New Risk • Jun 08
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 99% Dividend yield: 4.9% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jun 03
Now 21% undervalued Over the last 90 days, the stock has risen 1.4% to zł70.20. The fair value is estimated to be zł89.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has declined by 31%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Reported Earnings • May 25
First quarter 2026 earnings released: EPS: zł0.45 (vs zł0.44 in 1Q 2025) First quarter 2026 results: EPS: zł0.45 (up from zł0.44 in 1Q 2025). Revenue: zł334.4m (down 13% from 1Q 2025). Net income: zł10.3m (up 2.1% from 1Q 2025). Profit margin: 3.1% (up from 2.6% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 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 31% per year but the company’s share price has increased by 66% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 12
Now 23% undervalued Over the last 90 days, the stock has risen 14% to zł69.00. The fair value is estimated to be zł89.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has declined by 37%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • May 02
Torpol S.A., Annual General Meeting, May 27, 2026 Torpol S.A., Annual General Meeting, May 27, 2026, at 11:00 Central European Standard Time. Declared Dividend • Apr 29
Dividend increased to zł3.39 Dividend of zł3.39 is 151% higher than last year. Ex-date: 2nd July 2026 Payment date: 17th July 2026 Dividend yield will be 4.7%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 10.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 28
Torpol S.A. announces Annual dividend, payable on July 17, 2026 Torpol S.A. announced Annual dividend of PLN 3.3900 per share payable on July 17, 2026, ex-date on July 02, 2026 and record date on July 03, 2026. Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: zł3.40 (vs zł2.96 in FY 2024) Full year 2025 results: EPS: zł3.40 (up from zł2.96 in FY 2024). Revenue: zł1.98b (up 36% from FY 2024). Net income: zł78.1m (up 15% from FY 2024). Profit margin: 3.9% (down from 4.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. New Risk • Feb 02
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: 2.4% 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. Profit margins are more than 30% lower than last year (4.0% net profit margin). Reported Earnings • Nov 23
Third quarter 2025 earnings released: EPS: zł0.77 (vs zł0.60 in 3Q 2024) Third quarter 2025 results: EPS: zł0.77 (up from zł0.60 in 3Q 2024). Revenue: zł504.6m (up 45% from 3Q 2024). Net income: zł17.8m (up 30% from 3Q 2024). Profit margin: 3.5% (down from 3.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Announcement • Nov 15
Torpol S.A. to Report Q3, 2025 Results on Nov 21, 2025 Torpol S.A. announced that they will report Q3, 2025 results on Nov 21, 2025 Reported Earnings • Sep 08
Second quarter 2025 earnings released: EPS: zł0.89 (vs zł0.66 in 2Q 2024) Second quarter 2025 results: EPS: zł0.89 (up from zł0.66 in 2Q 2024). Revenue: zł467.8m (up 57% from 2Q 2024). Net income: zł20.4m (up 34% from 2Q 2024). Profit margin: 4.4% (down from 5.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 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 31% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Price Target Changed • Aug 27
Price target increased by 22% to zł54.00 Up from zł44.40, the current price target is provided by 1 analyst. New target price is 23% above last closing price of zł44.05. Stock is up 31% over the past year. The company posted earnings per share of zł2.96 last year. Announcement • Aug 21
Torpol S.A. to Report First Half, 2025 Results on Sep 05, 2025 Torpol S.A. announced that they will report first half, 2025 results on Sep 05, 2025 Upcoming Dividend • Jun 26
Upcoming dividend of zł1.35 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (4.2%). Reported Earnings • May 26
First quarter 2025 earnings released: EPS: zł0.44 (vs zł0.47 in 1Q 2024) First quarter 2025 results: EPS: zł0.44 (down from zł0.47 in 1Q 2024). Revenue: zł385.3m (up 48% from 1Q 2024). Net income: zł10.1m (down 5.7% from 1Q 2024). Profit margin: 2.6% (down from 4.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Poland. 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 31% per year, which means it is well ahead of earnings. Announcement • May 01
Torpol S.A., Annual General Meeting, May 29, 2025 Torpol S.A., Annual General Meeting, May 29, 2025. Announcement • Apr 24
Torpol S.A. announces Annual dividend, payable on July 25, 2025 Torpol S.A. announced Annual dividend of PLN 1.3500 per share payable on July 25, 2025, ex-date on July 03, 2025 and record date on July 04, 2025. Price Target Changed • Mar 10
Price target increased by 19% to zł44.40 Up from zł37.30, the current price target is provided by 1 analyst. New target price is 7.2% above last closing price of zł41.40. Stock is up 27% over the past year. The company posted earnings per share of zł4.44 last year. Buy Or Sell Opportunity • Mar 05
