Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €45.40, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Construction industry in Europe. Total returns to shareholders of 279% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €64.11 per share. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €40.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Construction industry in Europe. Total returns to shareholders of 234% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €61.33 per share. Upcoming Dividend • Apr 28
Upcoming dividend of €1.05 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 07 May 2026. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (2.9%). New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Declared Dividend • Mar 30
Dividend increased to €1.05 Dividend of €1.05 is 17% higher than last year. Ex-date: 5th May 2026 Payment date: 7th May 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 28
PORR AG announces Annual dividend, payable on May 07, 2026 PORR AG announced Annual dividend of EUR 1.0500 per share payable on May 07, 2026, ex-date on May 05, 2026 and record date on May 06, 2026. Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: €3.00 (vs €2.32 in FY 2024) Full year 2025 results: EPS: €3.00 (up from €2.32 in FY 2024). Revenue: €6.30b (up 1.5% from FY 2024). Net income: €136.7m (up 54% from FY 2024). Profit margin: 2.2% (up from 1.4% in FY 2024). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 09
PORR AG, Annual General Meeting, Apr 28, 2026 PORR AG, Annual General Meeting, Apr 28, 2026. Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: €1.27 (vs €0.73 in 3Q 2024) Third quarter 2025 results: EPS: €1.27 (up from €0.73 in 3Q 2024). Revenue: €1.65b (down 2.8% from 3Q 2024). Net income: €49.8m (up 77% from 3Q 2024). Profit margin: 3.0% (up from 1.6% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: €0.77 (vs €0.42 in 2Q 2024) Second quarter 2025 results: EPS: €0.77 (up from €0.42 in 2Q 2024). Revenue: €1.69b (up 3.6% from 2Q 2024). Net income: €28.7m (up 79% from 2Q 2024). Profit margin: 1.7% (up from 1.0% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: €0.13 (vs €0.03 in 1Q 2024) First quarter 2025 results: EPS: €0.13 (up from €0.03 in 1Q 2024). Revenue: €1.26b (flat on 1Q 2024). Net income: €5.00m (up 377% from 1Q 2024). Profit margin: 0.4% (up from 0.1% in 1Q 2024). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 05
Dividend increased to €0.90 Dividend of €0.90 is 20% higher than last year. Ex-date: 6th May 2025 Payment date: 8th May 2025 Dividend yield will be 2.8%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 03
PORR AG announces Annual dividend, payable on May 08, 2025 PORR AG announced Annual dividend of EUR 0.9000 per share payable on May 08, 2025, ex-date on May 06, 2025 and record date on May 07, 2025. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €28.85, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 169% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.83 per share. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: €2.32 (vs €2.22 in FY 2023) Full year 2024 results: EPS: €2.32 (up from €2.22 in FY 2023). Revenue: €6.45b (up 6.5% from FY 2023). Net income: €89.0m (up 4.7% from FY 2023). Profit margin: 1.4% (in line with FY 2023). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €29.95, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.66 per share. Announcement • Jan 27
PORR AG, Annual General Meeting, Apr 29, 2025 PORR AG, Annual General Meeting, Apr 29, 2025. Reported Earnings • Nov 22
Third quarter 2024 earnings released: EPS: €0.56 (vs €0.74 in 3Q 2023) Third quarter 2024 results: EPS: €0.56. Revenue: €1.70b (up 8.2% from 3Q 2023). Net income: €43.7m (up 53% from 3Q 2023). Profit margin: 2.6% (up from 1.8% in 3Q 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in Europe. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: €0.30 (vs €0.36 in 2Q 2023) Second quarter 2024 results: EPS: €0.30. Revenue: €1.63b (flat on 2Q 2023). Net income: €26.5m (up 93% from 2Q 2023). Profit margin: 1.6% (up from 0.8% in 2Q 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in Europe. Reported Earnings • May 26
First quarter 2024 earnings released: EPS: €0.03 (vs €0.047 loss in 1Q 2023) First quarter 2024 results: EPS: €0.03 (up from €0.047 loss in 1Q 2023). Revenue: €1.28b (flat on 1Q 2023). Net income: €6.00m (up €7.86m from 1Q 2023). Profit margin: 0.5% (up from net loss in 1Q 2023). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 30
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 13 May 2024. Payout ratio is a comfortable 34% and the cash payout ratio is 90%. Trailing yield: 5.3%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.9%). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: €2.21 (vs €1.65 in FY 2022) Full year 2023 results: EPS: €2.21 (up from €1.65 in FY 2022). Revenue: €6.05b (up 4.4% from FY 2022). Net income: €95.0m (up 48% from FY 2022). Profit margin: 1.6% (up from 1.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: €0.99 (vs €0.56 in 3Q 2022) Third quarter 2023 results: EPS: €0.99 (up from €0.56 in 3Q 2022). Revenue: €1.57b (flat on 3Q 2022). Net income: €37.8m (up 74% from 3Q 2022). Profit margin: 2.4% (up from 1.4% in 3Q 2022). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Sep 01
