Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: zł0.05 (vs zł0.043 in 3Q 2024) Third quarter 2025 results: EPS: zł0.05 (up from zł0.043 in 3Q 2024). Revenue: zł345.9m (up 11% from 3Q 2024). Net income: zł12.4m (up 22% from 3Q 2024). Profit margin: 3.6% (up from 3.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Jun 02
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: 2.4% 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. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: zł0.03 (vs zł0.009 in 1Q 2024) First quarter 2025 results: EPS: zł0.03 (up from zł0.009 in 1Q 2024). Revenue: zł293.6m (up 5.5% from 1Q 2024). Net income: zł6.02m (up 172% from 1Q 2024). Profit margin: 2.0% (up from 0.8% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Buy Or Sell Opportunity • Feb 10
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at zł3.35. The fair value is estimated to be zł2.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 2.8% per annum over the same time period. New Risk • Feb 06
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: 2.8% 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. Buy Or Sell Opportunity • Dec 12
Now 20% overvalued Over the last 90 days, the stock has fallen 5.7% to zł3.29. The fair value is estimated to be zł2.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 2.8% per annum over the same time period. Buy Or Sell Opportunity • Nov 18
Now 20% overvalued Over the last 90 days, the stock has fallen 10.0% to zł3.33. The fair value is estimated to be zł2.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 4.5% in the next 2 years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: zł0.04 (vs zł0.004 in 3Q 2023) Third quarter 2024 results: EPS: zł0.04 (up from zł0.004 in 3Q 2023). Revenue: zł311.5m (up 4.8% from 3Q 2023). Net income: zł10.1m (up zł9.21m from 3Q 2023). Profit margin: 3.3% (up from 0.3% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 12
Upcoming dividend of zł0.09 per share Eligible shareholders must have bought the stock before 19 September 2024. Payment date: 16 December 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Polish dividend payers (7.9%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 25
Second quarter 2024 earnings released: EPS: zł0.12 (vs zł0.20 in 2Q 2023) Second quarter 2024 results: EPS: zł0.12 (down from zł0.20 in 2Q 2023). Revenue: zł340.8m (up 1.6% from 2Q 2023). Net income: zł28.2m (down 41% from 2Q 2023). Profit margin: 8.3% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 15
Price target decreased by 8.8% to zł4.13 Down from zł4.53, the current price target is an average from 4 analysts. New target price is 15% above last closing price of zł3.58. Stock is down 1.6% over the past year. The company is forecast to post earnings per share of zł0.39 for next year compared to zł0.43 last year. Duyuru • Jun 06
VRG S.A. Provides Consolidated Revenue Guidance for the Month and Year to Date Ended May 2024 VRG S.A. provided consolidated revenue guidance for the month and year to date ended May 2024. VRG's consolidated revenues in May likely amounted to PLN 121.6 million (EUR 28.24 million), down by 2.1% year on year.YTD revenues amounted to PLN 506.5 million (EUR 117.61 mln), up 1.3% year on year. Duyuru • May 31
VRG S.A., Annual General Meeting, Jun 26, 2024 VRG S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 22
First quarter 2024 earnings released: EPS: zł0.01 (vs zł0.014 in 1Q 2023) First quarter 2024 results: EPS: zł0.01 (down from zł0.014 in 1Q 2023). Revenue: zł278.2m (up 4.2% from 1Q 2023). Net income: zł2.22m (down 31% from 1Q 2023). Profit margin: 0.8% (down from 1.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • May 20
Dividend reduced to zł0.09 Dividend of zł0.09 is 55% lower than last year. Ex-date: 19th September 2024 Payment date: 16th December 2024 Dividend yield will be 2.6%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 1.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • May 19
