Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €12.70, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 15x in the Construction industry in Europe. Total returns to shareholders of 467% over the past three years. Reported Earnings • Apr 20
Full year 2025 earnings released: EPS: €0.28 (vs €0.15 in FY 2024) Full year 2025 results: EPS: €0.28 (up from €0.15 in FY 2024). Revenue: €278.2m (up 43% from FY 2024). Net income: €11.7m (up 92% from FY 2024). Profit margin: 4.2% (up from 3.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year whereas the company’s share price has increased by 64% per year. New Risk • Mar 02
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 Croatian stocks, typically moving 6.3% 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. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: €0.28 (vs €0.19 in FY 2024) Full year 2025 results: EPS: €0.28 (up from €0.19 in FY 2024). Revenue: €280.2m (up 44% from FY 2024). Net income: €11.7m (up 92% from FY 2024). Profit margin: 4.2% (up from 3.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year whereas the company’s share price has increased by 65% per year. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €10.00, the stock trades at a trailing P/E ratio of 34.1x. Average trailing P/E is 17x in the Construction industry in Europe. Total returns to shareholders of 317% over the past three years. Reported Earnings • Oct 29
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €66.8m (up 30% from 3Q 2024). Net income: €4.86m (up 100% from 3Q 2024). Profit margin: 7.3% (up from 4.7% in 3Q 2024). The increase in margin was driven by higher revenue. New Risk • May 27
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 Croatian stocks, typically moving 6.9% 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: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €5.90, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 14x in the Construction industry in Europe. Total returns to shareholders of 169% over the past three years. New Risk • Apr 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 19
Full year 2024 earnings released: EPS: €0.15 (vs €0.078 loss in FY 2023) Full year 2024 results: EPS: €0.15 (up from €0.078 loss in FY 2023). Revenue: €194.5m (up 17% from FY 2023). Net income: €6.07m (up €9.27m from FY 2023). Profit margin: 3.1% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.16, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 13x in the Construction industry in Europe. Total loss to shareholders of 19% over the past three years. Buy Or Sell Opportunity • Mar 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to €4.22. The fair value is estimated to be €3.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: €0.15 (vs €0.078 loss in FY 2023) Full year 2024 results: EPS: €0.15 (up from €0.078 loss in FY 2023). Revenue: €194.5m (up 17% from FY 2023). Net income: €6.07m (up €9.27m from FY 2023). Profit margin: 3.1% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Jan 14
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 Croatian stocks, typically moving 5.1% 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 Share price has been volatile over the past 3 months (5.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Announcement • Oct 29
Dalekovod d.d. to Report Q3, 2024 Results on Oct 30, 2024 Dalekovod d.d. announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: €36.7b (up €36.7b from 1Q 2023). Net income: €1.15b (up €1.15b from 1Q 2023). Profit margin: 3.1% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 16
Full year 2023 earnings released: €0.078 loss per share (vs €0.027 profit in FY 2022) Full year 2023 results: €0.078 loss per share (down from €0.027 profit in FY 2022). Revenue: €165.8m (up 21% from FY 2022). Net loss: €3.20m (down 477% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Announcement • Apr 13
Dalekovod d.d., Annual General Meeting, Jun 10, 2024 Dalekovod d.d., Annual General Meeting, Jun 10, 2024, at 12:00 Central Standard Time. Location: Dalekovod d.d., Zagreb, Ulica Marijana Cavia 4., Croatia Agenda: To consider opening of the General Assembly, verification of applications and powers of attorney and determination of share capital representation, compilation of the list of present and represented shareholders and confirmation that the General Assembly has been properly convened and may pass valid decisions; to consider Company's annual reports for 2023; to consider Decision on the coverage of loss for 2023; to consider Decision on approval of actions to the members of the Company's Management Board for 2023; to consider Decision on approval of actions to the members of the Company's Supervisory Board for 2023; and to consider other matters. Reported Earnings • Feb 28
Full year 2023 earnings released: €0.093 loss per share (vs €0.027 profit in FY 2022) Full year 2023 results: €0.093 loss per share (down from €0.027 profit in FY 2022). Revenue: €165.8m (up 21% from FY 2022). Net loss: €3.82m (down €4.66m from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. New Risk • Feb 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €89.9m (US$97.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (€89.9m market cap, or US$97.5m). Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €2.72, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 12x in the Construction industry in Europe. Total loss to shareholders of 97% over the past three years. New Risk • Oct 31
