Announcement • Nov 11
LuON S.A. to Report Q3, 2025 Results on Nov 13, 2025 LuON S.A. announced that they will report Q3, 2025 results on Nov 13, 2025 New Risk • Nov 14
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Revenue has declined by 64% over the past year. Market cap is less than US$10m (zł6.56m market cap, or US$1.59m). New Risk • Sep 30
New major risk - Revenue and earnings growth Revenue has declined by 64% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risks Share price has been highly volatile over the past 3 months (9.6% average weekly change). Revenue has declined by 64% over the past year. Market cap is less than US$10m (zł8.04m market cap, or US$2.10m). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Announcement • Jun 06
LuON S.A., Annual General Meeting, Jul 01, 2024 LuON S.A., Annual General Meeting, Jul 01, 2024. New Risk • Apr 05
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: zł4.3m (US$1.1m) This is considered a minor risk. Companies with a small amount of revenue 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 Share price has been highly volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$10m (zł10.3m market cap, or US$2.60m). Minor Risk Revenue is less than US$5m (zł4.3m revenue, or US$1.1m). New Risk • Jan 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Market cap is less than US$10m (zł10.5m market cap, or US$2.59m). Reported Earnings • Nov 18
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł1.07m (down 97% from 3Q 2022). Net loss: zł445.8k (down 110% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. New Risk • Aug 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 105% 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 High level of non-cash earnings (105% accrual ratio). Market cap is less than US$10m (zł10.3m market cap, or US$2.50m). Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Profit margins are more than 30% lower than last year (0.1% net profit margin). Reported Earnings • Aug 18
Second quarter 2023 earnings released: zł0.53 loss per share (vs zł1.07 profit in 2Q 2022) Second quarter 2023 results: zł0.53 loss per share (down from zł1.07 profit in 2Q 2022). Revenue: zł5.51m (down 65% from 2Q 2022). Net loss: zł528.7k (down 150% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł13.00, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 9x in the Building industry in Poland. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł12.80, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 11x in the Building industry in Poland. Total returns to shareholders of 74% over the past three years. Announcement • Jun 04
WAT S.A., Annual General Meeting, Jun 30, 2023 WAT S.A., Annual General Meeting, Jun 30, 2023, at 11:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł6.53m (down 57% from 1Q 2022). Net loss: zł105.2k (down 105% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł9.78, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 8x in the Building industry in Poland. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł11.30, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 7x in the Building industry in Poland. Total returns to shareholders of 58% over the past three years. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: zł3.79 (vs zł2.56 in FY 2021) Full year 2022 results: EPS: zł3.79 (up from zł2.56 in FY 2021). Revenue: zł91.7m (up 202% from FY 2021). Net income: zł3.79m (up 48% from FY 2021). Profit margin: 4.1% (down from 8.4% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł21.50, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 8x in the Building industry in Poland. Total returns to shareholders of 193% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment deteriorated over the past week After last week's 24% share price decline to zł23.20, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 7x in the Building industry in Poland. Total returns to shareholders of 144% over the past three years. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 18% share price gain to zł31.90, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 6x in the Building industry in Poland. Total returns to shareholders of 282% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 21% share price decline to zł29.00, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 6x in the Building industry in Poland. Total returns to shareholders of 207% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 25% share price decline to zł30.70, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 7x in the Building industry in Poland. Total returns to shareholders of 236% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł15.5m (up 339% from 2Q 2021). Net income: zł1.14m (up zł1.06m from 2Q 2021). Profit margin: 7.4% (up from 2.4% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 18% share price gain to zł17.20, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 7x in the Building industry in Poland. Total returns to shareholders of 112% over the past three years. Announcement • Apr 23
WAT S.A., Annual General Meeting, May 17, 2022 WAT S.A., Annual General Meeting, May 17, 2022, at 11:00 Central European Standard Time. Reported Earnings • Apr 07
Full year 2021 earnings released: EPS: zł2.56 (vs zł0.046 in FY 2020) Full year 2021 results: EPS: zł2.56 (up from zł0.046 in FY 2020). Revenue: zł30.3m (up 55% from FY 2020). Net income: zł2.56m (up zł2.51m from FY 2020). Profit margin: 8.4% (up from 0.2% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year. Announcement • Apr 02