PORR AG Announces the Retirement of Josef Pein as Member of the Management Board PORR AG announced that Josef Pein will take his well-earned retirement at the turn of the year and will resign from his position as member of the management board with effect as of 31 December 2023. Following the departure of Josef Pein, the AT /CH segment will be the responsibility of CEOKarl-Heinz Strauss. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: €0.36 (vs €0.29 in 2Q 2022) Second quarter 2023 results: EPS: €0.36 (up from €0.29 in 2Q 2022). Revenue: €1.63b (up 9.4% from 2Q 2022). Net income: €13.7m (up 20% from 2Q 2022). Profit margin: 0.8% (in line with 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 9.3% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 26
First quarter 2023 earnings released: EPS: €0.067 (vs €0.13 loss in 1Q 2022) First quarter 2023 results: EPS: €0.067 (up from €0.13 loss in 1Q 2022). Revenue: €1.27b (up 14% from 1Q 2022). Net income: €2.60m (up €7.74m from 1Q 2022). Profit margin: 0.2% (up from net loss in 1Q 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Construction 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 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 28
Upcoming dividend of €0.60 per share at 4.3% yield Eligible shareholders must have bought the stock before 05 May 2023. Payment date: 09 May 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.9%). Reported Earnings • Mar 31
Full year 2022 earnings released Full year 2022 results: Revenue: €5.79b (up 12% from FY 2021). Net income: €85.6m (up 138% from FY 2021). Profit margin: 1.5% (up from 0.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Construction industry in Europe. Reported Earnings • Nov 29
Third quarter 2022 earnings released: EPS: €0.95 (vs €0.31 in 3Q 2021) Third quarter 2022 results: EPS: €0.95 (up from €0.31 in 3Q 2021). Revenue: €1.55b (up 8.3% from 3Q 2021). Net income: €37.1m (up 316% from 3Q 2021). Profit margin: 2.4% (up from 0.6% in 3Q 2021). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 30
Second quarter 2022 earnings released: EPS: €0.29 (vs €0.31 in 2Q 2021) Second quarter 2022 results: EPS: €0.29. Revenue: €1.49b (up 13% from 2Q 2021). Net income: €11.4m (up 30% from 2Q 2021). Profit margin: 0.8% (up from 0.7% in 2Q 2021). Over the next year, revenue is expected to shrink by 1.2% compared to a 2.8% growth forecast for the Construction industry in Germany. Upcoming Dividend • Jun 16
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 27 June 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (4.0%). Reported Earnings • May 31
First quarter 2022 earnings released: EPS: €0.10 (vs €0.41 loss in 1Q 2021) First quarter 2022 results: EPS: €0.10 (up from €0.41 loss in 1Q 2021). Revenue: €11.1b (up €10.1b from 1Q 2021). Net income: €4.00m (up €15.8m from 1Q 2021). Profit margin: 0% (up from net loss in 1Q 2021). Over the next year, revenue is expected to shrink by 66% compared to a 7.5% growth forecast for the industry in Germany. 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 15% per year, which means it has not declined as severely as earnings. Reported Earnings • May 01
Full year 2021 earnings released Full year 2021 results: Revenue: €5.17b (up 11% from FY 2020). Net income: €61.4m (up €127.2m from FY 2020). Profit margin: 1.2% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 5.9% 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 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: €0.31 (up from €1.02 loss in 3Q 2020). Revenue: €1.44b (up 11% from 3Q 2020). Net income: €8.91m (up €38.3m from 3Q 2020). Profit margin: 0.6% (up from net loss in 3Q 2020). Revenue was in line with analyst estimates. 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 89 percentage points per year, which is a significant difference in performance. Executive Departure • Sep 03
Member of Group Executive Board & CFO Andreas Sauer has left the company On the 31st of August, Andreas Sauer's tenure as Member of Group Executive Board & CFO ended after 3.6 years in the role. We don't have any record of a personal shareholding under Andreas' name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.63 years. Reported Earnings • Aug 27
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: €1.32b (up 14% from 2Q 2020). Net income: €20.4m (up €26.2m from 2Q 2020). Profit margin: 1.5% (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 104 percentage points per year, which is a significant difference in performance. Reported Earnings • May 28
First quarter 2021 earnings released: €0.41 loss per share (vs €0.95 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: €969.2m (up 6.2% from 1Q 2020). Net loss: €11.8m (loss narrowed 57% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Reported Earnings • May 01
Full year 2020 earnings released: €1.47 loss per share (vs €0.50 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: €4.65b (down 4.9% from FY 2019). Net loss: €42.4m (down 396% 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 70 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 23
New 90-day high: €15.12 The company is up 13% from its price of €13.44 on 25 November 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €20.28 per share. Is New 90 Day High Low • Nov 13
New 90-day high: €13.64 The company is up 2.0% from its price of €13.38 on 14 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.09 per share.