New Risk • Jun 07
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 157% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (157% net debt to equity). Share price has been volatile over the past 3 months (12% average weekly change). Announcement • May 15
Eurocash S.A., Annual General Meeting, Jun 10, 2026 Eurocash S.A., Annual General Meeting, Jun 10, 2026, at 10:00 Central European Standard Time. Announcement • Apr 18
Eurocash S.A., Annual General Meeting, May 15, 2025 Eurocash S.A., Annual General Meeting, May 15, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: zł0.022 (vs zł0.21 in 3Q 2023) Third quarter 2024 results: EPS: zł0.022 (down from zł0.21 in 3Q 2023). Revenue: zł8.49b (flat on 3Q 2023). Net income: zł3.05m (down 90% from 3Q 2023). Profit margin: 0% (down from 0.3% in 3Q 2023). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.91, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Consumer Retailing industry in Europe. Total loss to shareholders of 2.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.61 per share. Reported Earnings • Aug 29
Second quarter 2024 earnings released: zł0.056 loss per share (vs zł0.28 profit in 2Q 2023) Second quarter 2024 results: zł0.056 loss per share (down from zł0.28 profit in 2Q 2023). Revenue: zł8.17b (down 2.5% from 2Q 2023). Net loss: zł7.77m (down 120% from profit in 2Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 15
Upcoming dividend of zł0.72 per share Eligible shareholders must have bought the stock before 22 August 2024. Payment date: 23 December 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.3%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (4.1%). Announcement • Jun 25
Eurocash S.A. Announces Dividend from 2023 Eurocash shareholders have decided that the company will pay out PLN 100.2 million (EUR 23.4 million) in dividends from its 2023 net profit, which amounts to PLN 0.72 (EUR 0.17) per share. The remaining part of the 2023 net profit, amounting to PLN 21.6 million (EUR 5 million), will be allocated to the reserve capital. The dividend record date will be August 23, 2024 and the determination of the dividend payment date has been left to the supervisory board. In 2023, Eurocash paid a dividend of PLN 0.36 (EUR 0.08) per share. Announcement • May 31
Eurocash S.A., Annual General Meeting, Jun 24, 2024 Eurocash S.A., Annual General Meeting, Jun 24, 2024. Announcement • May 30
Eurocash S.A. Proposes Dividend for 2023, Payable on December 23, 2024 Eurocash S.A. is recommending to the general meeting that PLN 100.2 million (EUR 23.5 million) of its 2023 net profit be paid out in the form of a dividend, which amounts to PLN 0.72 (EUR 0.17) per share. The proposed dividend date is September 23 and the dividend payment date is December 23, 2024. Reported Earnings • May 15
First quarter 2024 earnings released: zł0.62 loss per share (vs zł0.37 loss in 1Q 2023) First quarter 2024 results: zł0.62 loss per share (further deteriorated from zł0.37 loss in 1Q 2023). Revenue: zł7.62b (flat on 1Q 2023). Net loss: zł86.8m (loss widened 68% from 1Q 2023). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 19
Full year 2023 earnings released: EPS: zł0.71 (vs zł0.48 in FY 2022) Full year 2023 results: EPS: zł0.71 (up from zł0.48 in FY 2022). Revenue: zł32.5b (up 5.2% from FY 2022). Net income: zł99.2m (up 48% from FY 2022). Profit margin: 0.3% (up from 0.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: zł0.21 (vs zł0.24 in 3Q 2022) Third quarter 2023 results: EPS: zł0.21 (down from zł0.24 in 3Q 2022). Revenue: zł8.57b (up 3.7% from 3Q 2022). Net income: zł30.0m (down 12% from 3Q 2022). Profit margin: 0.3% (down from 0.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.50, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Consumer Retailing industry in Europe. Total returns to shareholders of 22% over the past three years. New Risk • Oct 25
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 6.6% 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 Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.85, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 13x in the Consumer Retailing industry in Europe. Negligible returns to shareholders over past three years. Upcoming Dividend • Jun 17
