Buy Or Sell Opportunity • Jun 25
Now 23% undervalued Over the last 90 days, the stock has risen 8.3% to €56.20. The fair value is estimated to be €72.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 1.0% per annum over the same time period. Upcoming Dividend • Jun 18
Upcoming dividend of zł7.00 per share Eligible shareholders must have bought the stock before 24 June 2026. Payment date: 02 July 2026. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 5.7%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (5.4%). Buy Or Sell Opportunity • Jun 02
Now 22% undervalued Over the last 90 days, the stock has risen 3.1% to €56.60. The fair value is estimated to be €72.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 1.0% per annum over the same time period. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €64.30, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Consumer Durables industry in Europe. Total returns to shareholders of 170% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €77.52 per share. Declared Dividend • May 20
Dividend of zł7.00 announced Shareholders will receive a dividend of zł7.00. Ex-date: 24th June 2026 Payment date: 2nd July 2026 Dividend yield will be 15%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but not covered by cash flows (215% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 9.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 16
Dom Development S.A., Annual General Meeting, Jun 18, 2026 Dom Development S.A., Annual General Meeting, Jun 18, 2026. Announcement • Mar 03
Dom Development S.A. to Report Q1, 2026 Results on May 14, 2026 Dom Development S.A. announced that they will report Q1, 2026 results on May 14, 2026 Announcement • May 09
Dom Development S.A., Annual General Meeting, Jun 12, 2025 Dom Development S.A., Annual General Meeting, Jun 12, 2025. Declared Dividend • Nov 09
First half dividend of zł6.00 announced Shareholders will receive a dividend of zł6.00. Ex-date: 11th December 2024 Payment date: 18th December 2024 Dividend yield will be 17%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not covered by cash flows (161% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Oct 02
Now 27% undervalued Over the last 90 days, the stock has risen 12% to €41.75. The fair value is estimated to be €57.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 8.3%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 2.2% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €45.95, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Consumer Durables industry in Europe. Total returns to shareholders of 115% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €63.13 per share. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: zł3.64 (vs zł2.49 in 2Q 2023) Second quarter 2024 results: EPS: zł3.64 (up from zł2.49 in 2Q 2023). Revenue: zł663.7m (up 47% from 2Q 2023). Net income: zł93.8m (up 47% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jun 19
Upcoming dividend of zł6.50 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 04 July 2024. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 7.3%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €40.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Consumer Durables industry in Europe. Total returns to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €48.97 per share. Buy Or Sell Opportunity • May 31
Now 20% undervalued Over the last 90 days, the stock has risen 20% to €42.85. The fair value is estimated to be €53.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 3.7%. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings are also forecast to grow by 4.7% per annum over the same time period. New Risk • May 28
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 7.9% 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 Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (358% cash payout ratio). Share price has been volatile over the past 3 months (7.9% average weekly change). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: zł5.33 (vs zł6.21 in 1Q 2023) First quarter 2024 results: EPS: zł5.33 (down from zł6.21 in 1Q 2023). Revenue: zł705.9m (down 14% from 1Q 2023). Net income: zł137.2m (down 14% from 1Q 2023). Profit margin: 19% (in line with 1Q 2023). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Consumer Durables industry in Germany. 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 9% per year. Announcement • May 17
Dom Development S.A., Annual General Meeting, Jun 19, 2024 Dom Development S.A., Annual General Meeting, Jun 19, 2024. New Risk • Mar 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 113% Dividend yield: 6.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Mar 21
