Reported Earnings • May 18
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł586.6m (down 20% from 1Q 2025). Net loss: zł18.5m (loss widened 40% from 1Q 2025). Revenue is forecast to stay flat during the next 2 years compared to a 11% growth forecast for the Construction industry in Poland. Announcement • Apr 23
Erbud S.A., Annual General Meeting, May 19, 2026 Erbud S.A., Annual General Meeting, May 19, 2026, at 16:15 Central European Standard Time. Reported Earnings • Apr 15
Full year 2025 earnings released: zł3.00 loss per share (vs zł2.42 loss in FY 2024) Full year 2025 results: zł3.00 loss per share (further deteriorated from zł2.42 loss in FY 2024). Revenue: zł3.26b (up 9.3% from FY 2024). Net loss: zł35.8m (loss widened 24% from FY 2024). Revenue is expected to decline by 3.8% p.a. on average during the next 2 years, while revenues in the Construction industry in Poland are expected to grow by 11%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Price Target Changed • Dec 01
Price target decreased by 30% to zł32.70 Down from zł47.00, the current price target is provided by 1 analyst. New target price is 20% above last closing price of zł27.20. Stock is down 20% over the past year. The company posted a net loss per share of zł2.42 last year. New Risk • Nov 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% 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 (15% operating cash flow to total debt). 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 57% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł338.2m market cap, or US$92.3m). Announcement • Nov 06
Erbud S.A. to Report Q3, 2025 Results on Nov 06, 2025 Erbud S.A. announced that they will report Q3, 2025 results on Nov 06, 2025 New Risk • Oct 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł355.5m (US$97.8m) This is considered a minor risk. Companies with a small market capitalization 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 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 52% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł355.5m market cap, or US$97.8m). Reported Earnings • Sep 12
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł800.0m (up 16% from 2Q 2024). Net income: zł1.58m (up zł9.91m from 2Q 2024). Profit margin: 0.2% (up from net loss in 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Construction industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Aug 21
Erbud S.A. to Report First Half, 2025 Results on Sep 10, 2025 Erbud S.A. announced that they will report first half, 2025 results on Sep 10, 2025 Upcoming Dividend • May 26
Upcoming dividend of zł1.68 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 06 June 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Polish dividend payers (6.8%). Higher than average of industry peers (3.7%). Reported Earnings • May 14
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł733.1m (up 14% from 1Q 2024). Net loss: zł13.2m (down zł15.9m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Declared Dividend • May 02
Dividend of zł1.68 announced Dividend of zł1.68 is the same as last year. Ex-date: 2nd June 2025 Payment date: 6th June 2025 Dividend yield will be 4.5%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (35% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Announcement • May 01
Erbud S.A., Annual General Meeting, May 27, 2025 Erbud S.A., Annual General Meeting, May 27, 2025. Buy Or Sell Opportunity • Apr 08
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 3.7% to zł36.50. The fair value is estimated to be zł28.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 28
Full year 2024 earnings released: zł2.42 loss per share (vs zł0.84 profit in FY 2023) Full year 2024 results: zł2.42 loss per share (down from zł0.84 profit in FY 2023). Revenue: zł2.98b (down 7.9% from FY 2023). Net loss: zł28.9m (down 389% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Dec 01
