New Risk • Jul 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €85.7m (US$98.1m) 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 Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (€85.7m market cap, or US$98.1m). New Risk • Jul 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.8% Last year net profit margin: 4.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Aankondiging • Aug 20
Fabryki Mebli FORTE S.A. to Report Q1, 2026 Results on Aug 21, 2025 Fabryki Mebli FORTE S.A. announced that they will report Q1, 2026 results on Aug 21, 2025 Aankondiging • Aug 08
Fabryki Mebli FORTE S.A., Annual General Meeting, Sep 17, 2025 Fabryki Mebli FORTE S.A., Annual General Meeting, Sep 17, 2025, at 10:00 Central European Standard Time. Aankondiging • Oct 02
Indian Furniture Products Limited acquired 50% stake in Forte Furniture Products India Private Limited from Fabryki Mebli FORTE S.A. (WSE:FTE) for INR 0.04 million. Indian Furniture Products Limited acquired 50% stake in Forte Furniture Products India Private Limited from Fabryki Mebli FORTE S.A. (WSE:FTE) for INR 0.04 million on October 1, 2024. A cash consideration of INR 0.04 million will be paid by Indian Furniture Products Limited. As part of consideration, INR 0.04 million is paid towards common equity of Forte Furniture Products India Private Limited. With the acquisition, the IFPL along with the Company holds entire Equity Share Capital of FFPIPL. For the period ending March 31, 2024, Forte Furniture Products India Private Limited reported total revenue of INR 389.21 million.
Indian Furniture Products Limited completed the acquisition of 50% stake in Forte Furniture Products India Private Limited from Fabryki Mebli FORTE S.A. (WSE:FTE) on October 1, 2024 Reported Earnings • Aug 23
First quarter 2025 earnings released: zł0.48 loss per share (vs zł1.47 loss in 1Q 2024) First quarter 2025 results: zł0.48 loss per share (improved from zł1.47 loss in 1Q 2024). Revenue: zł250.8m (up 5.5% from 1Q 2024). Net loss: zł11.4m (loss narrowed 68% from 1Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 05
Fabryki Mebli FORTE S.A., Annual General Meeting, Sep 03, 2024 Fabryki Mebli FORTE S.A., Annual General Meeting, Sep 03, 2024, at 10:00 Central European Standard Time. Location: ul biala 1, ostrow mazowiecka Poland Reported Earnings • Jun 23
Full year 2024 earnings released: zł2.54 loss per share (vs zł2.95 profit in FY 2023) Full year 2024 results: zł2.54 loss per share (down from zł2.95 profit in FY 2023). Revenue: zł1.03b (down 19% from FY 2023). Net loss: zł60.6m (down 186% from profit in FY 2023). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. New Risk • May 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.5% net profit margin). New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 38% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 38% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.5% net profit margin). New Risk • Apr 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.5% net profit margin). Reported Earnings • Feb 29
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł282.0m (down 16% from 3Q 2023). Net income: zł808.0k (down 97% from 3Q 2023). Profit margin: 0.3% (down from 8.9% in 3Q 2023). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Jan 13
Full year 2023 earnings released: EPS: zł2.95 (vs zł6.37 in FY 2022) Full year 2023 results: EPS: zł2.95 (down from zł6.37 in FY 2022). Revenue: zł1.28b (down 7.6% from FY 2022). Net income: zł70.5m (down 54% from FY 2022). Profit margin: 5.5% (down from 11% in FY 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Germany. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €4.26, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 10x in the Consumer Durables industry in Europe. Total returns to shareholders of 12% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €6.49 per share. Buying Opportunity • Sep 20
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €6.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to decline by 4.9% in 2 years. Earnings is forecast to decline by 66% in the next 2 years. New Risk • Aug 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.0% operating cash flow to total debt). Earnings are forecast to decline by an average of 26% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Aankondiging • Aug 11
Fabryki Mebli FORTE S.A., Annual General Meeting, Sep 06, 2023 Fabryki Mebli FORTE S.A., Annual General Meeting, Sep 06, 2023. New Risk • Jul 23
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 6.7% 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 Debt is not well covered by operating cash flow (3.0% operating cash flow to total debt). Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €5.98, the stock trades at a forward P/E ratio of 58x. Average forward P/E is 12x in the Consumer Durables industry in Germany. Total returns to shareholders of 1.7% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €5.94 per share. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.52, the stock trades at a forward P/E ratio of 56x. Average forward P/E is 10x in the Consumer Durables industry in Germany. Total loss to shareholders of 23% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €10.23 per share. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: zł3.73 (vs zł4.63 in FY 2021) Full year 2022 results: EPS: zł3.73 (down from zł4.63 in FY 2021). Revenue: zł1.27b (down 4.0% from FY 2021). Net income: zł89.5m (down 19% from FY 2021). Profit margin: 7.0% (down from 8.4% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 6 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Nov 24
