Reported Earnings • Apr 22
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: zł1.44 loss per share (down from zł2.23 profit in FY 2024). Revenue: zł3.20b (down 6.9% from FY 2024). Net loss: zł99.7m (down 165% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 112%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Nov 14
Consensus EPS estimates upgraded to zł0.68 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -zł1.21 to -zł0.68 per share. Revenue forecast steady at zł3.22b. Forestry industry in Poland expected to see average net income growth of 16% next year. Consensus price target of zł9.15 unchanged from last update. Share price was steady at zł8.13 over the past week. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 6.2% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 6.2% per year over the past 5 years. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: zł0.03 (vs zł0.44 in 3Q 2024) Third quarter 2025 results: EPS: zł0.03 (down from zł0.44 in 3Q 2024). Revenue: zł796.2m (down 2.8% from 3Q 2024). Net income: zł2.08m (down 93% from 3Q 2024). Profit margin: 0.3% (down from 3.8% in 3Q 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Duyuru • May 19
Arctic Paper S.A., Annual General Meeting, Jun 11, 2025 Arctic Paper S.A., Annual General Meeting, Jun 11, 2025. Reported Earnings • May 02
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: zł2.23 (down from zł3.57 in FY 2023). Revenue: zł3.43b (down 3.2% from FY 2023). Net income: zł154.5m (down 38% from FY 2023). Profit margin: 4.5% (down from 7.0% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Jan 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Duyuru • Nov 15
Arctic Paper S.A. (WSE:ATC) signed an agreement to acquire 4-megawatt solar park in Poland from Coral W. Perkowski, J.perkowski Sp.k. Arctic Paper S.A. (WSE:ATC) signed an agreement to acquire 4-megawatt solar park in Poland from Coral W. Perkowski, J.perkowski Sp.k. on November 14, 2024. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: zł0.44 (down from zł0.74 in 3Q 2023). Revenue: zł819.3m (down 4.2% from 3Q 2023). Net income: zł30.8m (down 40% from 3Q 2023). Profit margin: 3.8% (down from 6.0% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 47%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 30
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from zł3.70b to zł3.54b. EPS estimate also fell from zł3.61 per share to zł2.51 per share. Net income forecast to shrink 1.8% next year vs 28% growth forecast for Forestry industry in Poland . Consensus price target of zł24.72 unchanged from last update. Share price was steady at zł20.30 over the past week. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: zł0.26 (vs zł0.57 in 2Q 2023) Second quarter 2024 results: EPS: zł0.26 (down from zł0.57 in 2Q 2023). Revenue: zł839.2m (flat on 2Q 2023). Net income: zł17.9m (down 55% from 2Q 2023). Profit margin: 2.1% (down from 4.8% in 2Q 2023). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jul 02
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from zł3.89b to zł3.73b. EPS estimate also fell from zł4.30 per share to zł3.61 per share. Net income forecast to grow 14% next year vs 7.4% growth forecast for Forestry industry in Poland. Consensus price target of zł26.70 unchanged from last update. Share price was steady at zł24.24 over the past week. Upcoming Dividend • Jun 04
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 11 June 2024. Payment date: 18 June 2024. Payout ratio is a comfortable 31% and the cash payout ratio is 84%. Trailing yield: 4.4%. Lower than top quartile of Polish dividend payers (7.6%). Higher than average of industry peers (3.1%). Duyuru • May 30
Arctic Paper Declares Dividend for the Year 2023, Payable on June 18, 2024 Arctic Paper's ordinary general meeting decided to pay a total dividend of PLN 69.29 million (EUR 16.24 million) from 2023 profit, which translates into PLN 1 (EUR 0.23) per share. The dividend date was set as June 12, 2024 and the dividend payment date as June 18, 2024. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: zł1.19 (vs zł1.07 in 1Q 2023) First quarter 2024 results: EPS: zł1.19 (up from zł1.07 in 1Q 2023). Revenue: zł965.4m (up 3.3% from 1Q 2023). Net income: zł82.5m (up 12% from 1Q 2023). Profit margin: 8.5% (up from 7.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 03
Arctic Paper S.A., Annual General Meeting, May 29, 2024 Arctic Paper S.A., Annual General Meeting, May 29, 2024, at 13:00 Central European Standard Time. Location: Fabryczna 1 street Kostrzyn Nad Odra Poland Agenda: To adopting a resolution on non-appointment of a Returning Committee of the Shareholders Meeting; to consider a resolution on the consideration and approval of the Management Board's report on the operations of the Company for the financial year 2023; to consider a resolution on the consideration and approval of the Company's financial statement for the financial year 2023; to consider the Management Board's report on the operations of the Company's Capital Group for the financial year 2023; to consider adoption of a resolution on appointment of Company's Supervisory Board for next term of office; and to consider any other matters. Duyuru • Apr 23
Arctic Paper S.A. Recommends Dividend for the Year 2023 Arctic Paper S.A. announced that on April 22nd 2024 it received information that the Supervisory Board of the Company adopted a resolution approving the submission to the Ordinary Shareholders Meeting of the recommendation of the Management’s Board regarding the payment of dividend to the shareholders from part of the Company's net profit of the financial year 2023 in the amount of PLN 69,287,783.00. The dividend per share will amount to PLN 1.00 gross. The Management Board’s recommendation and the Supervisory Board’s opinion will be presented as a subject of the resolution of the Ordinary Shareholders Meeting. The final decision on the distribution of the Company's net profit of 2023 and the payment of dividend will be taken by the Ordinary Shareholders Meeting. Reported Earnings • Apr 10
