Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: zł0.74 (vs zł0.52 in 2Q 2023) Second quarter 2024 results: EPS: zł0.74 (up from zł0.52 in 2Q 2023). Revenue: zł24.7m (up 33% from 2Q 2023). Net income: zł7.68m (up 43% from 2Q 2023). Profit margin: 31% (up from 29% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €5.00, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 16x in the Entertainment industry in Europe. Total returns to shareholders of 19% over the past three years. Reported Earnings • May 09
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł24.5m (up 25% from 1Q 2023). Net income: zł7.75m (up 40% from 1Q 2023). Profit margin: 32% (up from 28% in 1Q 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • May 03
Upcoming dividend of zł2.40 per share Eligible shareholders must have bought the stock before 10 May 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 72% and the cash payout ratio is 80%. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.7%). Buy Or Sell Opportunity • Apr 26
Now 32% undervalued Over the last 90 days, the stock has risen 33% to €5.36. The fair value is estimated to be €7.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 10.0%. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 50% After last week's 50% share price gain to €7.50, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 11x in the Entertainment industry in Germany. Total returns to shareholders of 116% over the past year. 공시 • Apr 16
CDA S.A., Annual General Meeting, May 08, 2024 CDA S.A., Annual General Meeting, May 08, 2024, at 11:00 Central European Standard Time. Reported Earnings • Mar 15
Full year 2023 earnings released Full year 2023 results: Revenue: zł8.48b (up zł8.41b from FY 2022). Net income: zł2.48b (up zł2.47b from FY 2022). Profit margin: 29% (up from 27% in FY 2022). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • Feb 02
Now 21% undervalued Over the last 90 days, the stock has risen 25% to €4.04. The fair value is estimated to be €5.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 9.6%. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €4.52, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 19x in the Entertainment industry in Germany. Total returns to shareholders of 31% over the past year. Buying Opportunity • Nov 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.1%. The fair value is estimated to be €4.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 11%. New Risk • Oct 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 49% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (154% cash payout ratio). Shareholders have been diluted in the past year (49% increase in shares outstanding). Market cap is less than US$100m (€52.4m market cap, or US$55.4m). Buying Opportunity • Aug 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be €4.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł18.6m (up 11% from 2Q 2022). Net income: zł5.36m (up 18% from 2Q 2022). Profit margin: 29% (up from 27% in 2Q 2022). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 22
Upcoming dividend of zł1.55 per share at 8.2% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 05 July 2023. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 8.2%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.1%). Reported Earnings • Mar 19
Full year 2022 earnings released Full year 2022 results: Revenue: zł71.5m (up 4.2% from FY 2021). Net income: zł19.5m (up 2.6% from FY 2021). Profit margin: 27% (in line with FY 2021). Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 17% share price gain to €4.37, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 30x in the Entertainment industry in Germany. Total loss to shareholders of 7.3% over the past year. Reported Earnings • May 16
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł17.5m (flat on 1Q 2021). Net income: zł5.01m (up 5.8% from 1Q 2021). Profit margin: 29% (up from 27% in 1Q 2021). Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €3.45, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 28x in the Entertainment industry in Germany. 공시 • Mar 01
CDA S.A. to Report Fiscal Year 2021 Results on Mar 21, 2022 CDA S.A. announced that they will report fiscal year 2021 results on Mar 21, 2022 Buying Opportunity • Jan 26
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be zł5.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% per annum over the last 3 years. Earnings per share has grown by 47% per annum over the last 3 years. Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł16.8m (up 15% from 3Q 2020). Net income: zł4.70m (up 39% from 3Q 2020). Profit margin: 28% (up from 23% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 10
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: zł16.6m (up 6.6% from 2Q 2020). Net income: zł4.62m (up 5.7% from 2Q 2020). Profit margin: 28% (in line with 2Q 2020).