New Risk • May 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,247% 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 (1.1x net interest cover). Earnings have declined by 36% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Announcement • Apr 29
Boryszew S.A., Annual General Meeting, May 25, 2026 Boryszew S.A., Annual General Meeting, May 25, 2026, at 11:00 Central European Standard Time. Reported Earnings • Apr 28
Full year 2025 earnings released: EPS: zł0.12 (vs zł0.55 in FY 2024) Full year 2025 results: EPS: zł0.12 (down from zł0.55 in FY 2024). Revenue: zł4.84b (down 5.5% from FY 2024). Net income: zł23.6m (down 79% from FY 2024). Profit margin: 0.5% (down from 2.2% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 14% per year. Buy Or Sell Opportunity • Feb 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.7% to zł5.52. The fair value is estimated to be zł6.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 8.4%. Buy Or Sell Opportunity • Dec 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.1% to zł5.52. The fair value is estimated to be zł6.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 8.4%. New Risk • Nov 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). 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. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: zł0.083 (vs zł0.11 loss in 3Q 2024) Third quarter 2025 results: EPS: zł0.083 (up from zł0.11 loss in 3Q 2024). Revenue: zł1.14b (down 6.6% from 3Q 2024). Net income: zł16.7m (up zł39.0m from 3Q 2024). Profit margin: 1.5% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Aug 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Dividend is not well covered by earnings (95% payout ratio). Large one-off items impacting financial results. Reported Earnings • Aug 18
Second quarter 2025 earnings released: EPS: zł0.016 (vs zł0.19 in 2Q 2024) Second quarter 2025 results: EPS: zł0.016 (down from zł0.19 in 2Q 2024). Revenue: zł1.23b (down 5.8% from 2Q 2024). Net income: zł3.18m (down 92% from 2Q 2024). Profit margin: 0.3% (down from 3.0% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł7.28, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 14x in the Metals and Mining industry in Poland. Total returns to shareholders of 67% over the past three years. Upcoming Dividend • May 20
Upcoming dividend of zł0.35 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Polish dividend payers (6.9%). Higher than average of industry peers (2.5%). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: zł0.029 (vs zł0.032 in 1Q 2024) First quarter 2025 results: EPS: zł0.029 (down from zł0.032 in 1Q 2024). Revenue: zł1.34b (flat on 1Q 2024). Net income: zł5.88m (down 8.6% from 1Q 2024). Profit margin: 0.4% (down from 0.5% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Apr 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 269% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 486% Cash payout ratio: 104% Minor Risk Large one-off items impacting financial results. Announcement • Apr 26
Boryszew S.A. announces Annual dividend, payable on June 04, 2025 Boryszew S.A. announced Annual dividend of PLN 0.3500 per share payable on June 04, 2025, ex-date on May 27, 2025 and record date on May 28, 2025. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to zł6.66, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 14x in the Metals and Mining industry in Poland. Total returns to shareholders of 129% over the past three years. Announcement • Apr 25
Boryszew S.A., Annual General Meeting, May 21, 2025 Boryszew S.A., Annual General Meeting, May 21, 2025. New Risk • Apr 24
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 486% Cash payout ratio: 104% Dividend yield: 6.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 486% Cash payout ratio: 104% New Risk • Apr 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 6.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.2% average weekly change). Minor Risks Dividend is not well covered by earnings (486% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Buy Or Sell Opportunity • Apr 22
Now 57% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to zł6.56. The fair value is estimated to be zł4.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Earnings per share has declined by 55%. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł3.76, the stock trades at a trailing P/E ratio of 42.2x. Average trailing P/E is 15x in the Metals and Mining industry in Poland. Total returns to shareholders of 48% over the past three years. Buy Or Sell Opportunity • Jan 30