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 Croatian stocks, typically moving 5.2% 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. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €0.012 (vs €0.004 in 2Q 2022) Second quarter 2023 results: EPS: €0.012 (up from €0.004 in 2Q 2022). Revenue: €42.5m (up 23% from 2Q 2022). Net income: €494.0k (up 205% from 2Q 2022). Profit margin: 1.2% (up from 0.5% in 2Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • May 02
First quarter 2023 earnings released: €0.008 loss per share (vs €0.084 loss in 1Q 2022) First quarter 2023 results: €0.008 loss per share (improved from €0.084 loss in 1Q 2022). Revenue: €28.1m (up 21% from 1Q 2022). Net loss: €350.4k (loss narrowed 90% from 1Q 2022). Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: Kn0.20 (vs Kn0.66 in FY 2021) Full year 2022 results: EPS: Kn0.20 (down from Kn0.66 in FY 2021). Revenue: Kn1.05b (down 23% from FY 2021). Net income: Kn8.18m (down 50% from FY 2021). Profit margin: 0.8% (down from 1.2% in FY 2021). The decrease in margin was driven by lower revenue. Announcement • Nov 18
Dalekovod d.d. (ZGSE:DLKV) bid to acquire remaining 2.2508% stake in Izgradnja D.D. from individual and fund. Dalekovod d.d. (ZGSE:DLKV) bid to acquire remaining 2.2508% stake in Izgradnja D.D. from individual and fund on November 16, 2022. Dalekovod d.d. will acquire 0.015,043 million shares at a price of €0.41 per share. Reported Earnings • Oct 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Kn264.5m (down 26% from 3Q 2021). Net income: Kn3.64m (down 80% from 3Q 2021). Profit margin: 1.4% (down from 5.1% in 3Q 2021). The decrease in margin was driven by lower revenue. Announcement • Sep 21
Dalekovod d.d.(ZGSE:DLKV) dropped from Crobex Dalekovod d.d. Removed from Crobex Reported Earnings • Jul 26
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Kn262.3m (down 43% from 2Q 2021). Net income: Kn1.22m (down 92% from 2Q 2021). Profit margin: 0.5% (down from 3.1% in 2Q 2021). Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: Kn178.9m (down 37% from 1Q 2021). Net loss: Kn26.1m (loss widened Kn25.9m from 1Q 2021). Reported Earnings • Mar 06
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: Kn84.57 (down from Kn105 in FY 2020). Revenue: Kn1.36b (up 8.8% from FY 2020). Net income: Kn20.8m (down 20% from FY 2020). Profit margin: 1.5% (down from 2.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Announcement • Feb 19
Dalekovod D.D., Annual General Meeting, Mar 31, 2022 Dalekovod D.D., Annual General Meeting, Mar 31, 2022, at 23:00 Central European Standard Time. Location: Company's premises in Zagreb, at the address Ulica Marijana Cavia 4 Zagreb Croatia Agenda: To consider opening of the general assembly, verification of applications and powers of attorney and determination of share capital representation, compilation of the list of present and represented shareholders and confirmation that the general assembly has been properly convened and that it has powers to make valid decisions; to consider decision on impeachment of members of the supervisory board; and to consider decision on appointing members of the supervisory board. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS Kn58.91 (vs Kn44.78 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: Kn461.5m (up 51% from 2Q 2020). Net income: Kn14.5m (up 32% from 2Q 2020). Profit margin: 3.1% (down from 3.6% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorated over the past week After last week's 61% share price decline to Kn2.37, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 15x in the Construction industry in Europe. Total loss to shareholders of 84% over the past three years. Reported Earnings • May 02
First quarter 2021 earnings released The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: Kn283.6m (up 2.9% from 1Q 2020). Net loss: Kn251.7k (loss narrowed 94% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS Kn1.05 (vs Kn0.13 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: Kn1.29b (up 5.1% from FY 2019). Net income: Kn25.9m (up Kn22.6m from FY 2019). Profit margin: 2.0% (up from 0.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 10
New 90-day high: Kn7.90 The company is up 13% from its price of Kn7.00 on 12 November 2020. The Croatian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to Kn6.10, the stock is trading at a trailing P/E ratio of 44.5x, down from the previous P/E ratio of 52.5x. This compares to an average P/E of 13x in the Construction industry in Europe. Total return to shareholders over the past three years is a loss of 66%. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Kn5.86, the stock is trading at a trailing P/E ratio of 42.7x, down from the previous P/E ratio of 52.8x. This compares to an average P/E of 12x in the Construction industry in Europe. Total return to shareholders over the past three years is a loss of 68%. Is New 90 Day High Low • Dec 16
New 90-day low: Kn6.32 The company is down 12% from its price of Kn7.16 on 17 September 2020. The Croatian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 9.0% over the same period. 
