New Risk • Jun 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 4.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • May 27
Develia S.A., Annual General Meeting, Jun 25, 2026 Develia S.A., Annual General Meeting, Jun 25, 2026, at 12:00 Central European Standard Time. Price Target Changed • May 23
Price target increased by 7.9% to zł10.21 Up from zł9.46, the current price target is an average from 6 analysts. New target price is 7.2% below last closing price of zł11.00. Stock is up 35% over the past year. The company is forecast to post earnings per share of zł0.97 for next year compared to zł0.96 last year. Announcement • May 12
Develia S.A. announces Annual dividend, payable on September 30, 2026 Develia S.A. announced Annual dividend of PLN 0.7300 per share payable on September 30, 2026, ex-date on September 24, 2026 and record date on September 25, 2026. Reported Earnings • Apr 14
Full year 2025 earnings released: EPS: zł0.95 (vs zł0.84 in FY 2024) Full year 2025 results: EPS: zł0.95 (up from zł0.84 in FY 2024). Revenue: zł2.08b (up 15% from FY 2024). Net income: zł442.6m (up 16% from FY 2024). Profit margin: 21% (in line with FY 2024). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 24
Third quarter 2025 earnings released: EPS: zł0.29 (vs zł0.15 in 3Q 2024) Third quarter 2025 results: EPS: zł0.29 (up from zł0.15 in 3Q 2024). Revenue: zł567.3m (up 43% from 3Q 2024). Net income: zł133.4m (up 99% from 3Q 2024). Profit margin: 24% (up from 17% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Sep 14
Second quarter 2025 earnings released: EPS: zł0.24 (vs zł0.14 in 2Q 2024) Second quarter 2025 results: EPS: zł0.24 (up from zł0.14 in 2Q 2024). Revenue: zł494.8m (up 93% from 2Q 2024). Net income: zł108.4m (up 68% from 2Q 2024). Profit margin: 22% (down from 25% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 04
Price target increased by 8.3% to zł8.92 Up from zł8.24, the current price target is an average from 5 analysts. New target price is 11% above last closing price of zł8.06. Stock is up 55% over the past year. The company is forecast to post earnings per share of zł0.88 for next year compared to zł0.84 last year. Upcoming Dividend • Jun 06
Upcoming dividend of zł0.58 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 73% and the cash payout ratio is 100%. Trailing yield: 7.4%. Within top quartile of Polish dividend payers (7.1%). In line with average of industry peers (6.8%). Reported Earnings • May 23
First quarter 2025 earnings released: EPS: zł0.14 (vs zł0.19 in 1Q 2024) First quarter 2025 results: EPS: zł0.14 (down from zł0.19 in 1Q 2024). Revenue: zł253.5m (down 37% from 1Q 2024). Net income: zł65.3m (down 23% from 1Q 2024). Profit margin: 26% (up from 21% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 19
Price target increased by 10% to zł8.06 Up from zł7.31, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of zł8.16. Stock is up 19% over the past year. The company is forecast to post earnings per share of zł0.87 for next year compared to zł0.84 last year. Declared Dividend • May 12
Dividend increased to zł0.58 Dividend of zł0.58 is 16% higher than last year. Ex-date: 13th June 2025 Payment date: 30th June 2025 Dividend yield will be 7.1%, which is higher than the industry average of 6.6%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 12% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 4.4% over the next 3 years. However, it would need to fall by 32% to increase the payout ratio to a potentially unsustainable range. Announcement • May 12
Develia S.A., Annual General Meeting, Jun 10, 2025 Develia S.A., Annual General Meeting, Jun 10, 2025. Major Estimate Revision • May 02
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from zł1.95b to zł2.01b. EPS estimate increased from zł0.748 to zł0.84 per share. Net income forecast to shrink 6.6% next year vs 4.6% decline forecast for Real Estate industry in Poland. Consensus price target up from zł7.13 to zł7.46. Share price was steady at zł7.46 over the past week. Announcement • May 01
Develia S.A. (WSE:DVL) entered into a preliminary sale agreement to acquire Bouygues Immobilier Polska Sp. z o. o. from Bouygues Immobilier SA and Sas Reine Participations for €66.5 million. Develia S.A. (WSE:DVL) entered into a preliminary sale agreement to acquire Bouygues Immobilier Polska Sp. z o. o. from Bouygues Immobilier SA and Sas Reine Participations for €66.5 million on April 29, 2025. A cash consideration of €66.5 million will be paid by Develia S.A. As part of consideration, €66.5 million is paid towards common equity of Bouygues Immobilier Polska Sp. z o. o.
