Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł61.80, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 39x in the Electrical industry in Poland. Total returns to shareholders of 431% over the past three years. New Risk • Jul 05
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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.6% net profit margin). Upcoming Dividend • Jun 11
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 18 June 2026. Payment date: 24 July 2026. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Polish dividend payers (7.2%). In line with average of industry peers (4.0%). Reported Earnings • May 28
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł81.1m (down 11% from 1Q 2025). Net income: zł1.74m (down 59% from 1Q 2025). Profit margin: 2.1% (down from 4.7% in 1Q 2025). 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 70% per year, which means it is well ahead of earnings. Declared Dividend • Apr 23
Dividend reduced to zł2.00 Dividend of zł2.00 is 20% lower than last year. Ex-date: 18th June 2026 Payment date: 24th July 2026 Dividend yield will be 3.7%, which is lower than the industry average of 4.6%. Sustainability & Growth Dividend is not covered by earnings (112% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 24% to bring the payout ratio under control, which is more than the 12% EPS growth achieved over the last 5 years. Announcement • Apr 22
Elektrotim S.A., Annual General Meeting, May 20, 2026 Elektrotim S.A., Annual General Meeting, May 20, 2026, at 10:00 Central European Standard Time. Reported Earnings • Apr 17
Full year 2025 earnings released: EPS: zł2.90 (vs zł5.42 in FY 2024) Full year 2025 results: EPS: zł2.90 (down from zł5.42 in FY 2024). Revenue: zł579.7m (up 11% from FY 2024). Net income: zł29.0m (down 46% from FY 2024). Profit margin: 5.0% (down from 10% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 69% per year, which means it is well ahead of earnings. Reported Earnings • Nov 27
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł139.7m (down 14% from 3Q 2024). Net income: zł6.44m (down 61% from 3Q 2024). Profit margin: 4.6% (down from 10% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 10
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł111.9m (flat on 2Q 2024). Net income: zł3.05m (down 62% from 2Q 2024). Profit margin: 2.7% (down from 7.2% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 21
Elektrotim S.A. to Report First Half, 2025 Results on Sep 09, 2025 Elektrotim S.A. announced that they will report first half, 2025 results on Sep 09, 2025 Upcoming Dividend • Jun 11
Upcoming dividend of zł2.50 per share Eligible shareholders must have bought the stock before 18 June 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Lower than top quartile of Polish dividend payers (7.2%). In line with average of industry peers (4.9%). Reported Earnings • May 28
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł90.8m (up 47% from 1Q 2024). Net income: zł4.28m (down 80% from 1Q 2024). Profit margin: 4.7% (down from 34% in 1Q 2024). The decrease in margin was driven by higher expenses. 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 104% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 15
Elektrotim S.A., Annual General Meeting, May 16, 2025 Elektrotim S.A., Annual General Meeting, May 16, 2025. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł44.30, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 14x in the Electrical industry in Poland. Total returns to shareholders of 829% over the past three years. Reported Earnings • Nov 22
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł162.5m (down 11% from 3Q 2023). Net income: zł16.4m (up 68% from 3Q 2023). Profit margin: 10% (up from 5.3% in 3Q 2023). New Risk • Nov 08
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 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. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (zł373.4m market cap, or US$93.2m). Buy Or Sell Opportunity • Sep 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to zł30.80. The fair value is estimated to be zł39.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 66%. Reported Earnings • Sep 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł111.6m (down 13% from 2Q 2023). Net income: zł8.04m (down 28% from 2Q 2023). Profit margin: 7.2% (down from 8.7% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 66% per year whereas the company’s share price has increased by 68% per year. Buy Or Sell Opportunity • Aug 23
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at zł30.30. The fair value is estimated to be zł38.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 60%. Buy Or Sell Opportunity • Aug 05
Now 21% undervalued Over the last 90 days, the stock has risen 20% to zł30.30. The fair value is estimated to be zł38.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 60%. Upcoming Dividend • Aug 02
Upcoming dividend of zł2.50 per share Eligible shareholders must have bought the stock before 09 August 2024. Payment date: 04 September 2024. Trailing yield: 8.1%. Within top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (1.8%). Announcement • Jun 26
Elektrotim S.A. Announces Dividend for 2023, Payable on September 4, 2024 Elektrotim's shareholders have decided to earmark PLN 25 million (EUR 5.8 million) from the company's 2023 net profit for the dividend payments, which translates into PLN 2.5 (EUR 0.58) per share, the company said in a market filing following the ordinary general meeting. The dividend date has been set on August 12 and payment will be made on September 4, 2024. Announcement • May 31
Elektrotim S.A., Annual General Meeting, Jun 25, 2024 Elektrotim S.A., Annual General Meeting, Jun 25, 2024. Reported Earnings • May 30
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł62.0m (down 36% from 1Q 2023). Net income: zł21.1m (up 266% from 1Q 2023). Profit margin: 34% (up from 5.9% in 1Q 2023). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł29.70, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 14x in the Electrical industry in Poland. Total returns to shareholders of 345% over the past three years. Buy Or Sell Opportunity • Apr 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to zł23.80. The fair value is estimated to be zł19.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 63%. Reported Earnings • Apr 25
