New Risk • Jun 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risk Market cap is less than US$100m (zł51.5m market cap, or US$13.8m). New Risk • Jun 09
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 12% 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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (zł59.0m market cap, or US$16.1m). Duyuru • Jun 03
Herkules S.A., Annual General Meeting, Jun 30, 2026 Herkules S.A., Annual General Meeting, Jun 30, 2026, at 10:00 Central European Standard Time. New Risk • Apr 24
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 9.2% 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 31% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (zł56.6m market cap, or US$15.6m). Reported Earnings • Nov 21
Third quarter 2025 earnings released: zł0.011 loss per share (vs zł0.11 loss in 3Q 2024) Third quarter 2025 results: zł0.011 loss per share (improved from zł0.11 loss in 3Q 2024). Revenue: zł27.7m (up 5.3% from 3Q 2024). Net loss: zł380.0k (loss narrowed 90% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 15
Herkules S.A. to Report Q3, 2025 Results on Nov 19, 2025 Herkules S.A. announced that they will report Q3, 2025 results on Nov 19, 2025 Duyuru • Aug 22
Herkules S.A. to Report First Half, 2025 Results on Sep 24, 2025 Herkules S.A. announced that they will report first half, 2025 results on Sep 24, 2025 New Risk • Jul 14
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 7.1% 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 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (zł44.7m market cap, or US$12.3m). Buy Or Sell Opportunity • Jun 30
Now 20% undervalued Over the last 90 days, the stock has risen 13% to zł1.06. The fair value is estimated to be zł1.32, 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. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 13
Now 22% undervalued Over the last 90 days, the stock has risen 10.0% to zł1.05. The fair value is estimated to be zł1.34, 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. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 27
Now 21% undervalued Over the last 90 days, the stock has risen 7.0% to zł1.06. The fair value is estimated to be zł1.33, 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. Meanwhile, the company became loss making. Duyuru • May 22
Herkules S.A., Annual General Meeting, Jun 17, 2025 Herkules S.A., Annual General Meeting, Jun 17, 2025. Reported Earnings • Apr 28
Full year 2024 earnings released: zł0.15 loss per share (vs zł2.09 loss in FY 2023) Full year 2024 results: zł0.15 loss per share (improved from zł2.09 loss in FY 2023). Revenue: zł108.2m (down 14% from FY 2023). Net loss: zł5.04m (loss narrowed 93% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 20
Third quarter 2024 earnings released: zł0.11 loss per share (vs zł0.12 loss in 3Q 2023) Third quarter 2024 results: zł0.11 loss per share (improved from zł0.12 loss in 3Q 2023). Revenue: zł26.3m (down 15% from 3Q 2023). Net loss: zł3.72m (loss narrowed 5.9% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 24
Second quarter 2024 earnings released: EPS: zł0.032 (vs zł1.94 loss in 2Q 2023) Second quarter 2024 results: EPS: zł0.032 (up from zł1.94 loss in 2Q 2023). Revenue: zł24.4m (down 16% from 2Q 2023). Net income: zł1.09m (up zł67.2m from 2Q 2023). Profit margin: 4.5% (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 82 percentage points per year, which is a significant difference in performance. New Risk • Aug 20
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 7.7% 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 38% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (zł45.0m market cap, or US$11.7m). Reported Earnings • May 26
First quarter 2024 earnings released: zł0.11 loss per share (vs zł0.05 profit in 1Q 2023) First quarter 2024 results: zł0.11 loss per share (down from zł0.05 profit in 1Q 2023). Revenue: zł23.3m (down 30% from 1Q 2023). Net loss: zł3.75m (down 318% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Duyuru • May 18
Herkules S.A., Annual General Meeting, Jun 18, 2024 Herkules S.A., Annual General Meeting, Jun 18, 2024. Reported Earnings • Apr 26
Full year 2023 earnings released: zł2.09 loss per share (vs zł0.72 loss in FY 2022) Full year 2023 results: zł2.09 loss per share (further deteriorated from zł0.72 loss in FY 2022). Revenue: zł125.9m (down 22% from FY 2022). Net loss: zł71.2m (loss widened 188% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 22
Third quarter 2023 earnings released: zł0.12 loss per share (vs zł0.044 profit in 3Q 2022) Third quarter 2023 results: zł0.12 loss per share (down from zł0.044 profit in 3Q 2022). Revenue: zł31.0m (down 27% from 3Q 2022). Net loss: zł3.95m (down 362% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 29
