Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: zł0.041 (vs zł0.022 in FY 2024) Full year 2025 results: EPS: zł0.041 (up from zł0.022 in FY 2024). Revenue: zł74.9m (flat on FY 2024). Net income: zł4.10m (up 88% from FY 2024). Profit margin: 5.5% (up from 2.9% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Feb 10
ELQ S.A. to Report Q4, 2025 Results on Feb 13, 2026 ELQ S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 Announcement • Nov 11
ELQ S.A. to Report Q3, 2025 Results on Nov 14, 2025 ELQ S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Aug 14
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 10% 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 (10% average weekly change). High level of non-cash earnings (26% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (zł304.0m market cap, or US$83.5m). Reported Earnings • Aug 04
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł17.7m (down 16% from 2Q 2024). Net income: zł2.94m (up 98% from 2Q 2024). Profit margin: 17% (up from 7.1% in 2Q 2024). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł2.62, the stock trades at a trailing P/E ratio of 51x. Average trailing P/E is 15x in the Electrical industry in Europe. Total returns to shareholders of 98% over the past three years. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: zł0.051 (vs zł0.097 in FY 2023) Full year 2024 results: EPS: zł0.051 (down from zł0.097 in FY 2023). Revenue: zł70.8m (down 15% from FY 2023). Net income: zł5.13m (down 47% from FY 2023). Profit margin: 7.3% (down from 12% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to zł2.30, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 14x in the Electrical industry in Poland. Total returns to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to zł3.15, the stock trades at a trailing P/E ratio of 57.1x. Average forward P/E is 10x in the Electrical industry in Poland. Total returns to shareholders of 133% over the past three years. New Risk • Dec 12
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 8.9% 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 (8.9% average weekly change). High level of non-cash earnings (47% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.1% net profit margin). Market cap is less than US$100m (zł275.0m market cap, or US$67.7m). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł2.56, the stock trades at a trailing P/E ratio of 37.6x. Average forward P/E is 11x in the Electrical industry in Poland. Total returns to shareholders of 131% over the past three years. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł21.1m (down 28% from 2Q 2023). Net income: zł1.49m (down 64% from 2Q 2023). Profit margin: 7.1% (down from 14% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 02
Now 30% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to zł2.95. The fair value is estimated to be zł4.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to zł2.95. The fair value is estimated to be zł3.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jun 05
ELQ S.A., Annual General Meeting, Jun 28, 2024 ELQ S.A., Annual General Meeting, Jun 28, 2024. Buy Or Sell Opportunity • May 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to zł2.96. The fair value is estimated to be zł3.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. Price Target Changed • May 21
Price target decreased by 19% to zł3.90 Down from zł4.80, the current price target is provided by 1 analyst. New target price is 22% above last closing price of zł3.20. Stock is up 150% over the past year. The company posted earnings per share of zł0.11 last year. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł15.7m (up 47% from 1Q 2023). Net income: zł912.3k (down 24% from 1Q 2023). Profit margin: 5.8% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to zł2.74, the stock trades at a trailing P/E ratio of 24.2x. Average forward P/E is 13x in the Electrical industry in Poland. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 62% After last week's 62% share price gain to zł4.04, the stock trades at a trailing P/E ratio of 35.7x. Average forward P/E is 13x in the Electrical industry in Poland. Total returns to shareholders of 60% over the past three years. Reported Earnings • Feb 13
Full year 2023 earnings released: EPS: zł0.11 (vs zł0.015 in FY 2022) Full year 2023 results: EPS: zł0.11 (up from zł0.015 in FY 2022). Revenue: zł82.8m (up 191% from FY 2022). Net income: zł11.3m (up zł9.82m from FY 2022). Profit margin: 14% (up from 5.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 86% After last week's 86% share price gain to zł3.76, the stock trades at a trailing P/E ratio of 31x. Average forward P/E is 17x in the Electrical industry in Poland. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 51% After last week's 51% share price gain to zł1.96, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 11x in the Electrical industry in Poland. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł1.49, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 10x in the Electrical industry in Poland. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł1.15, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 11x in the Electrical industry in Poland. Total loss to shareholders of 57% over the past three years. Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł29.2m (up zł25.8m from 2Q 2022). Net income: zł4.11m (up zł5.20m from 2Q 2022). Profit margin: 14% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 52% After last week's 52% share price gain to zł1.69, the stock trades at a trailing P/E ratio of 48.2x. Average trailing P/E is 14x in the Electrical industry in Poland. Total loss to shareholders of 52% over the past three years. New Risk • Jun 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. 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). High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (zł109.0m market cap, or US$26.6m). Announcement • Jun 04
ELQ S.A., Annual General Meeting, Jun 30, 2023 ELQ S.A., Annual General Meeting, Jun 30, 2023, at 11:00 Central European Standard Time. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł0.004 (vs zł0.019 loss in FY 2021) Full year 2022 results: EPS: zł0.004 (up from zł0.019 loss in FY 2021). Revenue: zł28.4m (up 11% from FY 2021). Net income: zł402.8k (up zł2.29m from FY 2021). Profit margin: 1.4% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 31
First quarter 2022 earnings released: zł0.008 loss per share (vs zł0.007 loss in 1Q 2021) First quarter 2022 results: zł0.008 loss per share (down from zł0.007 loss in 1Q 2021). Revenue: zł2.88m (down 75% from 1Q 2021). Net loss: zł818.4k (loss widened 15% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: zł0.015 loss per share (down from zł0.007 loss in FY 2020). Revenue: zł25.4m (down 32% from FY 2020). Net loss: zł1.46m (loss widened 97% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: zł0.015 loss per share (down from zł0.007 loss in FY 2020). Revenue: zł25.4m (down 32% from FY 2020). Net loss: zł1.46m (loss widened 97% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: zł3.99m (down 28% from 3Q 2020). Net income: zł753.5k (up zł930.3k from 3Q 2020). Profit margin: 19% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 184% per year, which means it is well ahead of earnings. Reported Earnings • Aug 19
Second quarter 2021 earnings released The company reported a mediocre second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: zł6.97m (up 44% from 2Q 2020). Net loss: zł492.3k (down 195% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 04
New 90-day high: zł2.90 The company is up 45% from its price of zł2.00 on 04 December 2020. The Polish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 3.0% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: zł0.005 loss per share (vs zł0.024 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: zł39.6m (up 29% from FY 2019). Net loss: zł527.1k (down 122% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 20
New 90-day high: zł2.88 The company is up 18% from its price of zł2.44 on 22 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 6.0% over the same period. Reported Earnings • Nov 21
Third quarter 2020 earnings released: zł0.002 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: zł5.50m (down 32% from 3Q 2019). Net loss: zł176.9k (down 112% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 29
New 90-day low: zł2.00 The company is down 49% from its price of zł3.94 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 Electrical industry, which is down 40% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: zł2.44 The company is down 19% from its price of zł3.00 on 16 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is down 18% over the same period. Announcement • Jul 30
ELQ S.A. (WSE:ELQ) acquired remaining 10% stake in ELQ PV 1, ELQ PV 2, ELQ PV 3 And ELQ PV 4. ELQ S.A. (WSE:ELQ) acquired remaining 10% stake in ELQ PV 1, ELQ PV 2, ELQ PV 3 And ELQ PV 4 on July 17, 2020.
ELQ S.A. (WSE:ELQ) completed the acquisition of remaining 10% stake in ELQ PV 1, ELQ PV 2, ELQ PV 3 And ELQ PV 4 on July 17, 2020. 