Upcoming dividend of zł0.36 per share at 2.0% yield Eligible shareholders must have bought the stock before 23 June 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.4%). Announcement • May 26
Eurocash S.A., Annual General Meeting, Jun 19, 2023 Eurocash S.A., Annual General Meeting, Jun 19, 2023, at 10:00 Central European Standard Time. Announcement • May 25
Eurocash S.A. Proposes Dividend for 2022, Payable on June 29, 2023 Eurocash S.A. proposed dividend of PLN 0.36 per share for 2022 compared to PLN 0.48 per share a year ago. The company proposed that rights are set on June 26, 2023 and payout made on June 29, 2023. Reported Earnings • May 14
First quarter 2023 earnings released: zł0.37 loss per share (vs zł0.37 loss in 1Q 2022) First quarter 2023 results: zł0.37 loss per share (improved from zł0.37 loss in 1Q 2022). Revenue: zł7.59b (up 16% from 1Q 2022). Net loss: zł51.6m (flat on 1Q 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to €3.79, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 15x in the Consumer Retailing industry in Europe. Total returns to shareholders of 2.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.97 per share. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: zł0.48 (vs zł0.82 loss in FY 2021) Full year 2022 results: EPS: zł0.48 (up from zł0.82 loss in FY 2021). Revenue: zł30.9b (up 17% from FY 2021). Net income: zł67.1m (up zł180.7m from FY 2021). Profit margin: 0.2% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: zł0.24 (vs zł0.20 in 3Q 2021) Third quarter 2022 results: EPS: zł0.24 (up from zł0.20 in 3Q 2021). Revenue: zł8.27b (up 18% from 3Q 2021). Net income: zł34.1m (up 24% from 3Q 2021). Profit margin: 0.4% (in line with 3Q 2021). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: zł0.24 (vs zł0.20 in 3Q 2021) Third quarter 2022 results: EPS: zł0.24 (up from zł0.20 in 3Q 2021). Revenue: zł8.27b (up 18% from 3Q 2021). Net income: zł34.1m (up 24% from 3Q 2021). Profit margin: 0.4% (in line with 3Q 2021). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: zł0.11 (vs zł0.70 loss in 2Q 2021) Second quarter 2022 results: EPS: zł0.11 (up from zł0.70 loss in 2Q 2021). Revenue: zł7.84b (up 20% from 2Q 2021). Net income: zł15.1m (up zł112.5m from 2Q 2021). Profit margin: 0.2% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 7.4% growth forecast for the Consumer Retailing industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • Jun 07
Eurocash S.A., Annual General Meeting, Jun 30, 2022 Eurocash S.A., Annual General Meeting, Jun 30, 2022, at 10:00 Central European Standard Time. Location: Winiowa 11 Street Komorniki Poland Agenda: To evaluate the company's annual report for 2021, including the financial statement for 2021 and the Management Board's report on the company's business activity in 2021;to evaluate the company's Capital Group consolidated annual report for 2021, including the consolidated financial statement for 2021 and the Management Board's report on the business activity of Eurocash S.A. Capital Group in 2021; to evaluate the Supervisory Board report on its activity in 2021, including a concise information on the company's standing; and to consider other matters. Reported Earnings • May 13
First quarter 2022 earnings released: zł0.37 loss per share (vs zł0.51 loss in 1Q 2021) First quarter 2022 results: zł0.37 loss per share (up from zł0.51 loss in 1Q 2021). Revenue: zł6.53b (up 12% from 1Q 2021). Net loss: zł51.7m (loss narrowed 27% from 1Q 2021). Over the next year, revenue is forecast to grow 1.5%, compared to a 7.6% 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 77 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 15
Full year 2021 earnings released: zł0.82 loss per share (vs zł0.44 profit in FY 2020) Full year 2021 results: zł0.82 loss per share (down from zł0.44 profit in FY 2020). Revenue: zł26.3b (up 3.4% from FY 2020). Net loss: zł113.6m (down 284% from profit in FY 2020). Over the next year, revenue is forecast to grow 3.8%, compared to a 7.7% growth forecast for the retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
