New Risk • Jun 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 257% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 257% Paying a dividend despite having no free cash flows. Earnings have declined by 30% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (zł54.2m market cap, or US$14.4m). Upcoming Dividend • Jun 15
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 22 June 2026. Payment date: 03 July 2026. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Polish dividend payers (7.1%). Higher than average of industry peers (1.2%). New Risk • May 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 21% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł56.0m market cap, or US$15.3m). Declared Dividend • May 13
Dividend of zł0.10 announced Dividend of zł0.10 is the same as last year. Ex-date: 22nd June 2026 Payment date: 3rd July 2026 Dividend yield will be 4.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 29% to shift the payout ratio to a potentially unsustainable range, which is more than the 10% EPS decline seen over the last 5 years. Announcement • May 11
Lena Lighting S.A., Annual General Meeting, Jun 11, 2026 Lena Lighting S.A., Annual General Meeting, Jun 11, 2026, at 10:00 Central European Standard Time. Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: zł0.056 (vs zł0.046 in 3Q 2024) Third quarter 2025 results: EPS: zł0.056 (up from zł0.046 in 3Q 2024). Revenue: zł34.4m (up 4.9% from 3Q 2024). Net income: zł1.40m (up 21% from 3Q 2024). Profit margin: 4.1% (up from 3.5% in 3Q 2024). The increase in margin 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 only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Nov 06
Lena Lighting S.A. to Report Q3, 2025 Results on Nov 05, 2025 Lena Lighting S.A. announced that they will report Q3, 2025 results on Nov 05, 2025 New Risk • Sep 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 16% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (144% payout ratio). 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 (zł70.1m market cap, or US$19.6m). Announcement • Aug 21
Lena Lighting S.A. to Report First Half, 2025 Results on Sep 19, 2025 Lena Lighting S.A. announced that they will report first half, 2025 results on Sep 19, 2025 Upcoming Dividend • Jun 13
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 03 July 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.9%. Lower than top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (5.0%). Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł33.0m (down 1.3% from 1Q 2024). Net income: zł95.0k (down 82% from 1Q 2024). Profit margin: 0.3% (down from 1.6% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • May 15
Lena Lighting S.A., Annual General Meeting, Jun 12, 2025 Lena Lighting S.A., Annual General Meeting, Jun 12, 2025. New Risk • May 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 199% Cash payout ratio: 214% Earnings have declined by 5.8% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (zł72.4m market cap, or US$19.3m). New Risk • May 09
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: 1.8% Last year net profit margin: 5.9% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 214% Earnings have declined by 5.8% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (zł72.9m market cap, or US$19.3m). Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł32.8m (down 19% from 3Q 2023). Net income: zł1.15m (down 49% from 3Q 2023). Profit margin: 3.5% (down from 5.6% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 10% per year. New Risk • Nov 18
New major risk - Revenue and earnings growth Earnings have declined by 1.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.2% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (117% cash payout ratio). Market cap is less than US$100m (zł78.9m market cap, or US$19.2m). Reported Earnings • Sep 25
Second quarter 2024 earnings released: zł0.024 loss per share (vs zł0.054 profit in 2Q 2023) Second quarter 2024 results: zł0.024 loss per share (down from zł0.054 profit in 2Q 2023). Revenue: zł31.5m (down 19% from 2Q 2023). Net loss: zł596.0k (down 144% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 12% per year. Upcoming Dividend • Jun 27
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (1.7%). Upcoming Dividend • Jun 11
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 03 July 2024. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (1.7%). New Risk • Jun 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł91.5m market cap, or US$23.1m). Announcement • May 18
Lena Lighting S.A., Annual General Meeting, Jun 12, 2024 Lena Lighting S.A., Annual General Meeting, Jun 12, 2024. New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. 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 (zł89.6m market cap, or US$22.5m). Upcoming Dividend • Jun 19
Upcoming dividend of zł0.20 per share at 5.2% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 11 July 2023. Payout ratio is a comfortable 23% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Lower than top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (2.0%). Announcement • May 23
