New Risk • Jun 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 254% 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 Risk Earnings have declined by 61% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł141.5m market cap, or US$38.4m). Announcement • Jun 02
Bowim S.A., Annual General Meeting, Jun 29, 2026 Bowim S.A., Annual General Meeting, Jun 29, 2026, at 10:00 Central European Standard Time. Reported Earnings • May 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł419.4m (down 5.7% from 1Q 2025). Net income: zł10.0m (up zł11.9m from 1Q 2025). Profit margin: 2.4% (up from net loss in 1Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 48% 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. New Risk • May 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 112% 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 Risk Earnings have declined by 54% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł140.4m market cap, or US$38.4m). Buy Or Sell Opportunity • Jan 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.3% to zł4.97. The fair value is estimated to be zł4.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Dec 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł438.6m (down 6.3% from 3Q 2024). Net loss: zł11.1m (loss widened 50% from 3Q 2024). Reported Earnings • Sep 25
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł476.0m (up 6.9% from 2Q 2024). Net income: zł278.4k (up zł10.2m from 2Q 2024). Profit margin: 0.1% (up from net loss in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Announcement • Aug 22
Bowim S.A. to Report First Half, 2025 Results on Sep 25, 2025 Bowim S.A. announced that they will report first half, 2025 results on Sep 25, 2025 Reported Earnings • Apr 27
Full year 2024 earnings released: zł0.54 loss per share (vs zł0.68 profit in FY 2023) Full year 2024 results: zł0.54 loss per share (down from zł0.68 profit in FY 2023). Revenue: zł1.82b (down 11% from FY 2023). Net loss: zł10.5m (down 180% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. New Risk • Mar 06
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 Polish stocks, typically moving 10% 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: Major Risk Earnings have declined by 0.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (zł105.8m market cap, or US$27.4m). New Risk • Nov 24
New major risk - Revenue and earnings growth Earnings have declined by 0.6% 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 0.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł72.6m market cap, or US$17.4m). Reported Earnings • Sep 26
Second quarter 2024 earnings released: zł0.49 loss per share (vs zł0.13 profit in 2Q 2023) Second quarter 2024 results: zł0.49 loss per share (down from zł0.13 profit in 2Q 2023). Revenue: zł446.6m (down 11% from 2Q 2023). Net loss: zł9.95m (down 484% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 02
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 21 July 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 18%. Within top quartile of Polish dividend payers (7.6%). Higher than average of industry peers (7.6%). Announcement • May 25
Bowim S.A., Annual General Meeting, Jun 20, 2024 Bowim S.A., Annual General Meeting, Jun 20, 2024. Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: zł0.68 (vs zł5.62 in FY 2022) Full year 2023 results: EPS: zł0.68 (down from zł5.62 in FY 2022). Revenue: zł2.07b (down 25% from FY 2022). Net income: zł13.2m (down 88% from FY 2022). Profit margin: 0.6% (down from 4.0% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. New Risk • Feb 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 37% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (138% payout ratio). Profit margins are more than 30% lower than last year (0.4% net profit margin). Shareholders have been diluted in the past year (37% increase in shares outstanding). Market cap is less than US$100m (zł163.0m market cap, or US$40.6m). Reported Earnings • Nov 26
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł514.9m (down 33% from 3Q 2022). Net income: zł2.33m (down 76% from 3Q 2022). Profit margin: 0.5% (down from 1.3% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł7.83, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 9x in the Trade Distributors industry in Poland. Total returns to shareholders of 425% over the past three years. Reported Earnings • Sep 24
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł504.6m (down 36% from 2Q 2022). Net income: zł2.59m (down 95% from 2Q 2022). Profit margin: 0.5% (down from 6.8% 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 43% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of zł0.60 per share at 13% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 13%. Within top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (6.7%). Announcement • May 26
Bowim S.A., Annual General Meeting, Jun 20, 2023 Bowim S.A., Annual General Meeting, Jun 20, 2023, at 10:00 Central European Standard Time. Reported Earnings • Apr 23
Full year 2022 earnings released Full year 2022 results: Revenue: zł2.76b (up 22% from FY 2021). Net income: zł109.6m (down 27% from FY 2021). Profit margin: 4.0% (down from 6.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 06
Upcoming dividend of zł0.60 per share Eligible shareholders must have bought the stock before 13 December 2022. Payment date: 21 December 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 24%. Within top quartile of Polish dividend payers (8.5%). Higher than average of industry peers (11%). Reported Earnings • Nov 26
