New Risk • Jun 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 66% per year over the past 5 years. Revenue is less than US$1m (zł2.9m revenue, or US$794k). Market cap is less than US$10m (zł5.19m market cap, or US$1.41m). Minor Risk Paying a dividend despite being loss-making. Announcement • Jun 01
Aqua S.A., Annual General Meeting, Jun 25, 2026 Aqua S.A., Annual General Meeting, Jun 25, 2026, at 12:00 Central European Standard Time. New Risk • Feb 21
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: zł2.6m (US$722k) This is considered a major risk. Companies with a small amount of revenue 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: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 115% Earnings have declined by 51% per year over the past 5 years. Revenue is less than US$1m (zł2.6m revenue, or US$722k). Market cap is less than US$10m (zł7.29m market cap, or US$2.03m). Announcement • Feb 11
Aqua S.A. to Report Q4, 2025 Results on Feb 14, 2026 Aqua S.A. announced that they will report Q4, 2025 results on Feb 14, 2026 New Risk • Jan 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (zł8.58m market cap, or US$2.37m). Minor Risk Revenue is less than US$5m (zł5.3m revenue, or US$1.5m). New Risk • Oct 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (zł8.10m market cap, or US$2.24m). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Revenue is less than US$5m (zł5.3m revenue, or US$1.5m). Upcoming Dividend • Sep 04
Upcoming dividend of zł0.24 per share Eligible shareholders must have bought the stock before 11 September 2025. Payment date: 18 September 2025. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Polish dividend payers (7.3%). Lower than average of industry peers (4.1%). Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł1.50m (up 2.0% from 2Q 2024). Net loss: zł85.8k (down 193% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Jun 27
Dividend increased to zł0.24 Dividend of zł0.24 is 20% higher than last year. Ex-date: 11th September 2025 Payment date: 18th September 2025 Dividend yield will be 2.1%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but not covered by cash flows (dividend approximately 6x free cash flows). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 29% to shift the payout ratio to a potentially unsustainable range, which is less than the 42% EPS decline seen over the last 5 years. New Risk • Jun 02
New major risk - Revenue and earnings growth Earnings have declined by 3.5% 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 Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 3.5% per year over the past 5 years. Market cap is less than US$10m (zł10.8m market cap, or US$2.87m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Revenue is less than US$5m (zł5.3m revenue, or US$1.4m). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to zł11.60, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 15x in the Construction industry in Poland. Total loss to shareholders of 10.0% over the past three years. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: zł0.48 (vs zł0.35 in FY 2023) Full year 2024 results: EPS: zł0.48 (up from zł0.35 in FY 2023). Revenue: zł6.03m (down 7.6% from FY 2023). Net income: zł410.5k (up 36% from FY 2023). Profit margin: 6.8% (up from 4.6% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to zł15.40, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 14x in the Construction industry in Poland. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł10.50, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 11x in the Construction industry in Poland. Total loss to shareholders of 21% over the past three years. New Risk • Nov 22
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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (zł8.58m market cap, or US$2.06m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). Revenue is less than US$5m (zł7.0m revenue, or US$1.7m). Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł10.00, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 9x in the Construction industry in Poland. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł8.15, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 9x in the Construction industry in Poland. Total loss to shareholders of 16% over the past three years. Upcoming Dividend • Sep 04
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 11 September 2024. Payment date: 18 September 2024. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Polish dividend payers (7.6%). Lower than average of industry peers (5.3%). New Risk • Aug 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$10m (zł6.90m market cap, or US$1.80m). Minor Risks Profit margins are more than 30% lower than last year (4.2% net profit margin). Revenue is less than US$5m (zł6.9m revenue, or US$1.8m). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to zł8.05, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 10x in the Construction industry in Poland. Total loss to shareholders of 55% over the past three years. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł1.47m (flat on 2Q 2023). Net income: zł92.5k (down 41% from 2Q 2023). Profit margin: 6.3% (down from 11% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 22% per year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł8.40, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 11x in the Construction industry in Poland. Total loss to shareholders of 53% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł1.63m (up 30% from 1Q 2023). Net income: zł166.3k (up 50% from 1Q 2023). Profit margin: 10% (up from 8.9% in 1Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł8.80, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 11x in the Construction industry in Poland. Total loss to shareholders of 53% over the past three years. Reported Earnings • Feb 19
Full year 2023 earnings released: EPS: zł0.35 (vs zł0.72 in FY 2022) Full year 2023 results: EPS: zł0.35 (down from zł0.72 in FY 2022). Revenue: zł6.53m (up 5.0% from FY 2022). Net income: zł301.9k (down 52% from FY 2022). Profit margin: 4.6% (down from 10.0% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Feb 03