VRG Proposes Cash Dividend, Payable on December 16, 2024 VRG announced its management board proposed to pay a dividend of PLN 0.09 (EUR 0.02) per share. An amount of PLN 21.1 million (EUR 4.9 million) from the capital reserve would be used for this purpose. The management board proposed to allocate the profit for 2023, amounting to PLN 28.2 million (EUR 6.6 million), to the reserve capital. Those entitled to the dividend will be the company's shareholders as at September 20, 2024 and the dividend would be paid on December 16, 2024. In 2023, VRG paid a dividend of PLN 0.2 (EUR 0.05) per share. Duyuru • Apr 04
VRG Provides Revenues Guidance for the Month Ended March 2024 VRG provided revenues guidance for the month ended March 2024. The company consolidated revenues in March likely amounted to PLN 95.1 million (EUR 22.1 million), up by 6.7 percent year on year. Buying Opportunity • Dec 13
Now 20% undervalued Over the last 90 days, the stock is up 1.1%. The fair value is estimated to be zł4.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 75%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings is also forecast to grow by 7.3% per annum over the same time period. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: zł0.004 (vs zł0.04 in 3Q 2022) Third quarter 2023 results: EPS: zł0.004 (down from zł0.04 in 3Q 2022). Revenue: zł297.1m (down 7.0% from 3Q 2022). Net income: zł937.0k (down 90% from 3Q 2022). Profit margin: 0.3% (down from 2.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Luxury industry in Poland. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 12
Upcoming dividend of zł0.20 per share at 5.6% yield Eligible shareholders must have bought the stock before 19 September 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Polish dividend payers (7.6%). Higher than average of industry peers (3.4%). Duyuru • Sep 03
An unknown buyer acquired a 7.23% stake in VRG S.A. (WSE : VRG) from Forum Towarzystwo Funduszy Inwestycyjnych S.A. An unknown buyer acquired a 7.23% stake in VRG S.A. (WSE : VRG) from Forum Towarzystwo Funduszy Inwestycyjnych S.A. on September 1, 2023. An unknown buyer completed the acquisition of a 7.23% stake in VRG S.A. (WSE : VRG) from Forum Towarzystwo Funduszy Inwestycyjnych S.A. on September 1, 2023. Recent Insider Transactions • Aug 30
Deputy Chair of the Supervisory Board recently sold zł645k worth of stock On the 28th of August, Jan Pilch sold around 186k shares on-market at roughly zł3.47 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jan's only on-market trade for the last 12 months. Reported Earnings • Aug 28
Second quarter 2023 earnings released: EPS: zł0.20 (vs zł0.17 in 2Q 2022) Second quarter 2023 results: EPS: zł0.20 (up from zł0.17 in 2Q 2022). Revenue: zł335.3m (down 1.9% from 2Q 2022). Net income: zł47.7m (up 21% from 2Q 2022). Profit margin: 14% (up from 12% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 02
VRG S.A., Annual General Meeting, Jun 28, 2023 VRG S.A., Annual General Meeting, Jun 28, 2023, at 12:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: zł0.01 (vs zł0.012 loss in 1Q 2022) First quarter 2023 results: EPS: zł0.01 (up from zł0.012 loss in 1Q 2022). Revenue: zł267.0m (up 9.5% from 1Q 2022). Net income: zł3.22m (up zł6.14m from 1Q 2022). Profit margin: 1.2% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: zł0.40 (vs zł0.28 in FY 2021) Full year 2022 results: EPS: zł0.40 (up from zł0.28 in FY 2021). Revenue: zł1.27b (up 19% from FY 2021). Net income: zł93.0m (up 40% from FY 2021). Profit margin: 7.3% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 17
Price target increased by 12% to zł4.02 Up from zł3.59, the current price target is an average from 3 analysts. New target price is 22% above last closing price of zł3.30. Stock is down 12% over the past year. The company is forecast to post earnings per share of zł0.36 for next year compared to zł0.28 last year. Price Target Changed • Nov 16
Price target increased to zł4.76 Up from zł3.59, the current price target is provided by 1 analyst. New target price is 43% above last closing price of zł3.32. Stock is down 15% over the past year. The company posted earnings per share of zł0.28 last year. Buying Opportunity • Sep 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be zł3.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to decline by 5.9% in the next 2 years. Reported Earnings • Aug 28
