Duyuru • Oct 25
Comarch S.A.(WSE:CMR) dropped from S&P Global BMI Index Comarch S.A.(WSE:CMR) dropped from S&P Global BMI Index Duyuru • Aug 15
Comarch on A Path to Get Delisted The Filipiak family, together with CVC Capital Partners Fund IX and Anna Prokop have launched a tender offer for 5,266,072 shares of Comarch S.A., a provider of innovative IT products for multiple industries, carrying rights to 34.81% of votes, at PLN 315.40 per share. The acquirer of the shares will be Chamonix Investments Poland controlled by CVC Capital Partners Fund IX, with subscriptions commencing on 13 August 2024 and ending on 21 October 2024. The tender offer is intended to acquire all outstanding ordinary shares in the company with a view to delisting Comarch from the Warsaw Stock Exchange (GPW). Duyuru • Jul 17
Aspa sp. z o.o. and Chamonix Investments S.à r.l signed a transaction agreement to acquire an 64.74% stake in Comarch S.A. (WSE:CMR) from group of shareholders for PLN 1.67 billion. Aspa sp. z o.o. and Chamonix Investments S.à r.l signed a transaction agreement to acquire an 64.74% stake in Comarch S.A. (WSE:CMR) from group of shareholders for PLN 1.67 billion on July 16, 2024. Comarch's group of shareholders and CVC Capital Partners intend to launch a tender offer for 5,266,072 Comarch shares at PLN 315.4. The bidders, acting in an agreement, hold a total of 2,867,277 shares in the company entitling them to exercise a total of 9,860,877 votes, representing a total of 35.25% of the share capital and 65.19% of the total number of votes in the company. The purpose of the transaction is for the bidders to achieve 100% of the total voting rights in the company in order to delist its shares from the regulated market and enable its further development as a private company. Elzbieta Filipiak, head of the supervisory board, assessed that the CVC Capital Partners fund is the right partner who is ready to support the company's further international development. The Transaction Agreement also regulates certain actions of its parties in relation to extraordinary events or circumstances concerning the Company which, if they occurred, could undermine the economic rationale of the Transaction. Duyuru • May 31
Comarch S.A., Annual General Meeting, Jun 26, 2024 Comarch S.A., Annual General Meeting, Jun 26, 2024. Declared Dividend • May 31
Dividend of zł5.00 announced Shareholders will receive a dividend of zł5.00. Ex-date: 2nd July 2024 Payment date: 12th July 2024 Dividend yield will be 8.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • May 30
Comarch IT to Pay Dividend on July 12, 2024 Comarch's supervisory board has given a positive opinion on the management board's proposal to earmark PLN 40.67 million (EUR 9.6 million) from the profit generated in 2023 for dividends, which translates into PLN 5 (EUR 1.18) per share. The proposed dividend date is July 3, and the dividend is to be paid on July 12, 2024. Reported Earnings • May 27
First quarter 2024 earnings released: EPS: zł2.70 (vs zł2.84 in 1Q 2023) First quarter 2024 results: EPS: zł2.70 (down from zł2.84 in 1Q 2023). Revenue: zł434.7m (up 1.7% from 1Q 2023). Net income: zł22.0m (down 4.7% from 1Q 2023). Profit margin: 5.1% (down from 5.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: zł12.88 (vs zł13.26 in FY 2022) Full year 2023 results: EPS: zł12.88 (down from zł13.26 in FY 2022). Revenue: zł1.82b (down 2.3% from FY 2022). Net income: zł104.8m (down 2.8% from FY 2022). Profit margin: 5.8% (in line with FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the IT industry in Germany. Duyuru • Jan 12
Comarch S.A. to Report Q4, 2023 Results on Feb 09, 2024 Comarch S.A. announced that they will report Q4, 2023 results on Feb 09, 2024 Duyuru • Jan 06
Comarch Announces Management Changes Comarch announced that the extraordinary general meeting has appointed Anna Pruska to the position of President of the Management Board, with Marcin Warwas and Marcin Kaleta appointed as Vice-Presidents. The changes in the composition of Comarch's Management Board took place following the death of former CEO Janusz Filipiak, who was Pruska's father. Pruska has been involved with Comarch since 2004. In 2013 she joined the company's Supervisory Board while in October 2023 she was entrusted by the Board to act as CEO. By education, Pruska is an economist and she holds a PhD in international relations. Duyuru • Jan 04
Comarch Announces Board Appointments Comarch appointed Anna Pruska as chairwoman of the board. Marcin Warwas and Marcin Kaleta have been appointed as deputy chairman of the board. Ms. Anna Pruska, Mr. Marcin Warwas and Mr. Marcin Kaleta have been appointed to serve as members of Comarch's management board until the end of the current term of the board. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €48.30, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the IT industry in Germany. Total returns to shareholders of 36% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €36.44 per share. Reported Earnings • Nov 21