Full year 2023 earnings released: EPS: zł3.57 (vs zł9.11 in FY 2022) Full year 2023 results: EPS: zł3.57 (down from zł9.11 in FY 2022). Revenue: zł3.55b (down 28% from FY 2022). Net income: zł247.1m (down 61% from FY 2022). Profit margin: 7.0% (down from 13% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 44% per year whereas the company’s share price has increased by 48% per year. Major Estimate Revision • Nov 14
Consensus EPS estimates increase by 26% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from zł2.97 to zł3.73. Revenue forecast steady at zł3.49b. Net income forecast to shrink 32% next year vs 32% decline forecast for Forestry industry in Poland. Consensus price target of zł16.60 unchanged from last update. Share price was steady at zł19.20 over the past week. Duyuru • Nov 08
Arctic Paper Provides Production Guidance for the Year 2024 Arctic Paper provided production guidance for the year 2024. For the year, the company expects to increase production of paper and cellulose year-on-year. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: zł0.74 (vs zł3.20 in 3Q 2022) Third quarter 2023 results: EPS: zł0.74 (down from zł3.20 in 3Q 2022). Revenue: zł854.8m (down 39% from 3Q 2022). Net income: zł51.5m (down 77% from 3Q 2022). Profit margin: 6.0% (down from 16% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Oct 12
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from zł2.52 to zł2.97. Revenue forecast steady at zł3.48b. Net income forecast to shrink 59% next year vs 33% decline forecast for Forestry industry in Poland. Consensus price target of zł16.60 unchanged from last update. Share price rose 8.9% to zł16.38 over the past week. New Risk • Sep 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 32% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 32% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: zł0.57 (vs zł3.12 in 2Q 2022) Second quarter 2023 results: EPS: zł0.57 (down from zł3.12 in 2Q 2022). Revenue: zł836.2m (down 36% from 2Q 2022). Net income: zł39.8m (down 82% from 2Q 2022). Profit margin: 4.8% (down from 17% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 7.9% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 10
Arctic Paper S.A. Appoints Fabian Langenskiöld as A Member of the Company's Management Board with Effect from August 14, 2023 Arctic Paper S.A. has appointed Fabian Langenskiöld as a member of the company's management board with effect from August 14, 2023. Fabian Langenskiöld joined Arctic Paper in 2019 and holds the position of Executive Vice President of Sales & Marketing. Fabian Langenskiöld has a Master of Science in Economics from the Hanken School of Economics in Helsinki, Finland. He has many years of marketing and sales experience in the paper industry and has held key positions at companies such as Stora Enso and Shandong Chenming Paper Holdings. Duyuru • Aug 04
Arctic Paper S.A. Provides Earnings Guidance for the Second Quarter of 2023 Arctic Paper S.A. provided earnings guidance for the second quarter of 2023. The company expects an EBITDA result for the second quarter of 2023 in the range of PLN 60- PLN 70 million, which is lower than current market estimates. The lower result is due to a significantly lower revenue of PLN 836 million (1,296); this in turn is due to the general economic slowdown and customers destocking. Arctic Paper focuses on margins and has adapted production with a high degree of cost efficiency to meet the weaker market. Buying Opportunity • Jul 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.0%. The fair value is estimated to be zł22.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 75%. Buying Opportunity • Jul 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.7%. The fair value is estimated to be zł23.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 75%. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł20.15, the stock trades at a trailing P/E ratio of 2.3x. Average forward P/E is 11x in the Forestry industry in Poland. Total returns to shareholders of 473% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł27.72 per share. Buying Opportunity • Jun 15
Now 24% undervalued Over the last 90 days, the stock is up 1.2%. The fair value is estimated to be zł27.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 75%. Duyuru • Jun 07
Arctic Paper S.A. Dividend for the Financial Year 2022, Payable on 21 June 2023 Arctic Paper S.A. at the AGM held on 6 June 2023, decided to allocate part of the Company's net profit of the financial year 2022, in the amount of PLN 187,077,014.10 for payment of dividend among the Company's shareholders. The dividend per share will amount to PLN 2.70 gross. Ordinary Shareholders Meeting set a dividend day on 15 June 2023 and dividend payment date on 21 June 2023. Upcoming Dividend • Jun 07
Upcoming dividend of zł2.70 per share at 11% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Polish dividend payers (7.4%). Higher than average of industry peers (5.6%). Buying Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.1%. The fair value is estimated to be zł27.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 75%. Duyuru • May 12
