Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: zł2.72 (vs zł2.52 in FY 2024) Full year 2025 results: EPS: zł2.72 (up from zł2.52 in FY 2024). Revenue: zł1.20b (down 2.1% from FY 2024). Net income: zł79.1m (up 8.3% from FY 2024). Profit margin: 6.6% (up from 6.0% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Electronic industry in Poland. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Dec 03
Apator S.A. (WSE:APT) commences an Equity Buyback Plan for 500,000 shares, representing 1.53% for PLN 10 million, under the authorization approved on June 25, 2025. Apator S.A. (WSE:APT) commences share repurchases on November 21, 2025, under the program mandated by the shareholders in the Annual General Meeting held on June 25, 2025. As per the mandate, the company is authorized to repurchase up to 500,000 shares, representing 1.53% of its own shares for PLN 10 million. The purpose of the buyback is to reduce the share capital of the company. The shares will be repurchased at a price not lower than PLN 0.10 and not higher than PLN 30 per share. The program will be funded out of the share redemption fund established according to the resolution of General Shareholders Meeting of the company. The plan will be valid up to April 30, 2026. Reported Earnings • Nov 17
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł295.8m (up 1.1% from 3Q 2024). Net income: zł23.3m (up 34% from 3Q 2024). Profit margin: 7.9% (up from 5.9% in 3Q 2024). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Poland. Announcement • Nov 11
Apator S.A. to Report Q3, 2025 Results on Nov 14, 2025 Apator S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Upcoming Dividend • Aug 20
Upcoming dividend of zł0.60 per share Eligible shareholders must have bought the stock before 27 August 2025. Payment date: 11 September 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (4.6%). Announcement • Aug 20
Apator S.A. to Report First Half, 2025 Results on Aug 29, 2025 Apator S.A. announced that they will report first half, 2025 results on Aug 29, 2025 Reported Earnings • May 17
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł283.7m (down 4.3% from 1Q 2024). Net income: zł12.0m (flat on 1Q 2024). Profit margin: 4.2% (up from 4.0% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Poland. New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 29% 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 29% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Nov 28
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 05 December 2024. Payment date: 12 December 2024. Payout ratio is a comfortable 6.8% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (8.2%). Lower than average of industry peers (5.6%). Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł292.6m (up 1.4% from 3Q 2023). Net income: zł17.4m (up 106% from 3Q 2023). Profit margin: 5.9% (up from 2.9% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Electronic industry in Poland. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 29% 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 29% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Nov 02
First half dividend of zł0.30 announced Shareholders will receive a dividend of zł0.30. Ex-date: 5th December 2024 Payment date: 12th December 2024 Dividend yield will be 3.2%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 46% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Reported Earnings • Sep 01
Second quarter 2024 earnings released: EPS: zł0.91 (vs zł0.13 in 2Q 2023) Second quarter 2024 results: EPS: zł0.91 (up from zł0.13 in 2Q 2023). Revenue: zł338.1m (up 23% from 2Q 2023). Net income: zł26.4m (up zł22.5m from 2Q 2023). Profit margin: 7.8% (up from 1.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Electronic industry in Poland. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 18
Price target increased by 16% to zł20.50 Up from zł17.70, the current price target is provided by 1 analyst. New target price is 21% above last closing price of zł17.00. Stock is down 1.2% over the past year. The company posted earnings per share of zł0.28 last year. Upcoming Dividend • Jun 26
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 11 July 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Polish dividend payers (7.8%). Lower than average of industry peers (4.6%). Announcement • May 31
Apator S.A., Annual General Meeting, Jun 26, 2024 Apator S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł296.4m (up 2.7% from 1Q 2023). Net income: zł12.0m (up 40% from 1Q 2023). Profit margin: 4.0% (up from 3.0% in 1Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Electronic industry in Poland. New Risk • May 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. 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. Large one-off items impacting financial results. Announcement • May 16
Apator S.A. to Report First Half, 2024 Results on Aug 30, 2024 Apator S.A. announced that they will report first half, 2024 results on Aug 30, 2024 New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 22% 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 22% per year over the past 5 years. Minor Risks High level of debt (42% net debt to equity). 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 • Jan 07
Apator S.A. to Report Fiscal Year 2023 Results on May 14, 2024 Apator S.A. announced that they will report fiscal year 2023 results at 11:30 AM, Central European Standard Time on May 14, 2024 Upcoming Dividend • Dec 07
Upcoming dividend of zł0.20 per share at 2.6% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 21 December 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Polish dividend payers (8.0%). Lower than average of industry peers (5.4%). New Risk • Dec 06
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: 2.6% 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 Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł288.7m (up 2.7% from 3Q 2022). Net income: zł8.46m (up zł11.9m from 3Q 2022). Profit margin: 2.9% (up from net loss in 3Q 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł275.6m (up 6.8% from 2Q 2022). Net income: zł3.88m (down 22% from 2Q 2022). Profit margin: 1.4% (down from 1.9% in 2Q 2022). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Poland. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 24