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł453.4m (down 3.8% from 3Q 2022). Net income: zł32.4m (up 16% from 3Q 2022). Profit margin: 7.2% (up from 5.9% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the IT industry in Germany. New Risk • Oct 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buying Opportunity • Sep 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.4%. The fair value is estimated to be €38.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 3.7%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 46% in the next 2 years. Reported Earnings • Sep 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł289.9m (down 32% from 2Q 2022). Net income: zł11.4m (down 7.9% from 2Q 2022). Profit margin: 3.9% (up from 2.9% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the IT industry in Germany. Upcoming Dividend • Jun 30
Upcoming dividend of zł4.00 per share at 2.7% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.3%). Duyuru • Jun 29
Comarch Approves Dividend for 2022 Comarch shareholders approved a PLN 32.5 million dividend payout from 2022 profit or PLN 4.0 DPS. Duyuru • May 30
Comarch S.A., Annual General Meeting, Jun 28, 2023 Comarch S.A., Annual General Meeting, Jun 28, 2023, at 11:00 Central European Standard Time. Location: at 33 prof. Michal Zyczkowski Street Krakow Poland Agenda: To consider opening of the General Meeting; to consider election of the Chairman of the Meeting; to consider election of the Returns Committee; to consider adoption of the agenda of the Meeting; to consider presentation of the Chairman of the Supervisory Board of the Company; to consider speech of the President of the company’s Management Board; to consider reports of the Company's authorities and the financial statements of the Company and the consolidated financial statements of the Comarch Capital Group for the financial year 01.01.2022 – 31.12.2022; and to consider any other matters. Reported Earnings • May 24
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł427.6m (up 2.7% from 1Q 2022). Net income: zł23.1m (down 29% from 1Q 2022). Profit margin: 5.4% (down from 7.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the IT industry in Germany. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: zł13.42 (vs zł14.82 in FY 2021) Full year 2022 results: EPS: zł13.42 (down from zł14.82 in FY 2021). Revenue: zł1.86b (up 14% from FY 2021). Net income: zł109.1m (down 9.5% from FY 2021). Profit margin: 5.9% (down from 7.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the IT industry in Germany. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 16% share price gain to €37.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the IT industry in Germany. Total loss to shareholders of 15% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €45.54 per share. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł471.1m (up 22% from 3Q 2021). Net income: zł27.9m (down 7.9% from 3Q 2021). Profit margin: 5.9% (down from 7.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in Germany. Reported Earnings • Sep 02
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł426.3m (up 26% from 2Q 2021). Net income: zł12.4m (down 57% from 2Q 2021). Profit margin: 2.9% (down from 8.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 6.3%, compared to a 13% growth forecast for the IT industry in Germany. Upcoming Dividend • Jul 01
Upcoming dividend of zł4.00 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 20 July 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.6%). Duyuru • Jun 02
Comarch S.A., Annual General Meeting, Jun 28, 2022 Comarch S.A., Annual General Meeting, Jun 28, 2022. Reported Earnings • May 22
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł416.3m (up 8.4% from 1Q 2021). Net income: zł32.4m (up 24% from 1Q 2021). Profit margin: 7.8% (up from 6.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.2%, compared to a 23% growth forecast for the industry in Germany. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: zł14.82 (up from zł14.60 in FY 2020). Revenue: zł1.62b (up 5.7% from FY 2020). Net income: zł120.5m (up 1.5% from FY 2020). Profit margin: 7.4% (down from 7.7% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 1.4%, compared to a 16% growth forecast for the industry in Germany. 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: zł385.9m (up 9.1% from 3Q 2020). Net income: zł30.3m (down 6.6% from 3Q 2020). Profit margin: 7.9% (down from 9.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Sep 05
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł337.4m (up 1.9% from 2Q 2020). Net income: zł28.5m (up 40% from 2Q 2020). Profit margin: 8.4% (up from 6.1% in 2Q 2020). Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 17% share price gain to zł60.60, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 27x in the IT industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €53.26 per share. Reported Earnings • May 24
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł384.0m (up 1.6% from 1Q 2020). Net income: zł26.1m (up 84% from 1Q 2020). Profit margin: 6.8% (up from 3.8% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Duyuru • May 19
Comarch S.A. Proposes Dividend for the Year 2020, Payable on July 16, 2021 Comarch S.A. announced that it is seeking shareholders' nod for PLN 3.0 dividend per share from part of the 2020 earnings, or PLN 24.4 million in total, the company said in draft resolutions for upcoming GM as reported in a market filing. Right would be set on July 6, 2021, and the payout made on July 16, 2021, the company proposes. Last year, the company paid out PLN 1.5 dividend per share.