Now 20% overvalued Over the last 90 days, the stock has fallen 1.3% to zł5.29. The fair value is estimated to be zł4.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Earnings per share has declined by 55%. Buy Or Sell Opportunity • Nov 28
Now 20% overvalued Over the last 90 days, the stock has fallen 2.5% to zł5.08. The fair value is estimated to be zł4.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Earnings per share has declined by 55%. Reported Earnings • Nov 21
Third quarter 2024 earnings released: zł0.11 loss per share (vs zł0.026 profit in 3Q 2023) Third quarter 2024 results: zł0.11 loss per share (down from zł0.026 profit in 3Q 2023). Revenue: zł1.22b (down 4.9% from 3Q 2023). Net loss: zł22.3m (down zł27.5m from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Aug 16
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł1.31b (down 14% from 2Q 2023). Net income: zł38.9m (down 49% from 2Q 2023). Profit margin: 3.0% (down from 5.0% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: zł0.032 (vs zł0.17 in 1Q 2023) First quarter 2024 results: EPS: zł0.032 (down from zł0.17 in 1Q 2023). Revenue: zł1.35b (down 20% from 1Q 2023). Net income: zł6.43m (down 81% from 1Q 2023). Profit margin: 0.5% (down from 2.0% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Upcoming Dividend • May 17
Upcoming dividend of zł0.44 per share Eligible shareholders must have bought the stock before 24 May 2024. Payment date: 04 June 2024. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 7.2%. Lower than top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (2.6%). Announcement • Apr 26
Boryszew S.A., Annual General Meeting, May 20, 2024 Boryszew S.A., Annual General Meeting, May 20, 2024, at 11:00 Central European Standard Time. Declared Dividend • Apr 24
Dividend of zł0.44 announced Shareholders will receive a dividend of zł0.44. Ex-date: 24th May 2024 Payment date: 4th June 2024 Dividend yield will be 7.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (167% earnings payout ratio). However, it is well covered by cash flows (36% cash payout ratio). The dividend has increased by an average of 25% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 85% to bring the payout ratio under control, which is more than the 8.6% EPS growth achieved over the last 5 years. New Risk • Apr 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 58% 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 Dividend is not well covered by earnings (167% payout ratio). Large one-off items impacting financial results. Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: zł0.54 (vs zł0.52 in FY 2022) Full year 2023 results: EPS: zł0.54 (up from zł0.52 in FY 2022). Revenue: zł5.69b (down 16% from FY 2022). Net income: zł109.7m (up 4.7% from FY 2022). Profit margin: 1.9% (up from 1.5% 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 51% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • Nov 22
Third quarter 2023 earnings released: EPS: zł0.026 (vs zł0.10 in 3Q 2022) Third quarter 2023 results: EPS: zł0.026 (down from zł0.10 in 3Q 2022). Revenue: zł1.28b (down 25% from 3Q 2022). Net income: zł5.17m (down 75% from 3Q 2022). Profit margin: 0.4% (down from 1.2% in 3Q 2022). The decrease in margin was driven by lower revenue. 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 27% per year, which means it is well ahead of earnings. Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: zł0.37 (vs zł0.38 in 2Q 2022) Second quarter 2023 results: EPS: zł0.37 (down from zł0.38 in 2Q 2022). Revenue: zł1.52b (down 17% from 2Q 2022). Net income: zł75.6m (down 1.5% from 2Q 2022). Profit margin: 5.0% (up from 4.2% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 22
First quarter 2023 earnings released: EPS: zł0.17 (vs zł0.16 in 1Q 2022) First quarter 2023 results: EPS: zł0.17 (up from zł0.16 in 1Q 2022). Revenue: zł1.68b (down 1.2% from 1Q 2022). Net income: zł33.7m (up 4.8% from 1Q 2022). Profit margin: 2.0% (up from 1.9% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 19
Upcoming dividend of zł0.74 per share at 9.7% yield Eligible shareholders must have bought the stock before 26 May 2023. Payment date: 05 June 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 9.7%. Within top quartile of Polish dividend payers (7.5%). Higher than average of industry peers (4.2%). Announcement • May 09
Boryszew S.A., Annual General Meeting, May 22, 2023 Boryszew S.A., Annual General Meeting, May 22, 2023, at 11:00 Central European Standard Time. Reported Earnings • Apr 20
