N/A512/31/202610,129781861N/A16/30/20269,754727N/AN/AN/A3/31/20269,293720579900N/A12/31/20259,439748395719N/A9/30/20259,016610411716N/A6/30/20259,025610159459N/A3/31/20259,115611-74173N/A12/31/20249,118616311564N/A9/30/20249,318735489687N/A6/30/20249,524740827987N/A3/31/20249,5077511,1391,286N/A12/31/20239,8027381,1701,312N/A9/30/20239,2456261,1841,310N/A6/30/20238,9396081,3191,453N/A3/31/20238,9595841,0891,236N/A12/31/20228,6195341,3031,428N/A9/30/20228,746508509628N/A6/30/20228,668452251372N/A3/31/20228,265465614721N/A12/31/20217,911451661765N/A9/30/20217,626444357451N/A6/30/20217,490442875946N/A3/31/20217,484316927987N/A12/31/20207,709302826888N/A9/30/20207,8042481,7281,795N/A6/30/20207,7812151,6631,730N/A3/31/20207,659226N/A1,391N/A12/31/20197,570226N/A574N/A9/30/20197,380212N/A386N/A6/30/20197,333249N/A-177N/A3/31/20197,429271N/A-317N/A12/31/20187,387305N/A-523N/A9/30/20187,206358N/A-400N/A6/30/20186,950398N/A2N/A3/31/20186,655443N/A145N/A12/31/20176,369464N/A196N/A9/30/20176,007496N/A-16N/A6/30/20175,864458N/A-28N/A3/31/20175,637443N/A162N/A12/31/20165,572410N/A612N/A9/30/20165,510326N/A638N/A6/30/20165,295275N/A627N/A3/31/20165,275250N/A558N/A12/31/20155,134236N/A699N/A9/30/20154,980218N/A709N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: FBF 의 연간 예상 수익 증가율(12.5%)이 saving rate(1.9%)보다 높습니다.수익 vs 시장: FBF 의 연간 수익(12.5%)이 German 시장(15.5%)보다 느리게 성장할 것으로 예상됩니다.고성장 수익: FBF 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: FBF 의 수익(연간 11.8%)이 German 시장(연간 6.7%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: FBF 의 수익(연간 11.8%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: FBF의 자본 수익률은 3년 후 66%로 매우 높을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YCapital-goods 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/07/31 05:10종가2026/07/31 00:00수익2026/06/30연간 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 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.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 소스Budimex SA는 15명의 분석가가 다루고 있습니다. 이 중 5명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Beata Szparaga-WasniewskaBiuro maklerskie mBankuRafal WiatrCitigroup IncTomasz KrukowskiDeutsche Bank12명의 분석가 더 보기
공고 • Jan 12Budimex Provides Consolidated Earnings Guidance for the Fourth Quarter of 2023Budimex provided consolidated earnings guidance for the fourth quarter of 2023. for the quarter, the company estimates revenue of PLN 2.8 billion (EUR 643.7 million) and operating profit at PLN 295 million (EUR 67.8 million) and net profit of PLN 287 million (EUR 66 million), up by PLN 107 million (EUR 24.6 million) or 59% year on year.
공고 • Jul 27Budimex Provides Revenue Guidance for the Year 2023Budimex provided revenue guidance for the year 2023. The company will improve its revenues and grow year on year when it comes to revenues value at the end of 2023.
Reported Earnings • Jul 30Second quarter 2026 earnings released: EPS: zł6.40 (vs zł6.12 in 2Q 2025)Second quarter 2026 results: EPS: zł6.40 (up from zł6.12 in 2Q 2025). Revenue: zł2.77b (up 20% from 2Q 2025). Net income: zł163.4m (up 4.6% from 2Q 2025). Profit margin: 5.9% (down from 6.8% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth.
공고 • Jul 28Budimex SA to Report First Half, 2026 Results on Jul 28, 2026Budimex SA announced that they will report first half, 2026 results on Jul 28, 2026
Buy Or Sell Opportunity • Jun 12Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 2.8% to €158. The fair value is estimated to be €128, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 11% per annum over the same time period.
Declared Dividend • May 20Dividend of zł32.42 announcedShareholders will receive a dividend of zł32.42. Ex-date: 2nd June 2026 Payment date: 10th June 2026 Dividend yield will be 21%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (115% earnings payout ratio) nor is it covered by cash flows (143% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 28% to bring the payout ratio under control. EPS is expected to grow by 40% over the next 3 years, which is sufficient to bring the dividend into a sustainable range.
공고 • Apr 28Budimex SA, Annual General Meeting, May 27, 2026Budimex SA, Annual General Meeting, May 27, 2026, at 10:00 Central European Standard Time.