Price target decreased by 15% to zł47.00 Down from zł55.00, the current price target is provided by 1 analyst. New target price is 43% above last closing price of zł32.80. Stock is down 3.2% over the past year. The company posted earnings per share of zł0.84 last year. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł771.1m (down 11% from 3Q 2023). Net income: zł5.05m (down 93% from 3Q 2023). Profit margin: 0.7% (down from 7.8% in 3Q 2023). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Sep 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 76% 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 17% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (140% payout ratio). Large one-off items impacting financial results. New Risk • Sep 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł379.4m (US$98.0m) This is considered a minor risk. Companies with a small market capitalization 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 Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł379.4m market cap, or US$98.0m). Reported Earnings • Sep 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł689.2m (down 20% from 2Q 2023). Net loss: zł8.34m (down 341% from profit in 2Q 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Declared Dividend • May 19
Dividend increased to zł1.68 Dividend of zł1.68 is 100% higher than last year. Ex-date: 21st May 2024 Payment date: 4th June 2024 Dividend yield will be 3.9%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (200% earnings payout ratio). However, it is well covered by cash flows (9% cash payout ratio). The dividend has increased by an average of 14% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 123% to bring the payout ratio under control. However, EPS has declined by 6.0% over the last 5 years so the company would need to reverse this trend. Announcement • May 19
Erbud Announces Dividend Payment for 2023, Payable on June 4, 2024 Erbud's general meeting decided to allocate PLN 20.04 million (EUR 4.7 mln) from its profit for 2023 to the payment of a dividend, which means PLN 1.68 (EUR 0.39) per share, the company said in a market filing. The dividend date was set for May 22 and the payment date for June 4. Price Target Changed • May 15
Price target increased by 25% to zł55.00 Up from zł44.00, the current price target is provided by 1 analyst. New target price is 30% above last closing price of zł42.30. Stock is up 4.2% over the past year. The company posted earnings per share of zł0.84 last year. Upcoming Dividend • May 14
Upcoming dividend of zł1.68 per share Eligible shareholders must have bought the stock before 21 May 2024. Payment date: 04 June 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.8%. Lower than top quartile of Polish dividend payers (7.6%). Lower than average of industry peers (4.5%). Reported Earnings • May 09
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł644.3m (down 11% from 1Q 2023). Net income: zł2.76m (up zł16.2m from 1Q 2023). Profit margin: 0.4% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 14% per year. Announcement • Apr 23
Erbud S.A., Annual General Meeting, May 17, 2024 Erbud S.A., Annual General Meeting, May 17, 2024, at 14:00 Central European Standard Time. Location: UL. FRANCISZKA KLIMCZAKA 1 Warsaw Poland Agenda: To consider the report on the Activities of ERBUD S.A. Supervisory Board in the financial year ended on 31 December 2023; to consider the distribution of the profit generated in the financial year ended on 31 December 2023; to consider granting a vote of approval to the members of the Management Board for the performance of their duties in the financial year ended on 31 December 2023; to consider the granting a vote of approval to the members of the Supervisory Board for the performance of their duties in the financial year ended on 31 December 2023; to amend the company's Statutes; to approve the uniform text of the company's Statutes; to consider the appointment of new members of the company's Supervisory Board; and to consider other matters. New Risk • Apr 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 29
Full year 2023 earnings released Full year 2023 results: Revenue: zł3.23b (down 16% from FY 2022). Net income: zł10.0m (up 21% from FY 2022). Profit margin: 0.3% (up from 0.2% in FY 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł44.40, the stock trades at a trailing P/E ratio of 8.2x. Average forward P/E is 12x in the Construction industry in Poland. Total returns to shareholders of 34% over the past three years. Announcement • Jan 04
Erbud S.A. (WSE:ERB) acquired CKTiS Spólka Akcyjna from Termo-Rex S.A. (WSE:TRR). Erbud S.A. (WSE:ERB) acquired CKTiS Spólka Akcyjna from Termo-Rex S.A. (WSE:TRR) on January 3, 2024. Upon completion, CKTiS has employed 130 people.
