New Risk • Jun 16
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 8.5% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 04
Upcoming dividend of zł1.42 per share Eligible shareholders must have bought the stock before 09 June 2026. Payment date: 24 June 2026. Payout ratio is a comfortable 2.3% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (3.1%). Reported Earnings • May 22
First quarter 2026 earnings released: EPS: zł15.07 (vs zł11.13 in 1Q 2025) First quarter 2026 results: EPS: zł15.07 (up from zł11.13 in 1Q 2025). Revenue: zł5.43b (up 14% from 1Q 2025). Net income: zł211.3m (up 34% from 1Q 2025). Profit margin: 3.9% (up from 3.3% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Retail Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 20
Dividend of zł1.42 announced Shareholders will receive a dividend of zł1.42. Ex-date: 9th June 2026 Payment date: 24th June 2026 Dividend yield will be 0.8%, which is lower than the industry average of 2.4%. Payout Ratios Payout ratio: 3%. Cash payout ratio: 3%. Announcement • May 02
Inter Cars S.A., Annual General Meeting, May 28, 2026 Inter Cars S.A., Annual General Meeting, May 28, 2026, at 12:30 Central European Standard Time. Announcement • Apr 30
Inter Cars S.A. announces Annual dividend, payable on June 24, 2026 Inter Cars S.A. announced Annual dividend of PLN 1.4200 per share payable on June 24, 2026, ex-date on June 09, 2026 and record date on June 10, 2026. Announcement • Nov 09
Inter Cars S.A. to Report Q3, 2025 Results on Nov 13, 2025 Inter Cars S.A. announced that they will report Q3, 2025 results at 8:30 AM, Central European Standard Time on Nov 13, 2025 Announcement • Aug 21
Inter Cars S.A. to Report First Half, 2025 Results on Sep 11, 2025 Inter Cars S.A. announced that they will report first half, 2025 results on Sep 11, 2025 Announcement • May 06
Inter Cars S.A. announces Annual dividend, payable on June 30, 2025 Inter Cars S.A. announced Annual dividend of PLN 1.4200 per share payable on June 30, 2025, ex-date on June 13, 2025 and record date on June 16, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: zł14.63 (vs zł15.85 in 3Q 2023) Third quarter 2024 results: EPS: zł14.63 (down from zł15.85 in 3Q 2023). Revenue: zł4.92b (up 7.9% from 3Q 2023). Net income: zł207.3m (down 7.7% from 3Q 2023). Profit margin: 4.2% (down from 4.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Retail Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Sep 11
Second quarter 2024 earnings released: EPS: zł13.34 (vs zł10.94 in 2Q 2023) Second quarter 2024 results: EPS: zł13.34 (up from zł10.94 in 2Q 2023). Revenue: zł4.87b (up 7.0% from 2Q 2023). Net income: zł189.0m (up 22% from 2Q 2023). Profit margin: 3.9% (up from 3.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Retail Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year and the company’s share price has also increased by 6% per year. Upcoming Dividend • May 31
Upcoming dividend of zł0.71 per share Eligible shareholders must have bought the stock before 07 June 2024. Payment date: 19 June 2024. Payout ratio is a comfortable 1.5% and this is well supported by cash flows. Trailing yield: 0.1%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (2.6%). Announcement • May 25
Inter Cars S.A. Approves Dividend for the Year 2023, Payable on June 19, 2024 Inter Cars S.A. general meeting decided to pay a dividend of PLN 10.06 million (EUR 2.4 mln) or PLN 0.71 (EUR 0.17) per share, from the profit for 2023. Shareholders set the dividend day for June 10 and the dividend payment date for June 19, 2024. New Risk • May 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.6% Last year net profit margin: 5.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Profit margins are more than 30% lower than last year (3.6% net profit margin). Announcement • May 01
Inter Cars S.A., Annual General Meeting, May 23, 2024 Inter Cars S.A., Annual General Meeting, May 23, 2024, at 12:00 Central European Standard Time. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: zł49.43 (vs zł52.63 in FY 2022) Full year 2023 results: EPS: zł49.43 (down from zł52.63 in FY 2022). Revenue: zł18.0b (up 18% from FY 2022). Net income: zł700.3m (down 6.1% from FY 2022). Profit margin: 3.9% (down from 4.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Retail Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 23% per year. Declared Dividend • Apr 29
Dividend of zł0.71 announced Shareholders will receive a dividend of zł0.71. Ex-date: 7th June 2024 Payment date: 19th June 2024 Dividend yield will be 0.6%, which is lower than the industry average of 2.4%. Payout Ratios Payout ratio: 1%. Cash payout ratio: 16%. Announcement • Apr 27
Inter Cars S.A. Recommends Dividend Payment for 2023, Payable on June 19, 2024 Inter Cars S.A. announced that the management board of the company recommended to the general meeting the payment of a dividend from the profit for 2023 in the amount of PLN 10.06 million (EUR 2.3 million), or PLN 0.71 (EUR 0.16) per share, the company announced in a market filing. The remaining part of the profit in the amount of PLN 351.2 million (EUR 81.3 million), will be allocated to the reserve capital. The management board also decided to propose to the general meeting that the dividend date be set for June 10, 2024, and that the dividend payment date be set for June 19, 2024. Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: zł15.85 (vs zł15.42 in 3Q 2022) Third quarter 2023 results: EPS: zł15.85 (up from zł15.42 in 3Q 2022). Revenue: zł4.56b (up 16% from 3Q 2022). Net income: zł224.6m (up 2.8% from 3Q 2022). Profit margin: 4.9% (down from 5.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Retail Distributors industry in Europe. Reported Earnings • Sep 12