공고 • Mar 27Budimex SA announces Annual dividend, payable on June 10, 2026Budimex SA announced Annual dividend of PLN 32.4200 per share payable on June 10, 2026, ex-date on June 02, 2026 and record date on June 03, 2026.
공고 • Mar 20Budimex SA to Report Q1, 2026 Results on May 06, 2026Budimex SA announced that they will report Q1, 2026 results on May 06, 2026
공고 • Oct 27Budimex SA to Report Q3, 2025 Results on Oct 27, 2025Budimex SA announced that they will report Q3, 2025 results on Oct 27, 2025
공고 • Aug 20Budimex SA to Report First Half, 2025 Results on Aug 22, 2025Budimex SA announced that they will report first half, 2025 results on Aug 22, 2025
공고 • Apr 25Budimex SA, Annual General Meeting, May 29, 2025Budimex SA, Annual General Meeting, May 29, 2025.
공고 • Apr 11Budimex SA announces Annual dividend, payable on June 13, 2025Budimex SA announced Annual dividend of PLN 25.4300 per share payable on June 13, 2025, ex-date on June 04, 2025 and record date on June 05, 2025.
Reported Earnings • Oct 28Third quarter 2024 earnings released: EPS: zł6.67 (vs zł6.88 in 3Q 2023)Third quarter 2024 results: EPS: zł6.67 (down from zł6.88 in 3Q 2023). Revenue: zł2.47b (down 7.7% from 3Q 2023). Net income: zł170.3m (down 3.1% from 3Q 2023). Profit margin: 6.9% (up from 6.6% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% 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 21% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth.
Buy Or Sell Opportunity • Sep 13Now 21% overvaluedOver the last 90 days, the stock has fallen 13% to €134. The fair value is estimated to be €110, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 8.0% per annum over the same time period.
Reported Earnings • Aug 25Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: zł2.40b (flat on 2Q 2023). Net income: zł157.6m (down 6.4% from 2Q 2023). Profit margin: 6.6% (down from 7.1% in 2Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.
공고 • Jul 04Budimex SA to Report Q2, 2024 Results on Jul 29, 2024Budimex SA announced that they will report Q2, 2024 results on Jul 29, 2024
Buy Or Sell Opportunity • Jun 06Now 22% overvaluedThe stock has been flat over the last 90 days, currently trading at €171. The fair value is estimated to be €140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 14% in the next 2 years.
공고 • May 24Budimex SA Approves Dividend for 2023, Payable on June 6, 2024Budimex SA approved that it will pay dividend of PLN 35.69 DPS or the total sum of PLN 749.6 million. The dividend day was set as May 29, 2024 and the dividend payment date as June 6, 2024.
Upcoming Dividend • May 21Upcoming dividend of zł35.69 per shareEligible shareholders must have bought the stock before 28 May 2024. Payment date: 06 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: 4.7%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.9%).
공고 • Apr 24Budimex SA, Annual General Meeting, May 23, 2024Budimex SA, Annual General Meeting, May 23, 2024, at 10:00 Central European Standard Time.
Reported Earnings • Apr 11Full year 2023 earnings released: EPS: zł28.91 (vs zł20.93 in FY 2022)Full year 2023 results: EPS: zł28.91 (up from zł20.93 in FY 2022). Revenue: zł9.80b (up 14% from FY 2022). Net income: zł738.2m (up 38% from FY 2022). Profit margin: 7.5% (up from 6.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% 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 24% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth.
Declared Dividend • Apr 11Dividend of zł35.69 announcedShareholders will receive a dividend of zł35.69. Ex-date: 28th May 2024 Payment date: 6th June 2024 Dividend yield will be 22%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
공고 • Apr 09Budimex SA Recommends Dividend, Payable on June 6 2024The board of Budimex SA recommends the AGM to pay a gross dividend of PLN 35.69 (EUR 8.34) per share. The management board proposed to allocate the entire net profit for 2023 in the amount of approximately PLN 749.57 million (EUR 175.1 million) and a part of the reserve capital created from profits from previous years in the amount of PLN 161.6 million (EUR 37.7 million) for dividend payment. The proposed dividend date is May 29 and the payment date is June 6 2024. In 2023 Budimex paid a dividend of PLN 17.99 (EUR 4.2) per share.
공고 • Jan 20+ 3 more updatesBudimex SA to Report Q3, 2024 Results on Oct 28, 2024Budimex SA announced that they will report Q3, 2024 results on Oct 28, 2024
공고 • Jan 12Budimex Provides Consolidated Earnings Guidance for the Fourth Quarter of 2023Budimex provided consolidated earnings guidance for the fourth quarter of 2023. for the quarter, the company estimates revenue of PLN 2.8 billion (EUR 643.7 million) and operating profit at PLN 295 million (EUR 67.8 million) and net profit of PLN 287 million (EUR 66 million), up by PLN 107 million (EUR 24.6 million) or 59% year on year.