Full year 2022 earnings released: EPS: zł0.52 (vs zł0.34 in FY 2021) Full year 2022 results: EPS: zł0.52 (up from zł0.34 in FY 2021). Revenue: zł6.79b (up 8.4% from FY 2021). Net income: zł104.8m (up 51% from FY 2021). Profit margin: 1.5% (up from 1.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł6.42, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 6x in the Metals and Mining industry in Poland. Total returns to shareholders of 106% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 19% share price gain to zł5.18, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 5x in the Metals and Mining industry in Poland. Total returns to shareholders of 43% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: zł0.10 (vs zł0.20 in 3Q 2021) Third quarter 2022 results: EPS: zł0.10 (down from zł0.20 in 3Q 2021). Revenue: zł1.71b (up 6.7% from 3Q 2021). Net income: zł20.7m (down 49% from 3Q 2021). Profit margin: 1.2% (down from 2.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% 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 12
Third quarter 2022 earnings released: EPS: zł0.10 (vs zł0.20 in 3Q 2021) Third quarter 2022 results: EPS: zł0.10 (down from zł0.20 in 3Q 2021). Revenue: zł1.71b (up 6.7% from 3Q 2021). Net income: zł20.7m (down 49% from 3Q 2021). Profit margin: 1.2% (down from 2.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 16% share price gain to zł5.27, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 5x in the Metals and Mining industry in Poland. Total returns to shareholders of 48% over the past three years. Reported Earnings • Sep 02
Second quarter 2022 earnings released: EPS: zł0.38 (vs zł0.084 in 2Q 2021) Second quarter 2022 results: EPS: zł0.38 (up from zł0.084 in 2Q 2021). Revenue: zł1.83b (up 14% from 2Q 2021). Net income: zł76.8m (up 351% from 2Q 2021). Profit margin: 4.2% (up from 1.1% in 2Q 2021). The increase in margin was driven by higher revenue. 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 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 15% share price gain to zł5.61, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 5x in the Metals and Mining industry in Poland. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł5.05, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 5x in the Metals and Mining industry in Poland. Total returns to shareholders of 48% over the past three years. Reported Earnings • Jun 01
First quarter 2022 earnings released: EPS: zł0.16 (vs zł0.13 in 1Q 2021) First quarter 2022 results: EPS: zł0.16 (up from zł0.13 in 1Q 2021). Revenue: zł1.70b (up 17% from 1Q 2021). Net income: zł32.2m (up 27% from 1Q 2021). Profit margin: 1.9% (up from 1.7% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 26
Upcoming dividend of zł0.92 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 10 June 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 15%. Within top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • May 09
Investor sentiment improved over the past week After last week's 20% share price gain to zł5.78, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 5x in the Metals and Mining industry in Poland. Total returns to shareholders of 30% over the past three years. Reported Earnings • Nov 28
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł0.20 (up from zł0.57 loss in 3Q 2020). Revenue: zł1.60b (up 14% from 3Q 2020). Net income: zł40.5m (up zł156.6m from 3Q 2020). Profit margin: 2.5% (up from net loss in 3Q 2020). Revenue exceeded analyst estimates by 10%. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 26
Second quarter 2021 earnings released: EPS zł0.084 (vs zł0.18 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł1.61b (up 30% from 2Q 2020). Net income: zł17.0m (down 54% from 2Q 2020). Profit margin: 1.1% (down from 3.0% in 2Q 2020). 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 12% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 02
First quarter 2021 earnings released: EPS zł0.13 (vs zł0.17 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: zł1.45b (down 7.8% from 1Q 2020). Net income: zł25.3m (up zł60.1m from 1Q 2020). Profit margin: 1.7% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Mar 08
New 90-day high: zł3.40 The company is up 11% from its price of zł3.06 on 08 December 2020. The Polish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 10.0% over the same period. Reported Earnings • Dec 04
Third quarter 2020 earnings released: zł0.57 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: zł1.41b (down 11% from 3Q 2019). Net loss: zł116.1m (down zł134.3m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 112% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 27
New 90-day low: zł2.87 The company is down 23% from its price of zł3.71 on 29 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 01
New 90-day low: zł3.27 The company is down 9.0% from its price of zł3.58 on 03 July 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 19% over the same period.