Announcement • Jun 10
Zamet S.A., Annual General Meeting, Jun 30, 2026 Zamet S.A., Annual General Meeting, Jun 30, 2026. New Risk • May 19
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: zł512k (US$140k) This is considered a major risk. Companies with a small amount of revenue 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 High level of non-cash earnings (57% accrual ratio). Revenue is less than US$1m (zł512k revenue, or US$140k). Minor Risk Market cap is less than US$100m (zł92.8m market cap, or US$25.4m). Buy Or Sell Opportunity • May 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.1% to zł0.86. The fair value is estimated to be zł0.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 52% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Oct 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: 5.0% Last year net profit margin: 786% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (5.0% net profit margin). Market cap is less than US$100m (zł91.5m market cap, or US$25.2m). Reported Earnings • Oct 06
First half 2025 earnings released: zł0.011 loss per share (vs zł0.065 profit in 1H 2024) First half 2025 results: zł0.011 loss per share (down from zł0.065 profit in 1H 2024). Net loss: zł1.16m (down 117% from profit in 1H 2024). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Aug 26
Zamet S.A. to Report First Half, 2025 Results on Sep 30, 2025 Zamet S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Announcement • May 28
Zamet S.A., Annual General Meeting, Jun 23, 2025 Zamet S.A., Annual General Meeting, Jun 23, 2025. Reported Earnings • May 26
First quarter 2025 earnings released: zł0.013 loss per share (vs zł0.015 loss in 1Q 2024) First quarter 2025 results: zł0.013 loss per share (improved from zł0.015 loss in 1Q 2024). Revenue: zł10.2m (down 63% from 1Q 2024). Net loss: zł1.42m (loss narrowed 12% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 68% 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 • Apr 22
Full year 2024 earnings released: EPS: zł0.094 (vs zł0.015 in FY 2023) Full year 2024 results: EPS: zł0.094 (up from zł0.015 in FY 2023). Revenue: zł86.9m (down 35% from FY 2023). Net income: zł9.99m (up zł8.37m from FY 2023). Profit margin: 12% (up from 1.2% in FY 2023). The increase in margin was driven by lower expenses. 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 2% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł0.012 (vs zł0.087 in 3Q 2023) Third quarter 2024 results: EPS: zł0.012 (down from zł0.087 in 3Q 2023). Revenue: zł17.9m (down 70% from 3Q 2023). Net income: zł1.25m (down 86% from 3Q 2023). Profit margin: 7.0% (down from 16% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Sep 26
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 44% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (zł93.8m market cap, or US$24.5m). Reported Earnings • Sep 24
Second quarter 2024 earnings released: EPS: zł0.075 (vs zł0.022 in 2Q 2023) Second quarter 2024 results: EPS: zł0.075 (up from zł0.022 in 2Q 2023). Revenue: zł25.6m (down 55% from 2Q 2023). Net income: zł7.97m (up 249% from 2Q 2023). Profit margin: 31% (up from 4.0% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings have declined by 27% 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 Risk Earnings have declined by 27% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (zł98.1m market cap, or US$25.0m). New Risk • Jul 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% 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 (8.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (zł100.2m market cap, or US$25.6m). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to zł1.06, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 13x in the Energy Services industry in Europe. Total returns to shareholders of 73% over the past three years. New Risk • May 28
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 Risk Earnings have declined by 4.7% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (zł169.5m market cap, or US$43.4m). New Risk • Feb 27
New major risk - Revenue and earnings growth Earnings have declined by 4.7% 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 Risk Earnings have declined by 4.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł163.6m market cap, or US$41.3m). Announcement • Dec 09
Zaklady Urzadzen Galwanicznych I Lakierniczych Zugil S.A. acquired Mostostal Chojnice S.A. from Zamet S.A. (WSE:ZMT). Zaklady Urzadzen Galwanicznych I Lakierniczych Zugil S.A. acquired Mostostal Chojnice S.A. from Zamet S.A. (WSE:ZMT) for PLN 39 million on December 6, 2023. Mostostal Chojnice has generated revenues exceeding PLN 100 million in 2022.
Zaklady Urzadzen Galwanicznych I Lakierniczych Zugil S.A. completed the acquisition of Mostostal Chojnice S.A. from Zamet S.A. (WSE:ZMT) on December 6, 2023. Announcement • Nov 09
Zamet S.A. to Report Q3, 2023 Results on Nov 10, 2023 Zamet S.A. announced that they will report Q3, 2023 results on Nov 10, 2023 Announcement • Jun 02
Zamet S.A., Annual General Meeting, Jun 27, 2023 Zamet S.A., Annual General Meeting, Jun 27, 2023, at 14:30 Central European Standard Time. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: zł0.047 (vs zł0.003 loss in 3Q 2021) Third quarter 2022 results: EPS: zł0.047 (up from zł0.003 loss in 3Q 2021). Revenue: zł70.7m (up 61% from 3Q 2021). Net income: zł5.02m (up zł5.31m from 3Q 2021). Profit margin: 7.1% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Oct 03
Second quarter 2022 earnings released: zł0.062 loss per share (vs zł0.003 loss in 2Q 2021) Second quarter 2022 results: zł0.062 loss per share (further deteriorated from zł0.003 loss in 2Q 2021). Revenue: zł63.6m (up 63% from 2Q 2021). Net loss: zł6.60m (loss widened zł6.28m from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Jun 07
Zamet S.A., Annual General Meeting, Jun 29, 2022 Zamet S.A., Annual General Meeting, Jun 29, 2022, at 14:00 Central European Standard Time. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: zł0.003 loss per share (down from zł0.021 profit in 3Q 2020). Revenue: zł44.1m (up 13% from 3Q 2020). Net loss: zł286.0k (down 113% from profit in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Oct 03
Second quarter 2021 earnings released: zł0.003 loss per share (vs zł0.023 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: zł39.0m (down 9.4% from 2Q 2020). Net loss: zł314.0k (down 113% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 06
Full year 2020 earnings released: EPS zł0.093 (vs zł0.057 loss 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: zł170.6m (down 16% from FY 2019). Net income: zł9.87m (up zł15.9m from FY 2019). Profit margin: 5.8% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 26
New 90-day high: zł0.89 The company is up 9.0% from its price of zł0.81 on 27 November 2020. The Polish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: zł0.78 The company is down 16% from its price of zł0.92 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 39% over the same period. Is New 90 Day High Low • Dec 07
New 90-day low: zł0.80 The company is down 14% from its price of zł0.93 on 08 September 2020. The Polish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 28% over the same period. Reported Earnings • Nov 27
Third quarter 2020 earnings released: EPS zł0.021 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł39.0m (down 30% from 3Q 2019). Net income: zł2.19m (down 41% from 3Q 2019). Profit margin: 5.6% (down from 6.7% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 16
New 90-day low: zł0.82 The company is down 21% from its price of zł1.04 on 17 August 2020. The Polish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 3.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: zł0.89 The company is down 3.0% from its price of zł0.92 on 24 July 2020. The Polish market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is down 16% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total losses of zł6.19m, with earnings decreasing by zł17.2m from the prior year. Total revenue was zł200.5m over the last 12 months, up 2.9% from the prior year.