The transaction is subject to subject to approval of the President of the Office of Competition and Consumer Protection. The expected completion of the transaction is June 30, 2025. Reported Earnings • Apr 06
Full year 2024 earnings released: EPS: zł0.84 (vs zł0.62 in FY 2023) Full year 2024 results: EPS: zł0.84 (up from zł0.62 in FY 2023). Revenue: zł1.79b (up 11% from FY 2023). Net income: zł380.3m (up 38% from FY 2023). Profit margin: 21% (up from 17% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 (currently running at an operating cash loss). Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.3% increase in shares outstanding). New Risk • Nov 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.3% increase in shares outstanding). New Risk • Oct 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (189% cash payout ratio). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Major Estimate Revision • Oct 10
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 consensus EPS increased from zł0.64 to zł0.72. Revenues were reaffirmed at zł1.68b. Net income forecast to shrink 4.6% next year vs 24% growth forecast for Real Estate industry in Poland . Consensus price target up from zł6.86 to zł7.05. Share price was steady at zł5.91 over the past week. Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: zł0.14 (vs zł0.048 in 2Q 2023) Second quarter 2024 results: EPS: zł0.14 (up from zł0.048 in 2Q 2023). Revenue: zł247.1m (up 53% from 2Q 2023). Net income: zł64.6m (up 205% from 2Q 2023). Profit margin: 26% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Sep 13
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: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 87x cash flows per share). Share price has been volatile over the past 3 months (6.8% average weekly change). Upcoming Dividend • Jun 07
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 06 September 2024. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 8.0%. Within top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (6.1%). Reported Earnings • May 24
First quarter 2024 earnings released: EPS: zł0.19 (vs zł0.13 in 1Q 2023) First quarter 2024 results: EPS: zł0.19 (up from zł0.13 in 1Q 2023). Revenue: zł401.6m (up 57% from 1Q 2023). Net income: zł84.7m (up 45% from 1Q 2023). Profit margin: 21% (down from 23% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Announcement • May 18
Develia Announces Dividend for the Year 2023, Payable on July 5, 2024 and September 6, 2024 Develia at its general meeting decided to allocate PLN 226.14 million (EUR 53.1 million) from the net profit for 2023 to the payment of dividends, which means PLN 0.50 (EUR 0.12) per share. The remaining part of the net profit of PLN 190.9 million (EUR 44.8 million) was decided to be allocated to the reserve capital. The dividend day was set for June 17, 2024 and the dividend payment was set for July 5, 2024 in the amount of PLN 113.07 million (EUR 26.5 million) and September 6, 2024 in the amount of PLN 113.07 million (EUR 26.5 million). For 2022, the company paid PLN 0.4 (EUR 0.09) dividend per share. Announcement • May 10
Develia Real Estate Introduces to Offer 285 Apartments in Poznan Develia has introduced to offer 285 apartments in Poznan. The Unia Lubelska Vita estate will be built in Poznan's Nowe Miasto district. Alstal Grupa Budowlana is the general contractor for the project. Major Estimate Revision • May 05
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from zł1.52b to zł1.69b. EPS estimate unchanged from zł0.64 at last update. Real Estate industry in Poland expected to see average net income growth of 2.5% next year. Consensus price target up from zł5.90 to zł6.62. Share price was steady at zł6.62 over the past week. Price Target Changed • Apr 30
Price target increased by 12% to zł6.62 Up from zł5.90, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of zł6.64. Stock is up 84% over the past year. The company is forecast to post earnings per share of zł0.64 for next year compared to zł0.62 last year. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł6.48, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Real Estate industry in Poland. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł7.41 per share. Buy Or Sell Opportunity • Apr 11
Now 20% undervalued Over the last 90 days, the stock has risen 21% to zł5.70. The fair value is estimated to be zł7.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Price Target Changed • Nov 30
