Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to zł4.50, the stock trades at a trailing P/E ratio of 31.9x. Average trailing P/E is 18x in the Construction industry in Poland. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł5.00, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 19x in the Construction industry in Poland. Total returns to shareholders of 30% over the past three years. Announcement • May 27
Forbuild SA, Annual General Meeting, Jun 25, 2026 Forbuild SA, Annual General Meeting, Jun 25, 2026, at 11:00 Central European Standard Time. Declared Dividend • May 24
Dividend reduced to zł0.20 Dividend of zł0.20 is 39% lower than last year. Ex-date: 7th July 2026 Payment date: 15th July 2026 Dividend yield will be 4.8%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but not covered by cash flows (292% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 7 years. However, payments have been volatile during that time. Announcement • May 22
Forbuild SA announces Annual dividend, payable on July 15, 2026 Forbuild SA announced Annual dividend of PLN 0.2000 per share payable on July 15, 2026, ex-date on July 07, 2026 and record date on July 08, 2026. Announcement • Feb 10
Forbuild SA to Report Q4, 2025 Results on Feb 13, 2026 Forbuild SA announced that they will report Q4, 2025 results on Feb 13, 2026 Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł26.2m (up 2.0% from 3Q 2024). Net income: zł931.0k (down 33% from 3Q 2024). Profit margin: 3.5% (down from 5.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Announcement • Nov 13
Forbuild SA to Report Q3, 2025 Results on Nov 14, 2025 Forbuild SA announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł26.4m (down 7.5% from 2Q 2024). Net income: zł755.0k (down 44% from 2Q 2024). Profit margin: 2.9% (down from 4.7% in 2Q 2024). The decrease in margin was driven by lower revenue. Upcoming Dividend • Jun 30
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 07 July 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Polish dividend payers (7.0%). In line with average of industry peers (4.0%). Announcement • May 28
Forbuild SA, Annual General Meeting, Jun 30, 2025 Forbuild SA, Annual General Meeting, Jun 30, 2025. Reported Earnings • May 18
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł26.6m (up 11% from 1Q 2024). Net income: zł1.38m (down 13% from 1Q 2024). Profit margin: 5.2% (down from 6.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Declared Dividend • May 17
Dividend reduced to zł0.20 Dividend of zł0.20 is 33% lower than last year. Ex-date: 7th July 2025 Payment date: 15th July 2025 Dividend yield will be 4.3%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is covered by cash flows (53% cash payout ratio). The dividend has increased by an average of 7.0% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.1% to bring the payout ratio under control. However, EPS has declined by 6.2% over the last 5 years so the company would need to reverse this trend. Announcement • May 15
Forbuild SA announces Annual dividend, payable on July 15, 2025 Forbuild SA announced Annual dividend of PLN 0.2000 per share payable on July 15, 2025, ex-date on July 07, 2025 and record date on July 08, 2025. Reported Earnings • Aug 17
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł28.5m (up 12% from 2Q 2023). Net income: zł1.35m (up 53% from 2Q 2023). Profit margin: 4.7% (up from 3.5% in 2Q 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 02
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 10 September 2024. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of Polish dividend payers (7.6%). Lower than average of industry peers (4.5%). Announcement • Jun 05
Forbuild SA, Annual General Meeting, Jun 26, 2024 Forbuild SA, Annual General Meeting, Jun 26, 2024. Buy Or Sell Opportunity • Apr 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.0% to zł4.80. The fair value is estimated to be zł6.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł5.10, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 12x in the Construction industry in Poland. Total returns to shareholders of 72% over the past three years. Reported Earnings • Apr 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł24.0m (down 4.0% from 1Q 2023). Net income: zł1.58m (up 109% from 1Q 2023). Profit margin: 6.6% (up from 3.0% in 1Q 2023). The increase in margin was driven by lower expenses. Reported Earnings • Feb 16
Full year 2023 earnings released Full year 2023 results: Revenue: zł103.6m (down 14% from FY 2022). Net income: zł4.37m (down 62% from FY 2022). Profit margin: 4.2% (down from 9.6% in FY 2022). The decrease in margin was driven by lower revenue. Reported Earnings • Nov 18
