New Risk • Jun 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł356.5m (US$97.9m) This is considered a minor risk. Companies with a small market capitalization 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 Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 11x cash flows per share). Market cap is less than US$100m (zł356.5m market cap, or US$97.9m). Reported Earnings • May 24
First quarter 2026 earnings released: zł0.11 loss per share (vs zł0.29 loss in 1Q 2025) First quarter 2026 results: zł0.11 loss per share (improved from zł0.29 loss in 1Q 2025). Revenue: zł32.3m (down 6.0% from 1Q 2025). Net loss: zł4.75m (loss narrowed 61% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Price Target Changed • May 20
Price target decreased by 8.8% to zł8.14 Down from zł8.93, the current price target is provided by 1 analyst. New target price is 13% below last closing price of zł9.38. Stock is up 31% over the past year. The company posted earnings per share of zł1.40 last year. Reported Earnings • Mar 26
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: zł1.40 (up from zł0.76 in FY 2024). Revenue: zł547.7m (up 19% from FY 2024). Net income: zł58.2m (up 83% from FY 2024). Profit margin: 11% (up from 6.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Revenue is forecast to stay flat 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 fallen by 19% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • Mar 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł364.0m (US$98.5m) This is considered a minor risk. Companies with a small market capitalization 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 Risk Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (zł364.0m market cap, or US$98.5m). Buy Or Sell Opportunity • Jan 22
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to zł9.24. The fair value is estimated to be zł7.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 33% in 2 years. Earnings are forecast to decline by 41% in the next 2 years. Buy Or Sell Opportunity • Jan 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.2% to zł9.14. The fair value is estimated to be zł7.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 33% in 2 years. Earnings are forecast to decline by 41% in the next 2 years. Reported Earnings • Nov 25
Third quarter 2025 earnings released: EPS: zł0.85 (vs zł0.13 in 3Q 2024) Third quarter 2025 results: EPS: zł0.85 (up from zł0.13 in 3Q 2024). Revenue: zł209.5m (up 73% from 3Q 2024). Net income: zł35.4m (up zł29.8m from 3Q 2024). Profit margin: 17% (up from 4.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 4.5% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Poland are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 15
Marvipol Development S.A. to Report Q3, 2025 Results on Nov 21, 2025 Marvipol Development S.A. announced that they will report Q3, 2025 results on Nov 21, 2025 Announcement • Aug 20
Marvipol Development S.A. to Report First Half, 2025 Results on Aug 25, 2025 Marvipol Development S.A. announced that they will report first half, 2025 results on Aug 25, 2025 Reported Earnings • Mar 24
Full year 2024 earnings released: EPS: zł0.76 (vs zł1.33 in FY 2023) Full year 2024 results: EPS: zł0.76 (down from zł1.33 in FY 2023). Revenue: zł461.7m (up 22% from FY 2023). Net income: zł31.7m (down 43% from FY 2023). Profit margin: 6.9% (down from 15% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.3% 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 fallen by 54% 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. New Risk • Mar 24
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 15% 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 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 (6.9% net profit margin). Market cap is less than US$100m (zł289.9m market cap, or US$74.8m). Reported Earnings • Nov 26
Third quarter 2024 earnings released: EPS: zł0.13 (vs zł0.58 in 3Q 2023) Third quarter 2024 results: EPS: zł0.13 (down from zł0.58 in 3Q 2023). Revenue: zł121.2m (up 39% from 3Q 2023). Net income: zł5.59m (down 77% from 3Q 2023). Profit margin: 4.6% (down from 28% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: zł0.03 (vs zł0.95 in 2Q 2023) Second quarter 2024 results: EPS: zł0.03 (down from zł0.95 in 2Q 2023). Revenue: zł40.3m (down 80% from 2Q 2023). Net income: zł1.32m (down 97% from 2Q 2023). Profit margin: 3.3% (down from 20% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • May 30
First quarter 2024 earnings released: zł0.13 loss per share (vs zł0.14 profit in 1Q 2023) First quarter 2024 results: zł0.13 loss per share (down from zł0.14 profit in 1Q 2023). Revenue: zł25.7m (down 64% from 1Q 2023). Net loss: zł5.36m (down 195% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 12% per year. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł8.32, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 19% over the past three years. Upcoming Dividend • Apr 25
Upcoming dividend of zł1.06 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 13 May 2024. The company last paid an ordinary dividend in March 2020. The average dividend yield among industry peers is 5.7%. Announcement • Mar 29
Marvipol Development S.A., Annual General Meeting, Apr 24, 2024 Marvipol Development S.A., Annual General Meeting, Apr 24, 2024. Reported Earnings • Mar 18
Full year 2023 earnings released: EPS: zł1.33 (vs zł2.16 in FY 2022) Full year 2023 results: EPS: zł1.33 (down from zł2.16 in FY 2022). Revenue: zł377.5m (down 36% from FY 2022). Net income: zł55.3m (down 39% from FY 2022). Profit margin: 15% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 27
