Upcoming Dividend • Jun 26
Upcoming dividend of zł0.29 per share Eligible shareholders must have bought the stock before 03 July 2026. Payment date: 10 July 2026. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Polish dividend payers (7.1%). Higher than average of industry peers (2.4%). Declared Dividend • Jun 05
Dividend reduced to zł0.29 Dividend of zł0.29 is 17% lower than last year. Ex-date: 3rd July 2026 Payment date: 10th July 2026 Dividend yield will be 3.9%, which is lower than the industry average of 10%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but 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 8.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 03
Hortico S.A., Annual General Meeting, Jun 30, 2026 Hortico S.A., Annual General Meeting, Jun 30, 2026, at 11:00 Central European Standard Time. New Risk • May 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (zł96.2m market cap, or US$26.4m). New Risk • Mar 24
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 7.2% 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 (7.2% average weekly change). Market cap is less than US$100m (zł98.2m market cap, or US$26.6m). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł7.52, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 7x in the Trade Distributors industry in Poland. Total returns to shareholders of 85% over the past three years. Announcement • Feb 11
Hortico S.A. to Report Q4, 2025 Results on Feb 13, 2026 Hortico S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 Buy Or Sell Opportunity • Feb 07
Now 20% overvalued Over the last 90 days, the stock has fallen 2.5% to zł6.34. The fair value is estimated to be zł5.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 14%. Buy Or Sell Opportunity • Jan 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to zł6.36. The fair value is estimated to be zł5.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 14%. Buy Or Sell Opportunity • Dec 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.3% to zł6.34. The fair value is estimated to be zł5.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has declined by 16%. Buy Or Sell Opportunity • Nov 24
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 7.3% to zł6.50. The fair value is estimated to be zł5.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has declined by 16%. Announcement • Nov 12
Hortico S.A. to Report Q3, 2025 Results on Nov 14, 2025 Hortico S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Buy Or Sell Opportunity • Oct 09
Now 22% overvalued Over the last 90 days, the stock has fallen 2.2% to zł6.16. The fair value is estimated to be zł5.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has declined by 16%. Buy Or Sell Opportunity • Sep 08
Now 20% overvalued Over the last 90 days, the stock has fallen 13% to zł6.00. The fair value is estimated to be zł4.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has declined by 16%. New Risk • Jul 09
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 7.2% 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 Dividend is not well covered by cash flows (112% cash payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (zł81.4m market cap, or US$22.5m). Upcoming Dividend • Jun 27
Upcoming dividend of zł0.35 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Polish dividend payers (6.9%). Higher than average of industry peers (4.4%). Declared Dividend • Jun 02
Dividend increased to zł0.35 Dividend of zł0.35 is 40% higher than last year. Ex-date: 4th July 2025 Payment date: 11th July 2025 Dividend yield will be 5.1%, which is lower than the industry average of 10%. Sustainability & Growth Dividend is covered by both earnings (27% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 50% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 18
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł60.0m (up 4.6% from 1Q 2024). Net income: zł7.03m (down 13% from 1Q 2024). Profit margin: 12% (down from 14% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł7.44, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 9x in the Trade Distributors industry in Poland. Total returns to shareholders of 68% over the past three years. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: zł1.02 (vs zł0.82 in FY 2023) Full year 2024 results: EPS: zł1.02 (up from zł0.82 in FY 2023). Revenue: zł196.9m (up 27% from FY 2023). Net income: zł13.2m (up 25% from FY 2023). Profit margin: 6.7% (down from 6.8% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł7.95, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 9x in the Trade Distributors industry in Poland. Total returns to shareholders of 85% over the past three years. New Risk • Nov 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (zł84.0m market cap, or US$20.5m). Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł57.2m (up 22% from 2Q 2023). Net income: zł5.65m (up 13% from 2Q 2023). Profit margin: 9.9% (in line with 2Q 2023). Upcoming Dividend • Jun 27
Upcoming dividend of zł0.25 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 11 July 2024. Payout ratio is a comfortable 29% and the cash payout ratio is 83%. Trailing yield: 3.6%. Lower than top quartile of Polish dividend payers (7.8%). Lower than average of industry peers (7.7%). Announcement • Jun 05
Hortico S.A., Annual General Meeting, Jun 28, 2024 Hortico S.A., Annual General Meeting, Jun 28, 2024. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł57.4m (up 22% from 1Q 2023). Net income: zł8.03m (up 8.3% from 1Q 2023). Profit margin: 14% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł5.90, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 10x in the Trade Distributors industry in Poland. Total returns to shareholders of 23% over the past three years. Upcoming Dividend • Mar 29
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 05 April 2024. Payment date: 12 April 2024. Payout ratio is a comfortable 40% and the cash payout ratio is 79%. Trailing yield: 6.5%. Lower than top quartile of Polish dividend payers (7.4%). Lower than average of industry peers (11%). Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.82 (vs zł1.36 in FY 2022) Full year 2023 results: EPS: zł0.82 (down from zł1.36 in FY 2022). Revenue: zł155.5m (down 1.6% from FY 2022). Net income: zł10.6m (down 38% from FY 2022). Profit margin: 6.8% (down from 11% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł21.2m (down 19% from 3Q 2022). Net loss: zł3.95m (loss widened 58% from 3Q 2022). Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł46.8m (up 5.7% from 2Q 2022). Net income: zł5.02m (down 50% from 2Q 2022). Profit margin: 11% (down from 22% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 03
