Buy Or Sell Opportunity • Jun 12
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 2.8% to €158. The fair value is estimated to be €128, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Declared Dividend • May 20
Dividend of zł32.42 announced Shareholders will receive a dividend of zł32.42. Ex-date: 2nd June 2026 Payment date: 10th June 2026 Dividend yield will be 21%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (115% earnings payout ratio) nor is it covered by cash flows (143% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 28% to bring the payout ratio under control. EPS is expected to grow by 40% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Apr 29
Budimex SA, Annual General Meeting, May 27, 2026 Budimex SA, Annual General Meeting, May 27, 2026, at 10:00 Central European Standard Time. Announcement • Mar 27
Budimex SA announces Annual dividend, payable on June 10, 2026 Budimex SA announced Annual dividend of PLN 32.4200 per share payable on June 10, 2026, ex-date on June 02, 2026 and record date on June 03, 2026. Announcement • Mar 20
Budimex SA to Report Q1, 2026 Results on May 06, 2026 Budimex SA announced that they will report Q1, 2026 results on May 06, 2026 Announcement • Oct 27
Budimex SA to Report Q3, 2025 Results on Oct 27, 2025 Budimex SA announced that they will report Q3, 2025 results on Oct 27, 2025 Announcement • Aug 20
Budimex SA to Report First Half, 2025 Results on Aug 22, 2025 Budimex SA announced that they will report first half, 2025 results on Aug 22, 2025 Announcement • Apr 25
Budimex SA, Annual General Meeting, May 29, 2025 Budimex SA, Annual General Meeting, May 29, 2025. Announcement • Apr 11
Budimex SA announces Annual dividend, payable on June 13, 2025 Budimex SA announced Annual dividend of PLN 25.4300 per share payable on June 13, 2025, ex-date on June 04, 2025 and record date on June 05, 2025. Reported Earnings • Oct 28
Third quarter 2024 earnings released: EPS: zł6.67 (vs zł6.88 in 3Q 2023) Third quarter 2024 results: EPS: zł6.67 (down from zł6.88 in 3Q 2023). Revenue: zł2.47b (down 7.7% from 3Q 2023). Net income: zł170.3m (down 3.1% from 3Q 2023). Profit margin: 6.9% (up from 6.6% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.7% 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 33% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Sep 13
Now 21% overvalued Over the last 90 days, the stock has fallen 13% to €134. The fair value is estimated to be €110, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 8.0% per annum over the same time period. Reported Earnings • Aug 25
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł2.40b (flat on 2Q 2023). Net income: zł157.6m (down 6.4% from 2Q 2023). Profit margin: 6.6% (down from 7.1% in 2Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.9% 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 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 04
Budimex SA to Report Q2, 2024 Results on Jul 29, 2024 Budimex SA announced that they will report Q2, 2024 results on Jul 29, 2024 Buy Or Sell Opportunity • Jun 06
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at €171. The fair value is estimated to be €140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Announcement • May 24
Budimex SA Approves Dividend for 2023, Payable on June 6, 2024 Budimex SA approved that it will pay dividend of PLN 35.69 DPS or the total sum of PLN 749.6 million. The dividend day was set as May 29, 2024 and the dividend payment date as June 6, 2024. Upcoming Dividend • May 21
Upcoming dividend of zł35.69 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 06 June 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.9%). Announcement • Apr 24
Budimex SA, Annual General Meeting, May 23, 2024 Budimex SA, Annual General Meeting, May 23, 2024, at 10:00 Central European Standard Time. Reported Earnings • Apr 11
Full year 2023 earnings released: EPS: zł28.91 (vs zł20.93 in FY 2022) Full year 2023 results: EPS: zł28.91 (up from zł20.93 in FY 2022). Revenue: zł9.80b (up 14% from FY 2022). Net income: zł738.2m (up 38% from FY 2022). Profit margin: 7.5% (up from 6.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% 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 24% 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 • Apr 11
Dividend of zł35.69 announced Shareholders will receive a dividend of zł35.69. Ex-date: 28th May 2024 Payment date: 6th June 2024 Dividend yield will be 22%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 09
Budimex SA Recommends Dividend, Payable on June 6 2024 The board of Budimex SA recommends the AGM to pay a gross dividend of PLN 35.69 (EUR 8.34) per share. The management board proposed to allocate the entire net profit for 2023 in the amount of approximately PLN 749.57 million (EUR 175.1 million) and a part of the reserve capital created from profits from previous years in the amount of PLN 161.6 million (EUR 37.7 million) for dividend payment. The proposed dividend date is May 29 and the payment date is June 6 2024. In 2023 Budimex paid a dividend of PLN 17.99 (EUR 4.2) per share. Announcement • Jan 12
Budimex Provides Consolidated Earnings Guidance for the Fourth Quarter of 2023 Budimex provided consolidated earnings guidance for the fourth quarter of 2023. for the quarter, the company estimates revenue of PLN 2.8 billion (EUR 643.7 million) and operating profit at PLN 295 million (EUR 67.8 million) and net profit of PLN 287 million (EUR 66 million), up by PLN 107 million (EUR 24.6 million) or 59% year on year. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €122, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 138% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €97.02 per share. Reported Earnings • Oct 31
