Declared Dividend • Apr 17
Dividend of €1.80 announced Dividend of €1.80 is the same as last year. Ex-date: 26th June 2026 Payment date: 30th June 2026 Dividend yield will be 5.7%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but not covered by cash flows (265% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 17
Cinkarna Celje, d. d. announces Annual dividend, payable on June 30, 2026 Cinkarna Celje, d. d. announced Annual dividend of EUR 1.8000 per share payable on June 30, 2026, ex-date on June 26, 2026 and record date on June 29, 2026. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: €2.41 (vs €2.97 in FY 2024) Full year 2025 results: EPS: €2.41 (down from €2.97 in FY 2024). Revenue: €203.0m (flat on FY 2024). Net income: €19.5m (down 16% from FY 2024). Profit margin: 9.6% (down from 11% in FY 2024). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Price Target Changed • Feb 05
Price target decreased by 15% to €30.60 Down from €35.80, the current price target is provided by 1 analyst. New target price is 5.8% below last closing price of €32.50. Stock is up 11% over the past year. The company posted earnings per share of €2.97 last year. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: €0.50 (vs €0.93 in 3Q 2024) Third quarter 2025 results: EPS: €0.50 (down from €0.93 in 3Q 2024). Revenue: €48.5m (down 10% from 3Q 2024). Net income: €4.06m (down 44% from 3Q 2024). Profit margin: 8.4% (down from 13% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 28
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €53.8m (flat on 2Q 2024). Net income: €5.94m (down 2.9% from 2Q 2024). Profit margin: 11% (in line with 2Q 2024). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Price Target Changed • Aug 11
Price target increased by 40% to €35.80 Up from €25.60, the current price target is provided by 1 analyst. New target price is 8.5% above last closing price of €33.00. Stock is up 39% over the past year. The company is forecast to post earnings per share of €3.20 for next year compared to €2.97 last year. Upcoming Dividend • Jun 17
Upcoming dividend of €1.80 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 27 June 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 12%. Within top quartile of Slovenian dividend payers (4.6%). Higher than average of industry peers (2.6%). Price Target Changed • May 22
Price target decreased by 7.3% to €25.50 Down from €27.50, the current price target is provided by 1 analyst. New target price is 29% below last closing price of €35.90. Stock is up 68% over the past year. The company posted earnings per share of €2.97 last year. Announcement • Apr 17
Cinkarna Celje, d. d., Annual General Meeting, May 21, 2025 Cinkarna Celje, d. d., Annual General Meeting, May 21, 2025. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: €2.86 (vs €1.57 in FY 2023) Full year 2024 results: EPS: €2.86 (up from €1.57 in FY 2023). Revenue: €203.7m (up 14% from FY 2023). Net income: €23.1m (up 83% from FY 2023). Profit margin: 11% (up from 7.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Dec 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €54.0m (up 34% from 3Q 2023). Net income: €7.22m (up €7.06m from 3Q 2023). Profit margin: 13% (up from 0.4% in 3Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: €0.76 (vs €0.41 in 2Q 2023) Second quarter 2024 results: EPS: €0.76 (up from €0.41 in 2Q 2023). Revenue: €54.1m (up 15% from 2Q 2023). Net income: €6.11m (up 89% from 2Q 2023). Profit margin: 11% (up from 6.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jul 31
Allianz ZB d.o.o. acquired a 5.32% stake in Cinkarna Celje, d. d. (LJSE:CICG). Allianz ZB d.o.o. acquired a 5.32% stake in Cinkarna Celje, d. d. (LJSE:CICG) on July 29, 2024.
Allianz ZB d.o.o. completed the acquisition of a 5.32% stake in Cinkarna Celje, d. d. (LJSE:CICG) on July 29, 2024. Announcement • Jul 17
Cinkarna Celje, d. d. (LJSE:CICG) commences an Equity Buyback, under the authorization approved on June 19, 2024. Cinkarna Celje, d. d. (LJSE:CICG) commences share repurchases on July 10, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 19, 2024. As per the mandate, the company is authorized to repurchase its own shares, such that the company’s holding in treasury does not exceed 10% of its issued share capital. The repurchase price will not be lower than €14 per share and not higher than €29 per share. The authorization is valid for a period of 12 months, from the passing of this resolution. Upcoming Dividend • Jun 19
Upcoming dividend of €0.90 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 28 June 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 14%. Within top quartile of Slovenian dividend payers (6.5%). Higher than average of industry peers (2.8%). Announcement • May 21
Cinkarna Celje, d. d., Annual General Meeting, Jun 19, 2024 Cinkarna Celje, d. d., Annual General Meeting, Jun 19, 2024, at 15:00 Central European Standard Time. New Risk • May 02
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 Slovenian stocks, typically moving 4.6% 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 (4.6% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 204% Cash payout ratio: 315% Minor Risk Profit margins are more than 30% lower than last year (7.0% net profit margin). Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: €1.57 (vs €5.37 in FY 2022) Full year 2023 results: EPS: €1.57 (down from €5.37 in FY 2022). Revenue: €179.5m (down 22% from FY 2022). Net income: €12.7m (down 71% from FY 2022). Profit margin: 7.0% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: €0.70 (vs €5.55 in FY 2022) Full year 2023 results: EPS: €0.70 (down from €5.55 in FY 2022). Revenue: €179.5m (down 22% from FY 2022). Net income: €5.49m (down 87% from FY 2022). Profit margin: 3.1% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Feb 14
Upcoming dividend of €2.77 per share at 11% yield Eligible shareholders must have bought the stock before 21 February 2024. Payment date: 23 February 2024. Trailing yield: 11%. Within top quartile of Slovenian dividend payers (7.1%). Higher than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €23.90, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 13x in the Chemicals industry in Europe. Total returns to shareholders of 60% over the past three years. Reported Earnings • Dec 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €40.3m (down 27% from 3Q 2022). Net income: €163.6k (down 98% from 3Q 2022). Profit margin: 0.4% (down from 17% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Nov 23