Valuation Update With 7 Day Price Move • Nov 21Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €122, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 138% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €97.02 per share.
Reported Earnings • Oct 31Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: zł2.68b (up 13% from 3Q 2022). Net income: zł175.7m (up 12% from 3Q 2022). Profit margin: 6.6% (in line with 3Q 2022). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Construction industry in Germany.
Valuation Update With 7 Day Price Move • Oct 16Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €101, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 115% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €90.29 per share.
Valuation Update With 7 Day Price Move • Aug 14Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €109, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 114% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €112 per share.
Reported Earnings • Jul 28Second quarter 2023 earnings released: EPS: zł6.60 (vs zł5.67 in 2Q 2022)Second quarter 2023 results: EPS: zł6.60 (up from zł5.67 in 2Q 2022). Revenue: zł2.38b (flat on 2Q 2022). Net income: zł168.4m (up 16% from 2Q 2022). Profit margin: 7.1% (up from 6.0% in 2Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Construction industry in Germany.
공고 • Jul 27Budimex Provides Revenue Guidance for the Year 2023Budimex provided revenue guidance for the year 2023. The company will improve its revenues and grow year on year when it comes to revenues value at the end of 2023.
Valuation Update With 7 Day Price Move • Jul 20Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €97.50, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 119% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €93.30 per share.
공고 • May 19Budimex Sa Approves Dividend for the Year 2022, Payable on June 5, 2023Budimex SA approved that it will pay out PLN 17.99 DPS from the 2022 profit or the total sum of PLN 459.3 million. Rights will be set on May 25 and the payout made on June 5, 2023.
Upcoming Dividend • May 17Upcoming dividend of zł17.99 per share at 5.0% yieldEligible shareholders must have bought the stock before 24 May 2023. Payment date: 05 June 2023. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.7%).
Reported Earnings • Apr 02Full year 2022 earnings releasedFull year 2022 results: Revenue: zł8.62b (up 8.9% from FY 2021). Net income: zł534.4m (up 19% from FY 2021). Profit margin: 6.2% (up from 5.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.8% growth forecast for the Construction industry in Europe.
공고 • Jan 20+ 3 more updatesBudimex SA to Report Fiscal Year 2022 Results on Mar 31, 2023Budimex SA announced that they will report fiscal year 2022 results at 8:30 AM, Central European Standard Time on Mar 31, 2023
Reported Earnings • Oct 28Third quarter 2022 earnings releasedThird quarter 2022 results: Revenue: zł2.37b (up 3.4% from 3Q 2021). Net income: zł157.3m (up 56% from 3Q 2021). Profit margin: 6.6% (up from 4.4% in 3Q 2021). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Construction industry in Europe.
Buying Opportunity • Oct 22Now 20% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be €58.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings is forecast to decline by 1.8% per annum over the same time period.
Buying Opportunity • Oct 01Now 25% undervalued after recent price dropOver the last 90 days, the stock is down 4.4%. The fair value is estimated to be €59.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings is forecast to decline by 1.8% per annum over the same time period.
Reported Earnings • Jul 29Second quarter 2022 earnings released: EPS: zł5.67 (vs zł6.20 in 2Q 2021)Second quarter 2022 results: EPS: zł5.67 (down from zł6.20 in 2Q 2021). Revenue: zł2.40b (up 20% from 2Q 2021). Net income: zł144.9m (down 8.4% from 2Q 2021). Profit margin: 6.0% (down from 7.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 5.7% compared to a 9.1% growth forecast for the industry in Germany.
공고 • Jul 28+ 1 more updateBudimex SA to Report First Half, 2022 Results on Aug 31, 2022Budimex SA announced that they will report first half, 2022 results on Aug 31, 2022
Upcoming Dividend • May 23Upcoming dividend of zł23.47 per shareEligible shareholders must have bought the stock before 30 May 2022. Payment date: 14 June 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (3.6%).
공고 • May 20Budimex SA Approves Dividend for the Year 2021, Payable on June 14, 2022Budimex approved PLN 24.47 DPS from 2021 profit on top of the already distributed PLN 14.90 advance dividend payment per share. Dividend rights will be set on May 31 and the payment made on June 14.
Valuation Update With 7 Day Price Move • May 20Investor sentiment improved over the past weekAfter last week's 16% share price gain to €50.10, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Construction industry in Europe. Total loss to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €55.22 per share.
Reported Earnings • Apr 30First quarter 2022 earnings releasedFirst quarter 2022 results: Revenue: zł1.60b (up 28% from 1Q 2021). Net income: zł56.4m (up 33% from 1Q 2021). Profit margin: 3.5% (up from 3.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.2%, compared to a 5.9% growth forecast for the industry in Germany.