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to zł38.40. The fair value is estimated to be zł31.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to decline by 20% in the next 2 years. Buy Or Sell Opportunity • Feb 18
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to zł38.80. The fair value is estimated to be zł31.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to decline by 20% in the next 2 years. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.2% 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 Risks Earnings are forecast to decline by an average of 6.2% per year for the foreseeable future. High level of non-cash earnings (122% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.1% net profit margin). Buy Or Sell Opportunity • Dec 27
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to zł32.00. The fair value is estimated to be zł26.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to decline by 20% in the next 2 years. Buy Or Sell Opportunity • Nov 25
Now 26% overvalued Over the last 90 days, the stock has fallen 1.5% to zł33.40. The fair value is estimated to be zł26.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to decline by 20% in the next 2 years. Reported Earnings • Nov 24
Third quarter 2024 earnings released: EPS: zł0.60 (vs zł1.00 in 3Q 2023) Third quarter 2024 results: EPS: zł0.60 (down from zł1.00 in 3Q 2023). Revenue: zł347.4m (up 41% from 3Q 2023). Net income: zł13.7m (down 40% from 3Q 2023). Profit margin: 3.9% (down from 9.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 10
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to zł32.90. The fair value is estimated to be zł27.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to decline by 32% in the next 2 years. New Risk • Sep 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% 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 Risks Earnings are forecast to decline by an average of 16% per year for the foreseeable future. High level of non-cash earnings (216% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.3% net profit margin). Buy Or Sell Opportunity • Sep 18
Now 29% overvalued Over the last 90 days, the stock has fallen 1.9% to zł35.30. The fair value is estimated to be zł27.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.3% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 65% in 2 years. Earnings are forecast to decline by 28% in the next 2 years. Price Target Changed • Sep 11
Price target increased by 7.2% to zł40.00 Up from zł37.30, the current price target is provided by 1 analyst. New target price is 20% above last closing price of zł33.25. Stock is up 81% over the past year. The company posted earnings per share of zł4.21 last year. Reported Earnings • Sep 08
Second quarter 2024 earnings released: EPS: zł0.66 (vs zł1.03 in 2Q 2023) Second quarter 2024 results: EPS: zł0.66 (down from zł1.03 in 2Q 2023). Revenue: zł298.0m (up 39% from 2Q 2023). Net income: zł15.2m (down 36% from 2Q 2023). Profit margin: 5.1% (down from 11% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 24
Upcoming dividend of zł2.11 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 30 August 2024. Trailing yield: 6.0%. Lower than top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (4.7%). Announcement • Jun 24
Torpol Decides to Pay Dividend on August 30, 2024 Torpol's shareholders have decided that the company will pay a PLN 48.47 million (EUR 11.22 million) dividend from its 2023 profit, which amounts to PLN 2.11 (EUR 0.49) per share, the company said in a market filing. The dividend date was set for August 1 and the payment date for August 30, 2024. Reported Earnings • May 27
First quarter 2024 earnings released: EPS: zł0.47 (vs zł0.63 in 1Q 2023) First quarter 2024 results: EPS: zł0.47 (down from zł0.63 in 1Q 2023). Revenue: zł260.5m (up 23% from 1Q 2023). Net income: zł10.7m (down 26% from 1Q 2023). Profit margin: 4.1% (down from 6.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% 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 15% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (9.8% net profit margin). Announcement • May 26
Torpol S.A. Recommends Dividend for 2023 Torpol S.A. announced that it wants to allocate PLN 48.47 million (EUR 11.4 million) from its 2023 profit to dividend, which translates into PLN 2.11 (EUR 0.49) per share, according to the draft resolutions for the ordinary general meeting convened on June 24. From the remainder of the net profit generated in 2023, the company proposes to allocate PLN 47.38 million (EUR 11.1 mln) for reserve capital and PLN 800,000 (EUR 187,680) to contribute to the company's social benefits fund. Announcement • May 19
