New Risk • May 24
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: 0.6% Last year net profit margin: 1.5% 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: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 41% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (RON210.9m market cap, or US$46.7m). Announcement • Apr 25
S.C. Promateris S.A. to Report Fiscal Year 2025 Results on Apr 23, 2026 S.C. Promateris S.A. announced that they will report fiscal year 2025 results on Apr 23, 2026 Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RON7.65, the stock trades at a trailing P/E ratio of 48.3x. Average trailing P/E is 19x in the Chemicals industry in Europe. Total loss to shareholders of 30% over the past three years. Announcement • Jan 14
S.C. Promateris S.A., Annual General Meeting, May 25, 2026 S.C. Promateris S.A., Annual General Meeting, May 25, 2026. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: RON0.12 (vs RON0.007 loss in 3Q 2024) Third quarter 2025 results: EPS: RON0.12 (up from RON0.007 loss in 3Q 2024). Revenue: RON43.7m (up 56% from 3Q 2024). Net income: RON3.34m (up RON3.55m from 3Q 2024). Profit margin: 7.6% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 11
Now 24% undervalued Over the last 90 days, the stock has risen 17% to RON6.45. The fair value is estimated to be RON8.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 53%. Reported Earnings • Sep 01
Second quarter 2025 earnings released: RON0.006 loss per share (vs RON0.026 profit in 2Q 2024) Second quarter 2025 results: RON0.006 loss per share (down from RON0.026 profit in 2Q 2024). Revenue: RON31.6m (up 10% from 2Q 2024). Net loss: RON208.9k (down 128% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 19
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to RON4.56. The fair value is estimated to be RON5.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 03
Full year 2024 earnings released: EPS: RON0.05 (vs RON0.16 loss in FY 2023) Full year 2024 results: EPS: RON0.05 (up from RON0.16 loss in FY 2023). Revenue: RON113.9m (down 20% from FY 2023). Net income: RON1.41m (up RON5.91m from FY 2023). Profit margin: 1.2% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: RON0.05 (vs RON0.16 loss in FY 2023) Full year 2024 results: EPS: RON0.05 (up from RON0.16 loss in FY 2023). Revenue: RON116.3m (down 18% from FY 2023). Net income: RON1.42m (up RON5.93m from FY 2023). Profit margin: 1.2% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Jan 24
S.C. Promateris S.A., Annual General Meeting, Apr 29, 2025 S.C. Promateris S.A., Annual General Meeting, Apr 29, 2025. Reported Earnings • Nov 19
Third quarter 2024 earnings released: RON0.011 loss per share (vs RON0.019 profit in 3Q 2023) Third quarter 2024 results: RON0.011 loss per share (down from RON0.019 profit in 3Q 2023). Revenue: RON30.9m (up 8.3% from 3Q 2023). Net loss: RON211.8k (down 139% from profit in 3Q 2023). 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. Reported Earnings • Sep 05
Second quarter 2024 earnings released: EPS: RON0.025 (vs RON0.14 loss in 2Q 2023) Second quarter 2024 results: EPS: RON0.025 (up from RON0.14 loss in 2Q 2023). Revenue: RON31.0m (down 5.4% from 2Q 2023). Net income: RON756.1k (up RON4.71m from 2Q 2023). Profit margin: 2.4% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. New Risk • Jul 11
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 Romanian stocks, typically moving 8.5% 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 Interest payments are not well covered by earnings (0.2x net interest cover). Share price has been highly volatile over the past 3 months (8.5% average weekly change). Earnings have declined by 22% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RON215.2m market cap, or US$46.9m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: RON0 (vs RON0.029 loss in 1Q 2023) First quarter 2024 results: EPS: RON0 (improved from RON0.029 loss in 1Q 2023). Revenue: RON26.4m (down 27% from 1Q 2023). Net income: RON10.6k (up RON850.4k from 1Q 2023). Profit margin: 0% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Mar 26
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 Romanian stocks, typically moving 5.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 9.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (RON221.0m market cap, or US$48.2m). Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: RON0.098 (vs RON0.087 in FY 2022) Full year 2023 results: EPS: RON0.098 (up from RON0.087 in FY 2022). Revenue: RON146.7m (down 13% from FY 2022). Net income: RON2.74m (up 9.8% from FY 2022). Profit margin: 1.9% (up from 1.5% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. New Risk • Nov 23
New major risk - Revenue and earnings growth Earnings have declined by 7.9% 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 Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 7.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RON284.1m market cap, or US$62.3m). Reported Earnings • Sep 04
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: RON34.4m (down 24% from 2Q 2022). Net loss: RON3.96m (down 213% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. New Risk • Aug 18
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Romanian stocks, typically moving 6.4% 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 Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.06% net profit margin). Market cap is less than US$100m (RON295.6m market cap, or US$64.9m). Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 21% share price gain to RON10.40, the stock trades at a trailing P/E ratio of 37.8x. Average trailing P/E is 11x in the Chemicals industry in Romania. Total returns to shareholders of 461% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to RON10.50, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 11x in the Chemicals industry in Romania. Total returns to shareholders of 540% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: RON0.057 loss per share (vs RON0.13 profit in 3Q 2021) Third quarter 2022 results: RON0.057 loss per share (down from RON0.13 profit in 3Q 2021). Revenue: RON49.7m (down 2.1% from 3Q 2021). Net loss: RON1.64m (down 142% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 16% share price gain to RON14.90, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 13x in the Chemicals industry in Romania. Total returns to shareholders of 795% over the past three years. Announcement • Oct 02
Paval Holding S.R.L. acquired additional 24% stakes in S.C. Promateris S.A. (BVB:PPL) from Florin Pogonaru and Tudor Georgescu for RON 91 million. Paval Holding S.R.L. acquired additional 24% stakes in S.C. Promateris S.A. (BVB:PPL) from Florin Pogonaru and Tudor Georgescu for RON 91 million on September 29, 2022.
Paval Holding S.R.L. completed the acquisition of additional 24% stakes in S.C. Promateris S.A. (BVB:PPL) from Florin Pogonaru and Tudor Georgescu on September 29, 2022. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 19% share price decline to RON13.90, the stock trades at a trailing P/E ratio of 31.8x. Average trailing P/E is 20x in the Chemicals industry in Romania. Total returns to shareholders of 851% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 16% share price gain to RON14.90, the stock trades at a trailing P/E ratio of 34.1x. Average trailing P/E is 26x in the Chemicals industry in Romania. Total returns to shareholders of 885% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 33% share price gain to RON13.00, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 16x in the Chemicals industry in Europe. Total returns to shareholders of 790% over the past three years. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improved over the past week After last week's 18% share price gain to RON9.75, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 16x in the Chemicals industry in Europe. Total returns to shareholders of 477% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to RON6.75, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 17x in the Chemicals industry in Europe. Total returns to shareholders of 293% over the past three years. Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS RON0.24 (vs RON0.068 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RON50.2m (up 108% from 2Q 2020). Net income: RON7.39m (up RON6.22m from 2Q 2020). Profit margin: 15% (up from 4.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 18% share price gain to RON5.75, the stock trades at a trailing P/E ratio of 54.2x. Average trailing P/E is 20x in the Chemicals industry in Europe. Total returns to shareholders of 226% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to RON3.58, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 26x in the Chemicals industry in Europe. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 20% share price gain to RON4.14, the stock is trading at a trailing P/E ratio of 16.3x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 21x in the Chemicals industry in Europe. Total returns to shareholders over the past three years are 152%.