New Risk • Jun 19
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Earnings have declined by 31% per year over the past 5 years. Market cap is less than US$10m (zł4.92m market cap, or US$1.32m). 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 (0.9% net profit margin). Upcoming Dividend • Jun 16
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 23 June 2026. Payment date: 01 July 2026. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (3.2%). New Risk • Mar 18
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 8.2% 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: Major Risks Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (zł5.31m market cap, or US$1.42m). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł3.54, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 13x in the Retail Distributors industry in Poland. Total returns to shareholders of 2.4% over the past three years. Announcement • Mar 18
Robinson Europe S.A., Annual General Meeting, Apr 13, 2026 Robinson Europe S.A., Annual General Meeting, Apr 13, 2026, at 10:00 Central European Standard Time. Announcement • Mar 17
Robinson Europe S.A. announces Annual dividend, payable on July 01, 2026 Robinson Europe S.A. announced Annual dividend of PLN 0.1000 per share payable on July 01, 2026, ex-date on June 23, 2026 and record date on June 24, 2026. New Risk • Mar 09
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (zł4.62m market cap, or US$1.25m). 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. Announcement • Aug 21
Robinson Europe S.A. to Report Q3, 2024 Results on Sep 12, 2025 Robinson Europe S.A. announced that they will report Q3, 2024 results on Sep 12, 2025 Upcoming Dividend • Jun 16
Upcoming dividend of zł0.07 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Polish dividend payers (7.5%). Lower than average of industry peers (3.2%). Reported Earnings • Jun 15
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł8.81m (flat on 2Q 2024). Net income: zł1.69m (down 9.3% from 2Q 2024). Profit margin: 19% (down from 21% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 17
Dividend increased to zł0.07 Dividend of zł0.07 is 40% higher than last year. Ex-date: 23rd June 2025 Payment date: 1st July 2025 Dividend yield will be 1.9%, which is higher than the industry average of 0.2%. Payout Ratios Payout ratio: 17%. Cash payout ratio: 5%. Announcement • Mar 17
Robinson Europe S.A., Annual General Meeting, Apr 10, 2025 Robinson Europe S.A., Annual General Meeting, Apr 10, 2025. Announcement • Mar 16
Robinson Europe S.A. announces Annual dividend, payable on July 01, 2025 Robinson Europe S.A. announced Annual dividend of PLN 0.0700 per share payable on July 01, 2025, ex-date on June 23, 2025 and record date on June 24, 2025. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł4.10, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 13x in the Retail Distributors industry in Europe. Total loss to shareholders of 30% over the past three years. Reported Earnings • Sep 19
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł6.87m (up 10% from 3Q 2023). Net income: zł309.9k (up 119% from 3Q 2023). Profit margin: 4.5% (up from 2.3% in 3Q 2023). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł3.78, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 14x in the Retail Distributors industry in Europe. Total loss to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to zł2.84, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 12x in the Retail Distributors industry in Europe. Total loss to shareholders of 59% over the past three years. Reported Earnings • Jun 17
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł8.76m (up 14% from 2Q 2023). Net income: zł1.86m (up 47% from 2Q 2023). Profit margin: 21% (up from 17% in 2Q 2023). Upcoming Dividend • Jun 14
Upcoming dividend of zł0.05 per share Eligible shareholders must have bought the stock before 21 June 2024. Payment date: 01 July 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Polish dividend payers (7.8%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł2.86m (down 8.4% from 1Q 2023). Net loss: zł1.04m (loss widened 90% from 1Q 2023). Announcement • Mar 06
Robinson Europe S.A., Annual General Meeting, Mar 28, 2024 Robinson Europe S.A., Annual General Meeting, Mar 28, 2024, at 10:00 Central European Standard Time. Reported Earnings • Jan 23
Full year 2023 earnings released Full year 2023 results: Revenue: zł20.5m (down 3.6% from FY 2022). Net income: zł249.4k (down 40% from FY 2022). Profit margin: 1.2% (down from 1.9% in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Jan 20
Robinson Europe S.A. to Report Fiscal Year 2023 Results on Jan 19, 2024 Robinson Europe S.A. announced that they will report fiscal year 2023 results on Jan 19, 2024 New Risk • Oct 16
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 7.3% 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: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 93% Earnings have declined by 26% per year over the past 5 years. Market cap is less than US$10m (zł5.91m market cap, or US$1.40m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Revenue is less than US$5m (zł21m revenue, or US$4.9m). Reported Earnings • Sep 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł6.22m (up 7.1% from 3Q 2022). Net income: zł141.3k (down 26% from 3Q 2022). Profit margin: 2.3% (down from 3.3% in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł7.71m (up 8.0% from 2Q 2022). Net income: zł1.27m (up 23% from 2Q 2022). Profit margin: 17% (up from 14% in 2Q 2022). Upcoming Dividend • Jun 15
