New Risk • Jun 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 44% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł62.1m market cap, or US$16.9m). Aankondiging • May 01
Sunex S.A., Annual General Meeting, May 27, 2026 Sunex S.A., Annual General Meeting, May 27, 2026, at 10:00 Central European Standard Time. Buy Or Sell Opportunity • Feb 26
Now 20% overvalued Over the last 90 days, the stock has fallen 12% to zł3.74. The fair value is estimated to be zł3.10, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 02
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 Polish stocks, typically moving 7.1% 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 Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks High level of debt (112% net debt to equity). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (zł117.3m market cap, or US$32.8m). Buy Or Sell Opportunity • Dec 23
Now 31% overvalued Over the last 90 days, the stock has fallen 40% to zł3.96. The fair value is estimated to be zł3.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Dec 03
Third quarter 2025 earnings released: zł0.097 loss per share (vs zł0.093 loss in 3Q 2024) Third quarter 2025 results: zł0.097 loss per share (further deteriorated from zł0.093 loss in 3Q 2024). Revenue: zł62.4m (down 5.7% from 3Q 2024). Net loss: zł2.16m (loss widened 3.9% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 28
Second quarter 2025 earnings released: zł0.12 loss per share (vs zł0.24 loss in 2Q 2024) Second quarter 2025 results: zł0.12 loss per share (improved from zł0.24 loss in 2Q 2024). Revenue: zł65.7m (up 23% from 2Q 2024). Net loss: zł2.67m (loss narrowed 46% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 25
Sunex S.A. to Report First Half, 2025 Results on Sep 26, 2025 Sunex S.A. announced that they will report first half, 2025 results on Sep 26, 2025 Reported Earnings • May 29
First quarter 2025 earnings released: zł0.33 loss per share (vs zł0.43 loss in 1Q 2024) First quarter 2025 results: zł0.33 loss per share (improved from zł0.43 loss in 1Q 2024). Revenue: zł46.1m (up 29% from 1Q 2024). Net loss: zł7.24m (loss narrowed 18% from 1Q 2024). 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 12
Sunex S.A., Annual General Meeting, Jun 04, 2025 Sunex S.A., Annual General Meeting, Jun 04, 2025. New Risk • Dec 18
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 Polish stocks, typically moving 7.7% 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 Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Market cap is less than US$100m (zł148.9m market cap, or US$36.6m). Buy Or Sell Opportunity • Dec 13
Now 21% overvalued Over the last 90 days, the stock has fallen 44% to zł5.64. The fair value is estimated to be zł4.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Dec 01
Third quarter 2024 earnings released: zł0.093 loss per share (vs zł0.11 profit in 3Q 2023) Third quarter 2024 results: zł0.093 loss per share (down from zł0.11 profit in 3Q 2023). Revenue: zł66.2m (down 19% from 3Q 2023). Net loss: zł2.08m (down 195% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Reported Earnings • Oct 01
Second quarter 2024 earnings released: zł0.24 loss per share (vs zł0.48 profit in 2Q 2023) Second quarter 2024 results: zł0.24 loss per share (down from zł0.48 profit in 2Q 2023). Revenue: zł53.4m (down 40% from 2Q 2023). Net loss: zł4.90m (down 150% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to zł12.38, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 12x in the Machinery industry in Poland. Total returns to shareholders of 153% over the past three years. New Risk • May 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (zł215.5m market cap, or US$54.9m). Aankondiging • May 16
Sunex S.A., Annual General Meeting, Jun 10, 2024 Sunex S.A., Annual General Meeting, Jun 10, 2024. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł11.80, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 9x in the Machinery industry in Poland. Total returns to shareholders of 75% over the past three years. Reported Earnings • Apr 21
Full year 2023 earnings released Full year 2023 results: Revenue: zł315.7m (up 9.1% from FY 2022). Net income: zł24.4m (down 38% from FY 2022). Profit margin: 7.7% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 06
Sunex Signs Letter of Intent for Acquisition of Austrian Enterprise Sunex S.A. (WSE:SNX) signs letter of intent for acquisition of 100% stake in Austrian Enterprise. Estimated transaction worth at EUR 2.0 million. Parties plan to acquire shares in stages. Final form and scope of transaction depends on the outcome of due diligence test. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł9.80, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 7x in the Machinery industry in Poland. Total returns to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to zł15.60, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 8x in the Machinery industry in Poland. Total returns to shareholders of 140% over the past three years. Reported Earnings • Nov 30
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł81.4m (down 3.3% from 3Q 2022). Net income: zł2.18m (down 83% from 3Q 2022). Profit margin: 2.7% (down from 16% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 24
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł88.1m (up 27% from 2Q 2022). Net income: zł9.81m (up 16% from 2Q 2022). Profit margin: 11% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł16.44, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 8x in the Machinery industry in Poland. Total returns to shareholders of 211% over the past three years. New Risk • Aug 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). High level of non-cash earnings (46% accrual ratio). Minor Risk Market cap is less than US$100m (zł333.6m market cap, or US$81.9m). New Risk • Jul 12
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 9.2% 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 Risk High level of non-cash earnings (29% accrual ratio). Minor Risks High level of debt (48% net debt to equity). Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (zł393.2m market cap, or US$97.3m). Upcoming Dividend • Jul 10