WAT S.A. to Report Q1, 2022 Results on Apr 05, 2022 WAT S.A. announced that they will report Q1, 2022 results on Apr 05, 2022 Announcement • Mar 29
WAT S.A. to Report Q1, 2022 Results on Apr 26, 2022 WAT S.A. announced that they will report Q1, 2022 results on Apr 26, 2022 Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 17% share price gain to zł16.00, the stock trades at a trailing P/E ratio of 74.7x. Average trailing P/E is 11x in the Building industry in Poland. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 19% share price gain to zł15.50, the stock trades at a trailing P/E ratio of 72.4x. Average trailing P/E is 10x in the Building industry in Poland. Total returns to shareholders of 92% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 28% share price gain to zł16.90, the stock trades at a trailing P/E ratio of 78.9x. Average trailing P/E is 22x in the Building industry in Poland. Total returns to shareholders of 234% over the past three years. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł14.90, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 11x in the Building industry in Poland. Total returns to shareholders of 200% over the past three years. Reported Earnings • Nov 21
Third quarter 2020 earnings released: EPS zł0.56 (vs zł0.38 in 3Q 2019) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł7.24m (up 3.2% from 3Q 2019). Net income: zł557.8k (up 46% from 3Q 2019). Profit margin: 7.7% (up from 5.5% in 3Q 2019). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 29% share price gain to zł18.40, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 12x in the Building industry in Poland. Total returns to shareholders of 216% over the past three years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improved over the past week After last week's 23% share price gain to zł12.90, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 12x in the Building industry in Poland. Total returns to shareholders of 90% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improved over the past week After last week's 27% share price gain to zł17.50, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 11x in the Building industry in Poland. Total returns to shareholders of 276% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improved over the past week After last week's 22% share price gain to zł17.20, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 11x in the Building industry in Poland. Total returns to shareholders of 253% over the past three years. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł15.20, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 10x in the Building industry in Poland. Total returns to shareholders of 219% over the past three years. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł15.50, the stock is trading at a trailing P/E ratio of 10.9x, down from the previous P/E ratio of 13.2x. This compares to an average P/E of 10x in the Building industry in Poland. Total returns to shareholders over the past three years are 226%. Is New 90 Day High Low • Jan 28
New 90-day low: zł18.60 The company is down 1.0% from its price of zł18.80 on 30 October 2020. The Polish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 43% over the same period. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 23% share price gain to zł25.00, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 14.3x. This compares to an average P/E of 9x in the Building industry in Poland. Total returns to shareholders over the past three years are 559%. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 17% share price gain to zł25.00, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 15x. This compares to an average P/E of 10x in the Building industry in Poland. Total returns to shareholders over the past three years are 559%. Is New 90 Day High Low • Nov 24
New 90-day high: zł25.00 The company is up 211% from its price of zł8.05 on 25 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 Building industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 18% share price gain to zł21.00, the stock is trading at a trailing P/E ratio of 14.7x, up from the previous P/E ratio of 12.5x. This compares to an average P/E of 8x in the Building industry in Poland. Total returns to shareholders over the past three years are 454%. Valuation Update With 7 Day Price Move • Nov 03
Market bids up stock over the past week After last week's 23% share price gain to zł22.20, the stock is trading at a trailing P/E ratio of 15.6x, up from the previous P/E ratio of 12.7x. This compares to an average P/E of 7x in the Building industry in Poland. Total returns to shareholders over the past three years are 485%. Is New 90 Day High Low • Nov 03
New 90-day high: zł22.20 The company is up 196% from its price of zł7.50 on 31 July 2020. The Polish market is down 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is flat over the same period. Reported Earnings • Oct 21
Third quarter earnings released Over the last 12 months the company has reported total profits of zł1.43m, up 240% from the prior year. Total revenue was zł20.9m over the last 12 months, up 8.8% from the prior year. Is New 90 Day High Low • Oct 09
New 90-day high: zł13.40 The company is up 70% from its price of zł7.90 on 06 July 2020. The Polish market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 13% over the same period.