Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €6.67, the stock trades at a trailing P/E ratio of 9x. Average forward P/E is 24x in the Electronic industry in Germany. Total returns to shareholders of 105% over the past three years. Upcoming Dividend • Jun 29
Upcoming dividend of zł1.20 per share Eligible shareholders must have bought the stock before 06 July 2026. Payment date: 06 October 2026. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (0.8%). New Risk • Jun 04
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 8.6% 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: Minor Risks Dividend is not well covered by cash flows (105% cash payout ratio). Share price has been volatile over the past 3 months (8.6% average weekly change). Announcement • Jun 01
Apator S.A., Annual General Meeting, Jun 25, 2026 Apator S.A., Annual General Meeting, Jun 25, 2026, at 11:00 Central European Standard Time. Announcement • May 30
Apator S.A. announces Annual dividend, payable on October 06, 2026 Apator S.A. announced Annual dividend of PLN 0.6000 per share payable on October 06, 2026, ex-date on July 06, 2026 and record date on July 07, 2026. Buy Or Sell Opportunity • May 28
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to €6.36. The fair value is estimated to be €4.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 60%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 9.4% in the next 2 years. Reported Earnings • May 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł332.9m (up 17% from 1Q 2025). Net income: zł20.0m (up 66% from 1Q 2025). Profit margin: 6.0% (up from 4.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Electronic industry in Germany. Announcement • Dec 03
Apator S.A. (WSE:APT) commences an Equity Buyback Plan for 500,000 shares, representing 1.53% for PLN 10 million, under the authorization approved on June 25, 2025. Apator S.A. (WSE:APT) commences share repurchases on November 21, 2025, under the program mandated by the shareholders in the Annual General Meeting held on June 25, 2025. As per the mandate, the company is authorized to repurchase up to 500,000 shares, representing 1.53% of its own shares for PLN 10 million. The purpose of the buyback is to reduce the share capital of the company. The shares will be repurchased at a price not lower than PLN 0.10 and not higher than PLN 30 per share. The program will be funded out of the share redemption fund established according to the resolution of General Shareholders Meeting of the company. The plan will be valid up to April 30, 2026. Announcement • Nov 11
Apator S.A. to Report Q3, 2025 Results on Nov 14, 2025 Apator S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Announcement • Aug 20
Apator S.A. to Report First Half, 2025 Results on Aug 29, 2025 Apator S.A. announced that they will report first half, 2025 results on Aug 29, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł292.6m (up 1.4% from 3Q 2023). Net income: zł17.4m (up 106% from 3Q 2023). Profit margin: 5.9% (up from 2.9% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Electronic industry in Germany. New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 29% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Nov 04
First half dividend of zł0.30 announced Shareholders will receive a dividend of zł0.30. Ex-date: 5th December 2024 Payment date: 12th December 2024 Dividend yield will be 9.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 46% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: zł0.91 (vs zł0.13 in 2Q 2023) Second quarter 2024 results: EPS: zł0.91 (up from zł0.13 in 2Q 2023). Revenue: zł338.1m (up 23% from 2Q 2023). Net income: zł26.4m (up zł22.5m from 2Q 2023). Profit margin: 7.8% (up from 1.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 26
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 11 July 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.8%). Announcement • May 31
Apator S.A., Annual General Meeting, Jun 26, 2024 Apator S.A., Annual General Meeting, Jun 26, 2024. New Risk • May 19
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: 1.0% Last year net profit margin: 1.7% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). New Risk • May 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • May 16
Apator S.A. to Report First Half, 2024 Results on Aug 30, 2024 Apator S.A. announced that they will report first half, 2024 results on Aug 30, 2024 New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 22% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 22% per year over the past 5 years. Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Jan 07
Apator S.A. to Report Fiscal Year 2023 Results on May 14, 2024 Apator S.A. announced that they will report fiscal year 2023 results at 11:30 AM, Central European Standard Time on May 14, 2024 Upcoming Dividend • Dec 07
Upcoming dividend of zł0.20 per share at 2.6% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 21 December 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (5.2%). Higher than average of industry peers (1.5%). Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł288.7m (up 2.7% from 3Q 2022). Net income: zł8.46m (up zł11.9m from 3Q 2022). Profit margin: 2.9% (up from net loss in 3Q 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Reported Earnings • Sep 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł275.6m (up 6.8% from 2Q 2022). Net income: zł3.88m (down 22% from 2Q 2022). Profit margin: 1.4% (down from 1.9% in 2Q 2022). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Upcoming Dividend • Jul 24
Upcoming dividend of zł0.30 per share at 1.7% yield Eligible shareholders must have bought the stock before 31 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (1.3%). Announcement • Jun 02
Apator S.A., Annual General Meeting, Jun 28, 2023 Apator S.A., Annual General Meeting, Jun 28, 2023, at 11:00 Central European Standard Time. Reported Earnings • May 22
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł288.5m (up 22% from 1Q 2022). Net income: zł8.55m (up zł12.5m from 1Q 2022). Profit margin: 3.0% (up from net loss in 1Q 2022). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Germany. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: zł0.30 (vs zł2.13 in FY 2021) Full year 2022 results: EPS: zł0.30 (down from zł2.13 in FY 2021). Revenue: zł1.08b (up 15% from FY 2021). Net income: zł8.84m (down 86% from FY 2021). Profit margin: 0.8% (down from 6.6% in FY 2021). Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł281.2m (up 17% from 3Q 2021). Net loss: zł3.48m (down 125% from profit in 3Q 2021). Upcoming Dividend • Jun 28
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 31 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.4%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.2%). Reported Earnings • May 21
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł237.1m (up 5.6% from 1Q 2021). Net loss: zł3.99m (down 110% from profit in 1Q 2021). Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: zł2.11 (up from zł2.06 in FY 2020). Revenue: zł940.3m (flat on FY 2020). Net income: zł61.5m (up 2.2% from FY 2020). Profit margin: 6.5% (up from 6.4% in FY 2020). Revenue exceeded analyst estimates by 4.9%. Upcoming Dividend • Jan 07
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 14 January 2022. Payment date: 24 January 2022. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 5.1%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (0.6%). Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł240.1m (down 1.6% from 3Q 2020). Net income: zł13.7m (down 18% from 3Q 2020). Profit margin: 5.7% (down from 6.8% in 3Q 2020). Announcement • Jun 03
Apator S.A. Announces Dividend Payment Apator S.A. will offer shareholders PLN 0.75 in dividend per share on top of PLN 0.45 already paid in advance dividend from 2020 profits, the company said in a market filing. Reported Earnings • May 21
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: zł224.5m (flat on 1Q 2020). Net income: zł40.4m (up 139% from 1Q 2020). Profit margin: 18% (up from 7.5% in 1Q 2020).