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 Polish stocks, typically moving 6.3% 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: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (zł176.5m market cap, or US$49.2m). Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł6.90, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 12x in the Luxury industry in Poland. Total returns to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł5.90, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 13x in the Luxury industry in Poland. Total returns to shareholders of 17% over the past three years. New Risk • Dec 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 153% 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 Large one-off items impacting financial results. Market cap is less than US$100m (zł133.3m market cap, or US$36.8m). Reported Earnings • Dec 02
Third quarter 2025 earnings released: zł0.021 loss per share (vs zł0.026 profit in 3Q 2024) Third quarter 2025 results: zł0.021 loss per share (down from zł0.026 profit in 3Q 2024). Revenue: zł89.0m (up 26% from 3Q 2024). Net loss: zł445.0k (down 166% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Oct 01
Second quarter 2025 earnings released: EPS: zł0.19 (vs zł0.22 in 2Q 2024) Second quarter 2025 results: EPS: zł0.19 (down from zł0.22 in 2Q 2024). Revenue: zł84.1m (up 13% from 2Q 2024). Net income: zł5.43m (down 4.0% from 2Q 2024). Profit margin: 6.5% (down from 7.6% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • Aug 26
Monnari Trade S.A. to Report First Half, 2025 Results on Sep 30, 2025 Monnari Trade S.A. announced that they will report first half, 2025 results on Sep 30, 2025 New Risk • Jun 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risk Market cap is less than US$100m (zł124.1m market cap, or US$33.1m). New Risk • May 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risk Market cap is less than US$100m (zł128.4m market cap, or US$33.9m). Reported Earnings • Nov 28
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł70.7m (down 2.7% from 3Q 2023). Net income: zł676.0k (down 74% from 3Q 2023). Profit margin: 1.0% (down from 3.5% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Reported Earnings • Sep 28
Second quarter 2024 earnings released: EPS: zł0.22 (vs zł0.18 in 2Q 2023) Second quarter 2024 results: EPS: zł0.22 (up from zł0.18 in 2Q 2023). Revenue: zł74.5m (flat on 2Q 2023). Net income: zł5.66m (up 19% from 2Q 2023). Profit margin: 7.6% (up from 6.3% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 01
Monnari Trade S.A., Annual General Meeting, May 29, 2024 Monnari Trade S.A., Annual General Meeting, May 29, 2024, at 11:00 Central European Standard Time. New Risk • Dec 22
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: 2.8% Last year net profit margin: 25% 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. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). Market cap is less than US$100m (zł147.6m market cap, or US$37.4m). Aankondiging • Jul 29
Monnari Trade S.A. (WSE:MON) commences an Equity Buyback Plan for 1,502,121 shares, representing 20% of its issued share capital, under the authorization approved on June 16, 2023. Monnari Trade S.A. (WSE:MON) commences share repurchases on July 28, 2023, under the program mandated by the shareholders in the OrdinaryGeneral Meeting held on June 16, 2023. As per the mandate, the company is authorized to repurchase up to 1,502,121 shares, representing 20% of its issued share capital. The shares will be repurchased at a price not exceeding the value higher from the price of the last independent stock exchange transaction and the highest current independent offer to buy on the stock exchange and the minimum purchase price of the shares will not be lower than PLN 0.10 per share and will not be higher than PLN 22 per share. The repurchased shares will be redeemed or resold and will be pledged to secure liabilities of the company, its ownership can be transferred as payment for the acquisition of financial assets by the company or any of its subsidiaries and may be sold under an obligation to repay the company's shares which are the subject of the loan and pay for the loan, if it is expressed in the company's shares. The repurchase program will be funded from reserve capital of the company and unutilized funds from existing buyback programs. The program will be valid for a period of 5 years from the date of adoption of the resolution. Aankondiging • May 23
Monnari Trade S.A., Annual General Meeting, Jun 16, 2023 Monnari Trade S.A., Annual General Meeting, Jun 16, 2023, at 11:00 Central European Standard Time. Reported Earnings • Nov 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł66.2m (up 18% from 3Q 2021). Net income: zł10.9m (up zł10.2m from 3Q 2021). Profit margin: 17% (up from 1.2% in 3Q 2021). Aankondiging • Oct 19
Monnari Trade S.A., Annual General Meeting, Nov 10, 2022 Monnari Trade S.A., Annual General Meeting, Nov 10, 2022, at 12:00 Central European Standard Time. Reported Earnings • Oct 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł73.5m (up 49% from 2Q 2021). Net income: zł46.6m (up 370% from 2Q 2021). Profit margin: 63% (up from 20% in 2Q 2021). Aankondiging • Sep 28
Monnari Trade S.A. to Report Fiscal Year 2021 Results on Oct 07, 2022 Monnari Trade S.A. announced that they will report fiscal year 2021 results on Oct 07, 2022 Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: zł56.1m (flat on 3Q 2020). Net income: zł692.0k (up zł8.40m from 3Q 2020). Profit margin: 1.2% (up from net loss in 3Q 2020). Revenue exceeded analyst estimates by 14%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 26
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: zł49.5m (up 26% from 2Q 2020). Net income: zł9.91m (up zł20.1m from 2Q 2020). Profit margin: 20% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • May 06
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: zł209.4m (down 26% from FY 2019). Net loss: zł30.6m (down 349% 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 47 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Nov 24
New 90-day high: zł2.02 The company is up 4.0% from its price of zł1.94 on 25 August 2020. The Polish market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: zł1.40 The company is down 34% from its price of zł2.11 on 31 July 2020. The Polish market is down 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 22% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: zł1.70 The company is down 21% from its price of zł2.16 on 15 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 1.0% over the same period. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total losses of zł6.72m, with earnings decreasing by zł20.0m from the prior year. Total revenue was zł252.4m over the last 12 months, down 2.9% from the prior year. 