New Risk • Jun 14
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: 2.9% 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: 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 (9.2% average weekly change). Market cap is less than US$100m (zł162.1m market cap, or US$44.2m). Reported Earnings • Jun 05
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł36.6m (up 37% from 1Q 2025). Net income: zł3.30m (up 154% from 1Q 2025). Profit margin: 9.0% (up from 4.9% in 1Q 2025). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł17.50, the stock trades at a trailing P/E ratio of 13.6x. Average forward P/E is 16x in the Machinery industry in Poland. Total returns to shareholders of 165% over the past three years. Duyuru • May 28
Feerum S.A., Annual General Meeting, Jun 25, 2026 Feerum S.A., Annual General Meeting, Jun 25, 2026, at 11:00 Central European Standard Time. Buy Or Sell Opportunity • May 26
Now 20% undervalued Over the last 90 days, the stock has risen 2.7% to zł15.00. The fair value is estimated to be zł18.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. New Risk • May 11
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 7.5% 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: Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (zł139.7m market cap, or US$38.8m). Buy Or Sell Opportunity • May 07
Now 26% undervalued Over the last 90 days, the stock has risen 3.7% to zł13.85. The fair value is estimated to be zł18.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 03
Now 25% undervalued Over the last 90 days, the stock has risen 10% to zł14.35. The fair value is estimated to be zł19.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Dec 02
Third quarter 2025 earnings released: EPS: zł0.18 (vs zł0.03 in 3Q 2024) Third quarter 2025 results: EPS: zł0.18 (up from zł0.03 in 3Q 2024). Revenue: zł21.8m (up 1.9% from 3Q 2024). Net income: zł1.73m (up 499% from 3Q 2024). Profit margin: 7.9% (up from 1.4% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Machinery industry in Poland. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. New Risk • Apr 29
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 9.5% 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 Risk Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (zł124.0m market cap, or US$33.1m). New Risk • Dec 20
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 8.7% 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 (8.7% average weekly change). Earnings have declined by 34% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł79.5m market cap, or US$19.4m). Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł0.027 (vs zł0.049 loss in 3Q 2023) Third quarter 2024 results: EPS: zł0.027 (up from zł0.049 loss in 3Q 2023). Revenue: zł21.4m (up 16% from 3Q 2023). Net income: zł289.0k (up zł760.0k from 3Q 2023). Profit margin: 1.4% (up from net loss in 3Q 2023). The move to profitability 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 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 27
Second quarter 2024 earnings released: EPS: zł0.001 (vs zł0.029 loss in 2Q 2023) Second quarter 2024 results: EPS: zł0.001 (up from zł0.029 loss in 2Q 2023). Revenue: zł17.2m (up 16% from 2Q 2023). Net income: zł12.0k (up zł289.0k from 2Q 2023). Profit margin: 0.1% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • May 31
Feerum S.A., Annual General Meeting, Jun 25, 2024 Feerum S.A., Annual General Meeting, Jun 25, 2024. New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (zł63.9m market cap, or US$16.1m). New Risk • Jun 29
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 Polish stocks, typically moving 9.4% 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 Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Market cap is less than US$100m (zł52.0m market cap, or US$12.7m). Duyuru • May 31
Feerum S.A., Annual General Meeting, Jun 23, 2023 Feerum S.A., Annual General Meeting, Jun 23, 2023. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: zł0.086 (vs zł0.38 in 3Q 2021) Third quarter 2022 results: EPS: zł0.086 (down from zł0.38 in 3Q 2021). Revenue: zł20.3m (down 60% from 3Q 2021). Net income: zł892.0k (down 75% from 3Q 2021). Profit margin: 4.4% (down from 7.1% in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 04
Second quarter 2022 earnings released: EPS: zł0.011 (vs zł0.075 in 2Q 2021) Second quarter 2022 results: EPS: zł0.011 (down from zł0.075 in 2Q 2021). Revenue: zł22.0m (down 38% from 2Q 2021). Net income: zł111.0k (down 85% from 2Q 2021). Profit margin: 0.5% (down from 2.0% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Duyuru • May 31
Feerum S.A., Annual General Meeting, Jun 22, 2022 Feerum S.A., Annual General Meeting, Jun 22, 2022, at 10:00 Central European Standard Time. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.37 (down from zł0.54 in 3Q 2020). Revenue: zł50.5m (up 69% from 3Q 2020). Net income: zł3.61m (down 30% from 3Q 2020). Profit margin: 7.1% (down from 17% in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Oct 03
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł35.3m (down 6.6% from 2Q 2020). Net income: zł720.0k (down 88% from 2Q 2020). Profit margin: 2.0% (down from 15% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Jun 05
First quarter 2021 earnings released: EPS zł0.16 (vs zł0.44 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł20.0m (down 44% from 1Q 2020). Net income: zł1.53m (down 64% from 1Q 2020). Profit margin: 7.6% (down from 12% in 1Q 2020). 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 6% per year, which means it is well ahead of earnings. Reported Earnings • May 05
Full year 2020 earnings released: zł0.78 loss per share (vs zł1.95 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: zł118.3m (down 51% from FY 2019). Net loss: zł7.45m (down 140% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 19
New 90-day high: zł11.90 The company is up 3.0% from its price of zł11.50 on 21 October 2020. The Polish market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 34% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: zł10.05 The company is down 13% from its price of zł11.50 on 23 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day low: zł10.20 The company is down 18% from its price of zł12.40 on 08 September 2020. The Polish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 1.0% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS zł0.54 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: zł29.8m (down 65% from 3Q 2019). Net income: zł5.13m (down 25% from 3Q 2019). Profit margin: 17% (up from 7.9% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 07
New 90-day low: zł10.50 The company is down 15% from its price of zł12.30 on 07 August 2020. The Polish market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 10.0% over the same period. Is New 90 Day High Low • Oct 16
New 90-day low: zł11.00 The company is down 13% from its price of zł12.70 on 17 July 2020. The Polish market is down 9.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Machinery industry, which is also down 13% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of zł19.1m, up 86% from the prior year. Total revenue was zł227.5m over the last 12 months, up 48% from the prior year. Is New 90 Day High Low • Sep 22
New 90-day low: zł11.15 The company is down 13% from its price of zł12.85 on 24 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 4.0% over the same period.