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł2.68b (up 13% from 3Q 2022). Net income: zł175.7m (up 12% from 3Q 2022). Profit margin: 6.6% (in line with 3Q 2022). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Construction industry in Germany. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €101, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 115% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €90.29 per share. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €109, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 114% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €112 per share. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: zł6.60 (vs zł5.67 in 2Q 2022) Second quarter 2023 results: EPS: zł6.60 (up from zł5.67 in 2Q 2022). Revenue: zł2.38b (flat on 2Q 2022). Net income: zł168.4m (up 16% from 2Q 2022). Profit margin: 7.1% (up from 6.0% in 2Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Construction industry in Germany. Announcement • Jul 27
Budimex Provides Revenue Guidance for the Year 2023 Budimex provided revenue guidance for the year 2023. The company will improve its revenues and grow year on year when it comes to revenues value at the end of 2023. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €97.50, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 119% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €93.30 per share. Announcement • May 19
Budimex Sa Approves Dividend for the Year 2022, Payable on June 5, 2023 Budimex SA approved that it will pay out PLN 17.99 DPS from the 2022 profit or the total sum of PLN 459.3 million. Rights will be set on May 25 and the payout made on June 5, 2023. Upcoming Dividend • May 17
Upcoming dividend of zł17.99 per share at 5.0% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 05 June 2023. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.7%). Reported Earnings • Apr 02
Full year 2022 earnings released Full year 2022 results: Revenue: zł8.62b (up 8.9% from FY 2021). Net income: zł534.4m (up 19% from FY 2021). Profit margin: 6.2% (up from 5.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.8% growth forecast for the Construction industry in Europe. Reported Earnings • Oct 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł2.37b (up 3.4% from 3Q 2021). Net income: zł157.3m (up 56% from 3Q 2021). Profit margin: 6.6% (up from 4.4% in 3Q 2021). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Construction industry in Europe. Buying Opportunity • Oct 22
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €58.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings is forecast to decline by 1.8% per annum over the same time period. Buying Opportunity • Oct 01
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 4.4%. The fair value is estimated to be €59.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings is forecast to decline by 1.8% per annum over the same time period. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: zł5.67 (vs zł6.20 in 2Q 2021) Second quarter 2022 results: EPS: zł5.67 (down from zł6.20 in 2Q 2021). Revenue: zł2.40b (up 20% from 2Q 2021). Net income: zł144.9m (down 8.4% from 2Q 2021). Profit margin: 6.0% (down from 7.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 5.7% compared to a 9.1% growth forecast for the industry in Germany. Upcoming Dividend • May 23
Upcoming dividend of zł23.47 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 14 June 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (3.6%). Announcement • May 20
Budimex SA Approves Dividend for the Year 2021, Payable on June 14, 2022 Budimex approved PLN 24.47 DPS from 2021 profit on top of the already distributed PLN 14.90 advance dividend payment per share. Dividend rights will be set on May 31 and the payment made on June 14. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to €50.10, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Construction industry in Europe. Total loss to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €55.22 per share. Reported Earnings • Apr 30
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł1.60b (up 28% from 1Q 2021). Net income: zł56.4m (up 33% from 1Q 2021). Profit margin: 3.5% (up from 3.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.2%, compared to a 5.9% growth forecast for the industry in Germany. Announcement • Apr 23
Budimex SA, Annual General Meeting, May 19, 2022 Budimex SA, Annual General Meeting, May 19, 2022, at 10:00 Central European Standard Time. Reported Earnings • Mar 29
Full year 2021 earnings released Full year 2021 results: Revenue: zł7.91b (down 5.6% from FY 2020). Net income: zł451.1m (down 1.8% from FY 2020). Profit margin: 5.7% (up from 5.5% in FY 2020). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 5.7%, compared to a 5.5% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 15% share price gain to €47.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Construction industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €49.40 per share. Upcoming Dividend • Oct 01
Upcoming dividend of zł14.90 per share Eligible shareholders must have bought the stock before 08 October 2021. Payment date: 18 October 2021. Trailing yield: 5.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.0%). Reported Earnings • Sep 08
Second quarter 2021 earnings released: EPS zł6.20 (vs zł1.28 in 2Q 2020) The company reported a solid second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: zł2.00b (flat on 2Q 2020). Net income: zł158.2m (up 386% from 2Q 2020). Profit margin: 7.9% (up from 1.6% in 2Q 2020). Reported Earnings • Jul 27
Second quarter 2021 earnings released: EPS zł6.20 (vs zł3.47 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł2.00b (down 12% from 2Q 2020). Net income: zł158.2m (up 79% from 2Q 2020). Profit margin: 7.9% (up from 3.9% in 2Q 2020). The increase in margin was driven by lower expenses. Announcement • May 21
Budimex to Pay Gross Dividend in 2021 on June 18 Budimex will pay out PLN 16.70 gross dividend per share to shareholders in 2021 from 2020 profit and reserve capital, in line with management recommendation. Dividend rights will be set on June 1 and the payment will follow on June 18. The company paid PLN 4.56 gross dividend per share in 2020, or some 50% of 2019 net profit. Reported Earnings • May 02
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: zł1.24b (down 16% from 1Q 2020). Net income: zł42.5m (up 93% from 1Q 2020). Profit margin: 3.4% (up from 1.5% in 1Q 2020). The increase in margin was driven by lower expenses.