Aankondiging • Apr 23
Erbud S.A., Annual General Meeting, May 19, 2026 Erbud S.A., Annual General Meeting, May 19, 2026, at 16:15 Central European Standard Time. New Risk • Dec 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 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). Aankondiging • Nov 06
Erbud S.A. to Report Q3, 2025 Results on Nov 06, 2025 Erbud S.A. announced that they will report Q3, 2025 results on Nov 06, 2025 Aankondiging • Aug 21
Erbud S.A. to Report First Half, 2025 Results on Sep 10, 2025 Erbud S.A. announced that they will report first half, 2025 results on Sep 10, 2025 Aankondiging • May 01
Erbud S.A., Annual General Meeting, May 27, 2025 Erbud S.A., Annual General Meeting, May 27, 2025. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third 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 24
New minor risk - Earnings quality The 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 12
New minor risk - Market cap size The 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 11
Second quarter 2024 earnings released Second 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 19
Dividend of zł1.68 announced Shareholders 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 14
Upcoming dividend of zł1.68 per share Eligible 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 09
First quarter 2024 earnings released First 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. Aankondiging • Apr 23
Erbud S.A., Annual General Meeting, May 17, 2024 Erbud 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 10
New minor risk - Earnings quality The 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 28
Full year 2023 earnings released Full 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 28
Investor 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. Aankondiging • Jan 04
Erbud 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 01
New minor risk - Market cap size The 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 17
Third quarter 2023 earnings released Third 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 08
Second quarter 2023 earnings released Second 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%. Aankondiging • May 09
Erbud S.A., Annual General Meeting, May 22, 2023 Erbud S.A., Annual General Meeting, May 22, 2023, at 15:30 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 15
Investor 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. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After 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 09
Third quarter 2022 earnings released Third 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 12
First quarter 2022 earnings released First 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. Aankondiging • Apr 26
Erbud S.A., Annual General Meeting, May 20, 2022 Erbud S.A., Annual General Meeting, May 20, 2022, at 13:00 Central European Standard Time. Reported Earnings • Apr 10
Full year 2021 earnings released Full 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 10
Third quarter 2021 earnings released The 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 04
Second quarter 2021 earnings released The 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 06
Investor sentiment improved over the past week After 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 18
Investor sentiment improved over the past week After 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. Aankondiging • Jun 03
Erbud 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 15
First 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 10
Full 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. 