Final dividend of zł6.50 announced Shareholders will receive a dividend of zł6.50. Ex-date: 25th June 2024 Payment date: 4th July 2024 Dividend yield will be 20%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but not covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 21
Dom Development Recommends Additional Dividend, Payable on July 4, 2024 Dom Development announced that according to the management board's proposal, a total of PLN 309.58 million (EUR 71.9 million), or PLN 12 (EUR 2.8 million) per share, is to go towards the dividend for 2023. With regard to the 25.698,422 shares of the company, the remaining dividend to be paid for 2023 amounts to PLN 167.04 million (EUR 38.8 million), or PLN 6.50 (EUR 1.51) dividend per share. On the other hand, in relation to the 100,000 shares of the company that were not registered at that time, the remaining dividend to be paid for 2023 is PLN 1.2 million (EUR 280k) or PLN 12 (EUR 2.79) per share. The company's management board proposes to set June 26, 2024 as the dividend date and July 4, 2024 as the dividend payment date. In November 2023, Dom Development's management board decided to pay an advance dividend for 2023, which amounted to PLN 141.3 million (EUR 32.8 million), giving PLN 5.5 (EUR 1.28) per share. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: zł17.94 (vs zł16.07 in FY 2022) Full year 2023 results: EPS: zł17.94 (up from zł16.07 in FY 2022). Revenue: zł2.55b (up 5.4% from FY 2022). Net income: zł460.2m (up 12% from FY 2022). Profit margin: 18% (in line with FY 2022). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Germany. Buy Or Sell Opportunity • Feb 24
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €35.00. The fair value is estimated to be €44.73, however this is not to be taken as a buy 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 6.0%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 9.8% per annum over the same time period. Upcoming Dividend • Dec 04
Upcoming dividend of zł5.50 per share at 6.7% yield Eligible shareholders must have bought the stock before 11 December 2023. Payment date: 18 December 2023. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 6.7%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (4.8%). New Risk • Nov 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% 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 (30% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Oct 18
Dom Development Intends to Pay an Advance Dividend for 2023 Dom Development intends to pay an advance dividend for 2023, which will amount to PLN 141.3 million (EUR 31.8 million), or PLN 5.5 (EUR 1,24) per share, the company said in a market filing. Announcement • Sep 26
Dom Development Launches Sales of 100 Apartments in Warsaw Dom Development launched the sales of 100 apartments under the residential project Apartamenty Literacka located in Bielany quarter in Warsaw. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: zł2.49 (vs zł3.68 in 2Q 2022) Second quarter 2023 results: EPS: zł2.49 (down from zł3.68 in 2Q 2022). Revenue: zł452.5m (down 25% from 2Q 2022). Net income: zł63.8m (down 32% from 2Q 2022). Profit margin: 14% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Consumer Durables industry in Germany. Buying Opportunity • Aug 18
Now 20% undervalued Over the last 90 days, the stock is up 1.6%. The fair value is estimated to be €40.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings is forecast to decline by 1.0% per annum over the same time period. Upcoming Dividend • Jun 16
Upcoming dividend of zł11.00 per share at 7.8% yield Eligible shareholders must have bought the stock before 23 June 2023. Payment date: 04 July 2023. Payout ratio is a comfortable 66% and the cash payout ratio is 97%. Trailing yield: 7.8%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.8%). Reported Earnings • May 21
First quarter 2023 earnings released: EPS: zł6.21 (vs zł5.57 in 1Q 2022) First quarter 2023 results: EPS: zł6.21 (up from zł5.57 in 1Q 2022). Revenue: zł822.0m (up 13% from 1Q 2022). Net income: zł158.8m (up 12% from 1Q 2022). Profit margin: 19% (in line with 1Q 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: zł16.07 (vs zł12.89 in FY 2021) Full year 2022 results: EPS: zł16.07 (up from zł12.89 in FY 2021). Revenue: zł2.42b (up 28% from FY 2021). Net income: zł410.3m (up 25% from FY 2021). Profit margin: 17% (in line with FY 2021). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Durables industry in Germany. Buying Opportunity • Feb 15
Now 22% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be €27.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 8.7%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings is forecast to decline by 8.6% per annum over the same time period. Announcement • Jan 10