Arctic Paper S.A., Annual General Meeting, Jun 06, 2023 Arctic Paper S.A., Annual General Meeting, Jun 06, 2023. Location: head office at Fabryczna 1 street, 66-470 Kostrzyn nad Odr Kostrzyn Poland Agenda: To consider adopting a resolution on non-appointment of a Returning Committee of the Shareholders Meeting; to consider adopting a resolution on the consideration and approval of the Management Board's report on the operations of the Company for the financial year 2021; to consider adopting a resolution on the consideration and approval of the Company's financial statement for the financial year 2022; and to transact such other business matter. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł21.10, the stock trades at a trailing P/E ratio of 2.3x. Average forward P/E is 11x in the Forestry industry in Poland. Total returns to shareholders of 398% over the past three years. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: zł9.11 (vs zł1.84 in FY 2021) Full year 2022 results: EPS: zł9.11 (up from zł1.84 in FY 2021). Revenue: zł4.89b (up 43% from FY 2021). Net income: zł631.0m (up 396% from FY 2021). Profit margin: 13% (up from 3.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 9.9% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 74% per year and the company’s share price has also increased by 74% per year. Buying Opportunity • Mar 13
Now 22% undervalued Over the last 90 days, the stock is up 1.4%. The fair value is estimated to be zł27.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 71%. Revenue is forecast to decline by 3.5% in a year. Earnings is forecast to decline by 15% in the next year. Buying Opportunity • Feb 23
Now 21% undervalued Over the last 90 days, the stock is up 5.6%. The fair value is estimated to be zł26.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 71%. Revenue is forecast to decline by 3.5% in a year. Earnings is forecast to decline by 15% in the next year. Duyuru • Feb 17
Arctic Paper S.A. Recommends Dividend for the Year 2022 Arctic Paper S.A. announced that Management Board will recommend a dividend of PLN 2.7 per share for the year 2022. Duyuru • Jan 04
Arctic Paper S.A.(OM:ARP) dropped from OMX Nordic Small Cap Index Arctic Paper Spólka Akcyjna has been removed from OMX Nordic Small Cap Index Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: zł3.20 (vs zł0.53 in 3Q 2021) Third quarter 2022 results: EPS: zł3.20 (up from zł0.53 in 3Q 2021). Revenue: zł1.40b (up 58% from 3Q 2021). Net income: zł221.9m (up zł185.0m from 3Q 2021). Profit margin: 16% (up from 4.1% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł17.20, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 11x in the Forestry industry in Poland. Total returns to shareholders of 533% over the past three years. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 19% share price gain to zł18.54, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 17x in the Forestry industry in Poland. Total returns to shareholders of 612% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of zł0.40 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Polish dividend payers (8.2%). Lower than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 21% share price gain to zł14.20, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 7x in the Forestry industry in Poland. Total returns to shareholders of 504% over the past three years. Reported Earnings • May 10
First quarter 2022 earnings released: EPS: zł1.74 (vs zł0.42 in 1Q 2021) First quarter 2022 results: EPS: zł1.74 (up from zł0.42 in 1Q 2021). Revenue: zł1.11b (up 42% from 1Q 2021). Net income: zł120.7m (up 315% from 1Q 2021). Profit margin: 11% (up from 3.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 22
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł2.54 (up from zł1.60 in FY 2020). Revenue: zł3.41b (up 20% from FY 2020). Net income: zł175.9m (up 58% from FY 2020). Profit margin: 5.2% (up from 3.9% 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 50% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 18
Arctic Paper S.A. Announces Dividend Arctic Paper S.A. announced dividend of PLN 0.40 per share from 2021 profits. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS zł0.53 (vs zł0.64 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: zł889.7m (up 27% from 3Q 2020). Net income: zł36.8m (down 17% from 3Q 2020). Profit margin: 4.1% (down from 6.3% 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 47% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 15% share price gain to zł8.99, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 12x in the Forestry industry in Poland. Total returns to shareholders of 157% over the past three years. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS zł0.27 (vs zł0.15 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł786.6m (up 28% from 2Q 2020). Net income: zł18.4m (up 76% from 2Q 2020). Profit margin: 2.3% (up from 1.7% 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 55% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 23
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 30 June 2021. Payment date: 14 July 2021. Trailing yield: 4.9%. Lower than top quartile of Polish dividend payers (5.9%). Higher than average of industry peers (2.8%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS zł0.42 (vs zł0.79 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł782.8m (down 3.8% from 1Q 2020). Net income: zł29.1m (down 47% from 1Q 2020). Profit margin: 3.7% (down from 6.8% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 15% share price gain to zł6.47, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 20x in the Forestry industry in Poland. Total returns to shareholders of 84% over the past three years.