Upcoming dividend of zł0.07 per share at 3.0% yield Eligible shareholders must have bought the stock before 22 June 2023. Payment date: 30 June 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Polish dividend payers (7.4%). Higher than average of industry peers (0.2%). Reported Earnings • Mar 19
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł3.12m (down 35% from 1Q 2022). Net loss: zł544.9k (down 246% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 20
Full year 2022 earnings released Full year 2022 results: Revenue: zł21.3m (up 2.5% from FY 2021). Net income: zł414.9k (down 55% from FY 2021). Profit margin: 1.9% (down from 4.5% in FY 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 17
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł5.81m (down 5.0% from 3Q 2021). Net income: zł191.8k (down 84% from 3Q 2021). Profit margin: 3.3% (down from 20% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł7.14m (down 5.7% from 2Q 2021). Net income: zł1.03m (down 19% from 2Q 2021). Profit margin: 14% (down from 17% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 16
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Polish dividend payers (8.3%). Higher than average of industry peers (0.5%). Reported Earnings • Mar 19
First quarter 2022 earnings: Revenues in line with analyst expectations First quarter 2022 results: Revenue: zł4.80m (up 28% from 1Q 2021). Net income: zł374.1k (up zł341.9k from 1Q 2021). Profit margin: 7.8% (up from 0.9% in 1Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Mar 03
Robinson Europe S.A., Annual General Meeting, Mar 25, 2022 Robinson Europe S.A., Annual General Meeting, Mar 25, 2022, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 28% share price decline to zł3.58, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 10x in the Retail Distributors industry in Poland. Total loss to shareholders of 29% over the past three years. Announcement • Feb 04
Robinson Europe S.A. to Report Q4, 2021 Results on Mar 17, 2022 Robinson Europe S.A. announced that they will report Q4, 2021 results on Mar 17, 2022 Reported Earnings • Jan 19
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: zł20.8m (up 11% from FY 2020). Net income: zł927.0k (down 19% from FY 2020). Profit margin: 4.5% (down from 6.1% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 16% share price gain to zł6.65, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 11x in the Retail Distributors industry in Poland. Total returns to shareholders of 9.9% over the past three years. Reported Earnings • Sep 15
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: zł6.11m (down 9.2% from 3Q 2020). Net income: zł1.19m (up 16% from 3Q 2020). Profit margin: 20% (up from 15% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 17% share price gain to zł7.45, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 13x in the Retail Distributors industry in Poland. Negligible returns to shareholders over past three years. Upcoming Dividend • Jun 15
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 22 June 2021. Payment date: 30 June 2021. Trailing yield: 0.9%. Lower than top quartile of Polish dividend payers (5.7%). Lower than average of industry peers (1.2%). Reported Earnings • Mar 21
Third quarter 2020 earnings released: EPS zł0.56 (vs zł0.059 in 3Q 2019) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł6.73m (up 42% from 3Q 2019). Net income: zł1.03m (up zł917.7k from 3Q 2019). Profit margin: 15% (up from 2.3% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 17% share price gain to zł7.50, the stock is trading at a trailing P/E ratio of 16.5x, up from the previous P/E ratio of 14.1x. This compares to an average P/E of 14x in the Retail Distributors industry in Poland. Total returns to shareholders over the past three years were flat. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 15% share price gain to zł6.40, the stock is trading at a trailing P/E ratio of 14.1x, up from the previous P/E ratio of 12.2x. This compares to an average P/E of 13x in the Retail Distributors industry in Poland. Total return to shareholders over the past three years is a loss of 13%. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment deteriorated over the past week After last week's 25% share price decline to zł5.20, the stock is trading at a trailing P/E ratio of 11.4x, down from the previous P/E ratio of 15.1x. This compares to an average P/E of 12x in the Retail Distributors industry in Poland. Total return to shareholders over the past three years is a loss of 33%. Is New 90 Day High Low • Dec 29
New 90-day low: zł6.80 The company is down 17% from its price of zł8.20 on 29 September 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is down 2.0% over the same period. Reported Earnings • Sep 18
Third quarter earnings released Over the last 12 months the company has reported total profits of zł841.7k, down 28% from the prior year. Total revenue was zł17.4m over the last 12 months, up 9.5% from the prior year.