New Risk • Jul 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł367.8m (US$97.6m) This is considered a minor 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł367.8m market cap, or US$97.6m). Upcoming Dividend • Jun 30
Upcoming dividend of zł2.50 per share Eligible shareholders must have bought the stock before 07 July 2026. Payment date: 16 July 2026. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (5.9%). Duyuru • Jun 05
Amica S.A., Annual General Meeting, Jun 30, 2026 Amica S.A., Annual General Meeting, Jun 30, 2026. Duyuru • May 22
Amica S.A. announces Annual dividend, payable on July 16, 2026 Amica S.A. announced Annual dividend of PLN 2.5000 per share payable on July 16, 2026, ex-date on July 07, 2026 and record date on July 08, 2026. Reported Earnings • Nov 25
Third quarter 2025 earnings released: EPS: zł1.36 (vs zł0.61 loss in 3Q 2024) Third quarter 2025 results: EPS: zł1.36 (up from zł0.61 loss in 3Q 2024). Revenue: zł636.3m (down 2.0% from 3Q 2024). Net income: zł10.4m (up zł15.1m from 3Q 2024). Profit margin: 1.6% (up from net loss in 3Q 2024). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Duyuru • Nov 15
Amica S.A. to Report Q3, 2025 Results on Nov 21, 2025 Amica S.A. announced that they will report Q3, 2025 results on Nov 21, 2025 Reported Earnings • Sep 24
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł582.3m (down 5.7% from 2Q 2024). Net income: zł5.50m (up zł9.80m from 2Q 2024). Profit margin: 0.9% (up from net loss in 2Q 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Duyuru • Aug 21
Amica S.A. to Report First Half, 2025 Results on Sep 19, 2025 Amica S.A. announced that they will report first half, 2025 results on Sep 19, 2025 Major Estimate Revision • Jul 23
Consensus EPS estimates fall by 66% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from zł2.70b to zł2.62b. EPS estimate also fell from zł10.67 per share to zł3.64 per share. Net income forecast to grow 1,202% next year vs 52% growth forecast for Consumer Durables industry in Poland. Consensus price target of zł68.10 unchanged from last update. Share price was steady at zł60.00 over the past week. Upcoming Dividend • Jun 10
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 27 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.2%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (5.8%). New Risk • May 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 6x earnings per share. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 6x earnings per share. Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Reported Earnings • May 26
First quarter 2025 earnings released: zł0.87 loss per share (vs zł0.40 profit in 1Q 2024) First quarter 2025 results: zł0.87 loss per share (down from zł0.40 profit in 1Q 2024). Revenue: zł566.9m (down 9.8% from 1Q 2024). Net loss: zł6.70m (down 316% from profit in 1Q 2024). Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Duyuru • May 19
Amica S.A., Annual General Meeting, Jun 11, 2025 Amica S.A., Annual General Meeting, Jun 11, 2025. Declared Dividend • May 19
Dividend reduced to zł2.00 Dividend of zł2.00 is 20% lower than last year. Ex-date: 17th June 2025 Payment date: 27th June 2025 Dividend yield will be 3.1%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is not covered by earnings (145% earnings payout ratio). However, it is well covered by cash flows (34% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 61% to bring the payout ratio under control. However, EPS is expected to remain steady over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • May 17
Amica S.A. announces Annual dividend, payable on June 27, 2025 Amica S.A. announced Annual dividend of PLN 2.0000 per share payable on June 27, 2025, ex-date on June 17, 2025 and record date on June 19, 2025. New Risk • Apr 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 133% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (145% payout ratio). Large one-off items impacting financial results. Reported Earnings • Apr 14
Full year 2024 earnings released: EPS: zł1.72 (vs zł0.63 loss in FY 2023) Full year 2024 results: EPS: zł1.72 (up from zł0.63 loss in FY 2023). Revenue: zł2.57b (down 9.3% from FY 2023). Net income: zł13.2m (up zł18.0m from FY 2023). Profit margin: 0.5% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. New Risk • Dec 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł401.2m (US$97.9m) This is considered a minor 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: Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (zł401.2m market cap, or US$97.9m). Reported Earnings • Nov 24
Third quarter 2024 earnings released: zł0.61 loss per share (vs zł0.29 profit in 3Q 2023) Third quarter 2024 results: zł0.61 loss per share (down from zł0.29 profit in 3Q 2023). Revenue: zł649.5m (down 6.0% from 3Q 2023). Net loss: zł4.70m (down 314% from profit in 3Q 2023). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 29
Second quarter 2024 earnings released: zł0.56 loss per share (vs zł0.48 loss in 2Q 2023) Second quarter 2024 results: zł0.56 loss per share (further deteriorated from zł0.48 loss in 2Q 2023). Revenue: zł617.2m (down 14% from 2Q 2023). Net loss: zł4.30m (loss widened 19% from 2Q 2023). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Consumer Durables industry in Poland. 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. Upcoming Dividend • Jun 10
Upcoming dividend of zł2.50 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 25 June 2024. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (7.7%). Lower than average of industry peers (6.7%). New Risk • Jun 07
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: 3.4% 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. This is currently the only risk that has been identified for the company. Price Target Changed • Jun 06
Price target decreased by 8.9% to zł78.70 Down from zł86.40, the current price target is provided by 1 analyst. New target price is 6.9% above last closing price of zł73.60. Stock is down 8.0% over the past year. The company posted a net loss per share of zł0.63 last year. Reported Earnings • May 27
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł628.4m (down 12% from 1Q 2023). Net income: zł3.10m (up zł4.00m from 1Q 2023). Profit margin: 0.5% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. New Risk • May 26
New major risk - Revenue and earnings growth Earnings have declined by 37% 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. This is currently the only risk that has been identified for the company. Duyuru • May 18