Upcoming dividend of zł0.30 per share at 1.7% yield Eligible shareholders must have bought the stock before 31 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (5.2%). Announcement • Jun 02
Apator S.A., Annual General Meeting, Jun 28, 2023 Apator S.A., Annual General Meeting, Jun 28, 2023, at 11:00 Central European Standard Time. Reported Earnings • May 22
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł288.5m (up 22% from 1Q 2022). Net income: zł8.55m (up zł12.5m from 1Q 2022). Profit margin: 3.0% (up from net loss in 1Q 2022). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: zł0.30 (vs zł2.13 in FY 2021) Full year 2022 results: EPS: zł0.30 (down from zł2.13 in FY 2021). Revenue: zł1.08b (up 15% from FY 2021). Net income: zł8.84m (down 86% from FY 2021). Profit margin: 0.8% (down from 6.6% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 39% 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 • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł281.2m (up 17% from 3Q 2021). Net loss: zł3.48m (down 125% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 12% per year. Price Target Changed • Nov 16
Price target increased to zł22.50 Up from zł21.00, the current price target is provided by 1 analyst. New target price is 51% above last closing price of zł14.88. Stock is down 26% over the past year. The company posted earnings per share of zł2.13 last year. Upcoming Dividend • Jun 28
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 31 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.4%. Lower than top quartile of Polish dividend payers (8.1%). In line with average of industry peers (7.6%). Reported Earnings • May 21
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł237.1m (up 5.6% from 1Q 2021). Net loss: zł3.99m (down 110% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target increased to zł22.50 Up from zł21.00, the current price target is provided by 1 analyst. New target price is 26% above last closing price of zł17.90. Stock is down 25% over the past year. The company posted earnings per share of zł2.11 last year. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: zł2.11 (up from zł2.06 in FY 2020). Revenue: zł940.3m (flat on FY 2020). Net income: zł61.5m (up 2.2% from FY 2020). Profit margin: 6.5% (up from 6.4% in FY 2020). Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) were mostly in line with analyst estimates. 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 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 07
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 14 January 2022. Payment date: 24 January 2022. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Polish dividend payers (6.7%). Lower than average of industry peers (12%). Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł240.1m (down 1.6% from 3Q 2020). Net income: zł13.7m (down 18% from 3Q 2020). Profit margin: 5.7% (down from 6.8% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 30
Upcoming dividend of zł0.75 per share Eligible shareholders must have bought the stock before 06 August 2021. Payment date: 23 August 2021. Trailing yield: 4.9%. Lower than top quartile of Polish dividend payers (5.9%). Lower than average of industry peers (7.3%). Price Target Changed • May 22
Price target increased to zł25.25 Up from zł21.00, the current price target is provided by 1 analyst. New target price is 5.2% above last closing price of zł24.00. Stock is up 25% over the past year. Reported Earnings • May 21
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: zł224.5m (flat on 1Q 2020). Net income: zł40.4m (up 139% from 1Q 2020). Profit margin: 18% (up from 7.5% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS zł2.08 (vs zł1.83 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł934.5m (up 6.5% from FY 2019). Net income: zł60.7m (up 14% from FY 2019). Profit margin: 6.5% (up from 6.1% 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 9% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations Revenue exceeded analyst estimates by 0.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 10% growth forecast for the Electronic industry in Poland. Is New 90 Day High Low • Feb 24
New 90-day high: zł25.40 The company is up 14% from its price of zł22.30 on 26 November 2020. The Polish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł17.24 per share. Is New 90 Day High Low • Feb 03
New 90-day high: zł24.50 The company is up 13% from its price of zł21.60 on 05 November 2020. The Polish market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł17.24 per share. Is New 90 Day High Low • Dec 29
New 90-day high: zł23.20 The company is up 13% from its price of zł20.60 on 30 September 2020. The Polish market is also up 13% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Electronic industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł17.21 per share. Upcoming Dividend • Dec 15
Upcoming Dividend of zł0.45 Per Share Will be paid on the 31st of December to those who are registered shareholders by the 22nd of December. The trailing yield of 4.9% is below the top quartile of Polish dividend payers (5.3%), and is lower than industry peers (6.4%). Is New 90 Day High Low • Nov 30
New 90-day high: zł22.50 The company is up 2.0% from its price of zł22.00 on 01 September 2020. The Polish market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electronic industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł15.15 per share. Is New 90 Day High Low • Oct 21
New 90-day low: zł19.30 The company is down 6.0% from its price of zł20.60 on 23 July 2020. The Polish market is down 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł15.12 per share. Is New 90 Day High Low • Oct 06
New 90-day low: zł20.00 The company is down 4.0% from its price of zł20.80 on 08 July 2020. The Polish market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł15.24 per share.