Upcoming Dividend • Jun 23
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 30 June 2026. Payment date: 08 July 2026. Payout ratio is a comfortable 10% but the company is paying out more than the cash it is generating. Trailing yield: 1.0%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (4.4%). Declared Dividend • May 27
Dividend increased to zł0.20 Dividend of zł0.20 is 100% higher than last year. Ex-date: 30th June 2026 Payment date: 8th July 2026 Dividend yield will be 1.8%, which is lower than the industry average of 2.9%. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł11.48, the stock trades at a trailing P/E ratio of 11.3x. Average forward P/E is 13x in the Construction industry in Poland. Total returns to shareholders of 72% over the past three years. Announcement • May 22
Mirbud S.A., Annual General Meeting, Jun 19, 2026 Mirbud S.A., Annual General Meeting, Jun 19, 2026, at 09:00 Central European Standard Time. Reported Earnings • Nov 29
Third quarter 2025 earnings released: EPS: zł0.13 (vs zł0.093 in 3Q 2024) Third quarter 2025 results: EPS: zł0.13 (up from zł0.093 in 3Q 2024). Revenue: zł732.0m (down 18% from 3Q 2024). Net income: zł14.1m (up 38% from 3Q 2024). Profit margin: 1.9% (up from 1.1% in 3Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Announcement • Aug 20
Mirbud S.A. to Report First Half, 2025 Results on Aug 28, 2025 Mirbud S.A. announced that they will report first half, 2025 results on Aug 28, 2025 Upcoming Dividend • Jun 23
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 9.6% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (4.1%). Reported Earnings • May 23
First quarter 2025 earnings released: EPS: zł0.14 (vs zł0.36 in 1Q 2024) First quarter 2025 results: EPS: zł0.14 (down from zł0.36 in 1Q 2024). Revenue: zł496.7m (down 23% from 1Q 2024). Net income: zł15.0m (down 55% from 1Q 2024). Profit margin: 3.0% (down from 5.1% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 61% per year, which means it is well ahead of earnings. Declared Dividend • May 21
Dividend reduced to zł0.09 Dividend of zł0.09 is 57% lower than last year. Ex-date: 30th June 2025 Payment date: 8th August 2025 Dividend yield will be 0.6%, which is lower than the industry average of 2.9%. Announcement • May 20
Mirbud S.A. announces Annual dividend, payable on August 08, 2025 Mirbud S.A. announced Annual dividend of PLN 0.0900 per share payable on August 08, 2025, ex-date on June 30, 2025 and record date on July 01, 2025. Announcement • May 19
Mirbud S.A., Annual General Meeting, Jun 13, 2025 Mirbud S.A., Annual General Meeting, Jun 13, 2025. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł15.23, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 15x in the Construction industry in Poland. Total returns to shareholders of 406% over the past three years. New Risk • Dec 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 47% 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: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Nov 29
Third quarter 2024 earnings released: EPS: zł0.09 (vs zł0.30 in 3Q 2023) Third quarter 2024 results: EPS: zł0.09 (down from zł0.30 in 3Q 2023). Revenue: zł893.7m (up 2.4% from 3Q 2023). Net income: zł10.2m (down 63% from 3Q 2023). Profit margin: 1.1% (down from 3.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł13.20, the stock trades at a trailing P/E ratio of 9x. Average forward P/E is 11x in the Construction industry in Poland. Total returns to shareholders of 275% over the past three years. New Risk • Sep 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 44% 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: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: zł0.16 (vs zł0.17 in 2Q 2023) Second quarter 2024 results: EPS: zł0.16. Revenue: zł815.7m (up 20% from 2Q 2023). Net income: zł21.1m (up 34% from 2Q 2023). Profit margin: 2.6% (up from 2.3% in 2Q 2023). The increase in margin was driven by higher revenue. New Risk • Aug 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 6.5% 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 Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Jun 24
Mirbud to Pay Dividend, Payable on August 7, 2024 Mirbud's shareholders have decided to pay a total dividend of PLN 19.27 million (EUR 4.4 million), or PLN 0.21 (EUR 0.05) per share. The record date is June 27, 2024 and the dividend will be paid on August 7, 2024. In 2023, Mirbud's general meeting decided to pay a total dividend for 2022 of PLN 23.85 million (EUR 5.5 million), or PLN 0.26 (EUR 0.06) gross per share. Upcoming Dividend • Jun 19
Upcoming dividend of zł0.21 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 07 August 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Polish dividend payers (7.7%). Lower than average of industry peers (4.8%). Announcement • Jun 15
Mirbud S.A. has completed a Follow-on Equity Offering in the amount of PLN 201.8368 million. Mirbud S.A. has completed a Follow-on Equity Offering in the amount of PLN 201.8368 million.
Security Name: Series L Shares
Security Type: Common Stock
Securities Offered: 18,348,800
Price\Range: PLN 11
Transaction Features: Regulation S; Subsequent Direct Listing New Risk • Jun 13
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 7.0% 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. This is currently the only risk that has been identified for the company. New Risk • Jun 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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. This is currently the only risk that has been identified for the company. Declared Dividend • May 27
Dividend reduced to zł0.21 Dividend of zł0.21 is 19% lower than last year. Ex-date: 26th June 2024 Payment date: 7th August 2024 Dividend yield will be 1.8%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (27% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 90% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 26
Mirbud S.A. Proposes Dividend for the Year 2023 Mirbud S.A. recommends dividend payment of PLN 19.27 million (EUR 4.53 million) or PLN 0.21 (EUR 0.05) per share, the company said in a market filing. In 2023, the company's general meeting decided on a dividend payment for 2022 amounting to PLN 23.85 million (EUR 5.60 million) or PLN 0.26 (EUR 0.06) per share. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł12.20, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 12x in the Construction industry in Poland. Total returns to shareholders of 170% over the past three years. Announcement • Jan 13
Mirbud S.A. to Report Fiscal Year 2023 Results on Apr 25, 2024 Mirbud S.A. announced that they will report fiscal year 2023 results on Apr 25, 2024 Reported Earnings • Nov 30
Third quarter 2023 earnings released: EPS: zł0.30 (vs zł0.53 in 3Q 2022) Third quarter 2023 results: EPS: zł0.30 (down from zł0.53 in 3Q 2022). Revenue: zł872.4m (down 8.3% from 3Q 2022). Net income: zł27.5m (down 43% from 3Q 2022). Profit margin: 3.2% (down from 5.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: zł0.17 (vs zł0.27 in 2Q 2022) Second quarter 2023 results: EPS: zł0.17 (down from zł0.27 in 2Q 2022). Revenue: zł679.9m (down 20% from 2Q 2022). Net income: zł15.7m (down 36% from 2Q 2022). Profit margin: 2.3% (down from 2.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł6.38, the stock trades at a trailing P/E ratio of 5x. Average forward P/E is 11x in the Construction industry in Poland. Total returns to shareholders of 285% over the past three years. Announcement • Jun 21
Mirbud S.A. Approves Dividend for 2022, Payable on July 21, 2023 Mirbud S.A. approved ca. PLN 23.9 million dividend from 2022 net profit of PLN 120.2 million, translating into PLN 0.26 gross DPS. The dividend rights are to be set on June 26 and the payment is due on July 21. Upcoming Dividend • Jun 16
Upcoming dividend of zł0.26 per share at 3.8% yield Eligible shareholders must have bought the stock before 23 June 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (5.1%). Announcement • May 26
Mirbud S.A., Annual General Meeting, Jun 19, 2023 Mirbud S.A., Annual General Meeting, Jun 19, 2023, at 10:00 Central European Standard Time. Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł951.8m (up 23% from 3Q 2021). Net income: zł48.2m (up 13% from 3Q 2021). Profit margin: 5.1% (down from 5.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Buying Opportunity • Oct 03
Now 21% undervalued Over the last 90 days, the stock is up 2.7%. The fair value is estimated to be zł3.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has grown by 59%. Reported Earnings • Sep 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł849.3m (up 48% from 2Q 2021). Net income: zł24.3m (up 9.4% from 2Q 2021). Profit margin: 2.9% (down from 3.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 15% share price gain to zł3.42, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 8x in the Construction industry in Poland. Total returns to shareholders of 265% over the past three years. Announcement • Jun 15
Mirbud S.A. Announces Dividend for 2021 Mirbud S.A. announced that it will put PLN 18.4 million from 2021 profit of PLN 80.4 million to dividend, translating into PLN 0.20 dividend per share, the company wrote in a market filing, citing GM decisions. Upcoming Dividend • Jun 10
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 17 June 2022. Payment date: 21 June 2022. Trailing yield: 2.4%. Lower than top quartile of Polish dividend payers (7.8%). Lower than average of industry peers (7.6%). Announcement • May 18
