Duyuru • Feb 02
Fega & Schmitt ElektrogroßHandel Gmbh completed the acquisition of TIM S.A. from Krzysztof Folta and others. Fega & Schmitt ElektrogroßHandel Gmbh agreed to acquire TIM S.A. from Krzysztof Folta and others for PLN 1.1 billion on March 24, 2023. The Offer price will be PLN 50.69, representing a premium of 34.1%, 51.7% and 67.0% to the last closing price. Transaction comprises acquiring also 3LP S.A., TIM’s subsidiary. It was further agreed that the composition of the boards of directors of TIM and 3LP would remain unchanged to allow them to continue the implementation of their existing strategies with the support of the Würth Group. If, as a result of the Offer, the threshold of at least 95% of the total number of votes at the general meeting is achieved, the Offeror intends to announce a squeeze-out of the shares. The offer will open from September 28, 2023, and will close on October 27, 2023. As of October 20, 2023, Fega + Schmitt Elektrogroßhandel Extends Tender Offer For Tim Shares till December 6, 2023. As of November 29, 2023, Fega & Schmitt are extending their tender offer for shares of electrical equipment distributor TIM until December 29, 2023. The share purchase transaction on the Warsaw Stock Exchange is scheduled for January 4, 2024, with the settlement expected to take place on January 9, 2024. The transaction was subject to the approval of the responsible competition authorities. On January 25, 2024, UOKiK Tomasz Chróstny has granted conditional approval and a condition acceptable to the buyer.
Anna Romaniuk, Jacek Jarosz, Michal Michalak and Maksymilan Przeczek of mInvestment Banking S.A. acted as financial advisor to TIM S.A. DLA Piper Gizinski Kycia sp. k. acted as legal advisor to TIM S.A. mBank S.A. (WSE:MBK) acted as financial advisor to TIM S.A. BNP Paribas Bank Polska Spolka Akcyjna acted as financial advisor to Fega & Schmitt ElektrogroßHandel Gmbh. Marek Swiatkowski, Piotr Jackowski, and Maciej Goszczyk of Domanski Zakrzewski Palinka sp. k. acted as legal advisor to Fega & Schmitt ElektrogroßHandel Gmbh. Ernst & Young Global Limited acted as accountant to Fega & Schmitt ElektrogroßHandel Gmbh. Santander Bank Polska S.A. – Santander Biuro Maklerskie acts as intermediary broker and transaction advisor under the tender offer for Fega & Schmitt ElektrogroßHandel Gmbh. KPMG Advisory Sp. z o.o. appointed as Fairness Opinion provider by Management Board of TIM.
Fega & Schmitt ElektrogroßHandel Gmbh completed the acquisition of TIM S.A. from Krzysztof Folta and others on January 31, 2024. W.EG intends to conduct a public squeeze-out, followed by delisting the company from Warsaw Stock Exchange. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: zł0.19 (vs zł0.72 in 3Q 2022) Third quarter 2023 results: EPS: zł0.19 (down from zł0.72 in 3Q 2022). Revenue: zł360.7m (down 1.0% from 3Q 2022). Net income: zł4.24m (down 74% from 3Q 2022). Profit margin: 1.2% (down from 4.4% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 20
Second quarter 2023 earnings released: EPS: zł0.82 (vs zł1.31 in 2Q 2022) Second quarter 2023 results: EPS: zł0.82 (down from zł1.31 in 2Q 2022). Revenue: zł353.6m (down 2.5% from 2Q 2022). Net income: zł18.2m (down 38% from 2Q 2022). Profit margin: 5.1% (down from 8.0% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jun 02
TIM S.A., Annual General Meeting, Jun 27, 2023 TIM S.A., Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Reported Earnings • May 31
First quarter 2023 earnings released: EPS: zł0.66 (vs zł1.41 in 1Q 2022) First quarter 2023 results: EPS: zł0.66 (down from zł1.41 in 1Q 2022). Revenue: zł379.3m (down 7.5% from 1Q 2022). Net income: zł14.7m (down 53% from 1Q 2022). Profit margin: 3.9% (down from 7.6% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to zł48.70, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 7x in the Trade Distributors industry in Poland. Total returns to shareholders of 604% over the past three years. Duyuru • Feb 20
TIM S.A. to Report Q3, 2023 Results on Nov 22, 2023 TIM S.A. announced that they will report Q3, 2023 results on Nov 22, 2023 Upcoming Dividend • Dec 08
Upcoming dividend of zł1.35 per share Eligible shareholders must have bought the stock before 15 December 2022. Payment date: 23 December 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 9.5%. Within top quartile of Polish dividend payers (8.5%). Lower than average of industry peers (11%). Reported Earnings • Nov 28
Third quarter 2022 earnings released: EPS: zł0.72 (vs zł1.12 in 3Q 2021) Third quarter 2022 results: EPS: zł0.72 (down from zł1.12 in 3Q 2021). Revenue: zł364.4m (up 4.7% from 3Q 2021). Net income: zł16.0m (down 36% from 3Q 2021). Profit margin: 4.4% (down from 7.2% 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 64% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 24
Second quarter 2022 earnings released: EPS: zł1.31 (vs zł1.40 in 2Q 2021) Second quarter 2022 results: EPS: zł1.31 (down from zł1.40 in 2Q 2021). Revenue: zł362.5m (up 11% from 2Q 2021). Net income: zł29.1m (down 6.7% from 2Q 2021). Profit margin: 8.0% (down from 9.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 20% share price gain to zł27.85, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 12x in the Trade Distributors industry in Poland. Total returns to shareholders of 360% over the past three years. Upcoming Dividend • Jul 19