Erbud S.A. (WSE:ERB) completed the acquisition of CKTiS Spólka Akcyjna from Termo-Rex S.A. (WSE:TRR) on January 3, 2024. Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł865.0m (down 14% from 3Q 2022). Net income: zł67.6m (up zł64.7m from 3Q 2022). Profit margin: 7.8% (up from 0.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Construction industry in Poland are expected to grow by 6.3%. Reported Earnings • Sep 08
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł861.6m (down 16% from 2Q 2022). Net income: zł3.47m (up zł5.03m from 2Q 2022). Profit margin: 0.4% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Construction industry in Poland are expected to grow by 6.5%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Announcement • May 09
Erbud S.A., Annual General Meeting, May 22, 2023 Erbud S.A., Annual General Meeting, May 22, 2023, at 15:30 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł42.00, the stock trades at a trailing P/E ratio of 25.3x. Average forward P/E is 11x in the Construction industry in Poland. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł37.45, the stock trades at a trailing P/E ratio of 22.6x. Average forward P/E is 11x in the Construction industry in Poland. Total returns to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 19% share price gain to zł32.40, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 7x in the Construction industry in Poland. Total returns to shareholders of 71% over the past three years. Price Target Changed • Nov 16
Price target increased to zł50.00 Up from zł32.85, the current price target is provided by 1 analyst. New target price is 95% above last closing price of zł25.60. Stock is down 59% over the past year. The company posted earnings per share of zł0.71 last year. Reported Earnings • Nov 09
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł1.01b (up 14% from 3Q 2021). Net income: zł3.33m (up zł27.2m from 3Q 2021). Profit margin: 0.3% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 15% share price gain to zł34.20, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 8x in the Construction industry in Poland. Total returns to shareholders of 167% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 16% share price gain to zł34.90, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 8x in the Construction industry in Poland. Total returns to shareholders of 177% over the past three years. Reported Earnings • May 12
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł763.9m (up 42% from 1Q 2021). Net income: zł179.0k (up zł7.61m from 1Q 2021). Profit margin: 0% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to zł50.00 Up from zł32.85, the current price target is provided by 1 analyst. New target price is 27% above last closing price of zł39.30. Stock is down 35% over the past year. The company posted earnings per share of zł0.71 last year. Reported Earnings • Apr 10
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: zł3.10b (up 39% from FY 2020). Net income: zł8.79m (down 81% from FY 2020). Profit margin: 0.3% (down from 2.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: zł881.0m (up 69% from 3Q 2020). Net loss: zł23.9m (down 207% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 80% per year whereas the company’s share price has increased by 81% per year. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł62.40, the stock trades at a trailing P/E ratio of 15.5x. Average forward P/E is 14x in the Construction industry in Poland. Total returns to shareholders of 524% over the past three years. Reported Earnings • Sep 04
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: zł754.1m (up 17% from 2Q 2020). Net income: zł21.4m (up 83% from 2Q 2020). Profit margin: 2.8% (up from 1.8% 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 96% per year but the company’s share price has increased by 109% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 16% share price gain to zł93.00, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 15x in the Construction industry in Europe. Total returns to shareholders of 514% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł105 per share. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 30% share price gain to zł83.00, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 15x in the Construction industry in Europe. Total returns to shareholders of 450% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł90.25 per share. Reported Earnings • May 15
First quarter 2021 earnings released: EPS zł1.51 (vs zł0.041 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł536.7m (up 22% from 1Q 2020). Net income: zł19.3m (up zł19.8m from 1Q 2020). Profit margin: 3.6% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 14
Consensus revenue estimates increase to zł2.31b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from zł2.09b to zł2.31b. EPS estimate increased from zł2.02 to zł2.84 per share. Net income forecast to shrink 25% next year vs 20% growth forecast for Construction industry in Poland . Consensus price target up from zł32.85 to zł60.30. Share price rose 29% to zł58.00 over the past week. Reported Earnings • Apr 10
Full year 2020 earnings released: EPS zł3.65 (vs zł2.63 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł2.23b (down 3.7% from FY 2019). Net income: zł46.7m (up 39% from FY 2019). Profit margin: 2.1% (up from 1.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 19% share price gain to zł52.20, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Construction industry in Europe. Total returns to shareholders of 165% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł22.79 per share. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 16% share price gain to zł37.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Construction industry in Europe. Total returns to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł22.04 per share. Is New 90 Day High Low • Feb 19
New 90-day high: zł36.70 The company is up 84% from its price of zł20.00 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 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł22.62 per share. Is New 90 Day High Low • Feb 01
New 90-day high: zł34.60 The company is up 87% from its price of zł18.50 on 03 November 2020. The Polish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 44% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł22.60 per share. Price Target Changed • Jan 22
Price target raised to zł32.85 Up from zł26.95, the current price target is an average from 3 analysts. The new target price is close to the current share price of zł34.00. As of last close, the stock is up 68% over the past year. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 18% share price gain to zł31.80, the stock is trading at a trailing P/E ratio of 10.3x, up from the previous P/E ratio of 8.7x. This compares to an average P/E of 8x in the Construction industry in Poland. Total returns to shareholders over the past three years are 51%. Is New 90 Day High Low • Jan 15
New 90-day high: zł29.60 The company is up 55% from its price of zł19.10 on 16 October 2020. The Polish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 44% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł21.40 per share.