Price target increased by 7.7% to zł5.58 Up from zł5.18, the current price target is an average from 4 analysts. New target price is 13% above last closing price of zł4.94. Stock is up 118% over the past year. The company is forecast to post earnings per share of zł0.56 for next year compared to zł0.52 last year. Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: zł0.10 (vs zł0.07 in 3Q 2022) Third quarter 2023 results: EPS: zł0.10 (up from zł0.07 in 3Q 2022). Revenue: zł368.1m (up 84% from 3Q 2022). Net income: zł45.3m (up 30% from 3Q 2022). Profit margin: 12% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Real Estate industry in Poland. 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 39% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 05
Price target increased by 9.4% to zł5.18 Up from zł4.74, the current price target is an average from 4 analysts. New target price is 6.3% above last closing price of zł4.88. Stock is up 143% over the past year. The company is forecast to post earnings per share of zł0.51 for next year compared to zł0.52 last year. Reported Earnings • Oct 05
Second quarter 2023 earnings released: EPS: zł0.048 (vs zł0.008 in 2Q 2022) Second quarter 2023 results: EPS: zł0.048 (up from zł0.008 in 2Q 2022). Revenue: zł162.7m (up zł140.6m from 2Q 2022). Net income: zł21.2m (up zł18.5m from 2Q 2022). Profit margin: 13% (in line with 2Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 06
Upcoming dividend of zł0.40 per share at 8.5% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 8.5%. Within top quartile of Polish dividend payers (7.1%). Higher than average of industry peers (7.4%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł4.75, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Real Estate industry in Poland. Total returns to shareholders of 208% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł3.34 per share. Major Estimate Revision • Jun 28
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from zł1.03b to zł1.14b. EPS estimate increased from zł0.40 to zł0.47 per share. Net income forecast to shrink 29% next year vs 26% decline forecast for Real Estate industry in Poland. Consensus price target up from zł3.52 to zł3.95. Share price was steady at zł4.08 over the past week. Price Target Changed • Jun 27
Price target increased by 20% to zł3.95 Up from zł3.30, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of zł3.94. Stock is up 74% over the past year. The company is forecast to post earnings per share of zł0.47 for next year compared to zł0.52 last year. Announcement • May 31
Develia S.A., Annual General Meeting, Jun 27, 2023 Develia S.A., Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Announcement • May 26
Develia S.A. Proposes Total Dividend Payout for the Year 2022, Payable on July 21, 2023 and October 13, 2023 Develia S.A. proposed that shareholders take PLN 179 million in total dividend payout from the net profit sported in 2022. The remaining part of the 2022 net profit, that is PLN 117.7 million, is to be put to retained earnings. Rights would be set on July 14, 2023 and the payout made in two tranches - on July 21, 2023 (PLN 107.4 million) and October 13, 2023 (PLN 71.6 million). Last year, Develia paid out PLN 201.4 million in dividend. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: zł0.13 (vs zł0.029 in 1Q 2022) First quarter 2023 results: EPS: zł0.13 (up from zł0.029 in 1Q 2022). Revenue: zł257.2m (up 164% from 1Q 2022). Net income: zł58.4m (up 347% from 1Q 2022). Profit margin: 23% (up from 13% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 9.0% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Poland are expected to grow by 5.4%. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Jan 27
An unknown fund, managed by Adventum International, signed a preliminary agreement to acquire Wola Retro Office Building in Warsaw from Develia S.A. (WSE:DVL) for €70 million. An unknown fund, managed by Adventum International, signed a preliminary agreement to acquire Wola Retro Office Building in Warsaw from Develia S.A. (WSE:DVL) for €70 million on January 26, 2023. The transaction is expected to complete by April 30, 2023. Avison Young acted as advisor to Develia S.A. (WSE:DVL). Buying Opportunity • Dec 16
