Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł3.79, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 19x in the Construction industry in Poland. Total returns to shareholders of 146% over the past three years. Buy Or Sell Opportunity • Jun 17
Now 23% overvalued Over the last 90 days, the stock has fallen 6.6% to zł3.68. The fair value is estimated to be zł2.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jun 02
Trakcja S.A., Annual General Meeting, Jun 25, 2026 Trakcja S.A., Annual General Meeting, Jun 25, 2026, at 10:00 Central European Standard Time. Reported Earnings • May 29
First quarter 2026 earnings released: zł0.01 loss per share (vs zł0.021 loss in 1Q 2025) First quarter 2026 results: zł0.01 loss per share (improved from zł0.021 loss in 1Q 2025). Revenue: zł324.9m (up 7.6% from 1Q 2025). Net loss: zł6.72m (loss narrowed 32% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. New Risk • Jan 07
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 6.7% 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. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł3.73, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 18x in the Construction industry in Poland. Total returns to shareholders of 121% over the past three years. Reported Earnings • Nov 28
Third quarter 2025 earnings released: EPS: zł0.08 (vs zł0.063 in 3Q 2024) Third quarter 2025 results: EPS: zł0.08 (up from zł0.063 in 3Q 2024). Revenue: zł572.4m (down 6.1% from 3Q 2024). Net income: zł36.7m (up 73% from 3Q 2024). Profit margin: 6.4% (up from 3.5% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 130% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł3.23, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 15x in the Construction industry in Poland. Total returns to shareholders of 102% over the past three years. Reported Earnings • Oct 06
Second quarter 2025 earnings released: EPS: zł0.002 (vs zł0.006 in 2Q 2024) Second quarter 2025 results: EPS: zł0.002 (down from zł0.006 in 2Q 2024). Revenue: zł617.7m (up 38% from 2Q 2024). Net income: zł862.0k (down 59% from 2Q 2024). Profit margin: 0.1% (down from 0.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Aug 22
Trakcja S.A. to Report First Half, 2025 Results on Sep 24, 2025 Trakcja S.A. announced that they will report first half, 2025 results on Sep 24, 2025 Reported Earnings • May 29
First quarter 2025 earnings released: zł0.02 loss per share (vs zł0.038 loss in 1Q 2024) First quarter 2025 results: zł0.02 loss per share (improved from zł0.038 loss in 1Q 2024). Revenue: zł301.9m (down 2.3% from 1Q 2024). Net loss: zł9.82m (loss narrowed 24% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 29
Trakcja S.A., Annual General Meeting, Jun 24, 2025 Trakcja S.A., Annual General Meeting, Jun 24, 2025. Reported Earnings • Apr 20
Full year 2024 earnings released: EPS: zł0.10 (vs zł0.17 in FY 2023) Full year 2024 results: EPS: zł0.10 (down from zł0.17 in FY 2023). Revenue: zł2.10b (up 1.8% from FY 2023). Net income: zł35.2m (down 37% from FY 2023). Profit margin: 1.7% (down from 2.7% 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 83% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to zł2.23, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 11x in the Construction industry in Poland. Total returns to shareholders of 20% over the past three years. New Risk • Dec 30
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 6.7% 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 (6.7% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 26
Third quarter 2024 earnings released: EPS: zł0.06 (vs zł0.081 in 3Q 2023) Third quarter 2024 results: EPS: zł0.06 (down from zł0.081 in 3Q 2023). Revenue: zł609.5m (up 1.3% from 3Q 2023). Net income: zł21.2m (down 22% from 3Q 2023). Profit margin: 3.5% (down from 4.5% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Sep 27
Second quarter 2024 earnings released: EPS: zł0.006 (vs zł0.032 in 2Q 2023) Second quarter 2024 results: EPS: zł0.006 (down from zł0.032 in 2Q 2023). Revenue: zł448.5m (down 8.7% from 2Q 2023). Net income: zł2.11m (down 80% from 2Q 2023). Profit margin: 0.5% (down from 2.2% in 2Q 2023). 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 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł2.62, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 11x in the Construction industry in Poland. Total returns to shareholders of 21% over the past three years. Reported Earnings • May 29
First quarter 2024 earnings released: zł0.04 loss per share (vs zł0.084 loss in 1Q 2023) First quarter 2024 results: zł0.04 loss per share (improved from zł0.084 loss in 1Q 2023). Revenue: zł308.9m (up 10.0% from 1Q 2023). Net loss: zł12.9m (loss narrowed 54% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł2.50, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 11x in the Construction industry in Poland. Total loss to shareholders of 11% over the past three years. New Risk • Apr 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% 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 Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 19
Full year 2023 earnings released: EPS: zł0.17 (vs zł1.79 loss in FY 2022) Full year 2023 results: EPS: zł0.17 (up from zł1.79 loss in FY 2022). Revenue: zł2.07b (up 38% from FY 2022). Net income: zł55.7m (up zł362.2m from FY 2022). Profit margin: 2.7% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Jan 22