Upcoming dividend of zł1.20 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 11 August 2022. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 8.6%. Within top quartile of Polish dividend payers (8.5%). Higher than average of industry peers (7.2%). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł27.85, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 12x in the Trade Distributors industry in Poland. Total returns to shareholders of 257% over the past three years. Reported Earnings • May 01
Full year 2021 earnings released: EPS: zł4.14 (vs zł1.67 in FY 2020) Full year 2021 results: EPS: zł4.14 (up from zł1.67 in FY 2020). Revenue: zł1.31b (up 23% from FY 2020). Net income: zł91.8m (up 147% from FY 2020). Profit margin: 7.0% (up from 3.5% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 11%, compared to a 9.6% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. 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 zł29.55, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 6x in the Trade Distributors industry in Poland. Total returns to shareholders of 488% over the past three years. Upcoming Dividend • Dec 08
Upcoming dividend of zł1.20 per share Eligible shareholders must have bought the stock before 15 December 2021. Payment date: 23 December 2021. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 5.6%. Lower than top quartile of Polish dividend payers (6.8%). Higher than average of industry peers (3.7%). Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł1.12 (up from zł0.47 in 3Q 2020). Revenue: zł348.2m (up 30% from 3Q 2020). Net income: zł24.9m (up 138% from 3Q 2020). Profit margin: 7.2% (up from 3.9% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 23
Second quarter 2021 earnings released: EPS zł1.33 (vs zł0.39 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł328.0m (up 29% from 2Q 2020). Net income: zł29.6m (up 233% from 2Q 2020). Profit margin: 9.0% (up from 3.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 13 July 2021. Trailing yield: 6.1%. Within top quartile of Polish dividend payers (5.9%). Higher than average of industry peers (3.3%). Reported Earnings • Apr 25
Full year 2020 earnings released: EPS zł1.67 (vs zł0.88 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł1.06b (up 20% from FY 2019). Net income: zł37.1m (up 90% from FY 2019). Profit margin: 3.5% (up from 2.2% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improved over the past week After last week's 16% share price gain to zł25.10, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 15x in the Trade Distributors industry in Poland. Total returns to shareholders of 269% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to zł21.80, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 14x in the Trade Distributors industry in Poland. Total returns to shareholders of 224% over the past three years. Is New 90 Day High Low • Jan 22
New 90-day high: zł19.75 The company is up 41% from its price of zł14.00 on 23 October 2020. The Polish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 34% over the same period. Duyuru • Jan 09
TIM S.A. to Report Q4, 2020 Results on Feb 10, 2021 TIM S.A. announced that they will report Q4, 2020 results After-Market on Feb 10, 2021 Upcoming Dividend • Dec 15
Upcoming Dividend of zł1.20 Per Share Will be paid on the 30th of December to those who are registered shareholders by the 22nd of December. The trailing yield of 6.6% is in the top quartile of Polish dividend payers (5.4%), and it is higher than industry peers (4.4%). Is New 90 Day High Low • Dec 07
New 90-day high: zł18.90 The company is up 48% from its price of zł12.75 on 08 September 2020. The Polish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 18% share price gain to zł18.90, the stock is trading at a trailing P/E ratio of 16.7x, up from the previous P/E ratio of 14.1x. This compares to an average P/E of 10x in the Trade Distributors industry in Poland. Total returns to shareholders over the past three years are 243%. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS zł0.47 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł267.7m (up 17% from 3Q 2019). Net income: zł10.4m (up 82% from 3Q 2019). Profit margin: 3.9% (up from 2.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 28
Oponeo.pl S.A. (WSE:OPN) signed a conditional agreement to acquire Rotopino.pl S.A. from TIM S.A. (WSE:TIM) for PLN 35 million. Oponeo.pl S.A. (WSE:OPN) signed a conditional agreement to acquire Rotopino.pl S.A. from TIM S.A. (WSE:TIM) for PLN 35 million on November 27, 2020. Is New 90 Day High Low • Nov 05
New 90-day high: zł14.45 The company is up 4.0% from its price of zł13.90 on 07 August 2020. The Polish market is down 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is down 17% over the same period. Reported Earnings • Sep 25
First half earnings released Over the last 12 months the company has reported total profits of zł20.5m, up 21% from the prior year. Total revenue was zł966.1m over the last 12 months, up 13% from the prior year.