Now 21% undervalued Over the last 90 days, the stock is up 9.3%. The fair value is estimated to be zł3.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings is forecast to decline by 8.3% per annum over the same time period. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: zł0.07 (vs zł0.065 in 3Q 2021) Third quarter 2022 results: EPS: zł0.07 (up from zł0.065 in 3Q 2021). Revenue: zł200.5m (down 8.7% from 3Q 2021). Net income: zł34.8m (up 19% from 3Q 2021). Profit margin: 17% (up from 13% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Real Estate industry in Poland. 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 5% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to zł2.67 Down from zł3.31, the current price target is an average from 3 analysts. New target price is 34% above last closing price of zł2.00. Stock is down 34% over the past year. The company is forecast to post earnings per share of zł0.42 for next year compared to zł0.34 last year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł1.98, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Real Estate industry in Poland. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł3.91 per share. Price Target Changed • Sep 19
Price target decreased to zł3.31 Down from zł3.82, the current price target is provided by 1 analyst. New target price is 51% above last closing price of zł2.20. Stock is down 42% over the past year. The company posted earnings per share of zł0.34 last year. Reported Earnings • Sep 15
Second quarter 2022 earnings released: EPS: zł0.008 (vs zł0.044 in 2Q 2021) Second quarter 2022 results: EPS: zł0.008 (down from zł0.044 in 2Q 2021). Revenue: zł22.4m (down 89% from 2Q 2021). Net income: zł2.70m (down 87% from 2Q 2021). Profit margin: 12% (up from 11% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Real Estate industry in Poland. 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 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł2.21, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Real Estate industry in Poland. Total returns to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł2.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Real Estate industry in Poland. Total returns to shareholders of 27% over the past three years. Buying Opportunity • Jun 10
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be zł3.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 12% in the next 2 years. Price Target Changed • Jun 09
Price target decreased to zł3.57 Down from zł3.90, the current price target is an average from 2 analysts. New target price is 36% above last closing price of zł2.62. Stock is down 25% over the past year. The company is forecast to post earnings per share of zł0.40 for next year compared to zł0.34 last year. Valuation Update With 7 Day Price Move • May 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł2.89, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł3.36 per share. Reported Earnings • May 20
First quarter 2022 earnings: Revenues in line with analyst expectations First quarter 2022 results: Revenue: zł97.6m (down 45% from 1Q 2021). Net income: zł13.1m (down 62% from 1Q 2021). Profit margin: 13% (down from 20% in 1Q 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 15% growth forecast for the industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 16
Upcoming dividend of zł0.45 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 31 May 2022. The company is paying out more than 100% of its profits and is paying out 89% of its cash flow. Trailing yield: 14%. Within top quartile of Polish dividend payers (7.9%). Higher than average of industry peers (11%). Price Target Changed • Apr 27
Price target decreased to zł3.57 Down from zł3.90, the current price target is an average from 2 analysts. New target price is 5.9% above last closing price of zł3.37. Stock is up 13% over the past year. The company is forecast to post earnings per share of zł0.40 for next year compared to zł0.34 last year. Price Target Changed • Mar 08
Price target decreased to zł3.57 Down from zł3.90, the current price target is an average from 2 analysts. New target price is 28% above last closing price of zł2.80. Stock is up 16% over the past year. The company is forecast to post earnings per share of zł0.28 next year compared to a net loss per share of zł0.31 last year. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS zł0.07 (vs zł0.032 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: zł219.6m (up 123% from 3Q 2020). Net income: zł29.1m (up 105% from 3Q 2020). Profit margin: 13% (down from 14% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. 
