Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €3.03, the stock trades at a trailing P/E ratio of 14.2x. Average forward P/E is 10x in the Transportation industry in Europe. Total loss to shareholders of 20% over the past three years. New Risk • Jun 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 155% 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 Debt is not well covered by operating cash flow (9.4% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Jun 01
First quarter 2026 earnings released: zł1.02 loss per share (vs zł1.09 loss in 1Q 2025) First quarter 2026 results: zł1.02 loss per share (improved from zł1.09 loss in 1Q 2025). Revenue: zł897.0m (down 3.3% from 1Q 2025). Net loss: zł45.8m (loss narrowed 5.8% from 1Q 2025). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Aankondiging • May 25
Pkp Cargo S.A., Annual General Meeting, Jun 19, 2026 Pkp Cargo S.A., Annual General Meeting, Jun 19, 2026, at 11:00 Central European Standard Time. New Risk • May 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. New Risk • Dec 15
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 8.6% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Dec 03
Third quarter 2025 earnings released: EPS: zł0.17 (vs zł7.65 loss in 3Q 2024) Third quarter 2025 results: EPS: zł0.17 (up from zł7.65 loss in 3Q 2024). Revenue: zł943.0m (down 12% from 3Q 2024). Net income: zł7.50m (up zł350.1m from 3Q 2024). Profit margin: 0.8% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 01
Second quarter 2025 earnings released: EPS: zł0.69 (vs zł7.48 loss in 2Q 2024) Second quarter 2025 results: EPS: zł0.69 (up from zł7.48 loss in 2Q 2024). Revenue: zł893.3m (down 20% from 2Q 2024). Net income: zł30.7m (up zł365.7m from 2Q 2024). Profit margin: 3.4% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 135 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 27
Pkp Cargo S.A. to Report First Half, 2025 Results on Sep 30, 2025 Pkp Cargo S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Reported Earnings • Jun 02
First quarter 2025 earnings released: zł1.09 loss per share (vs zł2.64 loss in 1Q 2024) First quarter 2025 results: zł1.09 loss per share (improved from zł2.64 loss in 1Q 2024). Revenue: zł927.9m (down 21% from 1Q 2024). Net loss: zł48.6m (loss narrowed 59% from 1Q 2024). Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 127 percentage points per year, which is a significant difference in performance. Aankondiging • May 21
Pkp Cargo Plans to Sell Some of Its Assets One of the elements of Pkp Cargo S.A. (WSE:PKP) economic recovery strategy is the sale of part of its assets. Therefore the carrier plans to sell a 9.3% stake in Euroterminal Slawków, and its subsidiary PKP Cargo Connect wants to sell a 50% stake in Transshipment Terminals Slawków-Medyka (TPSM). The two entities, that PKP Cargo wants to resign from, are linked with each other in terms of business, operational and capital relations. Talks on the sale of shares in Euroterminal Slawków are held with the Industrial Development Agency. Before finalizing the possible transaction, PKP Cargo must obtain approvals from corporate bodies and the administrator of a remedial estate. New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 2.5% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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. This is currently the only risk that has been identified for the company. Reported Earnings • Dec 01
Third quarter 2024 earnings released: zł7.65 loss per share (vs zł0.17 loss in 3Q 2023) Third quarter 2024 results: zł7.65 loss per share (further deteriorated from zł0.17 loss in 3Q 2023). Revenue: zł1.07b (down 16% from 3Q 2023). Net loss: zł342.6m (loss widened zł334.8m from 3Q 2023). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Nov 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% 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. This is currently the only risk that has been identified for the company. Aankondiging • Jun 21
Marcin Wojewódka acquired an unknown minority stake in Pkp Cargo S.A. (WSE:PKP). Marcin Wojewódka acquired an unknown minority stake in Pkp Cargo S.A. (WSE:PKP) recently on June 20, 2024. The Polish Financial Supervision Authority (KNF) is analyzing the recent acquisitions of shares of PKP Cargo by Marcin Wojewódka. Aankondiging • Jun 14
PKP Polskie Linie Kolejowe S.A. signed a letter of intent to acquire CARGOTOR Sp. z o.o. from Pkp Cargo S.A. (WSE:PKP). PKP Polskie Linie Kolejowe S.A. signed a letter of intent to acquire CARGOTOR Sp. z o.o. from Pkp Cargo S.A. (WSE:PKP) on June 12, 2024. The expected completion of the transaction is December 31, 2024. The Letter of Intent does not constitute a legally binding commitment of any of the parties. Aankondiging • May 31
Pkp Cargo S.A., Annual General Meeting, Jun 27, 2024 Pkp Cargo S.A., Annual General Meeting, Jun 27, 2024. Reported Earnings • May 29
