Buy Or Sell Opportunity • Jun 15
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at zł5.80. The fair value is estimated to be zł7.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 04
Megaron S.A., Annual General Meeting, Jun 29, 2026 Megaron S.A., Annual General Meeting, Jun 29, 2026, at 11:00 Central European Standard Time. Reported Earnings • Dec 03
Third quarter 2025 earnings released: EPS: zł0.10 (vs zł0.30 in 3Q 2024) Third quarter 2025 results: EPS: zł0.10 (down from zł0.30 in 3Q 2024). Revenue: zł10.3m (down 16% from 3Q 2024). Net income: zł284.0k (down 65% from 3Q 2024). Profit margin: 2.8% (down from 6.6% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Aug 22
Megaron S.A. to Report First Half, 2025 Results on Sep 25, 2025 Megaron S.A. announced that they will report first half, 2025 results on Sep 25, 2025 Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł5.00, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 13x in the Basic Materials industry in Europe. Total loss to shareholders of 59% over the past three years. Reported Earnings • Dec 03
Third quarter 2024 earnings released: EPS: zł0.30 (vs zł0.072 in 3Q 2023) Third quarter 2024 results: EPS: zł0.30 (up from zł0.072 in 3Q 2023). Revenue: zł12.3m (up 7.9% from 3Q 2023). Net income: zł812.0k (up 319% from 3Q 2023). Profit margin: 6.6% (up from 1.7% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Announcement • May 31
Megaron S.A., Annual General Meeting, Jun 26, 2024 Megaron S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 27
First quarter 2024 earnings released: EPS: zł0.13 (vs zł0.051 in 1Q 2023) First quarter 2024 results: EPS: zł0.13 (up from zł0.051 in 1Q 2023). Revenue: zł13.3m (up 11% from 1Q 2023). Net income: zł343.0k (up 149% from 1Q 2023). Profit margin: 2.6% (up from 1.2% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. New Risk • Mar 15
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 2.6% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Shares are highly illiquid. Earnings have declined by 46% per year over the past 5 years. Market cap is less than US$10m (zł25.7m market cap, or US$6.49m). Minor Risk Paying a dividend despite being loss-making. New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 9.6% 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 Shares are highly illiquid. Earnings have declined by 9.6% per year over the past 5 years. Market cap is less than US$10m (zł23.2m market cap, or US$5.70m). Announcement • Jun 04
Megaron S.A., Annual General Meeting, Jun 28, 2023 Megaron S.A., Annual General Meeting, Jun 28, 2023, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment deteriorated over the past week After last week's 23% share price decline to zł11.10, the stock trades at a trailing P/E ratio of 76.7x. Average trailing P/E is 11x in the Basic Materials industry in Europe. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorated over the past week After last week's 25% share price decline to zł10.40, the stock trades at a trailing P/E ratio of 71.8x. Average trailing P/E is 9x in the Basic Materials industry in Europe. Total returns to shareholders of 12% over the past three years. Reported Earnings • Sep 29
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł12.0m (up 6.8% from 2Q 2021). Net loss: zł565.0k (down 203% from profit in 2Q 2021). 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 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 16% share price gain to zł14.40, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 11x in the Basic Materials industry in Europe. Total returns to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 17% share price gain to zł14.50, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 11x in the Basic Materials industry in Europe. Total returns to shareholders of 23% over the past three years. Reported Earnings • Sep 25
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł11.3m (up 5.9% from 2Q 2020). Net income: zł550.0k (down 26% from 2Q 2020). Profit margin: 4.9% (down from 7.0% 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 5% per year whereas the company’s share price has increased by 6% per year. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorated over the past week After last week's 23% share price decline to zł14.40, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 14x in the Basic Materials industry in Poland. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 17% share price gain to zł18.70, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 16x in the Basic Materials industry in Poland. Total returns to shareholders of 69% over the past three years. Upcoming Dividend • Jul 12
Upcoming dividend of zł0.37 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 03 August 2021. Trailing yield: 2.3%. Lower than top quartile of Polish dividend payers (5.8%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improved over the past week After last week's 30% share price gain to zł14.40, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 14x in the Basic Materials industry in Poland. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improved over the past week After last week's 17% share price gain to zł11.90, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 10x in the Basic Materials industry in Poland. Total loss to shareholders of 2.8% over the past three years. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł10.10, the stock is trading at a trailing P/E ratio of 8.5x, down from the previous P/E ratio of 10.5x. This compares to an average P/E of 9x in the Basic Materials industry in Poland. Total return to shareholders over the past three years is a loss of 6.0%. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 20% share price gain to zł11.30, the stock is trading at a trailing P/E ratio of 9.5x, up from the previous P/E ratio of 8x. This compares to an average P/E of 9x in the Basic Materials industry in Poland. Total returns to shareholders over the past three years are 5.1%. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of zł3.35m, up 40% from the prior year. Total revenue was zł43.8m over the last 12 months, largely unchanged from the prior year. Reported Earnings • Sep 24
First half earnings released Over the last 12 months the company has reported total profits of zł3.35m, up 40% from the prior year. Total revenue was zł43.8m over the last 12 months, largely unchanged from the prior year. Announcement • Sep 19
Kajetan Zaziemski acquired 6.11% stake in MEGARON Spólka Akcyjna (WSE:MEG). Kajetan Zaziemski acquired 6.1% stake in MEGARON Spólka Akcyjna (WSE:MEG) on June 6, 2019. Post completion of the transaction, Kajetan Zaziemski's stake increased from 0.00035% to 6.15%.
Kajetan Zaziemski completed the acquisition of 6.1% stake in MEGARON Spólka Akcyjna (WSE:MEG) on June 6, 2019.