Second quarter 2023 earnings released: zł1.94 loss per share (vs zł0.88 loss in 2Q 2022) Second quarter 2023 results: zł1.94 loss per share (further deteriorated from zł0.88 loss in 2Q 2022). Revenue: zł28.9m (down 3.4% from 2Q 2022). Net loss: zł66.1m (loss widened 121% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. New Risk • Jul 27
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 13% 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 (13% average weekly change). Earnings have declined by 24% per year over the past 5 years. Market cap is less than US$10m (zł23.2m market cap, or US$5.83m). Reported Earnings • May 01
Full year 2022 earnings released: zł0.72 loss per share (vs zł0.019 profit in FY 2021) Full year 2022 results: zł0.72 loss per share (down from zł0.019 profit in FY 2021). Revenue: zł160.8m (down 1.7% from FY 2021). Net loss: zł24.7m (down zł25.3m from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 30
Third quarter 2022 earnings released: EPS: zł0.044 (vs zł0.044 in 3Q 2021) Third quarter 2022 results: EPS: zł0.044 (in line with 3Q 2021). Revenue: zł42.3m (up 3.4% from 3Q 2021). Net income: zł1.51m (flat on 3Q 2021). Profit margin: 3.6% (down from 3.7% 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 37% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 03
Second quarter 2022 earnings released: zł0.88 loss per share (vs zł0.058 profit in 2Q 2021) Second quarter 2022 results: zł0.88 loss per share (down from zł0.058 profit in 2Q 2021). Revenue: zł29.9m (down 27% from 2Q 2021). Net loss: zł29.9m (down zł31.9m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.04, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 5x in the Trade Distributors industry in Poland. Total loss to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 15% share price gain to zł1.28, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 5x in the Trade Distributors industry in Poland. Total loss to shareholders of 8.6% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.06, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 5x in the Trade Distributors industry in Poland. Total loss to shareholders of 44% over the past three years. Duyuru • May 27
Herkules S.A., Annual General Meeting, Jun 21, 2022 Herkules S.A., Annual General Meeting, Jun 21, 2022, at 11:00 Central European Standard Time. Reported Earnings • May 05
Full year 2021 earnings released: EPS: zł0.019 (vs zł0.13 in FY 2020) Full year 2021 results: EPS: zł0.019 (down from zł0.13 in FY 2020). Revenue: zł163.6m (up 8.7% from FY 2020). Net income: zł655.0k (down 85% from FY 2020). Profit margin: 0.4% (down from 2.9% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.39, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 6x in the Trade Distributors industry in Poland. Total loss to shareholders of 44% over the past three years. Reported Earnings • Dec 03
Third quarter 2020 earnings: EPS in line with expectations, revenues disappoint Third quarter 2020 results: EPS: zł0.018 (up from zł0.82 loss in 3Q 2019). Revenue: zł37.8m (up 13% from 3Q 2019). Net income: zł631.0k (up zł31.6m from 3Q 2019). Profit margin: 1.7% (up from net loss in 3Q 2019). Revenue missed analyst estimates by 2.4%. Reported Earnings • Oct 03
Third quarter 2020 earnings released: EPS zł0.018 (vs zł0.82 loss in 3Q 2019) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł37.8m (up 13% from 3Q 2019). Net income: zł631.0k (up zł31.6m from 3Q 2019). Profit margin: 1.7% (up from net loss in 3Q 2019). Is New 90 Day High Low • Feb 05
New 90-day high: zł1.57 The company is up 29% from its price of zł1.22 on 06 November 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 34% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: zł1.35 The company is up 4.0% from its price of zł1.30 on 04 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 8.0% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS zł0.018 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł37.8m (up 13% from 3Q 2019). Net income: zł631.0k (up zł31.6m from 3Q 2019). Profit margin: 1.7% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 99% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 30
New 90-day low: zł1.13 The company is down 20% from its price of zł1.40 on 31 July 2020. The Polish market is down 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is down 14% over the same period. Reported Earnings • Sep 29
First half earnings released Over the last 12 months the company has reported total losses of zł35.9m, with earnings decreasing by zł38.1m from the prior year. Total revenue was zł135.9m over the last 12 months, up 1.3% from the prior year. Is New 90 Day High Low • Sep 28
New 90-day low: zł1.15 The company is down 8.0% from its price of zł1.26 on 30 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 Trade Distributors industry, which is up 18% over the same period.