Aankondiging • May 02
Polwax S.A., Annual General Meeting, May 29, 2026 Polwax S.A., Annual General Meeting, May 29, 2026, at 11:00 Central European Standard Time. Reported Earnings • Nov 10
Third quarter 2025 earnings released: zł0.012 loss per share (vs zł0.033 loss in 3Q 2024) Third quarter 2025 results: zł0.012 loss per share (improved from zł0.033 loss in 3Q 2024). Revenue: zł54.0m (down 18% from 3Q 2024). Net loss: zł726.0k (loss narrowed 28% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Aankondiging • Nov 06
Polwax S.A. to Report Q3, 2025 Results on Nov 06, 2025 Polwax S.A. announced that they will report Q3, 2025 results on Nov 06, 2025 Reported Earnings • Sep 12
Second quarter 2025 earnings released: EPS: zł0.005 (vs zł0.55 loss in 2Q 2024) Second quarter 2025 results: EPS: zł0.005 (up from zł0.55 loss in 2Q 2024). Revenue: zł13.4m (down 47% from 2Q 2024). Net income: zł283.0k (up zł17.2m from 2Q 2024). Profit margin: 2.1% (up from net loss in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 21
Polwax S.A. to Report First Half, 2025 Results on Sep 11, 2025 Polwax S.A. announced that they will report first half, 2025 results on Sep 11, 2025 New Risk • Jul 24
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 7.0% 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 Less than 1 year of cash runway based on free cash flow trend (-zł28m free cash flow). Earnings have declined by 1.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (zł90.4m market cap, or US$25.0m). New Risk • Jun 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł28m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł28m free cash flow). Earnings have declined by 1.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (zł85.1m market cap, or US$23.6m). Reported Earnings • May 23
First quarter 2025 earnings released: zł0.064 loss per share (vs zł0.16 loss in 1Q 2024) First quarter 2025 results: zł0.064 loss per share (improved from zł0.16 loss in 1Q 2024). Revenue: zł9.46m (down 65% from 1Q 2024). Net loss: zł3.95m (loss narrowed 19% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Aankondiging • May 08
Polwax S.A., Annual General Meeting, Jun 04, 2025 Polwax S.A., Annual General Meeting, Jun 04, 2025. Reported Earnings • Nov 22
Third quarter 2024 earnings released: zł0.033 loss per share (vs zł0.073 profit in 3Q 2023) Third quarter 2024 results: zł0.033 loss per share (down from zł0.073 profit in 3Q 2023). Revenue: zł65.8m (down 34% from 3Q 2023). Net loss: zł1.01m (down 145% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. New Risk • Oct 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (zł101.5m market cap, or US$25.6m). Reported Earnings • Sep 20
Second quarter 2024 earnings released: zł0.55 loss per share (vs zł0.21 loss in 2Q 2023) Second quarter 2024 results: zł0.55 loss per share (further deteriorated from zł0.21 loss in 2Q 2023). Revenue: zł25.3m (down 5.4% from 2Q 2023). Net loss: zł16.9m (loss widened 155% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Aankondiging • Jul 19
Polwax S.A. announced that it expects to receive PLN 30.8 million in funding Polwax SA announced a private placement to issue 30,800,000 Series F Shares at an issue price of PLY 1 per share for the gross proceeds of PLY 30,800,000 on July 18, 2024. The transaction will include participation from new investor MOSTOSTOSTAL ZABRZE . New Risk • Jun 07
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 8.7% 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: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (zł60.9m market cap, or US$15.5m). Reported Earnings • May 26
First quarter 2024 earnings released: zł0.16 loss per share (vs zł0.14 loss in 1Q 2023) First quarter 2024 results: zł0.16 loss per share (further deteriorated from zł0.14 loss in 1Q 2023). Revenue: zł27.2m (down 27% from 1Q 2023). Net loss: zł4.90m (loss widened 10.0% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 26
Polwax S.A., Annual General Meeting, May 20, 2024 Polwax S.A., Annual General Meeting, May 20, 2024, at 10:00 Central European Standard Time. Reported Earnings • Apr 13
