New Risk • Jun 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 40% per year over the past 5 years. Market cap is less than US$10m (zł30.9m market cap, or US$8.30m). Minor Risk Large one-off items impacting financial results. Reported Earnings • Jun 05
Third quarter 2026 earnings released Third quarter 2026 results: Revenue: zł3.91m (down 54% from 3Q 2025). Net loss: zł327.6k (down 377% from profit in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 06
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: zł6.08m (down 14% from 2Q 2025). Net income: zł2.30m (up zł2.13m from 2Q 2025). Profit margin: 38% (up from 2.3% in 2Q 2025). The increase in margin was driven by lower expenses. Reported Earnings • Dec 04
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł4.23m (down 33% from 1Q 2025). Net loss: zł729.8k (loss widened 492% from 1Q 2025). New Risk • Dec 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.2m (US$9.89m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 38% per year over the past 5 years. Market cap is less than US$10m (zł36.2m market cap, or US$9.89m). Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Announcement • Nov 24
DB Energy S.A., Annual General Meeting, Dec 19, 2025 DB Energy S.A., Annual General Meeting, Dec 19, 2025, at 14:00 Central European Standard Time. Announcement • Oct 29
DB Energy S.A. to Report Q4, 2025 Results on Oct 30, 2025 DB Energy S.A. announced that they will report Q4, 2025 results on Oct 30, 2025 New Risk • Sep 03
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 6.6% 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 Risks Debt is not well covered by operating cash flow (5.4% operating cash flow to total debt). Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (zł41.7m market cap, or US$11.4m). New Risk • Sep 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł35.5m (US$9.69m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.4% operating cash flow to total debt). Earnings have declined by 35% per year over the past 5 years. Market cap is less than US$10m (zł35.5m market cap, or US$9.69m). Reported Earnings • Apr 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł7.09m (down 50% from 2Q 2024). Net income: zł165.2k (up zł2.34m from 2Q 2024). Profit margin: 2.3% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. New Risk • Nov 28
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 7.9% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 6.1% per year over the past 5 years. Market cap is less than US$10m (zł33.1m market cap, or US$8.11m). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Announcement • Nov 25
DB Energy S.A., Annual General Meeting, Dec 20, 2024 DB Energy S.A., Annual General Meeting, Dec 20, 2024. New Risk • Nov 04
New major risk - Revenue and earnings growth Earnings have declined by 6.1% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 6.1% per year over the past 5 years. Market cap is less than US$10m (zł24.0m market cap, or US$5.99m). Reported Earnings • Nov 04
Full year 2024 earnings released Full year 2024 results: Revenue: zł45.1m (down 19% from FY 2023). Net loss: zł7.00m (down 334% from profit in FY 2023). New Risk • Aug 08
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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (zł37.9m market cap, or US$9.57m). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). New Risk • Jul 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł39.3m (US$9.90m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (zł39.3m market cap, or US$9.90m). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). Reported Earnings • Jun 04
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł9.06m (down 45% from 3Q 2023). Net loss: zł586.8k (down 139% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł14.3m (down 11% from 2Q 2023). Net loss: zł2.17m (down zł2.49m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł21.10, the stock trades at a trailing P/E ratio of 63.2x. Average trailing P/E is 14x in the Commercial Services industry in Poland. Total loss to shareholders of 38% over the past three years. Reported Earnings • Dec 05
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł15.8m (up 67% from 1Q 2023). Net loss: zł835.0k (down 184% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Nov 26
DB Energy S.A., Annual General Meeting, Dec 21, 2023 DB Energy S.A., Annual General Meeting, Dec 21, 2023, at 11:00 Central European Standard Time. New Risk • Nov 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.4% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (5.4% net profit margin). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (zł73.7m market cap, or US$17.7m). Announcement • Jul 18
DB Energy S.A. to Report Fiscal Year 2023 Results on Oct 31, 2023 DB Energy S.A. announced that they will report fiscal year 2023 results on Oct 31, 2023 Reported Earnings • Feb 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł16.1m (down 21% from 2Q 2022). Net income: zł314.5k (up zł1.39m from 2Q 2022). Profit margin: 2.0% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 20
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł9.46m (up 50% from 1Q 2022). Net income: zł994.2k (up zł1.27m from 1Q 2022). Profit margin: 11% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 39% share price gain to zł31.60, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 7x in the Commercial Services industry in Poland. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 25% share price gain to zł27.60, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 8x in the Commercial Services industry in Poland. Total loss to shareholders of 27% over the past year. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorated over the past week After last week's 22% share price decline to zł18.55, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 8x in the Commercial Services industry in Poland. Total loss to shareholders of 52% over the past year. Reported Earnings • May 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł18.3m (up 119% from 3Q 2021). Net income: zł3.70m (up 273% from 3Q 2021). Profit margin: 20% (up from 12% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Feb 16
Second quarter 2022 earnings: Revenues in line with analyst expectations Second quarter 2022 results: Revenue: zł2.74m (down 40% from 2Q 2021). Net loss: zł1.96m (down 320% from profit in 2Q 2021). Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 20% share price gain to zł29.40, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 10x in the Commercial Services industry in Poland. Total loss to shareholders of 14% over the past year. Reported Earnings • Nov 21
First quarter 2022 earnings released The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2022 results: Revenue: zł6.33m (up 18% from 1Q 2021). Net loss: zł279.3k (down 330% from profit in 1Q 2021). Reported Earnings • Sep 24
Full year 2021 earnings released: EPS zł0.69 (vs zł0.89 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: zł27.5m (up 7.9% from FY 2020). Net income: zł2.10m (down 23% from FY 2020). Profit margin: 7.6% (down from 11% in FY 2020). Is New 90 Day High Low • Feb 15
New 90-day high: zł41.00 The company is up 5.0% from its price of zł39.00 on 17 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 16% over the same period. Reported Earnings • Feb 13
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: zł4.59m (up 45% from 2Q 2020). Net income: zł889.2k (up zł853.4k from 2Q 2020). Profit margin: 19% (up from 1.1% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Nov 22
First quarter 2021 earnings released: EPS zł0.04 The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł5.35m (down 17% from 1Q 2020). Net income: zł121.3k (down 86% from 1Q 2020). Profit margin: 2.3% (down from 13% in 1Q 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Nov 04
Market bids up stock over the past week After last week's 27% share price gain to zł36.90, the stock is trading at a trailing P/E ratio of 36.6x, up from the previous P/E ratio of 28.8x. This compares to an average P/E of 11x in the Commercial Services industry in Poland. Total returns to shareholders over the past year are 80%.