First quarter 2024 earnings released: zł2.64 loss per share (vs zł2.33 profit in 1Q 2023) First quarter 2024 results: zł2.64 loss per share (down from zł2.33 profit in 1Q 2023). Revenue: zł1.18b (down 25% from 1Q 2023). Net loss: zł118.1m (down 213% from profit in 1Q 2023). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €3.29, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 13x in the Transportation industry in Europe. Total loss to shareholders of 21% over the past three years. Aankondiging • May 11
Pkp Cargo S.A. Provides Earnings Guidance for the First Quarter of 2024 Pkp Cargo S.A. provided earnings guidance for the first quarter of 2024. For the quarter, the company estimates an EBIT loss of PLN 96.8 million (EUR 22.54 million). Revenue from client agreements amounted to PLN 1.18 billion (EUR 274.97 million), and net loss amounted to PLN 118.1 million (EUR 27.5 million). Reported Earnings • Apr 24
Full year 2023 earnings released: EPS: zł1.83 (vs zł3.31 in FY 2022) Full year 2023 results: EPS: zł1.83 (down from zł3.31 in FY 2022). Revenue: zł5.49b (up 1.9% from FY 2022). Net income: zł82.1m (down 45% from FY 2022). Profit margin: 1.5% (down from 2.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 01
Third quarter 2023 earnings released: zł0.17 loss per share (vs zł0.84 profit in 3Q 2022) Third quarter 2023 results: zł0.17 loss per share (down from zł0.84 profit in 3Q 2022). Revenue: zł1.27b (down 6.9% from 3Q 2022). Net loss: zł7.80m (down 121% from profit in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 7.1% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 28
Second quarter 2023 earnings released: EPS: zł0.12 (vs zł0.12 in 2Q 2022) Second quarter 2023 results: EPS: zł0.12 (up from zł0.12 in 2Q 2022). Revenue: zł1.34b (up 3.9% from 2Q 2022). Net income: zł5.50m (up 5.8% from 2Q 2022). Profit margin: 0.4% (in line with 2Q 2022). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 05
First quarter 2023 earnings released: EPS: zł2.33 (vs zł1.06 loss in 1Q 2022) First quarter 2023 results: EPS: zł2.33 (up from zł1.06 loss in 1Q 2022). Revenue: zł1.56b (up 34% from 1Q 2022). Net income: zł104.2m (up zł151.8m from 1Q 2022). Profit margin: 6.7% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Aankondiging • Jun 04
Pkp Cargo S.A., Annual General Meeting, Jun 29, 2023 Pkp Cargo S.A., Annual General Meeting, Jun 29, 2023, at 11:00 Central European Standard Time. Buying Opportunity • May 18
Now 21% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be €4.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Aankondiging • Jan 31
Pkp Cargo S.A. (WSE:PKP) agreed to acquire Assets Of Alstom Pojazdy Szynowe from Bombardier Transportation Polska Sp. z o.o. for PLN 13.5 million. Pkp Cargo S.A. (WSE:PKP) agreed to acquire Assets Of Alstom Pojazdy Szynowe from Bombardier Transportation Polska Sp. z o.o. for PLN 13.5 million on January 30, 2023. Reported Earnings • Nov 25
Third quarter 2022 earnings released: EPS: zł0.84 (vs zł0.53 loss in 3Q 2021) Third quarter 2022 results: EPS: zł0.84 (up from zł0.53 loss in 3Q 2021). Revenue: zł1.36b (up 24% from 3Q 2021). Net income: zł37.7m (up zł61.2m from 3Q 2021). Profit margin: 2.8% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Aankondiging • Aug 09
PKP Cargo Provides Earnings Guidance for the Year 2022 PKP Cargo provided earnings guidance for the year 2022. For the year, the company wants to continually increase revenues and fight for net profit. Buying Opportunity • Jul 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €2.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 7.0% in a year. Earnings is forecast to grow by 94% in the next year. Aankondiging • Jun 07
Pkp Cargo S.A., Annual General Meeting, Jun 29, 2022 Pkp Cargo S.A., Annual General Meeting, Jun 29, 2022, at 11:00 Central European Standard Time. Reported Earnings • Jun 01
First quarter 2022 earnings released: zł1.06 loss per share (vs zł1.59 loss in 1Q 2021) First quarter 2022 results: zł1.06 loss per share (up from zł1.59 loss in 1Q 2021). Revenue: zł1.17b (up 17% from 1Q 2021). Net loss: zł47.6m (loss narrowed 33% from 1Q 2021). Over the next year, revenue is forecast to stay flat compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 23
PKP Cargo Picks Maciej Jankiewicz as CFO PKP Cargo picked Maciej Jankiewicz as new CFO for trade. Aankondiging • Apr 14
PKP Cargo Appoints Dariusz Seliga as New CEO PKP Cargo announced that it has picked insider Dariusz Seliga as new CEO effective April 13, 2022. Aankondiging • Dec 03
PKP Polskie Linie Kolejowe S.A. signed a letter of intent to acquire CARGOTOR Sp. z o.o. from Pkp Cargo S.A. (WSE:PKP). PKP Polskie Linie Kolejowe S.A. signed a letter of intent to acquire CARGOTOR Sp. z o.o. from Pkp Cargo S.A. (WSE:PKP) on December 1, 2021. Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: zł0.53 loss per share (down from zł0.35 profit in 3Q 2020). Revenue: zł1.10b (up 8.9% from 3Q 2020). Net loss: zł23.5m (down 251% from profit in 3Q 2020). Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 5.7%, compared to a 19% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 21