Eurocash S.A. to Report Q3, 2022 Results on Oct 11, 2022 Eurocash S.A. announced that they will report Q3, 2022 results on Oct 11, 2022 Announcement • Feb 08
Eurocash S.A. to Report First Half, 2022 Results on Aug 30, 2022 Eurocash S.A. announced that they will report first half, 2022 results on Aug 30, 2022 Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS zł0.20 (vs zł0.23 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: zł7.03b (flat on 3Q 2020). Net income: zł27.4m (down 15% from 3Q 2020). Profit margin: 0.4% (down from 0.5% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Announcement • Jul 23
Eurocash plans to Close 59 Own Stores to End-21 Eurocash planed to close down 59 own stores of the Delikatesy Centrum brand to end-2021. Upcoming Dividend • Jun 08
Upcoming dividend of zł0.48 per share Eligible shareholders must have bought the stock before 15 June 2021. Payment date: 07 July 2021. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.9%). Reported Earnings • May 14
First quarter 2021 earnings released: zł0.51 loss per share (vs zł0.44 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: zł5.81b (down 1.8% from 1Q 2020). Net loss: zł70.5m (loss widened 16% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Eurocash S.A. (WSE:EUR) signed a preliminary conditional binding deal to acquire 49% stake in Arhelan Sp Z O O Spolka Komandytowa. Eurocash S.A. (WSE:EUR) signed a preliminary conditional binding deal to acquire 49% stake in Arhelan Sp Z O O Spolka Komandytowa on March 11, 2021. In 2020, Arhelan stores sported over PLN 500 million in sales. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS zł0.49 (vs zł0.50 in FY 2019) The company reported a mediocre full year result with weaker earnings, although profit margins were flat and revenues improved. Full year 2020 results: Revenue: zł25.4b (up 2.2% from FY 2019). Net income: zł68.1m (down 2.6% from FY 2019). Profit margin: 0.3% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 3.6%, compared to a 1.6% growth forecast for the Consumer Retailing industry in Germany. Is New 90 Day High Low • Feb 26
New 90-day low: €2.77 The company is down 8.0% from its price of €3.02 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.09 per share. Is New 90 Day High Low • Feb 08
New 90-day low: €2.79 The company is down 4.0% from its price of €2.91 on 10 November 2020. The German market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.12 per share. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS zł0.23 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł7.01b (up 5.0% from 3Q 2019). Net income: zł32.2m (up 43% from 3Q 2019). Profit margin: 0.5% (up from 0.3% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue beats expectations Revenue exceeded analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 4.4%, compared to a 1.6% growth forecast for the Consumer Retailing industry in Germany. Announcement • Nov 15
Eurocash Plans to Merge with Mila Holding Eurocash S.A. (WSE:EUR) said on November 12, 2020 that it intends to merge with Mila Holding. The company holds 100% stake in Mila Holding. Valuation Update With 7 Day Price Move • Nov 07
Market bids up stock over the past week After last week's 19% share price gain to zł2.82, the stock is trading at a trailing P/E ratio of 41.8x, up from the previous P/E ratio of 35.2x. This compares to an average P/E of 21x in the Consumer Retailing industry in Europe. Total return to shareholders over the past three years is a loss of 62%. Valuation Update With 7 Day Price Move • Oct 31
Market pulls back on stock over the past week After last week's 15% share price decline to zł2.38, the stock is trading at a trailing P/E ratio of 36.9x, down from the previous P/E ratio of 43.5x. This compares to an average P/E of 21x in the Consumer Retailing industry in Europe. Total return to shareholders over the past three years is a loss of 69%. Is New 90 Day High Low • Oct 14
New 90-day low: €2.96 The company is down 20% from its price of €3.69 on 16 July 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.21 per share. 
