Buy Or Sell Opportunity • Jul 14
Now 21% undervalued Over the last 90 days, the stock has risen 8.0% to €7.26. The fair value is estimated to be €9.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has grown by 4.1%. Buy Or Sell Opportunity • Jun 01
Now 22% undervalued Over the last 90 days, the stock has risen 4.9% to €7.30. The fair value is estimated to be €9.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has grown by 4.2%. Reported Earnings • May 24
First quarter 2026 earnings released: EPS: zł0.93 (vs zł0.94 in 1Q 2025) First quarter 2026 results: EPS: zł0.93 (down from zł0.94 in 1Q 2025). Revenue: zł199.8m (up 1.8% from 1Q 2025). Net income: zł19.8m (down 1.3% from 1Q 2025). Profit margin: 9.9% (in line with 1Q 2025). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Announcement • May 22
FERRO S.A. announces Annual dividend, payable on October 08, 2026 FERRO S.A. announced Annual dividend of PLN 2.3600 per share payable on October 08, 2026, ex-date on September 10, 2026 and record date on September 11, 2026. Announcement • May 21
FERRO S.A., Annual General Meeting, Jun 22, 2026 FERRO S.A., Annual General Meeting, Jun 22, 2026, at 11:00 Central European Standard Time. Announcement • Nov 15
FERRO S.A. to Report Q3, 2025 Results on Nov 18, 2025 FERRO S.A. announced that they will report Q3, 2025 results on Nov 18, 2025 Announcement • Aug 21
FERRO S.A. to Report First Half, 2025 Results on Sep 18, 2025 FERRO S.A. announced that they will report first half, 2025 results on Sep 18, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: zł1.28 (vs zł0.99 in 3Q 2023) Third quarter 2024 results: EPS: zł1.28 (up from zł0.99 in 3Q 2023). Revenue: zł206.0m (down 3.1% from 3Q 2023). Net income: zł27.2m (up 29% from 3Q 2023). Profit margin: 13% (up from 9.9% in 3Q 2023). The increase in margin was driven by lower expenses. 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 2% per year, which means it is well ahead of earnings. Reported Earnings • Sep 18
Second quarter 2024 earnings released: EPS: zł0.78 (vs zł0.59 in 2Q 2023) Second quarter 2024 results: EPS: zł0.78 (up from zł0.59 in 2Q 2023). Revenue: zł180.1m (down 1.4% from 2Q 2023). Net income: zł16.6m (up 31% from 2Q 2023). Profit margin: 9.2% (up from 6.9% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Sep 04
Upcoming dividend of zł3.16 per share Eligible shareholders must have bought the stock before 11 September 2024. Payment date: 10 October 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.7%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.0%). New Risk • Aug 14
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 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: Minor Risks Dividend is not well covered by earnings (101% payout ratio). Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • May 23
First quarter 2024 earnings released: EPS: zł0.79 (vs zł0.82 in 1Q 2023) First quarter 2024 results: EPS: zł0.79 (down from zł0.82 in 1Q 2023). Revenue: zł200.0m (down 3.6% from 1Q 2023). Net income: zł16.7m (down 4.3% from 1Q 2023). Profit margin: 8.4% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Declared Dividend • May 19
Dividend of zł3.16 announced Shareholders will receive a dividend of zł3.16. Ex-date: 11th September 2024 Payment date: 10th October 2024 Dividend yield will be 37%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 18
FERRO S.A., Annual General Meeting, Jun 18, 2024 FERRO S.A., Annual General Meeting, Jun 18, 2024. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: zł3.16 (vs zł3.08 in FY 2022) Full year 2023 results: EPS: zł3.16 (up from zł3.08 in FY 2022). Revenue: zł806.8m (down 12% from FY 2022). Net income: zł67.0m (up 2.5% from FY 2022). Profit margin: 8.3% (up from 7.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €7.16, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 14x in the Building industry in Europe. Total returns to shareholders of 63% over the past year. Reported Earnings • Nov 30
Third quarter 2023 earnings released: EPS: zł0.99 (vs zł0.65 in 3Q 2022) Third quarter 2023 results: EPS: zł0.99 (up from zł0.65 in 3Q 2022). Revenue: zł212.7m (down 5.9% from 3Q 2022). Net income: zł21.1m (up 54% from 3Q 2022). Profit margin: 9.9% (up from 6.1% in 3Q 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €6.60, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 14x in the Building industry in Europe. Total returns to shareholders of 46% over the past year. Buying Opportunity • Oct 06
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €7.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years, while earnings per share has been flat. New Risk • Oct 04
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 6.1% 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: Minor Risks Dividend is not well covered by cash flows (118% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (7.1% net profit margin). Upcoming Dividend • Sep 06
Upcoming dividend of zł1.50 per share at 4.9% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 12 October 2023. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Within top quartile of German dividend payers (4.8%). In line with average of industry peers (4.6%). New Risk • Aug 04
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 7.2% 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: Minor Risks Dividend is not well covered by cash flows (118% cash payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (7.1% net profit margin). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €7.14, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 15x in the Building industry in Europe. Total returns to shareholders of 27% over the past year. Announcement • May 23
FERRO S.A., Annual General Meeting, Jun 21, 2023 FERRO S.A., Annual General Meeting, Jun 21, 2023, at 11:00 Central European Standard Time. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: zł0.65 (vs zł1.02 in 3Q 2021) Third quarter 2022 results: EPS: zł0.65 (down from zł1.02 in 3Q 2021). Revenue: zł226.5m (flat on 3Q 2021). Net income: zł13.7m (down 37% from 3Q 2021). Profit margin: 6.1% (down from 9.5% in 3Q 2021). Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €4.73, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 12x in the Building industry in Europe. Total loss to shareholders of 31% over the past year. Reported Earnings • Sep 22
Second quarter 2022 earnings released: EPS: zł0.88 (vs zł2.72 in 2Q 2021) Second quarter 2022 results: EPS: zł0.88 (down from zł2.72 in 2Q 2021). Revenue: zł224.6m (up 2.1% from 2Q 2021). Net income: zł18.6m (down 68% from 2Q 2021). Profit margin: 8.3% (down from 26% in 2Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Sep 12
Upcoming dividend of zł1.51 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 5.9%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.3%). Announcement • May 26
FERRO S.A., Annual General Meeting, Jun 22, 2022 FERRO S.A., Annual General Meeting, Jun 22, 2022, at 11:00 Central European Standard Time. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł1.02 (down from zł1.11 in 3Q 2020). Revenue: zł227.3m (up 53% from 3Q 2020). Net income: zł21.7m (down 8.1% from 3Q 2020). Profit margin: 9.5% (down from 16% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Reported Earnings • Oct 03
Second quarter 2021 earnings released: EPS zł2.72 (vs zł0.58 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł220.0m (up 95% from 2Q 2020). Net income: zł57.8m (up 368% from 2Q 2020). Profit margin: 26% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 19% share price gain to zł8.96, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 23x in the Building industry in Europe. Reported Earnings • Jun 01
Third quarter 2020 earnings released: EPS zł1.11 (vs zł0.68 in 3Q 2019) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł148.6m (up 21% from 3Q 2019). Net income: zł23.6m (up 62% from 3Q 2019). Profit margin: 16% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue.