Declared Dividend • May 31
Dividend increased to zł0.61 Dividend of zł0.61 is 20% higher than last year. Ex-date: 17th August 2026 Payment date: 23rd October 2026 Dividend yield will be 3.4%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 41% to shift the payout ratio to a potentially unsustainable range, which is more than the 22% EPS decline seen over the last 5 years. Reported Earnings • May 26
First quarter 2026 earnings released: zł0.32 loss per share (vs zł0.12 profit in 1Q 2025) First quarter 2026 results: zł0.32 loss per share (down from zł0.12 profit in 1Q 2025). Revenue: zł86.8m (down 21% from 1Q 2025). Net loss: zł1.89m (down 367% from profit in 1Q 2025). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Apr 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (zł109.2m market cap, or US$30.1m). Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł17.15, the stock trades at a trailing P/E ratio of 17.7x. Average forward P/E is 17x in the Building industry in Poland. Total returns to shareholders of 60% over the past three years. Reported Earnings • Nov 26
Third quarter 2025 earnings released: zł0.34 loss per share (vs zł0.84 profit in 3Q 2024) Third quarter 2025 results: zł0.34 loss per share (down from zł0.84 profit in 3Q 2024). Revenue: zł135.4m (up 17% from 3Q 2024). Net loss: zł2.05m (down 141% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Sep 11
Second quarter 2025 earnings released: EPS: zł0.33 (vs zł0.50 in 2Q 2024) Second quarter 2025 results: EPS: zł0.33 (down from zł0.50 in 2Q 2024). Revenue: zł108.7m (down 4.5% from 2Q 2024). Net income: zł1.95m (down 35% from 2Q 2024). Profit margin: 1.8% (down from 2.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Aug 27
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: Major Risk Debt is not well covered by operating cash flow (5.2% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (zł91.5m market cap, or US$24.8m). Announcement • Aug 21
PJP Makrum S.A. to Report First Half, 2025 Results on Sep 08, 2025 PJP Makrum S.A. announced that they will report first half, 2025 results on Sep 08, 2025 Upcoming Dividend • Aug 11
Upcoming dividend of zł0.51 per share Eligible shareholders must have bought the stock before 18 August 2025. Payment date: 24 October 2025. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 8.8%. Within top quartile of Polish dividend payers (7.1%). Higher than average of industry peers (7.1%). Buy Or Sell Opportunity • Aug 04
Now 21% undervalued Over the last 90 days, the stock has risen 15% to zł16.60. The fair value is estimated to be zł20.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.0%. Buy Or Sell Opportunity • Jun 10
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at zł16.05. The fair value is estimated to be zł20.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.0%. Announcement • Jun 04
PJP Makrum S.A. announces Annual dividend, payable on October 24, 2025 PJP Makrum S.A. announced Annual dividend of PLN 0.2550 per share payable on October 24, 2025, ex-date on August 18, 2025 and record date on August 19, 2025. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: zł0.12 (vs zł0.46 loss in 1Q 2024) First quarter 2025 results: EPS: zł0.12 (up from zł0.46 loss in 1Q 2024). Revenue: zł109.5m (up 7.4% from 1Q 2024). Net income: zł707.0k (up zł3.49m from 1Q 2024). Profit margin: 0.6% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. 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 25% per year, which means it is well ahead of earnings. Reported Earnings • Apr 03
Full year 2024 earnings released: EPS: zł1.75 (vs zł2.95 in FY 2023) Full year 2024 results: EPS: zł1.75 (down from zł2.95 in FY 2023). Revenue: zł444.5m (up 4.0% from FY 2023). Net income: zł10.5m (down 41% from FY 2023). Profit margin: 2.4% (down from 4.1% in FY 2023). The decrease in margin was driven by higher expenses. 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 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: zł0.84 (vs zł0.59 in 3Q 2023) Third quarter 2024 results: EPS: zł0.84 (up from zł0.59 in 3Q 2023). Revenue: zł115.3m (down 5.1% from 3Q 2023). Net income: zł5.03m (up 42% from 3Q 2023). Profit margin: 4.4% (up from 2.9% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% 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 • Sep 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł19.35, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 11x in the Building industry in Poland. Total returns to shareholders of 30% over the past three years. Upcoming Dividend • Sep 11
Upcoming dividend of zł1.40 per share Eligible shareholders must have bought the stock before 18 September 2024. Payment date: 03 October 2024. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 7.5%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (2.1%). Reported Earnings • Sep 06
Second quarter 2024 earnings released: EPS: zł0.50 (vs zł1.16 in 2Q 2023) Second quarter 2024 results: EPS: zł0.50 (down from zł1.16 in 2Q 2023). Revenue: zł113.8m (up 12% from 2Q 2023). Net income: zł3.01m (down 56% from 2Q 2023). Profit margin: 2.6% (down from 6.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to zł16.75. The fair value is estimated to be zł21.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 37%. Announcement • May 25
PJP Makrum S.A., Annual General Meeting, Jun 19, 2024 PJP Makrum S.A., Annual General Meeting, Jun 19, 2024. Reported Earnings • May 23
First quarter 2024 earnings released: zł0.46 loss per share (vs zł0.19 profit in 1Q 2023) First quarter 2024 results: zł0.46 loss per share (down from zł0.19 profit in 1Q 2023). Revenue: zł102.0m (up 15% from 1Q 2023). Net loss: zł2.78m (down 351% from profit in 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Apr 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (zł141.8m market cap, or US$36.2m). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł21.60, the stock trades at a trailing P/E ratio of 5.1x. Average forward P/E is 16x in the Building industry in Poland. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł19.00, the stock trades at a trailing P/E ratio of 4.5x. Average forward P/E is 16x in the Building industry in Poland. Total returns to shareholders of 9.6% over the past three years. Reported Earnings • Nov 22
Third quarter 2023 earnings released: EPS: zł0.59 (vs zł2.11 in 3Q 2022) Third quarter 2023 results: EPS: zł0.59 (down from zł2.11 in 3Q 2022). Revenue: zł121.5m (down 19% from 3Q 2022). Net income: zł3.54m (down 61% from 3Q 2022). Profit margin: 2.9% (down from 6.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Nov 22
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.2% per year for the foreseeable future. Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł96.9m market cap, or US$24.1m). Reported Earnings • Sep 12
Second quarter 2023 earnings released: EPS: zł1.16 (vs zł0.58 in 2Q 2022) Second quarter 2023 results: EPS: zł1.16 (up from zł0.58 in 2Q 2022). Revenue: zł101.7m (down 35% from 2Q 2022). Net income: zł6.92m (up 101% from 2Q 2022). Profit margin: 6.8% (up from 2.2% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Aug 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.0% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 9.0% per year for the foreseeable future. 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 (8.4% average weekly change). Market cap is less than US$100m (zł86.2m market cap, or US$21.0m). New Risk • Aug 17
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 8.3% 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 (8.3% average weekly change). Market cap is less than US$100m (zł92.7m market cap, or US$22.6m). Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł15.50, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 12x in the Building industry in Poland. Total returns to shareholders of 10.0% over the past three years. Upcoming Dividend • Aug 04
Upcoming dividend of zł0.51 per share at 3.8% yield Eligible shareholders must have bought the stock before 11 August 2023. Payment date: 28 August 2023. Trailing yield: 3.8%. Lower than top quartile of Polish dividend payers (7.3%). Lower than average of industry peers (4.3%). New Risk • Jul 24
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: 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 (zł83.2m market cap, or US$20.7m). Announcement • May 31
PJP Makrum S.A., Annual General Meeting, Jun 26, 2023 PJP Makrum S.A., Annual General Meeting, Jun 26, 2023, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł12.40, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 12x in the Building industry in Poland. Negligible returns to shareholders over past three years. Reported Earnings • Apr 11
Full year 2022 earnings released: EPS: zł4.77 (vs zł0.31 in FY 2021) Full year 2022 results: EPS: zł4.77 (up from zł0.31 in FY 2021). Revenue: zł532.4m (up 71% from FY 2021). Net income: zł28.6m (up zł26.7m from FY 2021). Profit margin: 5.4% (up from 0.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 31
Now 23% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be zł20.33, 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 9.4%. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to zł15.80, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 7x in the Building industry in Poland. Total returns to shareholders of 8.1% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 56% share price gain to zł13.00, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 6x in the Building industry in Poland. Total returns to shareholders of 6.0% over the past three years. Reported Earnings • Nov 24
Third quarter 2022 earnings released: EPS: zł2.11 (vs zł0.11 loss in 3Q 2021) Third quarter 2022 results: EPS: zł2.11 (up from zł0.11 loss in 3Q 2021). Revenue: zł149.8m (up 79% from 3Q 2021). Net income: zł9.16m (up zł9.81m from 3Q 2021). Profit margin: 6.1% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 09
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł156.3m (up 137% from 2Q 2021). Net income: zł3.44m (up zł4.33m from 2Q 2021). Profit margin: 2.2% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 19% share price gain to zł9.20, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 10x in the Building industry in Poland. Total loss to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 26% share price gain to zł8.80, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 6x in the Building industry in Poland. Total loss to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 20% share price gain to zł7.10, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 6x in the Building industry in Poland. Total loss to shareholders of 57% over the past three years. Reported Earnings • May 22
First quarter 2022 earnings released: EPS: zł0.37 (vs zł0.079 loss in 1Q 2021) First quarter 2022 results: EPS: zł0.37 (up from zł0.079 loss in 1Q 2021). Revenue: zł106.6m (up 87% from 1Q 2021). Net income: zł2.22m (up zł2.70m from 1Q 2021). Profit margin: 2.1% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • May 20
PJP Makrum S.A., Annual General Meeting, Jun 13, 2022 PJP Makrum S.A., Annual General Meeting, Jun 13, 2022, at 13:30 Central European Standard Time. Reported Earnings • Apr 03
Full year 2021 earnings released Full year 2021 results: Revenue: zł312.1m (down 8.7% from FY 2020). Net income: zł1.88m (down 87% from FY 2020). Profit margin: 0.6% (down from 4.3% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 20
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: zł83.7m (up 5.7% from 3Q 2020). Net loss: zł656.0k (down 139% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 20
Upcoming dividend of zł0.34 per share Eligible shareholders must have bought the stock before 27 September 2021. Payment date: 12 October 2021. Trailing yield: 2.1%. Lower than top quartile of Polish dividend payers (6.0%). Lower than average of industry peers (5.0%). Reported Earnings • Sep 12
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: zł65.9m (down 27% from 2Q 2020). Net loss: zł886.0k (down 114% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS zł2.49 (vs zł0.93 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł341.9m (up 26% from FY 2019). Net income: zł14.9m (up 168% from FY 2019). Profit margin: 4.3% (up from 2.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 15% share price gain to zł18.95, the stock is trading at a trailing P/E ratio of 8.7x, up from the previous P/E ratio of 7.5x. 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 6.0%. Is New 90 Day High Low • Jan 08
New 90-day high: zł17.30 The company is up 5.0% from its price of zł16.40 on 09 October 2020. The Polish market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 23% over the same period. Announcement • Dec 02
PJP Makrum S.A. Announces Board Appointments PJP Makrum S.A. announced AmRest appointed to-date chairman of the board of directors Jose Pares Gutierrez new executive chairman of the group. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS zł0.28 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł79.2m (up 10% from 3Q 2019). Net income: zł1.69m (up 56% from 3Q 2019). Profit margin: 2.1% (up from 1.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Is New 90 Day High Low • Nov 01
New 90-day low: zł14.50 The company is down 2.0% from its price of zł14.75 on 03 August 2020. The Polish market is down 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Building industry, which is up 1.0% over the same period.