Mirbud S.A., Annual General Meeting, Jun 14, 2022 Mirbud S.A., Annual General Meeting, Jun 14, 2022, at 10:00 Central European Standard Time. Announcement • May 13
Mirbud S.A. Recommends Dividend for the Year 2021 Mirbud S.A. recommended putting PLN 18.3 million from 2021 profit of PLN 80.4 million to dividend, translating into PLN 0.20 per share, the company wrote in a market filing. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł3.15, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 184% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł3.93, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 282% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: zł774.6m (up 134% from 3Q 2020). Net income: zł42.7m (up 171% from 3Q 2020). Profit margin: 5.5% (up from 4.8% in 3Q 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 50% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł3.78, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 10x in the Construction industry in Poland. Total returns to shareholders of 274% over the past three years. Reported Earnings • Sep 01
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: zł574.2m (up 137% from 2Q 2020). Net income: zł22.2m (up 445% from 2Q 2020). Profit margin: 3.9% (up from 1.7% 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 36% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 23
Upcoming dividend of zł0.06 per share Eligible shareholders must have bought the stock before 30 June 2021. Payment date: 16 August 2021. Trailing yield: 1.3%. Lower than top quartile of Polish dividend payers (5.9%). Lower than average of industry peers (3.5%). Reported Earnings • Jun 01
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: zł298.3m (up 55% from 1Q 2020). Net income: zł27.5m (up 316% from 1Q 2020). Profit margin: 9.2% (up from 3.4% 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 22% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 30
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł1.24b (up 31% from FY 2019). Net income: zł58.2m (up 107% from FY 2019). Profit margin: 4.7% (up from 3.0% 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 7% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 16% share price gain to zł5.13, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 9x in the Construction industry in Poland. Total returns to shareholders of 303% over the past three years. Is New 90 Day High Low • Feb 10
New 90-day high: zł4.54 The company is up 94% from its price of zł2.34 on 12 November 2020. The Polish market is up 10.0% 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. Announcement • Jan 28
Mirbud and Unit Kobylarnia in Consortium with Peer Budpol Inks a Contract Mirbud and unit Kobylarnia in consortium with peer Budpol inked a PLN 258.7 million gross deal with state road authority GDDKiA to build a section of the A18 highway. Mirbud has 25 months to complete the task. Is New 90 Day High Low • Jan 14
New 90-day high: zł4.39 The company is up 104% from its price of zł2.15 on 16 October 2020. The Polish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 30% over the same period. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 16% share price gain to zł3.92, the stock is trading at a trailing P/E ratio of 10.2x, up from the previous P/E ratio of 8.8x. 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 231%. Is New 90 Day High Low • Dec 29
New 90-day high: zł3.38 The company is up 39% from its price of zł2.43 on 30 September 2020. The Polish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 19% 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 16% share price gain to zł3.17, the stock is trading at a trailing P/E ratio of 8.3x, up from the previous P/E ratio of 7.2x. 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 172%. Is New 90 Day High Low • Nov 26
New 90-day high: zł2.65 The company is up 37% from its price of zł1.93 on 28 August 2020. The Polish market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 19% share price gain to zł2.34, the stock is trading at a trailing P/E ratio of 7.8x, up from the previous P/E ratio of 6.5x. 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 103%. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 15% share price gain to zł2.03, the stock is trading at a trailing P/E ratio of 6.7x, up from the previous P/E ratio of 5.8x. 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 73%. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 16% share price decline to zł1.82, the stock is trading at a trailing P/E ratio of 6x, down from the previous P/E ratio of 7.2x. 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 58%.