New Risk • Nov 19
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). Earnings have declined by 35% per year over the past 5 years. High level of non-cash earnings (61% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (zł127.3m market cap, or US$34.9m). Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł106.1m (up 24% from 3Q 2024). Net loss: zł490.2k (loss narrowed 35% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Nov 13
SFD S.A. to Report Q3, 2025 Results on Nov 14, 2025 SFD S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Jul 27
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 11% 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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 30% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł155.0m market cap, or US$42.8m). Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł3.27, the stock trades at a trailing P/E ratio of 56.9x. Average trailing P/E is 16x in the Retail Distributors industry in Poland. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to zł2.94, the stock trades at a trailing P/E ratio of 51.2x. Average trailing P/E is 15x in the Retail Distributors industry in Poland. Total returns to shareholders of 5.7% over the past three years. Reported Earnings • May 18
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł117.1m (up 31% from 1Q 2024). Net income: zł4.44m (up 186% from 1Q 2024). Profit margin: 3.8% (up from 1.7% in 1Q 2024). The increase in margin was driven by higher revenue. New Risk • May 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 9.0% 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 Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (zł126.8m market cap, or US$33.2m). New Risk • Sep 26
New major risk - Revenue and earnings growth Earnings have declined by 4.9% 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 Risk Earnings have declined by 4.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł79.3m market cap, or US$20.7m). Announcement • Jun 05
SFD S.A., Annual General Meeting, Jun 27, 2024 SFD S.A., Annual General Meeting, Jun 27, 2024. New Risk • May 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (zł95.6m market cap, or US$24.4m). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł1.98, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 12x in the Retail Distributors industry in Europe. Total loss to shareholders of 63% over the past three years. New Risk • Mar 01
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 6.7% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (zł95.6m market cap, or US$24.0m). Reported Earnings • Feb 15
Full year 2023 earnings released: EPS: zł0.036 (vs zł0.28 in FY 2022) Full year 2023 results: EPS: zł0.036 (down from zł0.28 in FY 2022). Revenue: zł344.0m (up 5.7% from FY 2022). Net income: zł1.58m (down 87% from FY 2022). Profit margin: 0.5% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 21% per year. New Risk • Nov 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.0% Last year net profit margin: 3.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (zł120.7m market cap, or US$29.7m). New Risk • Oct 20
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 Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (zł126.0m market cap, or US$29.8m). Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł2.90, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 10x in the Retail Distributors industry in Europe. Total returns to shareholders of 73% over the past three years. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł90.5m (flat on 2Q 2022). Net income: zł1.94m (down 68% from 2Q 2022). Profit margin: 2.1% (down from 6.6% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 29
Upcoming dividend of zł0.05 per share at 1.2% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 15% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (0.2%). Announcement • Jun 13
SFD S.A., Annual General Meeting, Jun 30, 2023 SFD S.A., Annual General Meeting, Jun 30, 2023, at 11:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł96.8m (up 37% from 1Q 2022). Net income: zł4.24m (up 86% from 1Q 2022). Profit margin: 4.4% (up from 3.2% in 1Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł4.65, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 12x in the Retail Distributors industry in Europe. Total returns to shareholders of 1,519% over the past three years. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł0.29 (vs zł0.25 in FY 2021) Full year 2022 results: EPS: zł0.29 (up from zł0.25 in FY 2021). Revenue: zł326.6m (up 33% from FY 2021). Net income: zł12.9m (up 17% from FY 2021). Profit margin: 3.9% (down from 4.5% in FY 2021). The decrease in margin was driven by higher expenses. 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 123% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 21% share price gain to zł3.76, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 12x in the Retail Distributors industry in Europe. Total returns to shareholders of 968% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of zł0.05 per share Eligible shareholders must have bought the stock before 27 December 2022. Payment date: 04 January 2023. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Polish dividend payers (8.6%). Higher than average of industry peers (0.4%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 18% share price gain to zł3.25, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 12x in the Retail Distributors industry in Europe. Total returns to shareholders of 946% over the past three years. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł81.7m (up 37% from 3Q 2021). Net income: zł2.94m (up 28% from 3Q 2021). Profit margin: 3.6% (down from 3.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 18
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł91.0m (up 53% from 2Q 2021). Net income: zł5.99m (up 88% from 2Q 2021). Profit margin: 6.6% (up from 5.4% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 19% share price gain to zł3.10, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 9x in the Retail Distributors industry in Poland. Total returns to shareholders of 719% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of zł0.06 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Polish dividend payers (8.3%). Higher than average of industry peers (0.5%). Announcement • Jun 01
SFD S.A., Annual General Meeting, Jun 24, 2022 SFD S.A., Annual General Meeting, Jun 24, 2022, at 10:00 Central European Standard Time. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł70.8m (up 9.4% from 1Q 2021). Net income: zł2.28m (down 58% from 1Q 2021). Profit margin: 3.2% (down from 8.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improved over the past week After last week's 19% share price gain to zł3.32, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 11x in the Retail Distributors industry in Poland. Total returns to shareholders of 904% over the past three years. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.27 (down from zł0.27 in FY 2020). Revenue: zł245.7m (up 25% from FY 2020). Net income: zł11.9m (up 3.0% from FY 2020). Profit margin: 4.8% (down from 5.9% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 124% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł2.80, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 10x in the Retail Distributors industry in Poland. Total returns to shareholders of 1,113% over the past three years. Upcoming Dividend • Dec 15
Inaugural dividend of zł0.04 per share Eligible shareholders must have bought the stock before 22 December 2021. Payment date: 30 December 2021. The company is not currently making a profit and there are not enough cash flows to support it either. This is the first dividend for SFD since going public. The average dividend yield among industry peers is 1.2%. Announcement • Nov 27
SFD S.A. (WSE:SFD) acquired SIX STORES IN POLAND from Pafoscan Farm Mariola Rozbicka Janusz Rozbicki Spolka Jawna for 0.4 million zlotys. SFD S.A. (WSE:SFD) acquired SIX STORES IN POLAND from Pafoscan Farm Mariola Rozbicka Janusz Rozbicki Spolka Jawna for 0.4 million zlotys on November 26, 2021.