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł27.3m (down 13% from 3Q 2022). Net income: zł2.38m (down 22% from 3Q 2022). Profit margin: 8.7% (down from 9.7% in 3Q 2022). The decrease in margin was driven by lower revenue. New Risk • Sep 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% 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 Shares are highly illiquid. High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.9% net profit margin). Market cap is less than US$100m (zł65.7m market cap, or US$15.8m). New Risk • Aug 18
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: 4.9% Last year net profit margin: 12% 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 Risk Shares are highly illiquid. Minor Risks Dividend is not well covered by cash flows (92% cash payout ratio). Profit margins are more than 30% lower than last year (4.9% net profit margin). Market cap is less than US$100m (zł65.7m market cap, or US$16.0m). Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł25.5m (down 29% from 2Q 2022). Net income: zł884.0k (down 82% from 2Q 2022). Profit margin: 3.5% (down from 14% in 2Q 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł5.50, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 67% over the past three years. Upcoming Dividend • Jun 29
Upcoming dividend of zł0.42 per share at 7.8% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 14 July 2023. Trailing yield: 7.8%. Within top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (5.0%). Announcement • Jun 13
Forbuild SA, Annual General Meeting, Jun 30, 2023 Forbuild SA, Annual General Meeting, Jun 30, 2023, at 11:00 Central European Standard Time. Reported Earnings • Feb 16
Full year 2022 earnings released Full year 2022 results: Revenue: zł120.2m (up 13% from FY 2021). Net income: zł12.1m (up 19% from FY 2021). Profit margin: 10.0% (in line with FY 2021). Buying Opportunity • Dec 27
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be zł4.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł31.4m (up 4.0% from 3Q 2021). Net income: zł3.06m (down 31% from 3Q 2021). Profit margin: 9.7% (down from 15% in 3Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jun 16
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 01 July 2022. Payout ratio is a comfortable 46% and the cash payout ratio is 80%. Trailing yield: 6.6%. Lower than top quartile of Polish dividend payers (8.3%). Lower than average of industry peers (7.9%). Announcement • May 24
Forbuild SA, Annual General Meeting, Jun 17, 2022 Forbuild SA, Annual General Meeting, Jun 17, 2022, at 11:00 Central European Standard Time. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł28.3m (up 40% from 1Q 2021). Net income: zł3.07m (up 205% from 1Q 2021). Profit margin: 11% (up from 5.0% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: zł106.9m (up 27% from FY 2020). Net income: zł10.2m (up 85% from FY 2020). Profit margin: 9.6% (up from 6.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 51% share price gain to zł6.70, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 339% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł30.2m (up 55% from 3Q 2020). Net income: zł4.40m (up zł4.31m from 3Q 2020). Profit margin: 15% (up from 0.5% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 21
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: zł27.1m (up 29% from 2Q 2020). Net income: zł2.54m (up 28% from 2Q 2020). Profit margin: 9.4% (in line with 2Q 2020). Upcoming Dividend • Jun 17
Upcoming dividend of zł0.18 per share Eligible shareholders must have bought the stock before 24 June 2021. Payment date: 02 July 2021. Trailing yield: 4.2%. Lower than top quartile of Polish dividend payers (5.8%). Higher than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 16% share price gain to zł4.50, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 255% over the past three years. Reported Earnings • May 21
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł20.3m (down 14% from 1Q 2020). Net income: zł1.01m (down 67% from 1Q 2020). Profit margin: 5.0% (down from 13% in 1Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Feb 20
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: zł84.4m (down 8.4% from FY 2019). Net income: zł5.41m (down 30% from FY 2019). Profit margin: 6.4% (down from 8.4% in FY 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Feb 10
New 90-day high: zł3.80 The company is up 8.0% from its price of zł3.52 on 12 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 35% over the same period. Valuation Update With 7 Day Price Move • Nov 18
Market pulls back on stock over the past week After last week's 17% share price decline to zł3.02, the stock is trading at a trailing P/E ratio of 5.2x, down from the previous P/E ratio of 6.2x. This compares to an average P/E of 7x in the Construction industry in Poland. Total returns to shareholders over the past three years are 119%. Is New 90 Day High Low • Nov 16
New 90-day low: zł3.30 The company is down 7.0% from its price of zł3.54 on 18 August 2020. The Polish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 5.0% over the same period.