Amica S.A., Annual General Meeting, Jun 11, 2024 Amica S.A., Annual General Meeting, Jun 11, 2024. Reported Earnings • Apr 05
Full year 2023 earnings released: zł0.63 loss per share (vs zł1.06 loss in FY 2022) Full year 2023 results: zł0.63 loss per share (improved from zł1.06 loss in FY 2022). Revenue: zł2.84b (down 17% from FY 2022). Net loss: zł4.80m (loss narrowed 41% from FY 2022). Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 27
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł691.2m (down 18% from 3Q 2022). Net income: zł2.20m (up zł10.0m from 3Q 2022). Profit margin: 0.3% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Durables industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł715.6m (down 10% from 2Q 2022). Net loss: zł3.60m (loss narrowed 50% from 2Q 2022). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Durables industry in Poland. 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 • Jun 04
Amica S.A., Annual General Meeting, Jun 27, 2023 Amica S.A., Annual General Meeting, Jun 27, 2023, at 11:30 Central European Standard Time. Buying Opportunity • Apr 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be zł93.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Apr 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be zł95.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Nov 16
Price target decreased to zł78.20 Down from zł149, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of zł75.90. Stock is down 41% over the past year. The company is forecast to post a net loss per share of zł0.45 compared to earnings per share of zł14.64 last year. Reported Earnings • Sep 18
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł795.7m (up 2.9% from 2Q 2021). Net loss: zł7.20m (down 134% from profit in 2Q 2021). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 17% share price gain to zł77.30, the stock trades at a trailing P/E ratio of 7.3x. Average forward P/E is 9x in the Consumer Durables industry in Poland. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł73.59 per share. Upcoming Dividend • Jun 29
Upcoming dividend of zł3.50 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Polish dividend payers (8.1%). Lower than average of industry peers (9.0%). Reported Earnings • May 31
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł844.0m (up 5.9% from 1Q 2021). Net income: zł3.10m (down 91% from 1Q 2021). Profit margin: 0.4% (down from 4.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 1.4% compared to a 3.9% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to zł149 Down from zł174, the current price target is an average from 2 analysts. New target price is 63% above last closing price of zł91.60. Stock is down 40% over the past year. The company posted earnings per share of zł14.64 last year. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: zł14.64 (vs zł19.89 in FY 2020) Full year 2021 results: EPS: zł14.64 (down from zł19.89 in FY 2020). Revenue: zł3.43b (up 12% from FY 2020). Net income: zł111.7m (down 26% from FY 2020). Profit margin: 3.3% (down from 4.9% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to decline by 1.9% while the industry in Poland is not expected to grow. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 15% share price gain to zł97.90, the stock trades at a trailing P/E ratio of 5.9x. Average forward P/E is 7x in the Consumer Durables industry in Poland. Total loss to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł106, the stock trades at a trailing P/E ratio of 6.4x. Average forward P/E is 10x in the Consumer Durables industry in Poland. Total loss to shareholders of 6.2% over the past three years. Price Target Changed • Dec 10
Price target decreased to zł149 Down from zł174, the current price target is provided by 1 analyst. New target price is 29% above last closing price of zł116. Stock is down 19% over the past year. The company posted earnings per share of zł19.89 last year. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: zł851.3m (down 1.9% from 3Q 2020). Net income: zł23.2m (down 63% from 3Q 2020). Profit margin: 2.7% (down from 7.2% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 7.9%. Over the next year, revenue is forecast to stay flat compared to a 6.7% decline forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 19% 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 19
Second quarter 2021 earnings released The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: zł773.0m (up 30% from 2Q 2020). Net income: zł21.1m (down 9.4% from 2Q 2020). Profit margin: 2.7% (down from 3.9% 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 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 15
Upcoming dividend of zł6.00 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 29 June 2021. Trailing yield: 3.5%. Lower than top quartile of Polish dividend payers (5.8%). Lower than average of industry peers (5.8%). Reported Earnings • Jun 02
First quarter 2021 earnings released: EPS zł4.53 (vs zł2.17 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł797.1m (up 19% from 1Q 2020). Net income: zł34.3m (up 110% from 1Q 2020). Profit margin: 4.3% (up from 2.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Apr 02
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł3.07b (up 1.5% from FY 2019). Net income: zł150.6m (up 38% from FY 2019). Profit margin: 4.9% (up from 3.6% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 06
New 90-day high: zł152 The company is up 2.0% from its price of zł149 on 06 November 2020. The Polish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł72.44 per share. Analyst Estimate Surprise Post Earnings • Dec 01
Revenue misses expectations Revenue missed analyst estimates by 2.1%. Over the next year, revenue is expected to shrink by 2.1% compared to a 3.9% growth forecast for the Consumer Durables industry in Poland. Reported Earnings • Nov 30
Third quarter 2020 earnings released: EPS zł8.26 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł868.0m (up 7.5% from 3Q 2019). Net income: zł62.5m (up 92% from 3Q 2019). Profit margin: 7.2% (up from 4.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Sep 21
First half earnings released Over the last 12 months the company has reported total profits of zł110.9m, up 6.1% from the prior year. Total revenue was zł2.91b over the last 12 months, down 2.8% from the prior year.