Third quarter 2023 earnings released: EPS: zł0.58 (vs zł0.45 in 3Q 2022) Third quarter 2023 results: EPS: zł0.58 (up from zł0.45 in 3Q 2022). Revenue: zł87.0m (up 2.0% from 3Q 2022). Net income: zł24.3m (up 29% from 3Q 2022). Profit margin: 28% (up from 22% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 28
Second quarter 2023 earnings released: EPS: zł0.95 (vs zł0.60 in 2Q 2022) Second quarter 2023 results: EPS: zł0.95 (up from zł0.60 in 2Q 2022). Revenue: zł197.2m (down 3.8% from 2Q 2022). Net income: zł39.6m (up 59% from 2Q 2022). Profit margin: 20% (up from 12% 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 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Aug 27
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be zł9.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 9.4%. Reported Earnings • Nov 27
Third quarter 2022 earnings released: EPS: zł0.45 (vs zł0.84 in 3Q 2021) Third quarter 2022 results: EPS: zł0.45 (down from zł0.84 in 3Q 2021). Revenue: zł85.3m (down 55% from 3Q 2021). Net income: zł18.9m (down 46% from 3Q 2021). Profit margin: 22% (up from 19% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Aug 31
Marvipol Development S.A. to Report First Half, 2022 Results on Aug 30, 2022 Marvipol Development S.A. announced that they will report first half, 2022 results on Aug 30, 2022 Reported Earnings • Jun 01
First quarter 2022 earnings released: EPS: zł0.70 (vs zł0.20 in 1Q 2021) First quarter 2022 results: EPS: zł0.70 (up from zł0.20 in 1Q 2021). Revenue: zł121.6m (up 140% from 1Q 2021). Net income: zł29.1m (up 258% from 1Q 2021). Profit margin: 24% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł6.88, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 5x in the Real Estate industry in Poland. Total returns to shareholders of 118% over the past three years. Upcoming Dividend • Apr 12
Upcoming dividend of zł1.14 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 27 April 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 14%. Within top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (10%). Announcement • Mar 23
Marvipol Development S.A., Annual General Meeting, Apr 14, 2022 Marvipol Development S.A., Annual General Meeting, Apr 14, 2022, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 16% share price gain to zł7.78, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total returns to shareholders of 116% over the past three years. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł0.84 (up from zł0.62 in 3Q 2020). Revenue: zł188.6m (up 64% from 3Q 2020). Net income: zł35.1m (up 36% from 3Q 2020). Profit margin: 19% (down from 22% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS zł0.50 (vs zł0.13 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł24.6m (up 87% from 2Q 2020). Net income: zł21.0m (up 277% from 2Q 2020). Profit margin: 85% (up from 42% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 03
First quarter 2021 earnings released The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: zł50.7m (up 26% from 1Q 2020). Net income: zł8.13m (down 31% from 1Q 2020). Profit margin: 16% (down from 29% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 02
Upcoming dividend of zł0.95 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 18 June 2021. Trailing yield: 8.4%. Within top quartile of Polish dividend payers (6.0%). Higher than average of industry peers (6.1%). Reported Earnings • Mar 26
Full year 2020 earnings released: EPS zł1.93 (vs zł1.68 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: zł431.4m (up 48% from FY 2019). Net income: zł80.4m (up 15% from FY 2019). Profit margin: 19% (down from 24% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improved over the past week After last week's 19% share price gain to zł7.08, the stock is trading at a trailing P/E ratio of 4.4x, up from the previous P/E ratio of 3.7x. This compares to an average P/E of 8x in the Real Estate industry in Poland. Total returns to shareholders over the past three years are 6.0%. Announcement • Jan 29
Heimstaden Bostad AB (publ) acquired three build-to-rent projects in Warsaw from Marvipol Development S.A. (WSE:MVP) for approximately PLN 380 million. Heimstaden Bostad AB (publ) acquired three build-to-rent projects in Warsaw from Marvipol Development S.A. (WSE:MVP) for approximately PLN 380 million on January 27, 2021. The acquisition includes 647 residential units of 29,851 sqm and 11 commercial units of 1,068 sqm and an option to acquire an additional 60 apartments. Dentons acted as legal advisor, Deloitte acted as accountant, Arcadis acted as technical advisor, Leach & Partners acted as operational advisor and CBRE acted as commercial advisor to Heimstaden Bostad AB. Greenberg Traurig Grzesiak sp.k. acted as legal advisor and JLL acted as real estate advisore to Marvipol Development S.A.
Heimstaden Bostad AB (publ) completed the acquisition of three build-to-rent projects in Warsaw from Marvipol Development S.A. (WSE:MVP) on January 27, 2021. Is New 90 Day High Low • Jan 28
New 90-day high: zł6.86 The company is up 48% from its price of zł4.64 on 30 October 2020. The Polish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: zł5.56 The company is up 4.0% from its price of zł5.36 on 07 October 2020. The Polish market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 6.0% over the same period.