New Risk • Jun 12
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: 3.4% Last year net profit margin: 5.2% 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: Minor Risks Profit margins are more than 30% lower than last year (3.4% net profit margin). Market cap is less than US$100m (zł57.1m market cap, or US$15.6m). Announcement • May 13
CDRL S.A., Annual General Meeting, Jun 09, 2026 CDRL S.A., Annual General Meeting, Jun 09, 2026, at 12:00 Central European Standard Time. Reported Earnings • Apr 27
Full year 2025 earnings released: EPS: zł1.21 (vs zł1.99 in FY 2024) Full year 2025 results: EPS: zł1.21 (down from zł1.99 in FY 2024). Revenue: zł260.2m (down 4.8% from FY 2024). Net income: zł7.26m (down 39% from FY 2024). Profit margin: 2.8% (down from 4.4% in FY 2024). The decrease in margin was driven by lower revenue. 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 27% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł8.85, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 13x in the Luxury industry in Poland. Total loss to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł8.40, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 13x in the Luxury industry in Poland. Total loss to shareholders of 53% over the past three years. New Risk • Feb 23
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 8.0% 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: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (zł50.5m market cap, or US$14.1m). New Risk • Dec 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 6.3% 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 Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (zł52.6m market cap, or US$14.7m). Reported Earnings • Nov 24
Third quarter 2025 earnings released: EPS: zł0.01 (vs zł0.13 in 3Q 2024) Third quarter 2025 results: EPS: zł0.01 (down from zł0.13 in 3Q 2024). Revenue: zł45.5m (down 36% from 3Q 2024). Net income: zł32.0k (down 96% from 3Q 2024). Profit margin: 0.1% (down from 1.1% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Nov 15
CDRL S.A. to Report Q3, 2025 Results on Nov 21, 2025 CDRL S.A. announced that they will report Q3, 2025 results on Nov 21, 2025 New Risk • Sep 16
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: 0.6% Last year net profit margin: 20% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (zł59.8m market cap, or US$16.7m). Announcement • Aug 20
CDRL S.A. to Report First Half, 2025 Results on Aug 28, 2025 CDRL S.A. announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • May 30
CDRL S.A., Annual General Meeting, Jun 25, 2025 CDRL S.A., Annual General Meeting, Jun 25, 2025. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: zł0.13 (vs zł1.16 loss in 3Q 2023) Third quarter 2024 results: EPS: zł0.13 (up from zł1.16 loss in 3Q 2023). Revenue: zł71.1m (down 25% from 3Q 2023). Net income: zł763.0k (up zł7.76m from 3Q 2023). Profit margin: 1.1% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. New Risk • Jun 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings have declined by 12% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł90.2m market cap, or US$22.8m). Announcement • May 16
CDRL S.A., Annual General Meeting, Jun 11, 2024 CDRL S.A., Annual General Meeting, Jun 11, 2024. New Risk • Feb 26
New major risk - Revenue and earnings growth Earnings have declined by 12% 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 (13% operating cash flow to total debt). Earnings have declined by 12% per year over the past 5 years. 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 (zł73.4m market cap, or US$18.4m). Buy Or Sell Opportunity • Feb 15
Now 22% overvalued Over the last 90 days, the stock has fallen 14% to zł12.20. The fair value is estimated to be zł10.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last year. Earnings per share has grown by 12%. New Risk • Nov 06
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 6.8% 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). High level of non-cash earnings (26% accrual ratio). 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 (6.8% average weekly change). Market cap is less than US$100m (zł84.2m market cap, or US$20.3m). Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł13.10, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 8x in the Luxury industry in Poland. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł16.60, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 7x in the Luxury industry in Poland. Total returns to shareholders of 47% over the past three years. Announcement • May 26
CDRL S.A., Annual General Meeting, Jun 20, 2023 CDRL S.A., Annual General Meeting, Jun 20, 2023, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 15% share price gain to zł19.50, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 7x in the Luxury industry in Poland. Total returns to shareholders of 3.1% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł114.1m (down 12% from 3Q 2021). Net loss: zł4.01m (down 133% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł15.70, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 8x in the Luxury industry in Poland. Total loss to shareholders of 22% over the past three years. Buying Opportunity • Jun 07
Now 18% undervalued Over the last 90 days, the stock is up 2.3%. The fair value is estimated to be zł27.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Jun 07
Upcoming dividend of zł0.75 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (1.6%). Reported Earnings • May 24
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: zł97.9m (up 8.0% from 1Q 2021). Net loss: zł8.60m (loss widened 181% from 1Q 2021). Revenue missed analyst estimates by 3.7%. Announcement • May 12
CDRL S.A., Annual General Meeting, Jun 03, 2022 CDRL S.A., Annual General Meeting, Jun 03, 2022, at 11:00 Central European Standard Time. Reported Earnings • Mar 28
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: zł444.2m (up 9.5% from FY 2020). Net income: zł31.7m (up zł68.5m from FY 2020). Profit margin: 7.1% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 3.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 23% share price gain to zł23.80, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 11x in the Luxury industry in Poland. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł21.80, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 11x in the Luxury industry in Poland. Total loss to shareholders of 4.5% over the past three years. Upcoming Dividend • Nov 24
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 01 December 2021. Payment date: 09 December 2021. Trailing yield: 6.9%. Within top quartile of Polish dividend payers (6.7%). Higher than average of industry peers (0.9%). Reported Earnings • Aug 29
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: zł102.9m (up 16% from 2Q 2020). Net income: zł10.6m (up zł14.8m from 2Q 2020). Profit margin: 10% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 05
First quarter 2021 earnings released: zł0.51 loss per share (vs zł2.87 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: zł90.6m (down 1.2% from 1Q 2020). Net loss: zł3.06m (loss narrowed 82% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 17
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: zł405.7m (down 21% from FY 2019). Net loss: zł36.8m (down 391% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 03
Third quarter 2020 earnings released: zł0.54 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: zł121.3m (down 22% from 3Q 2019). Net loss: zł3.27m (down 160% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 01
Upcoming Dividend of zł1.05 Per Share Will be paid on the 16th of December to those who are registered shareholders by the 8th of December. The company last paid an ordinary dividend in May 2019. The average dividend yield among industry peers is 1.1%. Is New 90 Day High Low • Nov 12
New 90-day high: zł14.35 The company is up 8.0% from its price of zł13.25 on 14 August 2020. The Polish market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 1.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day high: zł13.50 The company is up 8.0% from its price of zł12.50 on 28 July 2020. The Polish market is down 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is down 13% over the same period.