Third quarter 2022 earnings released: zł0.72 loss per share (vs zł1.05 profit in 3Q 2021) Third quarter 2022 results: zł0.72 loss per share (down from zł1.05 profit in 3Q 2021). Revenue: zł250.6m (down 26% from 3Q 2021). Net loss: zł17.2m (down 168% from profit in 3Q 2021). Revenue is forecast to grow 5.9% p.a. on average during the next 6 years, compared to a 5.0% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Sep 07
Second quarter 2022 earnings released: EPS: zł0.34 (vs zł1.47 in 2Q 2021) Second quarter 2022 results: EPS: zł0.34 (down from zł1.47 in 2Q 2021). Revenue: zł333.1m (up 7.5% from 2Q 2021). Net income: zł8.55m (down 76% from 2Q 2021). Profit margin: 2.6% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Consumer Durables industry in Germany. Upcoming Dividend • Sep 02
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 09 September 2022. Payment date: 22 September 2022. Trailing yield: 14%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.7%). Aankondiging • Jun 13
Fabryki Mebli FORTE S.A. to Report Q4, 2022 Results on Feb 28, 2023 Fabryki Mebli FORTE S.A. announced that they will report Q4, 2022 results on Feb 28, 2023 Aankondiging • May 26
Fabryki Mebli FORTE S.A., Annual General Meeting, Jun 22, 2022 Fabryki Mebli FORTE S.A., Annual General Meeting, Jun 22, 2022, at 10:00 Central European Standard Time. Agenda: AGM. Aankondiging • May 24
Fabryki Mebli FORTE S.A. Proposes Dividend for 2021 Fabryki Mebli FORTE S.A. wants to pay out PLN 2 dividend per share, or a total of PLN 47.9 million dividend, from the PLN 90.4 million profit generated in 2021. Reported Earnings • May 20
First quarter 2022 earnings released: EPS: zł2.85 (vs zł1.12 in 1Q 2021) First quarter 2022 results: EPS: zł2.85 (up from zł1.12 in 1Q 2021). Revenue: zł355.6m (up 19% from 1Q 2021). Net income: zł68.4m (up 155% from 1Q 2021). Profit margin: 19% (up from 9.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 2.7% compared to a 7.6% growth forecast for the industry in Germany. Aankondiging • May 10
Forte Provides Revenue Guidance for the Year 2022 Forte provided revenue guidance for the year 2022. Revenues in 2022 will increase due to price hikes the company is introducing. Volume-wise however the company would like to at least repeat last year. Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: zł4.63 (vs zł2.07 in FY 2020) Full year 2021 results: EPS: zł4.63 (up from zł2.07 in FY 2020). Revenue: zł1.33b (up 14% from FY 2020). Net income: zł110.8m (up 124% from FY 2020). Profit margin: 8.4% (up from 4.3% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 10% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €8.48, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Consumer Durables industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €16.38 per share. Reported Earnings • Nov 28
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł1.05 (down from zł1.34 in 3Q 2020). Revenue: zł339.8m (down 2.1% from 3Q 2020). Net income: zł25.2m (down 21% from 3Q 2020). Profit margin: 7.4% (down from 9.2% in 3Q 2020). Revenue exceeded analyst estimates by 6.9%. Over the next year, revenue is forecast to stay flat compared to a 4.0% growth forecast for the industry in Germany. Reported Earnings • Sep 17
Second quarter 2021 earnings released: EPS zł1.47 (vs zł0.11 loss 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: zł310.0k (down 100% from 2Q 2020). Net income: zł35.3k (up zł2.58m from 2Q 2020). Profit margin: 11% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 18% share price gain to zł12.36, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Consumer Durables industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €7.33 per share. Reported Earnings • May 24
First quarter 2021 earnings released: EPS zł1.12 (vs zł0.18 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł298.6m (up 8.0% from 1Q 2020). Net income: zł26.8m (up zł31.2m from 1Q 2020). Profit margin: 9.0% (up from net loss in 1Q 2020). The move to profitability was primarily driven by higher revenue. Aankondiging • Apr 24
Forte Furniture Provides Earnings Guidance for the First Quarter of 2021 Forte furniture provided earnings guidance for the first quarter of 2021. For the period the company expected revenues are estimated at PLN 298 million, EBIT to be PLN 45 million. Reported Earnings • Apr 17
Full year 2020 earnings released: EPS zł2.07 (vs zł1.47 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: zł1.16b (down 1.4% from FY 2019). Net income: zł49.6m (up 41% from FY 2019). Profit margin: 4.3% (up from 3.0% in FY 2019). The increase in margin was driven by lower expenses. 