공고 • Apr 23Budimex SA, Annual General Meeting, May 19, 2022Budimex SA, Annual General Meeting, May 19, 2022, at 10:00 Central European Standard Time.
Reported Earnings • Mar 29Full year 2021 earnings releasedFull year 2021 results: Revenue: zł7.91b (down 5.6% from FY 2020). Net income: zł451.1m (down 1.8% from FY 2020). Profit margin: 5.7% (up from 5.5% in FY 2020). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 5.7%, compared to a 5.5% growth forecast for the industry in Germany.
Valuation Update With 7 Day Price Move • Mar 17Investor sentiment improved over the past weekAfter last week's 15% share price gain to €47.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Construction industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €49.40 per share.
Upcoming Dividend • Oct 01Upcoming dividend of zł14.90 per shareEligible shareholders must have bought the stock before 08 October 2021. Payment date: 18 October 2021. Trailing yield: 5.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.0%).
Reported Earnings • Sep 08Second quarter 2021 earnings released: EPS zł6.20 (vs zł1.28 in 2Q 2020)The company reported a solid second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: zł2.00b (flat on 2Q 2020). Net income: zł158.2m (up 386% from 2Q 2020). Profit margin: 7.9% (up from 1.6% in 2Q 2020).
Reported Earnings • Jul 27Second quarter 2021 earnings released: EPS zł6.20 (vs zł3.47 in 2Q 2020)The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł2.00b (down 12% from 2Q 2020). Net income: zł158.2m (up 79% from 2Q 2020). Profit margin: 7.9% (up from 3.9% in 2Q 2020). The increase in margin was driven by lower expenses.
공고 • May 26+ 1 more updateCP Developer S.àr.l. completed the acquisition of Budimex Nieruchomosci Inwestycje Sp. z.o.o. from Budimex SA (WSE:BDX)CP Developer S.àr.l.signed a conditional contract to acquire Budimex Nieruchomosci Inwestycje Sp. z.o.o. from Budimex SA (WSE:BDX) for PLN 1.5 billion on February 22, 2021. The consideration will be reduced by the amount of dividend to be paid by Budimex Nieruchomosci for 2020 prior to signing the deal. The purchasers are obliged to pay a deposit in the amount of PLN 10 million in two equal tranches, respectively, within 5 and 15 business days from the signing of the Agreement, which shall be forfeited to Budimex in the cases specified in the Agreement. As of December 31, 2020, Budimex Nieruchomosci reported net asset value of PLN 844.5 million. The agreement is subject to obtaining financing by buyers before May 7, 2021. The transaction is subject to approval from UOKiK, Poland's Anti-Monopoly Office. Completion of the transaction is expected in 2Q 2021. As of March 30, 2021 Cornerstone Partners and Crestyl have received the approval from the Polish Competition and Consumer Protection Office to finalize the acquisition of Budimex Nieruchomosci. Budimex plans to use the proceeds to advance its diversification strategy and other general corporate purposes. Bartlomiej Kordeczka, Marceli Kasperkiewicz, Jacek Jezierski, Martyna Racz-Suchocka and Anna Gulinska of Dentons UK and Middle East LLP acted as legal advisor to Cornerstone Partners and Crestyl Group. Colliers International provided commercial advice for the deal. MDDP acted as financial and tax advisor and Europtima acted as technical due diligence advisor and BCLA Bisiorek Cieslinski i Wspólnicy sp.k. acted as real estate due diligence advisor to Budimex for the transaction. Janusz Dzianachowski and Michal Miecinski of Linklaters acted as legal advisor to Cornerstone Partners. Daniel Kopania, Tomasz Derda and Jaroslaw Lorenc of Clifford Chance acted as legal advisor to Budimex S.A. CP Developer S.àr.l. completed the acquisition of Budimex Nieruchomosci Inwestycje Sp. z.o.o. from Budimex SA (WSE:BDX) on May 24, 2021.
공고 • May 21Budimex to Pay Gross Dividend in 2021 on June 18Budimex will pay out PLN 16.70 gross dividend per share to shareholders in 2021 from 2020 profit and reserve capital, in line with management recommendation. Dividend rights will be set on June 1 and the payment will follow on June 18. The company paid PLN 4.56 gross dividend per share in 2020, or some 50% of 2019 net profit.
Reported Earnings • May 02First quarter 2021 earnings releasedThe company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: zł1.24b (down 16% from 1Q 2020). Net income: zł42.5m (up 93% from 1Q 2020). Profit margin: 3.4% (up from 1.5% in 1Q 2020). The increase in margin was driven by lower expenses.