New Risk • Jun 03
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: 0.1% Last year net profit margin: 2.3% 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: Major Risks Earnings have declined by 40% per year over the past 5 years. Market cap is less than US$10m (zł6.45m market cap, or US$1.77m). Minor Risks Dividend is not well covered by earnings (470% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Revenue is less than US$5m (zł18m revenue, or US$4.8m). Declared Dividend • May 29
Dividend of zł0.30 announced Dividend of zł0.30 is the same as last year. Ex-date: 11th August 2026 Payment date: 10th September 2026 Dividend yield will be 5.4%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is not covered by earnings (470% earnings payout ratio). However, it is well covered by cash flows (35% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 422% to bring the payout ratio under control. However, EPS has declined by 32% over the last 5 years so the company would need to reverse this trend. Announcement • May 28
Dektra SA announces Annual dividend, payable on September 10, 2026 Dektra SA announced Annual dividend of PLN 0.3000 per share payable on September 10, 2026, ex-date on August 11, 2026 and record date on August 12, 2026. Announcement • May 21
Dektra SA, Annual General Meeting, Jun 24, 2026 Dektra SA, Annual General Meeting, Jun 24, 2026, at 09:00 Central European Standard Time. New Risk • May 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 129% 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 Earnings have declined by 40% per year over the past 5 years. Market cap is less than US$10m (zł6.45m market cap, or US$1.78m). Minor Risks Dividend is not well covered by earnings (470% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Revenue is less than US$5m (zł18m revenue, or US$4.8m). New Risk • Jan 12
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 7.4% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 470% Paying a dividend despite having no free cash flows. Earnings have declined by 31% per year over the past 5 years. Market cap is less than US$10m (zł6.93m market cap, or US$1.92m). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Revenue is less than US$5m (zł18m revenue, or US$4.9m). Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł6.07m (down 2.0% from 3Q 2024). Net income: zł323.4k (up 16% from 3Q 2024). Profit margin: 5.3% (up from 4.5% in 3Q 2024). The increase in margin was driven by lower expenses. Announcement • Nov 11
Dektra SA to Report Q3, 2025 Results on Nov 14, 2025 Dektra SA announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 17
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł5.00m (down 5.9% from 2Q 2024). Net income: zł68.8k (down 64% from 2Q 2024). Profit margin: 1.4% (down from 3.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Upcoming Dividend • Jul 22
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 29 July 2025. Payment date: 28 August 2025. Payout ratio is on the higher end at 96%, however this is supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (6.7%). Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł3.46m (down 6.7% from 1Q 2024). Net loss: zł213.8k (down 494% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Declared Dividend • Apr 27
Dividend reduced to zł0.30 Dividend of zł0.30 is 29% lower than last year. Ex-date: 29th July 2025 Payment date: 28th August 2025 Dividend yield will be 3.8%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is well covered by cash flows (48% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 7.1% to bring the payout ratio under control. However, EPS has declined by 5.3% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 16
Full year 2024 earnings released Full year 2024 results: Revenue: zł18.3m (down 5.9% from FY 2023). Net income: zł418.3k (down 26% from FY 2023). Profit margin: 2.3% (down from 2.9% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jan 21
Now 20% overvalued Over the last 90 days, the stock has fallen 14% to zł7.70. The fair value is estimated to be zł6.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 60%. Buy Or Sell Opportunity • Jan 02
Now 22% overvalued Over the last 90 days, the stock has fallen 13% to zł7.94. The fair value is estimated to be zł6.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 60%. New Risk • Nov 24
New major risk - Revenue and earnings growth Earnings have declined by 1.2% 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 Earnings have declined by 1.2% per year over the past 5 years. Market cap is less than US$10m (zł9.52m market cap, or US$2.29m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Revenue is less than US$5m (zł19m revenue, or US$4.5m). Reported Earnings • Aug 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł5.32m (up 3.7% from 2Q 2023). Net income: zł192.3k (up 66% from 2Q 2023). Profit margin: 3.6% (up from 2.3% in 2Q 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 22
Upcoming dividend of zł0.42 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 29 August 2024. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Polish dividend payers (7.9%). Higher than average of industry peers (2.1%). Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł3.71m (down 4.8% from 1Q 2023). Net income: zł54.2k (down 57% from 1Q 2023). Profit margin: 1.5% (down from 3.2% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Apr 28
Dektra SA, Annual General Meeting, Jun 13, 2024 Dektra SA, Annual General Meeting, Jun 13, 2024, at 10:00 Central European Standard Time. Reported Earnings • Mar 13
Full year 2023 earnings released Full year 2023 results: Revenue: zł19.4m (down 24% from FY 2022). Net income: zł563.8k (down 74% from FY 2022). Profit margin: 2.9% (down from 8.7% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł6.96m (flat on 3Q 2022). Net income: zł367.9k (down 33% from 3Q 2022). Profit margin: 5.3% (down from 7.8% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł5.13m (down 5.5% from 2Q 2022). Net income: zł115.9k (down 73% from 2Q 2022). Profit margin: 2.3% (down from 7.8% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł11.30, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 10x in the Building industry in Poland. Total returns to shareholders of 212% over the past three years. Recent Insider Transactions • Jul 07