Aqua S.A. to Report Q4, 2024 Results on Feb 11, 2025 Aqua S.A. announced that they will report Q4, 2024 results on Feb 11, 2025 Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł10.60, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 12x in the Construction industry in Poland. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł9.85, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 10x in the Construction industry in Poland. Total returns to shareholders of 15% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł1.41m (down 7.6% from 3Q 2022). Net income: zł121.4k (up 55% from 3Q 2022). Profit margin: 8.6% (up from 5.2% in 3Q 2022). The increase in margin was driven by lower expenses. Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł1.46m (down 9.8% from 2Q 2022). Net income: zł155.8k (down 34% from 2Q 2022). Profit margin: 11% (down from 15% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 04
Upcoming dividend of zł0.23 per share at 4.5% yield Eligible shareholders must have bought the stock before 11 August 2023. Payment date: 15 November 2023. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of Polish dividend payers (7.3%). In line with average of industry peers (4.4%). Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł10.70, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 8x in the Construction industry in Poland. Total returns to shareholders of 30% over the past three years. Announcement • May 31
Aqua S.A., Annual General Meeting, Jun 22, 2023 Aqua S.A., Annual General Meeting, Jun 22, 2023, at 12:00 Central European Standard Time. Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: zł0.72 (vs zł0.81 in FY 2021) Full year 2022 results: EPS: zł0.72 (down from zł0.81 in FY 2021). Revenue: zł6.21m (down 5.9% from FY 2021). Net income: zł622.0k (down 10% from FY 2021). Profit margin: 10.0% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • May 31
Aqua S.A., Annual General Meeting, Jun 23, 2022 Aqua S.A., Annual General Meeting, Jun 23, 2022, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł11.30, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 8x in the Construction industry in Poland. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 20% share price gain to zł14.40, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 10x in the Construction industry in Poland. Total returns to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 28% share price gain to zł14.20, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł13.20, the stock trades at a trailing P/E ratio of 43.5x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 110% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 16% share price gain to zł20.20, the stock trades at a trailing P/E ratio of 66.5x. Average trailing P/E is 10x in the Construction industry in Poland. Total returns to shareholders of 159% over the past three years. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł20.00, the stock trades at a trailing P/E ratio of 59.5x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 27% share price gain to zł21.00, the stock trades at a trailing P/E ratio of 62.4x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 163% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 16% share price gain to zł15.70, the stock is trading at a trailing P/E ratio of 46.7x, up from the previous P/E ratio of 40.1x. This compares to an average P/E of 9x in the Construction industry in Poland. Total returns to shareholders over the past three years are 133%. Is New 90 Day High Low • Feb 20
New 90-day high: zł15.70 The company is up 109% from its price of zł7.50 on 20 November 2020. The Polish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 36% over the same period. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 38% share price gain to zł12.10, the stock is trading at a trailing P/E ratio of 36x, up from the previous P/E ratio of 26.2x. This compares to an average P/E of 9x in the Construction industry in Poland. Total returns to shareholders over the past three years are 102%. Is New 90 Day High Low • Jan 20
New 90-day high: zł9.40 The company is up 22% from its price of zł7.70 on 22 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 45% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: zł9.15 The company is up 24% from its price of zł7.40 on 22 September 2020. The Polish market is up 13% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Construction industry, which is also up 24% over the same period. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 22% share price gain to zł8.90, the stock is trading at a trailing P/E ratio of 43.5x, up from the previous P/E ratio of 35.7x. This compares to an average P/E of 7x in the Construction industry in Poland. Total returns to shareholders over the past three years are 37%. Is New 90 Day High Low • Nov 30
New 90-day high: zł8.90 The company is up 19% from its price of zł7.45 on 01 September 2020. The Polish market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 33% share price gain to zł8.00, the stock is trading at a trailing P/E ratio of 39.1x, up from the previous P/E ratio of 29.3x. This compares to an average P/E of 7x in the Construction industry in Poland. Total returns to shareholders over the past three years are 13%. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 16% share price gain to zł7.15, the stock is trading at a trailing P/E ratio of 35x, up from the previous P/E ratio of 30.1x. This compares to an average P/E of 7x in the Construction industry in Poland. Total returns to shareholders over the past three years were flat. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 19% share price decline to zł6.25, the stock is trading at a trailing P/E ratio of 30.6x, down from the previous P/E ratio of 37.6x. This compares to an average P/E of 6x in the Construction industry in Poland. Total returns to shareholders over the past three years are 6.7%. Is New 90 Day High Low • Oct 29
New 90-day low: zł6.25 The company is down 26% from its price of zł8.50 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: zł6.85 The company is down 26% from its price of zł9.25 on 30 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 3.0% over the same period.