Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł23.20, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 7x in the Commercial Services industry in Poland. Total returns to shareholders of 62% over the past three years. Duyuru • Feb 11
Balticon S.A. to Report Q4, 2025 Results on Feb 13, 2026 Balticon S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł27.00, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 7x in the Commercial Services industry in Poland. Total returns to shareholders of 86% over the past three years. New Risk • Dec 29
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 9.2% 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 (9.2% average weekly change). Minor Risk Market cap is less than US$100m (zł68.3m market cap, or US$19.0m). Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł86.7m (up 18% from 3Q 2024). Net income: zł4.77m (up 275% from 3Q 2024). Profit margin: 5.5% (up from 1.7% in 3Q 2024). The increase in margin was driven by higher revenue. Duyuru • Nov 13
Balticon S.A. to Report Q3, 2025 Results on Nov 14, 2025 Balticon S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł19.80, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 7x in the Commercial Services industry in Poland. Total returns to shareholders of 85% over the past three years. New Risk • Aug 26
New major risk - Revenue and earnings growth Earnings have declined by 5.4% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 5.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł55.0m market cap, or US$15.0m). Upcoming Dividend • Jun 26
Upcoming dividend of zł0.12 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 31 July 2025. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (3.9%). Declared Dividend • Jun 05
Dividend reduced to zł0.12 Dividend of zł0.12 is 33% lower than last year. Ex-date: 3rd July 2025 Payment date: 31st July 2025 Dividend yield will be 0.6%, which is lower than the industry average of 4.7%. Duyuru • Jun 04
Balticon S.A. announces Annual dividend, payable on July 31, 2025 Balticon S.A. announced Annual dividend of PLN 0.1200 per share payable on July 31, 2025, ex-date on July 03, 2025 and record date on July 05, 2025. New Risk • May 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (zł67.1m market cap, or US$17.5m). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł17.90, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 11x in the Commercial Services industry in Poland. Total returns to shareholders of 59% over the past three years. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: zł1.66 (vs zł0.62 in FY 2023) Full year 2024 results: EPS: zł1.66 (up from zł0.62 in FY 2023). Revenue: zł275.2m (up 20% from FY 2023). Net income: zł5.15m (up 167% from FY 2023). Profit margin: 1.9% (up from 0.8% 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 14% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł15.60, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 10x in the Commercial Services industry in Poland. Total returns to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł13.40, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 10x in the Commercial Services industry in Poland. Total returns to shareholders of 16% over the past three years. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł64.9m (up 20% from 2Q 2023). Net income: zł438.0k (up zł1.65m from 2Q 2023). Profit margin: 0.7% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 22% 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. Upcoming Dividend • Jun 26
Upcoming dividend of zł0.05 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Polish dividend payers (7.8%). Lower than average of industry peers (5.5%). Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł59.3m (up 9.4% from 1Q 2023). Net income: zł247.9k (down 80% from 1Q 2023). Profit margin: 0.4% (down from 2.3% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. New Risk • May 13
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 9.4% 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 (9.4% average weekly change). Market cap is less than US$10m (zł39.7m market cap, or US$9.94m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł12.80, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 9x in the Commercial Services industry in Poland. Total loss to shareholders of 38% over the past three years. New Risk • Mar 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł38.8m (US$9.82m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (zł38.8m market cap, or US$9.82m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). New Risk • Mar 01
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 9.6% 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 Risk Share price has been highly volatile over the past 3 months (9.6% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (zł43.2m market cap, or US$10.8m). Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.75 (vs zł3.00 in FY 2022) Full year 2023 results: EPS: zł0.75 (down from zł3.00 in FY 2022). Revenue: zł229.8m (up 1.4% from FY 2022). Net income: zł2.32m (down 75% from FY 2022). Profit margin: 1.0% (down from 4.1% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Dec 12
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 11% 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 (11% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (zł46.3m market cap, or US$11.5m). New Risk • Dec 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł38.8m (US$9.62m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (zł38.8m market cap, or US$9.62m). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł58.3m (down 2.8% from 3Q 2022). Net income: zł860.6k (down 82% from 3Q 2022). Profit margin: 1.5% (down from 8.1% 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 11% per year and the company’s share price has also increased by 11% per year. New Risk • Oct 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 7.8% 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 Market cap is less than US$10m (zł42.2m market cap, or US$9.90m). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł13.60, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 12x in the Commercial Services industry in Poland. Total returns to shareholders of 38% over the past three years. New Risk • Aug 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł40.7m (US$9.89m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (zł40.7m market cap, or US$9.89m). Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł54.0m (down 4.9% from 2Q 2022). Net loss: zł1.21m (down 269% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 29
