New Risk • Jun 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 292% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Upcoming Dividend • May 22
Upcoming dividend of zł1.50 per share Eligible shareholders must have bought the stock before 29 May 2026. Payment date: 08 June 2026. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Polish dividend payers (7.3%). In line with average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł45.80, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 19x in the Leisure industry in Europe. Total returns to shareholders of 199% over the past three years. Announcement • Mar 27
Mennica Polska S.A., Annual General Meeting, Apr 22, 2026 Mennica Polska S.A., Annual General Meeting, Apr 22, 2026, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł44.90, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 27x in the Leisure industry in Europe. Total returns to shareholders of 178% over the past three years. New Risk • Nov 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 26
Third quarter 2025 earnings released: EPS: zł7.97 (vs zł0.49 in 3Q 2024) Third quarter 2025 results: EPS: zł7.97 (up from zł0.49 in 3Q 2024). Revenue: zł420.2m (up 30% from 3Q 2024). Net income: zł406.5m (up zł381.6m from 3Q 2024). Profit margin: 97% (up from 7.7% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.7% to zł35.10. The fair value is estimated to be zł29.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 48%. Buy Or Sell Opportunity • Oct 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to zł33.00. The fair value is estimated to be zł27.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 48%. Buy Or Sell Opportunity • Sep 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to zł32.40. The fair value is estimated to be zł26.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 48%. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: zł0.70 (vs zł0.48 in 2Q 2024) Second quarter 2025 results: EPS: zł0.70 (up from zł0.48 in 2Q 2024). Revenue: zł409.3m (up 6.5% from 2Q 2024). Net income: zł35.9m (up 46% from 2Q 2024). Profit margin: 8.8% (up from 6.4% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of zł1.10 per share Eligible shareholders must have bought the stock before 14 July 2025. Payment date: 06 October 2025. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Polish dividend payers (7.0%). Higher than average of industry peers (3.0%). Buy Or Sell Opportunity • Jun 24
Now 21% undervalued Over the last 90 days, the stock has risen 12% to zł27.00. The fair value is estimated to be zł34.01, 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 grown by 30%. Buy Or Sell Opportunity • May 20
Now 21% undervalued Over the last 90 days, the stock has risen 21% to zł26.80. The fair value is estimated to be zł34.02, 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 grown by 30%. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł26.50, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 16x in the Leisure industry in Europe. Total returns to shareholders of 40% over the past three years. Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: zł1.86 (vs zł1.79 in FY 2023) Full year 2024 results: EPS: zł1.86 (up from zł1.79 in FY 2023). Revenue: zł1.39b (up 13% from FY 2023). Net income: zł94.9m (up 3.7% from FY 2023). Profit margin: 6.8% (down from 7.4% 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 23% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to zł17.50, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 15x in the Leisure industry in Europe. Total loss to shareholders of 7.0% over the past three years. Reported Earnings • Nov 02
Third quarter 2024 earnings released: EPS: zł0.49 (vs zł0.29 in 3Q 2023) Third quarter 2024 results: EPS: zł0.49 (up from zł0.29 in 3Q 2023). Revenue: zł322.5m (up 29% from 3Q 2023). Net income: zł25.0m (up 66% from 3Q 2023). Profit margin: 7.7% (up from 6.0% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: zł0.48 (vs zł0.60 in 2Q 2023) Second quarter 2024 results: EPS: zł0.48 (down from zł0.60 in 2Q 2023). Revenue: zł384.5m (up 46% from 2Q 2023). Net income: zł24.7m (down 20% from 2Q 2023). Profit margin: 6.4% (down from 12% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • May 08