Lena Lighting S.A., Annual General Meeting, Jun 20, 2023 Lena Lighting S.A., Annual General Meeting, Jun 20, 2023, at 12:00 Central European Standard Time. Reported Earnings • Sep 29
Second quarter 2022 earnings released: EPS: zł0.066 (vs zł0.018 in 2Q 2021) Second quarter 2022 results: EPS: zł0.066 (up from zł0.018 in 2Q 2021). Revenue: zł40.7m (up 32% from 2Q 2021). Net income: zł1.64m (up 261% from 2Q 2021). Profit margin: 4.0% (up from 1.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 11% per year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 19% share price gain to zł4.18, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 11x in the Electrical industry in Poland. Total returns to shareholders of 57% over the past three years. Upcoming Dividend • Jun 07
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 29 June 2022. Trailing yield: 2.7%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (2.0%). Reported Earnings • May 31
First quarter 2022 earnings released: EPS: zł0.13 (vs zł0.13 in 1Q 2021) First quarter 2022 results: EPS: zł0.13 (down from zł0.13 in 1Q 2021). Revenue: zł40.6m (up 13% from 1Q 2021). Net income: zł3.19m (down 4.0% from 1Q 2021). Profit margin: 7.9% (down from 9.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 14
Lena Lighting S.A., Annual General Meeting, Jun 08, 2022 Lena Lighting S.A., Annual General Meeting, Jun 08, 2022. Reported Earnings • May 01
Full year 2021 earnings released: EPS: zł0.37 (vs zł0.50 in FY 2020) Full year 2021 results: EPS: zł0.37 (down from zł0.50 in FY 2020). Revenue: zł148.4m (up 13% from FY 2020). Net income: zł9.11m (down 27% from FY 2020). Profit margin: 6.1% (down from 9.5% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: zł34.4m (up 7.9% from 3Q 2020). Net income: zł1.64m (down 48% from 3Q 2020). Profit margin: 4.8% (down from 9.9% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • Sep 09
Second quarter 2021 earnings released: EPS zł0.021 (vs zł0.02 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: zł30.5m (up 24% from 2Q 2020). Net income: zł530.0k (up 4.7% from 2Q 2020). Profit margin: 1.7% (down from 2.1% 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 19% per year whereas the company’s share price has increased by 21% per year. Upcoming Dividend • Jun 04
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 11 June 2021. Payment date: 25 June 2021. Trailing yield: 5.6%. Lower than top quartile of Polish dividend payers (6.0%). Higher than average of industry peers (1.9%). Reported Earnings • May 18
First quarter 2021 earnings released: EPS zł0.13 (vs zł0.099 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł35.9m (up 25% from 1Q 2020). Net income: zł3.32m (up 35% from 1Q 2020). Profit margin: 9.3% (up from 8.6% 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 11% per year and the company’s share price has also increased by 11% per year. Is New 90 Day High Low • Feb 24
New 90-day high: zł4.96 The company is up 38% from its price of zł3.60 on 26 November 2020. The Polish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 8.0% over the same period. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 17% share price gain to zł4.80, the stock is trading at a trailing P/E ratio of 17.8x, up from the previous P/E ratio of 15.2x. This compares to an average P/E of 27x in the Electrical industry in Poland. Total returns to shareholders over the past three years are 23%. Is New 90 Day High Low • Feb 06
New 90-day high: zł4.17 The company is up 24% from its price of zł3.37 on 06 November 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: zł4.14 The company is up 22% from its price of zł3.40 on 23 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 4.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: zł3.95 The company is up 14% from its price of zł3.47 on 06 October 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 17% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: zł3.68 The company is up 8.0% from its price of zł3.41 on 04 September 2020. The Polish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 22% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: zł3.65 The company is up 4.0% from its price of zł3.52 on 19 August 2020. The Polish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 24% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of zł6.72m, down 14% from the prior year. Total revenue was zł115.3m over the last 12 months, down 7.1% from the prior year. Is New 90 Day High Low • Oct 16
New 90-day low: zł3.30 The company is down 3.0% from its price of zł3.39 on 17 July 2020. The Polish market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 26% over the same period. Is New 90 Day High Low • Oct 01
New 90-day low: zł3.33 The company is down 3.0% from its price of zł3.42 on 03 July 2020. The Polish market is also down 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Electrical industry, which is up 34% over the same period.