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 Slovenian stocks, typically moving 2.8% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 112% Minor Risks Share price has been volatile over the past 3 months (2.8% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). New Risk • Sep 01
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: 11% Last year net profit margin: 21% 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 Dividend is not well covered by cash flows (112% cash payout ratio). Profit margins are more than 30% lower than last year (11% net profit margin). Buying Opportunity • Apr 19
Now 26% undervalued Over the last 90 days, the stock is up 10.0%. The fair value is estimated to be €37.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 39%. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: €5.41 (vs €4.11 in FY 2021) Full year 2022 results: EPS: €5.41 (up from €4.11 in FY 2021). Revenue: €229.6m (up 17% from FY 2021). Net income: €42.3m (up 27% from FY 2021). Profit margin: 18% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: €1.21 (vs €1.32 in 3Q 2021) Third quarter 2022 results: EPS: €1.21 (down from €1.32 in 3Q 2021). Revenue: €54.9m (up 16% from 3Q 2021). Net income: €9.46m (down 8.5% from 3Q 2021). Profit margin: 17% (down from 22% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to €33.10 Up from €27.50, the current price target is provided by 1 analyst. New target price is 29% above last closing price of €25.60. Stock is up 1.2% over the past year. The company is forecast to post earnings per share of €4.78 for next year compared to €4.11 last year. Reported Earnings • Sep 04
Second quarter 2022 earnings released: EPS: €1.86 (vs €1.07 in 2Q 2021) Second quarter 2022 results: EPS: €1.86 (up from €1.07 in 2Q 2021). Revenue: €68.6m (up 38% from 2Q 2021). Net income: €14.5m (up 73% from 2Q 2021). Profit margin: 21% (up from 17% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 12% compared to a 14% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 16
Now 76% undervalued after recent price drop Over the last 90 days, the stock is down 90%. The fair value is estimated to be €119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings is also forecast to grow by 0.4% per annum over the same time period. Upcoming Dividend • Jun 15
Upcoming dividend of €21.00 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 6.8%. Lower than top quartile of Slovenian dividend payers (6.9%). Higher than average of industry peers (3.7%). Reported Earnings • May 15
First quarter 2022 earnings released: EPS: €19.93 (vs €9.49 in 1Q 2021) First quarter 2022 results: EPS: €19.93 (up from €9.49 in 1Q 2021). Revenue: €66.9m (up 31% from 1Q 2021). Net income: €15.6m (up 110% from 1Q 2021). Profit margin: 23% (up from 14% 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 26% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 10
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €41.12 (up from €23.45 in FY 2020). Revenue: €196.2m (up 11% from FY 2020). Net income: €33.2m (up 75% from FY 2020). Profit margin: 17% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: EPS: €12.80 (up from €4.77 in 3Q 2020). Revenue: €47.9m (up 12% from 3Q 2020). Net income: €10.3m (up 168% from 3Q 2020). Profit margin: 22% (up from 9.0% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.8%. 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 6% per year, which means it is well ahead of earnings. Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS €10.38 (vs €3.80 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €50.4m (up 21% from 2Q 2020). Net income: €8.39m (up 177% from 2Q 2020). Profit margin: 17% (up from 7.3% 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 20% 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. Announcement • Aug 08
Cinkarna Celje, d. d. (LJSE:CICG) commences an Equity Buyback Plan for 80,797 shares, representing 10% of its issued share capital, under the authorization approved on June 15, 2021. Cinkarna Celje, d. d. (LJSE:CICG) commences share repurchases on August 3, 2021, under the program mandated by the shareholders in the Annual General Meeting held on June 15, 2021. As per the mandate, the company is authorized to repurchase up to 80,797 shares, representing 10% of its issued share capital. The repurchase price will not be lower than €120 per share and not higher than €270 per share. The company will finance the buyback of treasury shares from the surplus of liquid assets from own resources. The authorization is valid for a period of 12 months, until June 18, 2021. As of June 15, 2021, the company had 25,315 shares in treasury. Upcoming Dividend • Jun 16
Upcoming dividend of €17.00 per share Eligible shareholders must have bought the stock before 22 June 2021. Payment date: 24 June 2021. Trailing yield: 4.6%. Lower than top quartile of Slovenian dividend payers (6.3%). Higher than average of industry peers (2.3%). Reported Earnings • May 16
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: €51.8m (up 5.9% from 1Q 2020). Net income: €7.44m (up 7.9% from 1Q 2020). Profit margin: 14% (in line with 1Q 2020). Is New 90 Day High Low • Feb 24
New 90-day high: €200 The company is up 16% from its price of €172 on 26 November 2020. The Slovenian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 6.0% over the same period. Is New 90 Day High Low • Feb 04
New 90-day high: €191 The company is up 19% from its price of €160 on 06 November 2020. The Slovenian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: €183 The company is up 12% from its price of €163 on 08 October 2020. The Slovenian market is also up 12% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Chemicals industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: €170 The company is up 3.0% from its price of €165 on 28 August 2020. The Slovenian market is also up 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Chemicals industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: €153 The company is down 4.0% from its price of €160 on 30 July 2020. The Slovenian market is also down 4.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Chemicals industry, which is up 1.0% over the same period. 