Dom Development S.A. to Report Fiscal Year 2022 Results on Mar 16, 2023 Dom Development S.A. announced that they will report fiscal year 2022 results on Mar 16, 2023 Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: zł0.93 (vs zł2.11 in 3Q 2021) Third quarter 2022 results: EPS: zł0.93 (down from zł2.11 in 3Q 2021). Revenue: zł320.2m (down 3.4% from 3Q 2021). Net income: zł23.8m (down 56% from 3Q 2021). Profit margin: 7.4% (down from 16% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Durables industry in Germany. Buying Opportunity • Oct 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.1%. The fair value is estimated to be €23.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings is forecast to decline by 12% per annum over the same time period. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: zł3.68 (vs zł2.29 in 2Q 2021) Second quarter 2022 results: EPS: zł3.68 (up from zł2.29 in 2Q 2021). Revenue: zł601.8m (up 79% from 2Q 2021). Net income: zł94.0m (up 62% from 2Q 2021). Profit margin: 16% (down from 17% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.4%, compared to a 2.0% growth forecast for the Consumer Durables industry in Germany. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €16.76, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Consumer Durables industry in Germany. Total loss to shareholders of 39% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €24.80 per share. Buying Opportunity • Jul 16
Now 32% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €24.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings is forecast to decline by 7.1% per annum over the same time period. Upcoming Dividend • Jul 07
Upcoming dividend of zł10.50 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 16 August 2022. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 11%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.7%). Announcement • Jul 02
Dom Development S.A. Announces Dividend for the Year 2021, Payable on August 16, 2022 Dom Development will pay PLN 10.5 in dividend per share from 2021 earnings, or a total of PLN 268.3 million. Dividend rights will be set on July 15, 2022 and the payment will follow on August 16, 2022. Buying Opportunity • Jun 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. The fair value is estimated to be €25.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings is forecast to decline by 7.1% per annum over the same time period. Announcement • Jun 01
Dom Development S.A., Annual General Meeting, Jun 30, 2022 Dom Development S.A., Annual General Meeting, Jun 30, 2022, at 14:00 Central Europe Standard Time. Reported Earnings • May 27
First quarter 2022 earnings released: EPS: zł5.57 (vs zł6.90 in 1Q 2021) First quarter 2022 results: EPS: zł5.57 (down from zł6.90 in 1Q 2021). Revenue: zł727.0m (down 10.0% from 1Q 2021). Net income: zł141.7m (down 19% from 1Q 2021). Profit margin: 20% (down from 22% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 18%, compared to a 7.3% growth forecast for the industry in Germany. Announcement • May 24
Dom Development Recommends Dividend, Payable on August 16, 2022 Dom Development recommended PLN 10.5 in dividend per share or a total of PLN 268.3 million. Dividend rights would be set on July 15, 2022 and the payment made on August 16, 2022. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 15% share price gain to €20.15, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Consumer Durables industry in Germany. Total loss to shareholders of 34% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €31.69 per share. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS zł0.42 (vs zł2.28 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł123.5m (down 66% from 3Q 2020). Net income: zł10.7m (down 81% from 3Q 2020). Profit margin: 8.7% (down from 16% in 3Q 2020). The decrease in margin was driven by lower revenue. Announcement • Jul 03
Dom Development S.A. (WSE:DOM) completed the acquisition of 77% stake in SENTO S.A. from Reno for PLN 35.4 million. Dom Development S.A. (WSE:DOM) intends to acquire a majority stake in SENTO S.A. from Reno on March 12, 2021. Dom Development has entered into an agreement with Reno to acquire 77% of the shares of Krakow developer Sento. The transaction is subject to approval of the Office of Competition and Consumer Protection (UOKiK). The transaction is expected to be completed in the first half of 2021.
Dom Development S.A. (WSE:DOM) completed the acquisition of 77% stake in SENTO S.A. from Reno for PLN 35.4 million on July 1, 2021. The remaining 23% of Sento S.A. shares are controlled by the managers of sento S.A. Dom Development S.A. has a preemptive right in respect of the remaining shares. Reported Earnings • May 15
First quarter 2021 earnings released: EPS zł6.90 (vs zł1.54 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł807.9m (up 157% from 1Q 2020). Net income: zł174.5m (up 353% from 1Q 2020). Profit margin: 22% (up from 12% in 1Q 2020). The increase in margin was driven by higher revenue. 