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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.4% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Nov 26
Third quarter 2023 earnings released: EPS: zł0.08 (vs zł0.34 loss in 3Q 2022) Third quarter 2023 results: EPS: zł0.08 (up from zł0.34 loss in 3Q 2022). Revenue: zł601.7m (up 45% from 3Q 2022). Net income: zł27.2m (up zł86.2m from 3Q 2022). Profit margin: 4.5% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 29
Second quarter 2023 earnings released: EPS: zł0.029 (vs zł1.93 loss in 2Q 2022) Second quarter 2023 results: EPS: zł0.029 (up from zł1.93 loss in 2Q 2022). Revenue: zł491.1m (up 73% from 2Q 2022). Net income: zł10.7m (up zł177.6m from 2Q 2022). Profit margin: 2.2% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 05
First quarter 2023 earnings released: zł0.08 loss per share (vs zł0.68 loss in 1Q 2022) First quarter 2023 results: zł0.08 loss per share (improved from zł0.68 loss in 1Q 2022). Revenue: zł280.8m (up 3.3% from 1Q 2022). Net loss: zł28.2m (loss narrowed 52% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Jun 04
Trakcja S.A., Annual General Meeting, Jun 28, 2023 Trakcja S.A., Annual General Meeting, Jun 28, 2023, at 14:00 Central European Standard Time. Reported Earnings • Apr 11
Full year 2022 earnings released: zł0.91 loss per share (vs zł0.13 loss in FY 2021) Full year 2022 results: zł0.91 loss per share (further deteriorated from zł0.13 loss in FY 2021). Revenue: zł1.50b (up 5.4% from FY 2021). Net loss: zł306.4m (loss widened zł295.0m from FY 2021). 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 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 26
Third quarter 2022 earnings released: zł0.34 loss per share (vs zł0.083 profit in 3Q 2021) Third quarter 2022 results: zł0.34 loss per share (down from zł0.083 profit in 3Q 2021). Revenue: zł415.9m (down 4.3% from 3Q 2021). Net loss: zł59.0m (down zł66.2m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 02
Second quarter 2022 earnings released: zł1.93 loss per share (vs zł0.17 loss in 2Q 2021) Second quarter 2022 results: zł1.93 loss per share (further deteriorated from zł0.17 loss in 2Q 2021). Revenue: zł283.5m (down 18% from 2Q 2021). Net loss: zł166.9m (loss widened zł152.3m from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • May 31
Trakcja PRKiI S.A., Annual General Meeting, Jun 23, 2022 Trakcja PRKiI S.A., Annual General Meeting, Jun 23, 2022, at 13:00 Central European Standard Time. Price Target Changed • Apr 27
Price target decreased to zł1.80 Down from zł4.25, the current price target is provided by 1 analyst. New target price is 5.3% above last closing price of zł1.71. Stock is down 40% over the past year. The company posted a net loss per share of zł1.27 last year. Announcement • Mar 29
Trakcja PRKiI S.A. to Report Fiscal Year 2021 Final Results on Apr 29, 2022 Trakcja PRKiI S.A. announced that they will report fiscal year 2021 final results on Apr 29, 2022 Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2021 results: EPS: zł0.08 (up from zł0.02 in 3Q 2020). Revenue: zł434.5m (up 8.9% from 3Q 2020). Net income: zł7.14m (up 305% from 3Q 2020). Profit margin: 1.6% (up from 0.4% in 3Q 2020). Revenue missed analyst estimates by 19%. Earnings per share (EPS) exceeded analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 17
Second quarter 2021 earnings released: zł0.17 loss per share (vs zł0.10 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: zł347.0m (up 1.8% from 2Q 2020). Net loss: zł14.6m (loss widened 62% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • May 30
First quarter 2021 earnings released: zł0.26 loss per share (vs zł0.34 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: zł186.9m (down 14% from 1Q 2020). Net loss: zł22.9m (loss narrowed 21% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 17
Full year 2020 earnings released: zł1.27 loss per share (vs zł5.24 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: zł1.34b (down 7.1% from FY 2019). Net loss: zł109.8m (loss narrowed 62% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 15
New 90-day high: zł2.67 The company is up 60% from its price of zł1.66 on 17 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 37% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: zł2.42 The company is up 64% from its price of zł1.47 on 20 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 45% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: zł2.10 The company is up 31% from its price of zł1.60 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. Is New 90 Day High Low • Dec 06
New 90-day high: zł1.85 The company is up 2.0% from its price of zł1.81 on 07 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 13% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: zł1.48 The company is down 39% from its price of zł2.42 on 17 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 4.0% over the same period. Reported Earnings • Sep 19
First half earnings released Over the last 12 months the company has reported total losses of zł287.7m, with losses widening by 127% from the prior year. Total revenue was zł1.34b over the last 12 months, down 18% from the prior year.