Torpol To Withdraw From Talks On Possible Transaction For Sale Of Shares In TOG Torpol S.A. (WSE:TOR) decided to withdraw from talks with Towarzystwo Finansowe Silesia Sp. z o.o. regarding possible transaction for sale of shares in Torpol Oil&Gas Sp. z o.o. Company intention remains to keep Torpol Oil & Gas (Tog) within structures of Co's Capital Group, which to be included in group's development strategy for 2024-2028. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł34.35, the stock trades at a trailing P/E ratio of 8.2x. Average forward P/E is 12x in the Construction industry in Poland. Total returns to shareholders of 215% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł22.33 per share. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: zł4.21 (vs zł8.00 in FY 2022) Full year 2023 results: EPS: zł4.21 (down from zł8.00 in FY 2022). Revenue: zł904.2m (down 17% from FY 2022). Net income: zł96.7m (down 47% from FY 2022). Profit margin: 11% (down from 17% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Construction industry in Poland. 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 47% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł33.60, the stock trades at a trailing P/E ratio of 5.5x. Average forward P/E is 12x in the Construction industry in Poland. Total returns to shareholders of 260% over the past three years. Buy Or Sell Opportunity • Feb 29
Now 20% undervalued Over the last 90 days, the stock has risen 29% to zł28.30. The fair value is estimated to be zł35.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has grown by 49%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are forecast to decline by 35% per annum over the same time period. Buy Or Sell Opportunity • Feb 08
Now 20% undervalued Over the last 90 days, the stock has risen 33% to zł28.40. The fair value is estimated to be zł35.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has grown by 49%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are forecast to decline by 35% per annum over the same time period. Price Target Changed • Feb 02
Price target increased by 28% to zł32.00 Up from zł25.00, the current price target is provided by 1 analyst. New target price is 15% above last closing price of zł27.80. Stock is up 43% over the past year. The company posted earnings per share of zł8.00 last year. New Risk • Nov 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 52% 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 52% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (188% cash payout ratio). Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: zł1.00 (vs zł1.77 in 3Q 2022) Third quarter 2023 results: EPS: zł1.00 (down from zł1.77 in 3Q 2022). Revenue: zł246.3m (down 8.7% from 3Q 2022). Net income: zł23.0m (down 43% from 3Q 2022). Profit margin: 9.3% (down from 15% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 19
Price target increased by 10% to zł25.00 Up from zł22.70, the current price target is provided by 1 analyst. New target price is 20% above last closing price of zł20.80. Stock is up 29% over the past year. The company posted earnings per share of zł8.00 last year. Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: zł1.03 (vs zł1.96 in 2Q 2022) Second quarter 2023 results: EPS: zł1.03 (down from zł1.96 in 2Q 2022). Revenue: zł214.3m (down 16% from 2Q 2022). Net income: zł23.7m (down 47% from 2Q 2022). Profit margin: 11% (down from 18% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 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 57% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 01
Price target decreased by 11% to zł20.30 Down from zł22.70, the current price target is provided by 1 analyst. New target price is 35% above last closing price of zł15.00. Stock is down 21% over the past year. The company posted earnings per share of zł8.00 last year. Buying Opportunity • May 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be zł19.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has grown by 62%. Revenue is forecast to grow by 1.7% in a year. Earnings is forecast to decline by 86% in the next year. Reported Earnings • May 22
First quarter 2023 earnings released: EPS: zł0.63 (vs zł0.88 in 1Q 2022) First quarter 2023 results: EPS: zł0.63 (down from zł0.88 in 1Q 2022). Revenue: zł212.5m (up 2.0% from 1Q 2022). Net income: zł14.4m (down 29% from 1Q 2022). Profit margin: 6.8% (down from 9.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 09
Torpol S.A., Annual General Meeting, May 24, 2023 Torpol S.A., Annual General Meeting, May 24, 2023, at 08:00 Central European Standard Time. Reported Earnings • Mar 15
Full year 2022 earnings released Full year 2022 results: Revenue: zł1.08b (down 3.3% from FY 2021). Net income: zł183.9m (up 139% from FY 2021). Profit margin: 17% (up from 6.9% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Construction industry in Poland are expected to remain flat. Price Target Changed • Nov 21