Upcoming dividend of zł0.35 per share at 6.5% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 20 July 2023. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 6.5%. Lower than top quartile of Polish dividend payers (7.1%). In line with average of industry peers (6.7%). Announcement • Jun 02
Hortico S.A., Annual General Meeting, Jun 30, 2023 Hortico 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: zł1.36 (vs zł1.00 in FY 2021) Full year 2022 results: EPS: zł1.36 (up from zł1.00 in FY 2021). Revenue: zł158.0m (up 3.7% from FY 2021). Net income: zł17.1m (up 41% from FY 2021). Profit margin: 11% (up from 7.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł26.3m (up 18% from 3Q 2021). Net loss: zł2.50m (loss narrowed 13% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 19% share price gain to zł4.63, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 5x in the Trade Distributors industry in Poland. Total returns to shareholders of 208% over the past three years. Buying Opportunity • Oct 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be zł4.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 69%. Buying Opportunity • Aug 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be zł4.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 69%. Upcoming Dividend • Jul 01
Upcoming dividend of zł0.35 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 20 July 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Polish dividend payers (8.0%). Lower than average of industry peers (6.3%). Announcement • Jun 02
Hortico S.A., Annual General Meeting, Jun 30, 2022 Hortico S.A., Annual General Meeting, Jun 30, 2022, at 11:00 Central European Standard Time. Reported Earnings • Feb 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł1.02 (up from zł0.53 in FY 2020). Revenue: zł152.1m (up 17% from FY 2020). Net income: zł11.9m (up 90% from FY 2020). Profit margin: 7.8% (up from 4.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be zł5.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. Earnings per share has grown by 67% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł4.20, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 7x in the Trade Distributors industry in Poland. Total returns to shareholders of 165% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: zł22.3m (up 8.4% from 3Q 2020). Net loss: zł2.86m (loss widened 97% from 3Q 2020). 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 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł4.48, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 8x in the Trade Distributors industry in Poland. Total returns to shareholders of 159% over the past three years. Reported Earnings • Aug 18
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: zł45.0m (up 15% from 2Q 2020). Net income: zł6.04m (up 36% from 2Q 2020). Profit margin: 13% (up from 11% 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 64% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 01
Upcoming dividend of zł0.07 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 30 July 2021. Trailing yield: 1.2%. Lower than top quartile of Polish dividend payers (5.8%). Lower than average of industry peers (3.3%). Reported Earnings • May 19
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł43.6m (up 25% from 1Q 2020). Net income: zł5.58m (up 115% from 1Q 2020). Profit margin: 13% (up from 7.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year whereas the company’s share price has increased by 50% per year. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 18% share price gain to zł4.80, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 15x in the Trade Distributors industry in Poland. Total returns to shareholders of 176% over the past three years. Is New 90 Day High Low • Mar 08
New 90-day high: zł4.40 The company is up 47% from its price of zł3.00 on 08 December 2020. The Polish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 18% share price gain to zł4.40, the stock is trading at a trailing P/E ratio of 8.4x, up from the previous P/E ratio of 7.2x. This compares to an average P/E of 14x in the Trade Distributors industry in Poland. Total returns to shareholders over the past three years are 144%. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS zł0.52 (vs zł0.15 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł129.6m (up 20% from FY 2019). Net income: zł6.13m (up 244% from FY 2019). Profit margin: 4.7% (up from 1.6% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 34% share price gain to zł4.08, the stock is trading at a trailing P/E ratio of 9x, up from the previous P/E ratio of 6.7x. This compares to an average P/E of 13x in the Trade Distributors industry in Poland. Total returns to shareholders over the past three years are 117%. Is New 90 Day High Low • Feb 10
New 90-day high: zł3.28 The company is up 9.0% from its price of zł3.00 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 Trade Distributors industry, which is up 27% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: zł3.06 The company is up 17% from its price of zł2.62 on 16 October 2020. The Polish market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 34% over the same period. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 20% share price gain to zł3.00, the stock is trading at a trailing P/E ratio of 6.6x, up from the previous P/E ratio of 5.5x. This compares to an average P/E of 10x in the Trade Distributors industry in Poland. Total returns to shareholders over the past three years are 63%. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 15% share price gain to zł3.04, the stock is trading at a trailing P/E ratio of 8.5x, up from the previous P/E ratio of 7.4x. This compares to an average P/E of 10x in the Trade Distributors industry in Poland. Total returns to shareholders over the past three years are 40%.