Insider recently sold zł59k worth of stock On the 3rd of July, Maciej Stefanski sold around 4k shares on-market at roughly zł13.58 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth zł180k. Insiders have been net sellers, collectively disposing of zł930k more than they bought in the last 12 months. Upcoming Dividend • Jun 29
Upcoming dividend of zł2.00 per share at 15% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 22 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 15%. Within top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (2.3%). Recent Insider Transactions • Jun 25
Insider recently sold zł180k worth of stock On the 21st of June, Maciej Stefanski sold around 13k shares on-market at roughly zł13.51 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of zł871k more than they bought in the last 12 months. Recent Insider Transactions • Apr 09
Insider recently sold zł164k worth of stock On the 3rd of April, Maciej Stefanski sold around 13k shares on-market at roughly zł12.90 per share. This transaction amounted to 9.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth zł228k. Insiders have been net sellers, collectively disposing of zł746k more than they bought in the last 12 months. Recent Insider Transactions • Apr 03
Insider recently sold zł127k worth of stock On the 28th of March, Maciej Stefanski sold around 10k shares on-market at roughly zł12.98 per share. This transaction amounted to 6.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth zł228k. Insiders have been net sellers, collectively disposing of zł583k more than they bought in the last 12 months. Recent Insider Transactions • Mar 27
Insider recently sold zł63k worth of stock On the 20th of March, Maciej Stefanski sold around 5k shares on-market at roughly zł12.60 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth zł228k. Insiders have been net sellers, collectively disposing of zł456k more than they bought in the last 12 months. Recent Insider Transactions • Mar 14
Insider recently sold zł228k worth of stock On the 8th of March, Maciej Stefanski sold around 15k shares on-market at roughly zł14.75 per share. This transaction amounted to 7.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of zł342k more than they bought in the last 12 months. Reported Earnings • Mar 06
Full year 2022 earnings released Full year 2022 results: Revenue: zł25.4m (up 13% from FY 2021). Net income: zł2.20m (down 6.9% from FY 2021). Profit margin: 8.7% (down from 11% 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 64% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł15.20, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 7x in the Building industry in Poland. Total returns to shareholders of 223% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment deteriorated over the past week After last week's 22% share price decline to zł14.00, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 7x in the Building industry in Poland. Total returns to shareholders of 141% over the past three years. Upcoming Dividend • Aug 19
Upcoming dividend of zł2.05 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 12%. Within top quartile of Polish dividend payers (9.1%). Higher than average of industry peers (2.2%). Recent Insider Transactions • May 21
Vice President of the Management Board recently sold zł76k worth of stock On the 16th of May, Maciej Stefanski sold around 4k shares on-market at roughly zł19.00 per share. This was the largest sale by an insider in the last 3 months. This was Maciej's only on-market trade for the last 12 months. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: zł0.17 (vs zł0.38 in 1Q 2021) First quarter 2022 results: EPS: zł0.17. Revenue: zł9.40m (up 92% from 1Q 2021). Net income: zł1.24m (up 193% from 1Q 2021). Profit margin: 13% (up from 8.6% in 1Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 16% share price gain to zł19.10, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 10x in the Building industry in Poland. Total returns to shareholders of 154% over the past three years. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 19% share price gain to zł18.60, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 22x in the Building industry in Poland. Total returns to shareholders of 152% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 16% share price gain to zł16.00, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 12x in the Building industry in Poland. Total returns to shareholders of 133% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS zł0.57 (vs zł0.35 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: zł6.22m (up 55% from 2Q 2020). Net income: zł626.3k (up 61% from 2Q 2020). Profit margin: 10% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 08
Upcoming dividend of zł0.75 per share Eligible shareholders must have bought the stock before 15 June 2021. Payment date: 29 June 2021. Trailing yield: 6.3%. Within top quartile of Polish dividend payers (5.8%). Higher than average of industry peers (4.7%). Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 19% share price gain to zł9.55, the stock trades at a trailing P/E ratio of 15.4x, up from the previous P/E ratio of 12.9x. Average P/E is 10x in the Building industry in Poland. Total returns to shareholders over the past three years are 10.0%. Is New 90 Day High Low • Feb 12
New 90-day high: zł8.00 The company is up 27% from its price of zł6.30 on 13 November 2020. The Polish market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Building industry, which is up 37% over the same period. Is New 90 Day High Low • Jan 28
New 90-day high: zł7.30 The company is up 22% from its price of zł6.00 on 30 October 2020. The Polish market is also up 22% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Building industry, which is up 43% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: zł7.20 The company is up 23% from its price of zł5.85 on 30 September 2020. The Polish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 18% over the same period.