Second quarter 2023 earnings released: EPS: zł10.94 (vs zł14.76 in 2Q 2022) Second quarter 2023 results: EPS: zł10.94 (down from zł14.76 in 2Q 2022). Revenue: zł4.56b (up 22% from 2Q 2022). Net income: zł154.9m (down 26% from 2Q 2022). Profit margin: 3.4% (down from 5.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Retail Distributors industry in Europe. Buying Opportunity • Jul 13
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €163, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 32% in 2 years. Earnings is forecast to grow by 50% in the next 2 years. Announcement • Jun 14
Inter Cars S.A. Announces Dividend for 2022 Inter Cars S.A. will pay out will pay out PLN 0.71 DPS from 2022 profit, or PLN 10.1 million in total. Upcoming Dividend • Jun 09
Upcoming dividend of zł0.71 per share at 0.1% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 26 June 2023. Payout ratio is a comfortable 1.2% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.4%). Buying Opportunity • Jun 09
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €153, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 30% in 2 years. Earnings is forecast to grow by 50% in the next 2 years. Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: zł52.63 (vs zł49.38 in FY 2021) Full year 2022 results: EPS: zł52.63 (up from zł49.38 in FY 2021). Revenue: zł15.3b (up 25% from FY 2021). Net income: zł745.7m (up 6.6% from FY 2021). Profit margin: 4.9% (down from 5.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Retail Distributors industry in Europe. Buying Opportunity • Mar 15
Now 21% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be €148, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 48%. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: zł15.42 (vs zł13.82 in 3Q 2021) Third quarter 2022 results: EPS: zł15.42 (up from zł13.82 in 3Q 2021). Revenue: zł3.94b (up 24% from 3Q 2021). Net income: zł218.4m (up 12% from 3Q 2021). Profit margin: 5.5% (down from 6.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Retail Distributors industry in Europe. Reported Earnings • Sep 10
Second quarter 2022 earnings released: EPS: zł14.76 (vs zł11.43 in 2Q 2021) Second quarter 2022 results: EPS: zł14.76 (up from zł11.43 in 2Q 2021). Revenue: zł3.75b (up 24% from 2Q 2021). Net income: zł209.1m (up 29% from 2Q 2021). Profit margin: 5.6% (up from 5.4% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Retail Distributors industry in Europe. Upcoming Dividend • Jun 22
Upcoming dividend of zł1.42 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 14 July 2022. Payout ratio is a comfortable 2.9% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (2.1%). Announcement • Jun 01
Inter Cars Announces Dividend for 2021, Payable on July 14, 2022 Inter Cars will pay out PLN 1.42 DPS from 2021 net profit, or PLN 20.1 million total, with rights to be set on June 30, 2022 and the payout made on July 14, 2022. Announcement • May 03
Inter Cars S.A., Annual General Meeting, May 31, 2022 Inter Cars S.A., Annual General Meeting, May 31, 2022, at 14:00 Central European Standard Time. Reported Earnings • May 01
Full year 2021 earnings released: EPS: zł49.38 (vs zł23.53 in FY 2020) Full year 2021 results: EPS: zł49.38 (up from zł23.53 in FY 2020). Revenue: zł12.2b (up 34% from FY 2020). Net income: zł699.6m (up 110% from FY 2020). Profit margin: 5.7% (up from 3.6% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 13% growth forecast for the retail industry in Germany. Buying Opportunity • Feb 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 4.6%. The fair value is estimated to be zł114, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% per annum over the last 3 years. Earnings per share has grown by 34% per annum over the last 3 years. Reported Earnings • Nov 20
Third quarter 2021 earnings released: EPS zł13.82 (vs zł6.23 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł3.17b (up 27% from 3Q 2020). Net income: zł195.8m (up 122% from 3Q 2020). Profit margin: 6.2% (up from 3.5% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Sep 12
Second quarter 2021 earnings released: EPS zł11.43 (vs zł7.60 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł3.03b (up 43% from 2Q 2020). Net income: zł162.0m (up 50% from 2Q 2020). Profit margin: 5.4% (up from 5.1% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 16% share price gain to zł85.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Retail Distributors industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €71.57 per share. Announcement • Apr 28
Inter Cars S.A. Recommends Dividend for 2020 Inter Cars recommended a PLN 1.42 DPS from 2020 earnings and an up to 60% payout ratio in 2020-2022 under a freshly adopted dividend policy. The payout from 2020 would thus come to PLN 20.1 million, with the remaining PLN 202.5 million to go into retained earnings. The recommendation would put dividend yield at 0.46%, as calculated by the company's share price of PLN 311.0. The company will also recommend allocating to dividend up to 60% of group net earnings in 2020-2022, thus returning to its prior dividend policy suspended in 2020. The company last paid dividend from 2018 earnings, with DPS coming to PLN 0.71, or PLN 10.1 million in total. Reported Earnings • Apr 24
Full year 2020 earnings released: EPS zł23.53 (vs zł16.03 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł9.16b (up 4.5% from FY 2019). Net income: zł333.3m (up 47% from FY 2019). Profit margin: 3.6% (up from 2.6% in FY 2019). The increase in margin was driven by higher revenue. 