SFD S.A. (WSE:SFD) completed the acquisition of SIX STORES IN POLAND from Pafoscan Farm Mariola Rozbicka Janusz Rozbicki Spolka Jawna for 0.4 million zlotys on November 26, 2021. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: zł59.8m (up 19% from 3Q 2020). Net income: zł2.29m (down 23% from 3Q 2020). Profit margin: 3.8% (down from 6.0% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has increased by 164% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 18% share price gain to zł5.34, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 13x in the Retail Distributors industry in Poland. Total returns to shareholders of 2,394% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS zł0.073 (vs zł0.089 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł59.5m (up 12% from 2Q 2020). Net income: zł3.19m (down 21% from 2Q 2020). Profit margin: 5.4% (down from 7.6% 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 95% per year but the company’s share price has increased by 143% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improved over the past week After last week's 15% share price gain to zł5.28, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 14x in the Retail Distributors industry in Poland. Total returns to shareholders of 2,070% over the past three years. Upcoming Dividend • Jun 29
Inaugural dividend of zł0.06 per share Eligible shareholders must have bought the stock before 06 July 2021. Payment date: 15 July 2021. This is the first dividend for SFD since going public. The average dividend yield among industry peers is 1.2%. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 24% share price gain to zł5.40, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 15x in the Retail Distributors industry in Poland. Total returns to shareholders of 1,513% over the past three years. Reported Earnings • Feb 19
Full year 2020 earnings released: EPS zł0.28 (vs zł0.053 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł197.4m (up 39% from FY 2019). Net income: zł12.0m (up 392% from FY 2019). Profit margin: 6.1% (up from 1.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has increased by 123% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 15
New 90-day high: zł4.72 The company is up 48% from its price of zł3.20 on 17 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 24% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: zł4.26 The company is up 151% from its price of zł1.70 on 06 October 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 4.0% over the same period. Upcoming Dividend • Dec 15
First Dividend Is zł0.04 Per Share Will be paid on the 31st of December to those who are registered shareholders by the 22nd of December. This is the first dividend for SFD since going public. The average dividend yield among industry peers is 1.7%. Is New 90 Day High Low • Dec 14
New 90-day high: zł3.86 The company is up 128% from its price of zł1.69 on 15 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is down 9.0% over the same period. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 27% share price gain to zł3.86, the stock is trading at a trailing P/E ratio of 18.3x, up from the previous P/E ratio of 14.4x. This compares to an average P/E of 12x in the Retail Distributors industry in Poland. Total returns to shareholders over the past three years are 1,113%. Is New 90 Day High Low • Nov 13
New 90-day high: zł3.12 The company is up 85% from its price of zł1.69 on 14 August 2020. The Polish market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is down 3.0% over the same period. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 16% share price gain to zł2.52, the stock is trading at a trailing P/E ratio of 16.3x, up from the previous P/E ratio of 14.1x. This compares to an average P/E of 12x in the Retail Distributors industry in Poland. Total returns to shareholders over the past three years are 476%. Valuation Update With 7 Day Price Move • Oct 30
Market bids up stock over the past week After last week's 17% share price gain to zł2.26, the stock is trading at a trailing P/E ratio of 14.6x, up from the previous P/E ratio of 12.5x. This compares to an average P/E of 12x in the Retail Distributors industry in Poland. Total returns to shareholders over the past three years are 416%. Valuation Update With 7 Day Price Move • Oct 26
Market bids up stock over the past week After last week's 26% share price gain to zł2.20, the stock is trading at a trailing P/E ratio of 14.2x, up from the previous P/E ratio of 11.3x. This compares to an average P/E of 12x in the Retail Distributors industry in Poland. Total returns to shareholders over the past three years are 467%. Is New 90 Day High Low • Oct 26
New 90-day high: zł2.20 The company is up 249% from its price of zł0.63 on 28 July 2020. The Polish market is down 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 15% share price gain to zł1.96, the stock is trading at a trailing P/E ratio of 12.7x, up from the previous P/E ratio of 11x. This compares to an average P/E of 12x in the Retail Distributors industry in Poland. Total returns to shareholders over the past three years are 338%.