Upcoming dividend of zł0.17 per share at 1.2% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 6.0% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (7.1%). Duyuru • Jun 04
Balticon S.A., Annual General Meeting, Jun 30, 2023 Balticon S.A., Annual General Meeting, Jun 30, 2023, at 12:00 Central European Standard Time. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: zł3.00 (vs zł1.42 in FY 2021) Full year 2022 results: EPS: zł3.00 (up from zł1.42 in FY 2021). Revenue: zł226.7m (up 21% from FY 2021). Net income: zł9.31m (up 111% from FY 2021). Profit margin: 4.1% (up from 2.4% in FY 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 23% share price gain to zł14.95, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 9x in the Commercial Services industry in Poland. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 24% share price gain to zł13.60, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 7x in the Commercial Services industry in Poland. Total returns to shareholders of 2.5% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 20% share price gain to zł13.15, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 8x in the Commercial Services industry in Poland. Total returns to shareholders of 1.2% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł10.00, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 8x in the Commercial Services industry in Poland. Total loss to shareholders of 24% over the past three years. Duyuru • Jun 07
Balticon S.A., Annual General Meeting, Jun 30, 2022 Balticon S.A., Annual General Meeting, Jun 30, 2022, at 12:00 Central European Standard Time. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł51.1m (up 14% from 1Q 2021). Net income: zł1.80m (down 38% from 1Q 2021). Profit margin: 3.5% (down from 6.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł10.20, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 8x in the Commercial Services industry in Poland. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 15% share price gain to zł14.40, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 9x in the Commercial Services industry in Poland. Total returns to shareholders of 11% over the past three years. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł2.09 (up from zł1.87 in FY 2020). Revenue: zł187.3m (up 7.1% from FY 2020). Net income: zł6.49m (up 12% from FY 2020). Profit margin: 3.5% (up from 3.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł11.30, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 9x in the Commercial Services industry in Poland. Total returns to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 35% share price gain to zł14.70, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 10x in the Commercial Services industry in Poland. Total returns to shareholders of 65% over the past three years. Reported Earnings • Nov 18
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: zł46.1m (up 4.0% from 3Q 2020). Net income: zł1.62m (down 13% from 3Q 2020). Profit margin: 3.5% (down from 4.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improved over the past week After last week's 20% share price gain to zł16.50, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 12x in the Commercial Services industry in Poland. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improved over the past week After last week's 26% share price gain to zł18.20, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 12x in the Commercial Services industry in Poland. Total returns to shareholders of 82% over the past three years. Reported Earnings • Aug 21
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł45.2m (up 18% from 2Q 2020). Net income: zł1.88m (down 19% from 2Q 2020). Profit margin: 4.2% (down from 6.0% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł22.40, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 15x in the Commercial Services industry in Poland. Total returns to shareholders of 145% over the past three years. Recent Insider Transactions • Jul 16
Key Executive recently sold zł115k worth of stock On the 13th of July, Michal Magdziarz sold around 4k shares on-market at roughly zł27.60 per share. This was the largest sale by an insider in the last 3 months. This was Michal's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 26% share price gain to zł28.40, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 14x in the Commercial Services industry in Poland. Total returns to shareholders of 232% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 21% share price gain to zł25.00, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 14x in the Commercial Services industry in Poland. Total returns to shareholders of 131% over the past three years. Reported Earnings • May 18
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: zł44.8m (flat on 1Q 2020). Net income: zł2.89m (up 300% from 1Q 2020). Profit margin: 6.5% (up from 1.6% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 39% per year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improved over the past week After last week's 18% share price gain to zł21.20, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 15x in the Commercial Services industry in Poland. Total returns to shareholders of 141% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł16.60, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 13x in the Commercial Services industry in Poland. Total returns to shareholders of 70% 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 35% share price gain to zł22.20, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 13x in the Commercial Services industry in Poland. Total returns to shareholders of 122% over the past three years. Reported Earnings • Feb 18
Full year 2020 earnings released: EPS zł1.94 (vs zł0.10 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł174.9m (up 1.2% from FY 2019). Net income: zł6.01m (up zł5.69m from FY 2019). Profit margin: 3.4% (up from 0.2% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 26% share price gain to zł16.10, the stock is trading at a trailing P/E ratio of 13.6x, up from the previous P/E ratio of 10.8x. This compares to an average P/E of 13x in the Commercial Services industry in Poland. Total returns to shareholders over the past three years are 56%. Is New 90 Day High Low • Feb 15
New 90-day high: zł16.10 The company is up 40% from its price of zł11.50 on 16 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 16% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: zł12.90 The company is up 28% from its price of zł10.10 on 12 October 2020. The Polish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 5.0% over the same period.