Second quarter 2022 earnings released: EPS: zł0.17 (vs zł0.098 in 2Q 2021) Second quarter 2022 results: EPS: zł0.17 (up from zł0.098 in 2Q 2021). Revenue: zł341.8m (up 40% from 2Q 2021). Net income: zł39.3m (up 71% from 2Q 2021). Profit margin: 12% (up from 9.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.1%, compared to a 9.8% growth forecast for the Luxury industry in Poland. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 07
Inaugural dividend of zł0.17 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 29 July 2022. This is the first dividend for VRG since going public. The average dividend yield among industry peers is 1.7%. Reported Earnings • May 20
First quarter 2022 earnings: Revenues in line with analyst expectations First quarter 2022 results: Revenue: zł243.8m (up 42% from 1Q 2021). Net loss: zł2.91m (loss narrowed 86% from 1Q 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 9.3%, compared to a 16% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Price Target Changed • Apr 27
Price target increased to zł4.56 Up from zł3.59, the current price target is provided by 1 analyst. New target price is 22% above last closing price of zł3.74. Stock is up 8.7% over the past year. The company is forecast to post earnings per share of zł0.30 for next year compared to zł0.28 last year. Reported Earnings • Apr 10
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: zł0.28 (up from zł0.20 loss in FY 2020). Revenue: zł1.07b (up 25% from FY 2020). Net income: zł66.3m (up zł114.5m from FY 2020). Profit margin: 6.2% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 14%, compared to a 14% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS zł0.10 (vs zł0.021 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł305.0m (up 22% from 3Q 2020). Net income: zł23.7m (up 374% from 3Q 2020). Profit margin: 7.8% (up from 2.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Price Target Changed • Oct 01
Price target increased to zł4.17 Up from zł3.48, the current price target is an average from 3 analysts. New target price is 12% above last closing price of zł3.73. Stock is up 54% over the past year. Reported Earnings • Jun 01
First quarter 2021 earnings released: zł0.086 loss per share (vs zł0.14 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: zł172.1m (down 13% from 1Q 2020). Net loss: zł20.1m (loss narrowed 37% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Price Target Changed • May 24
Price target increased to zł3.48 Up from zł2.84, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of zł3.64. Stock is up 51% over the past year. Reported Earnings • Apr 18
Full year 2020 earnings released: zł0.20 loss per share (vs zł0.27 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: zł853.7m (down 20% from FY 2019). Net loss: zł48.2m (down 175% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Duyuru • Jan 12
VRG Announces Resignation of Erwin Bakalarz from Management Board Member VRG announced that it accepted resignation from management board member Erwin Bakalarz, effective as of January 11. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 19% share price gain to zł2.85, the stock is trading at a trailing P/E ratio of 44.4x, up from the previous P/E ratio of 37.4x. This compares to an average P/E of 30x in the Luxury industry in Poland. Total return to shareholders over the past three years is a loss of 33%. Is New 90 Day High Low • Dec 09
New 90-day high: zł2.67 The company is up 19% from its price of zł2.25 on 10 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł2.98 per share. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS zł0.021 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: zł249.4m (flat on 3Q 2019). Net income: zł5.00m (up zł6.82m from 3Q 2019). Profit margin: 2.0% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.04%. Earnings per share (EPS) missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 2.0%, compared to a 6.3% growth forecast for the Luxury industry in Poland. Is New 90 Day High Low • Oct 30
New 90-day low: zł2.00 The company is down 12% from its price of zł2.27 on 31 July 2020. The Polish market is down 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is down 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł2.94 per share. Duyuru • Jul 17
VRG S.A. Announces CEO Changes VRG S.A. announced that the company named Andrzej Jaworski new CEO to replace freshly dismissed to-date helmsman Michal Wojcik. 