Upcoming dividend of zł0.28 per share at 1.4% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 26 July 2023. Trailing yield: 1.4%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (3.8%). New Risk • Jul 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł394.1m (US$95.3m) 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 High level of non-cash earnings (29% accrual ratio). Minor Risks High level of debt (48% net debt to equity). Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (zł394.1m market cap, or US$95.3m). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł19.42, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 10x in the Machinery industry in Poland. Total returns to shareholders of 260% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł28.20, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 8x in the Machinery industry in Poland. Total returns to shareholders of 1,256% over the past three years. Aankondiging • May 09
Sunex S.A., Annual General Meeting, May 30, 2023 Sunex S.A., Annual General Meeting, May 30, 2023, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł24.85, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 9x in the Machinery industry in Poland. Total returns to shareholders of 1,323% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 19% share price gain to zł23.70, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 9x in the Machinery industry in Poland. Total returns to shareholders of 1,073% over the past three years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 16% share price gain to zł20.80, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 8x in the Machinery industry in Poland. Total returns to shareholders of 935% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł16.60, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 8x in the Machinery industry in Poland. Total returns to shareholders of 820% over the past three years. Reported Earnings • Sep 28
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł69.5m (up 110% from 2Q 2021). Net income: zł8.48m (up zł7.17m from 2Q 2021). Profit margin: 12% (up from 4.0% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 18% share price gain to zł29.50, the stock trades at a trailing P/E ratio of 58.4x. Average trailing P/E is 11x in the Machinery industry in Poland. Total returns to shareholders of 1,879% over the past three years. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł21.10, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 12x in the Machinery industry in Poland. Total returns to shareholders of 1,538% over the past three years. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 27% share price gain to zł22.70, the stock trades at a trailing P/E ratio of 44.9x. Average trailing P/E is 13x in the Machinery industry in Poland. Total returns to shareholders of 1,863% over the past three years. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 19% share price gain to zł18.95, the stock trades at a trailing P/E ratio of 37.5x. Average trailing P/E is 11x in the Machinery industry in Poland. Total returns to shareholders of 1,607% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 59% share price gain to zł16.85, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 11x in the Machinery industry in Poland. Total returns to shareholders of 1,402% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 32% share price gain to zł9.14, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 10x in the Machinery industry in Poland. Total returns to shareholders of 791% over the past three years. Reported Earnings • Jun 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł56.2m (up 144% from 1Q 2021). Net income: zł5.88m (up 215% from 1Q 2021). Profit margin: 11% (up from 8.1% in 1Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 25% share price gain to zł6.90, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 10x in the Machinery industry in Poland. Total returns to shareholders of 527% over the past three years. Aankondiging • May 24
Sunex S.A., Annual General Meeting, Jun 15, 2022 Sunex S.A., Annual General Meeting, Jun 15, 2022, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł5.80, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 9x in the Machinery industry in Poland. Total returns to shareholders of 433% over the past three years. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 16% share price gain to zł6.38, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 10x in the Machinery industry in Poland. Total returns to shareholders of 474% over the past three years. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improved over the past week After last week's 20% share price gain to zł5.60, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 8x in the Machinery industry in Poland. Total returns to shareholders of 400% over the past three years. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 18% share price gain to zł5.25, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 10x in the Machinery industry in Poland. Total returns to shareholders of 321% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 20% share price gain to zł3.72, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 8x in the Machinery industry in Poland. Total returns to shareholders of 326% over the past three years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł3.76, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 10x in the Machinery industry in Poland. Total returns to shareholders of 488% over the past three years. Reported Earnings • Nov 24
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: zł34.6m (up 54% from 3Q 2020). Net income: zł2.23m (down 6.8% from 3Q 2020). Profit margin: 6.4% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 16% share price gain to zł5.06, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 11x in the Machinery industry in Poland. Total returns to shareholders of 865% over the past three years. Reported Earnings • Sep 29
Second quarter 2021 earnings released: EPS zł0.065 (vs zł0.16 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł33.2m (up 35% from 2Q 2020). Net income: zł1.32m (down 60% from 2Q 2020). Profit margin: 4.0% (down from 13% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 111% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 20
Upcoming dividend of zł0.04 per share Eligible shareholders must have bought the stock before 25 June 2021. Payment date: 06 July 2021. Trailing yield: 0.7%. Lower than top quartile of Polish dividend payers (5.9%). Lower than average of industry peers (3.9%). Reported Earnings • May 16
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł23.0m (up 15% from 1Q 2020). Net income: zł1.86m (up zł1.64m from 1Q 2020). Profit margin: 8.1% (up from 1.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 122% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł5.90, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 14x in the Machinery industry in Poland. Total returns to shareholders of 902% over the past three years.