Mennica Polska Decides to Pay Dividend, Payable on May 24, 2024 Mennica Polska decided to pay PLN 51 million (EUR 11.82 million) from total net profit for 2023 and PLN 12.6 million (EUR 2.92 million) from reserve capital in dividend amounting to PLN 1.25 per share (EUR 0.29 per share). The amount of shares covered by dividend is 51,087,191 shares. Initially, the dividend was supposed to amount to PLN 0.5 (EUR 0.12) per share, but the management board changed its recommendation during the general assembly. The record date for the dividend is May 15, 2024. The dividend will be paid on May 24, 2024. Reported Earnings • Apr 28
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł327.9m (up 6.8% from 1Q 2023). Net income: zł18.8m (up 181% from 1Q 2023). Profit margin: 5.7% (up from 2.2% in 1Q 2023). The increase in margin was driven by higher revenue. Announcement • Apr 11
Mennica Polska S.A., Annual General Meeting, May 07, 2024 Mennica Polska S.A., Annual General Meeting, May 07, 2024, at 11:00 Central European Standard Time. Announcement • Mar 28
Mennica Polska S.A. Recommends Dividend for 2023 Mennica Polska S.A. board recommends PLN 25.54 million (EUR 5.92 million) or PLN 0.5 (EUR 0.12) dividend payout for 2023. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: zł2.29 (vs zł0.68 in FY 2022) Full year 2023 results: EPS: zł2.29 (up from zł0.68 in FY 2022). Revenue: zł1.23b (down 3.8% from FY 2022). Net income: zł117.1m (up 240% from FY 2022). Profit margin: 9.5% (up from 2.7% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: zł0.29 (vs zł0.31 loss in 3Q 2022) Third quarter 2023 results: EPS: zł0.29 (up from zł0.31 loss in 3Q 2022). Revenue: zł249.1m (flat on 3Q 2022). Net income: zł15.0m (up zł30.9m from 3Q 2022). Profit margin: 6.0% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: zł0.60 (vs zł0.27 in 2Q 2022) Second quarter 2023 results: EPS: zł0.60 (up from zł0.27 in 2Q 2022). Revenue: zł263.5m (down 11% from 2Q 2022). Net income: zł30.7m (up 120% from 2Q 2022). Profit margin: 12% (up from 4.7% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 14% per year. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł306.9m (down 33% from 1Q 2022). Net income: zł6.70m (down 71% from 1Q 2022). Profit margin: 2.2% (down from 5.1% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 30
Third quarter 2022 earnings released: zł0.31 loss per share (vs zł0.25 profit in 3Q 2021) Third quarter 2022 results: zł0.31 loss per share (down from zł0.25 profit in 3Q 2021). Revenue: zł247.3m (down 19% from 3Q 2021). Net loss: zł15.9m (down 226% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: zł0.27 (vs zł0.89 in 2Q 2021) Second quarter 2022 results: EPS: zł0.27 (down from zł0.89 in 2Q 2021). Revenue: zł297.1m (down 17% from 2Q 2021). Net income: zł14.0m (down 69% from 2Q 2021). Profit margin: 4.7% (down from 13% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 27
Upcoming dividend of zł0.70 per share Eligible shareholders must have bought the stock before 03 June 2022. Payment date: 21 June 2022. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (2.7%). Announcement • Apr 16
Mennica Polska S.A., Annual General Meeting, May 11, 2022 Mennica Polska S.A., Annual General Meeting, May 11, 2022, at 11:00 Central European Standard Time. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS zł0.25 (vs zł0.13 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł304.0m (up 53% from 3Q 2020). Net income: zł12.6m (up zł19.2m from 3Q 2020). Profit margin: 4.2% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% 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 • Aug 05
Second quarter 2021 earnings released: EPS zł0.89 (vs zł0.63 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: zł358.4m (up 62% from 2Q 2020). Net income: zł45.7m (up 41% from 2Q 2020). Profit margin: 13% (down from 15% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Apr 26
Full year 2020 earnings released: EPS zł1.13 (vs zł0.019 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł943.4m (up 41% from FY 2019). Net income: zł57.8m (up zł56.9m from FY 2019). Profit margin: 6.1% (up from 0.1% 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 42% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of zł9.25m, down 61% from the prior year. Total revenue was zł774.2m over the last 12 months, up 8.3% from the prior year. Is New 90 Day High Low • Oct 29
New 90-day low: zł17.50 The company is down 26% from its price of zł23.80 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 8.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day low: zł18.80 The company is down 1.0% from its price of zł19.00 on 10 July 2020. The Polish market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Leisure industry, which is up 17% over the same period. 