Full year 2023 earnings released Full year 2023 results: Revenue: zł532.2m (up 5.3% from FY 2022). Net income: zł40.7m (up 85% from FY 2022). Profit margin: 7.7% (up from 4.3% in FY 2022). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • Apr 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to zł23.95. The fair value is estimated to be zł19.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 58%. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł22.20, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 16x in the Electrical industry in Poland. Total returns to shareholders of 226% over the past three years. Reported Earnings • Nov 24
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł183.2m (up 28% from 3Q 2022). Net income: zł9.74m (down 12% from 3Q 2022). Profit margin: 5.3% (down from 7.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 19
Now 21% undervalued Over the last 90 days, the stock is up 3.4%. The fair value is estimated to be zł18.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 53%. Reported Earnings • Sep 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł128.3m (up 68% from 2Q 2022). Net income: zł11.2m (up zł10.5m from 2Q 2022). Profit margin: 8.7% (up from 0.9% in 2Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł15.06, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 10x in the Electrical industry in Poland. Total returns to shareholders of 202% over the past three years. Upcoming Dividend • Jun 29
Upcoming dividend of zł1.50 per share at 9.9% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 28 July 2023. Trailing yield: 9.9%. Within top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (2.1%). New Risk • Jun 10
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 11% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (zł135.6m market cap, or US$32.8m). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł13.40, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 14x in the Electrical industry in Poland. Total returns to shareholders of 180% over the past three years. Announcement • May 23
Elektrotim S.A., Annual General Meeting, Jun 20, 2023 Elektrotim S.A., Annual General Meeting, Jun 20, 2023, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł10.10, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 11x in the Electrical industry in Poland. Total returns to shareholders of 218% over the past three years. Announcement • Dec 13
Elektrotim Started Talks on Sale of 90.91% Stake in Unit Procom System Elektrotim SA started negotatiations with Artur Wójcikowski and Bogdan Dolinski on sale of 90.91% stake in unit Procom System. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł143.0m (up 152% from 3Q 2021). Net income: zł11.1m (up 490% from 3Q 2021). Profit margin: 7.8% (up from 3.3% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Sep 27
Second quarter 2022 earnings released: EPS: zł0.068 (vs zł0.31 in 2Q 2021) Second quarter 2022 results: EPS: zł0.068 (down from zł0.31 in 2Q 2021). Revenue: zł76.5m (down 1.6% from 2Q 2021). Net income: zł681.0k (down 78% from 2Q 2021). Profit margin: 0.9% (down from 4.0% in 2Q 2021). 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 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 01
First quarter 2022 earnings released: zł0.54 loss per share (vs zł0.15 loss in 1Q 2021) First quarter 2022 results: zł0.54 loss per share (down from zł0.15 loss in 1Q 2021). Revenue: zł52.4m (flat on 1Q 2021). Net loss: zł5.41m (loss widened 263% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • May 27
Elektrotim S.A., Annual General Meeting, Jun 23, 2022 Elektrotim S.A., Annual General Meeting, Jun 23, 2022, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 39% share price gain to zł8.10, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 10x in the Electrical industry in Poland. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł4.78, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 10x in the Electrical industry in Poland. Total loss to shareholders of 4.8% over the past three years. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 20% share price gain to zł6.24, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 11x in the Electrical industry in Poland. Total returns to shareholders of 26% over the past three years. Reported Earnings • Oct 01
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: zł77.7m (up 56% from 2Q 2020). Net income: zł3.09m (up 16% from 2Q 2020). Profit margin: 4.0% (down from 5.4% 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 87% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 01
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: zł77.7m (up 56% from 2Q 2020). Net income: zł3.09m (up 16% from 2Q 2020). Profit margin: 4.0% (down from 5.4% 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 87% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 15
New 90-day high: zł7.60 The company is up 25% from a price of zł6.10 on 15 December 2020. Outperformed the Polish market which is up 7.0% over the last 90 days. Exceeded the Electrical industry, which is up 4.0% over the same period. Is New 90 Day High Low • Feb 08
New 90-day high: zł6.90 The company is up 23% from its price of zł5.60 on 10 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 12% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: zł6.26 The company is up 12% from its price of zł5.60 on 06 October 2020. The Polish market is also up 12% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Electrical industry, which is down 17% over the same period. Reported Earnings • Nov 24
Third quarter 2020 earnings released: EPS zł0.20 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł70.6m (up 32% from 3Q 2019). Net income: zł1.98m (up zł3.10m from 3Q 2019). Profit margin: 2.8% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 12
New 90-day low: zł4.96 The company is down 19% from its price of zł6.12 on 14 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is down 12% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: zł5.32 The company is down 17% from its price of zł6.40 on 24 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 Electrical industry, which is up 49% over the same period.