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł768.1m (up 15% from 3Q 2021). Net income: zł9.63m (down 72% from 3Q 2021). Profit margin: 1.3% (down from 5.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 82% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 17
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł789.0m (up 37% from 2Q 2021). Net income: zł53.5m (down 31% from 2Q 2021). Profit margin: 6.8% (down from 13% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 08
Upcoming dividend of zł2.52 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 1.4% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Polish dividend payers (8.0%). Lower than average of industry peers (5.9%). Reported Earnings • May 31
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł647.2m (up 60% from 1Q 2021). Net income: zł45.3m (up 44% from 1Q 2021). Profit margin: 7.0% (down from 7.8% in 1Q 2021). The decrease in margin was driven by higher expenses. Announcement • May 12
Bowim S.A., Annual General Meeting, Jun 06, 2022 Bowim S.A., Annual General Meeting, Jun 06, 2022, at 10:00 Central European Standard Time. Agenda: Annual General Meeting. Announcement • Apr 13
Bowim S.A. to Report Fiscal Year 2021 Results on Apr 14, 2022 Bowim S.A. announced that they will report fiscal year 2021 results on Apr 14, 2022 Reported Earnings • Sep 18
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: zł577.1m (up 115% from 2Q 2020). Net income: zł77.2m (up zł76.7m from 2Q 2020). Profit margin: 13% (up from 0.2% in 2Q 2020). 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 increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł11.10, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 11x in the Trade Distributors industry in Poland. Total returns to shareholders of 227% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł10.20, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 11x in the Trade Distributors industry in Poland. Total returns to shareholders of 200% over the past three years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improved over the past week After last week's 16% share price gain to zł12.55, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 11x in the Trade Distributors industry in Poland. Total returns to shareholders of 237% over the past three years. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improved over the past week After last week's 19% share price gain to zł9.88, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 11x in the Trade Distributors industry in Poland. Total returns to shareholders of 161% over the past three years. Reported Earnings • May 30
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł404.7m (up 29% from 1Q 2020). Net income: zł31.5m (up zł29.3m from 1Q 2020). Profit margin: 7.8% (up from 0.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Upcoming Dividend • May 28
Upcoming dividend of zł0.12 per share Eligible shareholders must have bought the stock before 04 June 2021. Payment date: 22 June 2021. Trailing yield: 1.5%. Lower than top quartile of Polish dividend payers (5.9%). Lower than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 48% share price gain to zł6.80, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 13x in the Trade Distributors industry in Poland. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 17% share price gain to zł4.90, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 15x in the Trade Distributors industry in Poland. Total returns to shareholders of 37% over the past three years. Is New 90 Day High Low • Mar 08
New 90-day high: zł4.22 The company is up 80% from its price of zł2.34 on 08 December 2020. The Polish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 27
New 90-day high: zł3.72 The company is up 98% from its price of zł1.88 on 28 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 37% over the same period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 16% share price gain to zł3.68, the stock is trading at a trailing P/E ratio of 7.4x, up from the previous P/E ratio of 6.3x. This compares to an average P/E of 14x in the Trade Distributors industry in Poland. Total return to shareholders over the past three years is a loss of 8.8%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 26% share price gain to zł2.90, the stock is trading at a trailing P/E ratio of 5.8x, up from the previous P/E ratio of 4.6x. This compares to an average P/E of 13x in the Trade Distributors industry in Poland. Total return to shareholders over the past three years is a loss of 22%. Is New 90 Day High Low • Dec 28
New 90-day high: zł2.90 The company is up 39% from its price of zł2.08 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 23% over the same period. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improved over the past week After last week's 17% share price gain to zł2.66, the stock is trading at a trailing P/E ratio of 5.3x, up from the previous P/E ratio of 4.6x. This compares to an average P/E of 10x in the Trade Distributors industry in Poland. Total return to shareholders over the past three years is a loss of 25%. Is New 90 Day High Low • Nov 27
New 90-day high: zł2.18 The company is up 6.0% from its price of zł2.06 on 28 August 2020. The Polish market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 1.0% over the same period. Reported Earnings • Sep 23
First half earnings released Over the last 12 months the company has reported total profits of zł7.78m, up 297% from the prior year. Total revenue was zł1.20b over the last 12 months, down 12% from the prior year. Announcement • Sep 18
Bowim S.A. to Report First Half, 2020 Results on Sep 21, 2020 Bowim S.A. announced that they will report first half, 2020 results on Sep 21, 2020