Price target decreased to zł17.20 Down from zł18.90, the current price target is provided by 1 analyst. New target price is 5.9% above last closing price of zł16.24. Stock is up 23% over the past year. The company posted earnings per share of zł3.36 last year. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: zł1.77 (vs zł0.69 in 3Q 2021) Third quarter 2022 results: EPS: zł1.77 (up from zł0.69 in 3Q 2021). Revenue: zł269.6m (down 4.3% from 3Q 2021). Net income: zł40.6m (up 158% from 3Q 2021). Profit margin: 15% (up from 5.6% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 04
Second quarter 2022 earnings released: EPS: zł1.96 (vs zł0.60 in 2Q 2021) Second quarter 2022 results: EPS: zł1.96 (up from zł0.60 in 2Q 2021). Revenue: zł253.9m (down 6.5% from 2Q 2021). Net income: zł45.0m (up 227% from 2Q 2021). Profit margin: 18% (up from 5.1% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 22% compared to a 4.5% growth forecast for the Construction industry in Poland. 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 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorated over the past week After last week's 21% share price decline to zł14.64, the stock trades at a trailing P/E ratio of 3.7x. Average forward P/E is 11x in the Construction industry in Poland. Total returns to shareholders of 191% over the past three years. Upcoming Dividend • Jul 07
Upcoming dividend of zł3.00 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 29 July 2022. Trailing yield: 16%. Within top quartile of Polish dividend payers (8.5%). Higher than average of industry peers (7.7%). Announcement • Jul 01
Torpol S.A. Announces to Pay Dividend for 2021 Torpol S.A. will pay PLN 68.9 million dividend from 2021 profit, or PLN 3.0 distribution per share, adopted GM resolutions. Announcement • Jun 07
Torpol S.A., Annual General Meeting, Jun 29, 2022 Torpol S.A., Annual General Meeting, Jun 29, 2022, at 08:30 Central European Standard Time. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 20% share price gain to zł19.20, the stock trades at a trailing P/E ratio of 4.9x. Average forward P/E is 12x in the Construction industry in Poland. Total returns to shareholders of 238% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł11.40 per share. Reported Earnings • May 24
First quarter 2022 earnings released: EPS: zł0.88 (vs zł0.28 in 1Q 2021) First quarter 2022 results: EPS: zł0.88 (up from zł0.28 in 1Q 2021). Revenue: zł208.4m (down 5.1% from 1Q 2021). Net income: zł20.3m (up 211% from 1Q 2021). Profit margin: 9.7% (up from 3.0% in 1Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 12% compared to a 13% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 34% per year. Price Target Changed • May 16
Price target increased to zł18.60 Up from zł15.10, the current price target is provided by 1 analyst. New target price is 19% above last closing price of zł15.66. Stock is up 5.7% over the past year. The company posted earnings per share of zł3.36 last year. Reported Earnings • Mar 13
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: zł3.36 (up from zł2.11 in FY 2020). Revenue: zł1.12b (down 19% from FY 2020). Net income: zł77.1m (up 59% from FY 2020). Profit margin: 6.9% (up from 3.5% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 8.0%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 23
Third quarter 2021 earnings: EPS exceeds analyst expectations Third quarter 2021 results: EPS: zł0.69 (up from zł0.54 in 3Q 2020). Revenue: zł281.7m (down 29% from 3Q 2020). Net income: zł15.7m (up 27% from 3Q 2020). Profit margin: 5.6% (up from 3.1% in 3Q 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Earnings per share (EPS) surpassed analyst estimates by 16%. Over the next year, revenue is expected to shrink by 4.5% compared to a 6.1% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 08
Second quarter 2021 earnings released: EPS zł0.60 (vs zł0.30 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł271.5m (down 20% from 2Q 2020). Net income: zł13.7m (up 102% from 2Q 2020). Profit margin: 5.1% (up from 2.0% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 23
Upcoming dividend of zł1.53 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 30 July 2021. Trailing yield: 8.9%. Within top quartile of Polish dividend payers (5.9%). Higher than average of industry peers (3.6%). Reported Earnings • May 27
First quarter 2021 earnings released: EPS zł0.28 (vs zł0.31 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: zł219.5m (down 12% from 1Q 2020). Net income: zł6.51m (down 8.6% from 1Q 2020). Profit margin: 3.0% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 15
Full year 2020 earnings released: EPS zł2.12 (vs zł1.29 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł1.39b (down 13% from FY 2019). Net income: zł48.6m (up 64% from FY 2019). Profit margin: 3.5% (up from 1.8% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year.