Reported Earnings • Apr 20
Full year 2025 earnings released: zł0.94 loss per share (vs zł0.018 loss in FY 2024) Full year 2025 results: zł0.94 loss per share (further deteriorated from zł0.018 loss in FY 2024). Revenue: zł71.8m (down 10% from FY 2024). Net loss: zł10.7m (loss widened zł10.5m from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 24
Third quarter 2025 earnings released: zł0.07 loss per share (vs zł0.084 profit in 3Q 2024) Third quarter 2025 results: zł0.07 loss per share (down from zł0.084 profit in 3Q 2024). Revenue: zł19.3m (down 2.6% from 3Q 2024). Net loss: zł802.0k (down 184% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Duyuru • Nov 15
Tesgas S.A. to Report Q3, 2025 Results on Nov 21, 2025 Tesgas S.A. announced that they will report Q3, 2025 results on Nov 21, 2025 New Risk • Oct 05
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 6.8% 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 Risks Earnings have declined by 39% per year over the past 5 years. Market cap is less than US$10m (zł31.9m market cap, or US$8.81m). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • Sep 08
Second quarter 2025 earnings released: zł0.083 loss per share (vs zł0.068 loss in 2Q 2024) Second quarter 2025 results: zł0.083 loss per share (further deteriorated from zł0.068 loss in 2Q 2024). Revenue: zł19.2m (up 6.8% from 2Q 2024). Net loss: zł950.0k (loss widened 22% from 2Q 2024). 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. Duyuru • Aug 21
Tesgas S.A. to Report First Half, 2025 Results on Sep 05, 2025 Tesgas S.A. announced that they will report first half, 2025 results on Sep 05, 2025 Reported Earnings • Jun 02
First quarter 2025 earnings released: zł0.37 loss per share (vs zł0.004 profit in 1Q 2024) First quarter 2025 results: zł0.37 loss per share (down from zł0.004 profit in 1Q 2024). Revenue: zł12.2m (down 45% from 1Q 2024). Net loss: zł4.18m (down zł4.23m from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł2.76, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 12x in the Gas Utilities industry in Europe. Total loss to shareholders of 2.4% over the past three years. Duyuru • May 21
Tesgas S.A., Annual General Meeting, Jun 16, 2025 Tesgas S.A., Annual General Meeting, Jun 16, 2025. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł2.67, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 11x in the Gas Utilities industry in Europe. Total loss to shareholders of 7.9% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: zł0.077 (vs zł0.058 in 3Q 2023) Third quarter 2024 results: EPS: zł0.077 (up from zł0.058 in 3Q 2023). Revenue: zł19.8m (down 44% from 3Q 2023). Net income: zł959.0k (up 47% from 3Q 2023). Profit margin: 4.8% (up from 1.9% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to zł2.87. The fair value is estimated to be zł3.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has declined by 32%. New Risk • Jun 13
New major risk - Revenue and earnings growth Earnings have declined by 3.0% 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 Earnings have declined by 3.0% per year over the past 5 years. Market cap is less than US$10m (zł35.9m market cap, or US$8.91m). Minor Risk Dividend is not well covered by earnings (218% payout ratio). New Risk • May 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (zł37.5m market cap, or US$9.58m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.7% net profit margin). Duyuru • May 17
Tesgas S.A., Annual General Meeting, Jun 11, 2024 Tesgas S.A., Annual General Meeting, Jun 11, 2024. Buy Or Sell Opportunity • Apr 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.6% to zł3.12. The fair value is estimated to be zł3.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 33%. Buy Or Sell Opportunity • Mar 07
Now 21% undervalued Over the last 90 days, the stock has risen 5.0% to zł3.15. 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 15% over the last year. Earnings per share has grown by 8.7%. Buy Or Sell Opportunity • Jan 26
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at zł3.02. The fair value is estimated to be zł3.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Earnings per share has grown by 8.7%. Buying Opportunity • Sep 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be zł3.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. Upcoming Dividend • Aug 11
Upcoming dividend of zł0.20 per share at 1.4% yield Eligible shareholders must have bought the stock before 18 August 2023. Payment date: 21 September 2023. Trailing yield: 1.4%. Lower than top quartile of Polish dividend payers (7.3%). Lower than average of industry peers (4.8%). Duyuru • Jun 04
Tesgas S.A., Annual General Meeting, Jun 29, 2023 Tesgas S.A., Annual General Meeting, Jun 29, 2023, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 16% share price gain to zł4.17, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 10x in the Gas Utilities industry in Europe. Total returns to shareholders of 81% over the past three years. Upcoming Dividend • Jun 28
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 20 July 2022. Trailing yield: 8.1%. Within top quartile of Polish dividend payers (8.1%). Higher than average of industry peers (5.3%). Duyuru • May 31
Tesgas S.A., Annual General Meeting, Jun 22, 2022 Tesgas S.A., Annual General Meeting, Jun 22, 2022, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 29% share price gain to zł4.19, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 11x in the Gas Utilities industry in Europe. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 17% share price gain to zł3.36, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 11x in the Gas Utilities industry in Europe. Total loss to shareholders of 6.7% over the past three years. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 17% share price gain to zł3.54, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 12x in the Gas Utilities industry in Europe. Total returns to shareholders of 40% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS zł0.19 (vs zł0.12 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł28.8m (up 26% from 2Q 2020). Net income: zł2.13m (up 54% from 2Q 2020). Profit margin: 7.4% (up from 6.0% 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 57% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 22
New 90-day high: zł5.05 The company is up 26% from its price of zł4.02 on 23 October 2020. The Polish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 17% share price gain to zł4.12, the stock is trading at a trailing P/E ratio of 9.3x, up from the previous P/E ratio of 7.9x. This compares to an average P/E of 14x in the Gas Utilities industry in Europe. Total returns to shareholders over the past three years are 53%. Is New 90 Day High Low • Oct 22
New 90-day low: zł4.00 The company is down 31% from its price of zł5.80 on 24 July 2020. The Polish market is down 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is down 5.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: zł4.76 The company is down 3.0% from its price of zł4.90 on 01 July 2020. The Polish market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 1.0% over the same period.