Second quarter 2021 earnings released: zł1.31 loss per share (vs zł1.73 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: zł1.05b (up 13% from 2Q 2020). Net loss: zł58.7m (loss narrowed 24% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 08
Pkp Cargo S.A. Provides Preliminary Earnings Guidance for the First Half 2021 Pkp Cargo S.A. provided preliminary earnings guidance for the first Half 2021. For the period, the company expects revenue to be PLN 2.05 billion. EBIT at negative PLN 128.3 million. Net loss to be PLN 130 million. Reported Earnings • May 27
First quarter 2021 earnings released: zł1.59 loss per share (vs zł2.55 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: zł996.0m (down 3.8% from 1Q 2020). Net loss: zł71.3m (loss narrowed 38% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Aankondiging • May 26
Agencja Rozwoju Przemyslu S.A., Polska Liga Koszykówki S.A. and Pkp Cargo S.A. (WSE:PKP) launched a tender offer to acquire 32.8% stake in Trakcja PRKiI S.A. (WSE:TRK) from COMSA Corporación de Infraestructuras, S.L. Agencja Rozwoju Przemyslu S.A., Polska Liga Koszykówki S.A. and Pkp Cargo S.A. (WSE:PKP) launched a tender offer to acquire 32.8% stake in Trakcja PRKiI S.A. (WSE:TRK) from COMSA Corporación de Infraestructuras, S.L. for PLN 48.3 million on May 25, 2021. In the acquisition, The shares are acquired for PLN 1.7 per share. Aankondiging • May 11
Pkp Cargo S.A. Provides Preliminary Earnings Guidance for the First Quarter 2021 Pkp Cargo S.A. provided preliminary earnings guidance for the first quarter 2021. For the quarter, the company expects revenue to be PLN 996.0 million. LBIT to be PLN 71.0 million. Net profit to be PLN 71.3 million. Aankondiging • Apr 04
Pkp Cargo Provides Earnings Guidance for the Year 2021 Pkp Cargo eyes "positive results" in 2021. Reported Earnings • Apr 03
Full year 2020 earnings released: zł5.01 loss per share (vs zł0.80 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: zł4.24b (down 11% from FY 2019). Net loss: zł224.3m (down zł260.3m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 13
New 90-day high: €3.47 The company is up 38% from its price of €2.51 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.13 per share. Aankondiging • Jan 01
Pkp Cargo S.A. (WSE:PKP) signed a letter of intent to acquire Gniewczyna rolling stock factory from FORESPO POLAND, a.s. Pkp Cargo S.A. (WSE:PKP) signed a letter of intent to acquire Gniewczyna rolling stock factory from FORESPO POLAND, a.s. on December 28, 2020. Is New 90 Day High Low • Dec 29
New 90-day high: €3.12 The company is up 26% from its price of €2.48 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Transportation industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.72 per share. Aankondiging • Dec 12
Pkp Cargo Deals with Poland's Railway Infrastructure Operator PKP PLK Freight rail carrier PKP Cargo has inked PLN 499 million net deal with Poland's railway infrastructure operator PKP PLK for the utilization of railway infrastructure in the December 13, 2020-December 11, 2021 period. Is New 90 Day High Low • Dec 04
New 90-day high: €2.88 The company is up 16% from its price of €2.49 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Transportation industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.83 per share. Analyst Estimate Surprise Post Earnings • Nov 21
Revenue misses expectations Revenue missed analyst estimates by 0.007%. Over the next year, revenue is forecast to grow 4.3% compared to a 6.2% decline forecast for the Transportation industry in Germany. Reported Earnings • Nov 21
Third quarter 2020 earnings released: EPS zł0.35 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł1.01b (down 15% from 3Q 2019). Net income: zł15.6m (down 69% from 3Q 2019). Profit margin: 1.5% (down from 4.3% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 78% per year but the company’s share price has only fallen by 40% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 12
New 90-day low: €2.30 The company is down 25% from its price of €3.05 on 14 July 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.27 per share. Aankondiging • Oct 06
PKP Cargo Lands Two 3-Year Contracts with ArcelorMittal Poland and ArcelorMittal Warszawa PKP Cargo landed a combined PLN 804 million net in two 3-year contracts with ArcelorMittal Poland and ArcelorMittal Warszawa. The contracts run to June 30, 2023. Aankondiging • Sep 22
Pkp Cargo S.A. (WSE:PKP) signed a letter of intent to acquire part of Fabryka Wagonow Gniewczyna S.A. Pkp Cargo S.A. (WSE:PKP) signed a letter of intent to acquire part of Fabryka Wagonow Gniewczyna S.A. on September 16, 2019. As per terms, certain assets will be acquired. Aankondiging • Sep 20
Pkp Cargo S.A. to Report First Half, 2020 Results on Aug 20, 2020 Pkp Cargo S.A. announced that they will report first half, 2020 results on Aug 20, 2020 Is New 90 Day High Low • Sep 19
New 90-day low: €2.45 The company is down 27% from its price of €3.35 on 19 June 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.46 per share.