Announcement • Jun 04
Stalprodukt S.A., Annual General Meeting, Jun 30, 2026 Stalprodukt S.A., Annual General Meeting, Jun 30, 2026, at 10:00 Central European Standard Time. Reported Earnings • May 24
First quarter 2026 earnings released: zł4.82 loss per share (vs zł3.43 loss in 1Q 2025) First quarter 2026 results: zł4.82 loss per share (further deteriorated from zł3.43 loss in 1Q 2025). Revenue: zł888.7m (down 14% from 1Q 2025). Net loss: zł24.5m (loss widened 41% from 1Q 2025). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Third quarter 2024 earnings released: zł1.03 loss per share (vs zł2.51 profit in 3Q 2023) Third quarter 2024 results: zł1.03 loss per share (down from zł2.51 profit in 3Q 2023). Revenue: zł957.4m (down 10% from 3Q 2023). Net loss: zł5.55m (down 141% from profit in 3Q 2023). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 20
Second quarter 2024 earnings released: EPS: zł3.58 (vs zł5.49 loss in 2Q 2023) Second quarter 2024 results: EPS: zł3.58 (up from zł5.49 loss in 2Q 2023). Revenue: zł973.5m (down 22% from 2Q 2023). Net income: zł19.3m (up zł48.3m from 2Q 2023). Profit margin: 2.0% (up from net loss in 2Q 2023). Revenue is expected to decline by 5.8% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 04
First quarter 2024 earnings released: zł7.48 loss per share (vs zł20.37 profit in 1Q 2023) First quarter 2024 results: zł7.48 loss per share (down from zł20.37 profit in 1Q 2023). Revenue: zł897.7m (down 31% from 1Q 2023). Net loss: zł40.4m (down 136% from profit in 1Q 2023). Revenue is expected to decline by 6.7% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • May 31
Stalprodukt S.A., Annual General Meeting, Jun 26, 2024 Stalprodukt S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 06
Full year 2023 earnings released: EPS: zł16.38 (vs zł85.85 in FY 2022) Full year 2023 results: EPS: zł16.38 (down from zł85.85 in FY 2022). Revenue: zł4.61b (down 22% from FY 2022). Net income: zł88.4m (down 81% from FY 2022). Profit margin: 1.9% (down from 8.0% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. New Risk • Apr 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 34% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 34% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.3% net profit margin). New Risk • Jan 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.3% net profit margin). Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł1.07b (down 26% from 3Q 2022). Net income: zł13.6m (down 85% from 3Q 2022). Profit margin: 1.3% (down from 6.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Reported Earnings • Sep 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł1.25b (down 21% from 2Q 2022). Net loss: zł29.0m (down 125% from profit in 2Q 2022). Revenue is forecast to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Upcoming Dividend • Jun 23
Upcoming dividend of zł15.00 per share at 5.2% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 17 July 2023. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (8.7%). Announcement • Jun 02
Stalprodukt S.A., Annual General Meeting, Jun 27, 2023 Stalprodukt S.A., Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Buying Opportunity • May 19
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be €84.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 46%. For the next 3 years, revenue is forecast to decline by 5.5% per annum. Earnings is also forecast to decline by 26% per annum over the same time period. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: zł69.45 (vs zł93.10 in FY 2021) Full year 2022 results: EPS: zł69.45 (down from zł93.10 in FY 2021). Revenue: zł5.90b (up 26% from FY 2021). Net income: zł387.6m (down 25% from FY 2021). Profit margin: 6.6% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 17
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł1.45b (up 19% from 3Q 2021). Net income: zł88.8m (down 42% from 3Q 2021). Profit margin: 6.1% (down from 13% in 3Q 2021). Revenue is expected to fall by 18% p.a. on average during the next 2 years compared to a 3.3% decline forecast for the Metals and Mining industry in Europe. Upcoming Dividend • Jun 24
Upcoming dividend of zł12.00 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 14 July 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (8.8%). Announcement • May 31
Stalprodukt S.A., Annual General Meeting, Jun 23, 2022 Stalprodukt S.A., Annual General Meeting, Jun 23, 2022, at 10:00 Central European Standard Time. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: zł26.58 (vs zł14.01 in 1Q 2021) First quarter 2022 results: EPS: zł26.58 (up from zł14.01 in 1Q 2021). Revenue: zł1.47b (up 46% from 1Q 2021). Net income: zł148.3m (up 90% from 1Q 2021). Profit margin: 10% (up from 7.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 3.8% compared to a 40% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 19% share price gain to €68.00, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Negligible returns to shareholders over past year. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 19% share price gain to €68.00, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Negligible returns to shareholders over past year. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: zł87.60 (up from zł30.96 in FY 2020). Revenue: zł4.67b (up 41% from FY 2020). Net income: zł488.8m (up 183% from FY 2020). Profit margin: 11% (up from 5.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Over the next year, revenue is expected to shrink by 17% compared to a 26% growth forecast for the mining industry in Germany. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS zł27.39 (vs zł8.09 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł1.22b (up 51% from 3Q 2020). Net income: zł152.8m (up 238% from 3Q 2020). Profit margin: 13% (up from 5.6% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 15% share price gain to €68.70, the stock trades at a trailing P/E ratio of 5.7x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 18% share price gain to €67.00, the stock trades at a trailing P/E ratio of 5.5x. Average forward P/E is 8x in the Metals and Mining industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €127 per share. Reported Earnings • Sep 02
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: zł1.13b (up 50% from 2Q 2020). Net income: zł136.1m (up 183% from 2Q 2020). Profit margin: 12% (up from 6.4% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 18% share price gain to zł87.40, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Metals and Mining industry in Europe.