Full year 2023 earnings released Full year 2023 results: Revenue: zł252.4m (down 24% from FY 2022). Net loss: zł39.0m (down zł47.4m from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Buying Opportunity • Oct 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be zł2.94, however this is not to be taken as a buy 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 • Sep 12
Second quarter 2023 earnings released: zł0.21 loss per share (vs zł0.073 profit in 2Q 2022) Second quarter 2023 results: zł0.21 loss per share (down from zł0.073 profit in 2Q 2022). Revenue: zł26.7m (down 55% from 2Q 2022). Net loss: zł6.64m (down 394% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 136% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Sep 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be zł2.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Aankondiging • May 09
Polwax S.A., Annual General Meeting, May 24, 2023 Polwax S.A., Annual General Meeting, May 24, 2023, at 14:00 Central European Standard Time. Reported Earnings • Apr 14
Full year 2022 earnings released: EPS: zł0.27 (vs zł0.15 in FY 2021) Full year 2022 results: EPS: zł0.27 (up from zł0.15 in FY 2021). Revenue: zł331.2m (up 22% from FY 2021). Net income: zł8.33m (up 74% from FY 2021). Profit margin: 2.5% (up from 1.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł143.2m (up 61% from 3Q 2021). Net income: zł10.5m (up 228% from 3Q 2021). Profit margin: 7.3% (up from 3.6% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Sep 24
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł59.4m (up 79% from 2Q 2021). Net income: zł2.26m (up zł3.36m from 2Q 2021). Profit margin: 3.8% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 21% share price gain to zł3.65, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 7x in the Chemicals industry in Poland. Total returns to shareholders of 7.8% over the past three years. Upcoming Dividend • Jun 30
Upcoming dividend of zł0.08 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 23 July 2022. Trailing yield: 2.7%. Lower than top quartile of Polish dividend payers (8.0%). Lower than average of industry peers (8.9%). Reported Earnings • May 26
First quarter 2022 earnings released: zł0.055 loss per share (vs zł0.073 loss in 1Q 2021) First quarter 2022 results: zł0.055 loss per share (up from zł0.073 loss in 1Q 2021). Revenue: zł39.5m (up 3.4% from 1Q 2021). Net loss: zł1.71m (loss narrowed 24% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: zł0.15 (vs zł0.21 in FY 2020) Full year 2021 results: EPS: zł0.15. Revenue: zł271.9m (up 26% from FY 2020). Net income: zł4.79m (up 58% from FY 2020). Profit margin: 1.8% (up from 1.4% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 15% share price gain to zł2.91, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 11x in the Chemicals industry in Poland. Total loss to shareholders of 4.9% over the past three years. Reported Earnings • Sep 25
Second quarter 2021 earnings released: zł0.036 loss per share (vs zł0.55 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: zł33.2m (up 16% from 2Q 2020). Net loss: zł1.11m (loss narrowed 80% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Reported Earnings • May 29
First quarter 2021 earnings released: zł0.073 loss per share (vs zł0.10 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: zł38.2m (up 4.9% from 1Q 2020). Net loss: zł2.25m (loss widened 108% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 25
Full year 2020 earnings released The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: zł216.5m (flat on FY 2019). Net income: zł3.03m (up zł58.6m from FY 2019). Profit margin: 1.4% (up from net loss in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Dec 15
New 90-day high: zł3.62 The company is up 32% from its price of zł2.75 on 15 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: zł3.41 The company is up 5.0% from its price of zł3.25 on 27 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 Chemicals industry, which is down 4.0% over the same period. Is New 90 Day High Low • Nov 05
New 90-day low: zł2.53 The company is down 36% from its price of zł3.98 on 06 August 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 18% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total losses of zł67.2m, with earnings decreasing by zł85.9m from the prior year. Total revenue was zł205.4m over the last 12 months, down 19% from the prior year.