Reported Earnings • Apr 22
Full year 2025 earnings released: zł1.44 loss per share (vs zł2.23 profit in FY 2024) 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 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 68 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 13
Price target decreased by 19% to kr38.50 Down from kr47.50, the current price target is an average from 2 analysts. New target price is 84% above last closing price of kr20.95. Stock is down 54% over the past year. The company is forecast to post a net loss per share of zł0.68 compared to earnings per share of zł2.23 last year. 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 57 percentage points per year, which is a significant difference in performance. New Risk • Aug 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 7.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr31.55, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Forestry industry in Europe. Total returns to shareholders of 26% over the past three years. Duyuru • May 19
Arctic Paper S.A., Annual General Meeting, Jun 11, 2025 Arctic Paper S.A., Annual General Meeting, Jun 11, 2025. New Risk • May 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.5% Last year net profit margin: 7.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.5% net profit margin). 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. New Risk • Nov 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: zł0.44 (vs zł0.74 in 3Q 2023) 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 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 33% per year, which means it is tracking significantly ahead of earnings growth. 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 52% per year, which means it is tracking significantly ahead of earnings growth. 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%. Within top quartile of Swedish dividend payers (4.1%). 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 62% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 15
Dividend of zł1.00 announced Shareholders will receive a dividend of zł1.00. Ex-date: 11th June 2024 Payment date: 18th June 2024 Dividend yield will be 1.7%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 31% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 5.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 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 but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. 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 Sweden are expected to grow by 1.7%. 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 77% per year, which means it is tracking significantly ahead of earnings growth. 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. Buying Opportunity • Oct 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be kr46.81, 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 69%. Revenue is forecast to decline by 22% in 2 years. Earnings is forecast to decline by 60% in the next 2 years. Buying Opportunity • Sep 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be kr46.72, 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 69%. Revenue is forecast to decline by 22% in 2 years. Earnings is forecast to decline by 60% in the next 2 years. 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 Sweden 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 64% 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 • Jun 09
Now 24% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be kr85.67, 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%. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr70.00, the stock trades at a trailing P/E ratio of 2.6x. Average forward P/E is 10x in the Forestry industry in Sweden. Total returns to shareholders of 647% over the past three years. 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 Swedish dividend payers (5.4%). Higher than average of industry peers (2.7%). Buying Opportunity • May 17
Now 21% undervalued Over the last 90 days, the stock is up 4.7%. The fair value is estimated to be kr70.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 74%. Revenue is forecast to decline by 9.2% in a year. Earnings is forecast to decline by 29% in the next year. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr53.80, the stock trades at a trailing P/E ratio of 2.3x. Average forward P/E is 10x in the Forestry industry in Sweden. Total returns to shareholders of 486% over the past three years. 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. 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 expected to fall by 9.9% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Forestry industry in Sweden. Over the last 3 years on average, earnings per share has increased by 74% per year whereas the company’s share price has increased by 72% per 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. Buying Opportunity • Feb 14
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be kr65.37, 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%. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr58.40, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 5x in the Forestry industry in Sweden. Total returns to shareholders of 465% over the past three years. 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 whereas the company’s share price has increased by 74% per year. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 16% share price gain to kr47.00, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 6x in the Forestry industry in Sweden. Total returns to shareholders of 505% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr38.80, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 6x in the Forestry industry in Sweden. Total returns to shareholders of 482% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 18% share price gain to kr50.30, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 8x in the Forestry industry in Sweden. Total returns to shareholders of 709% over the past three years. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 15% share price gain to kr35.20, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 8x in the Forestry industry in Sweden. Total returns to shareholders of 404% 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 Swedish dividend payers (5.3%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 16% share price gain to kr30.90, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 11x in the Forestry industry in Sweden. Total returns to shareholders of 426% 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 62% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 16% share price gain to kr27.45, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 16x in the Forestry industry in Sweden. Total returns to shareholders of 323% over the past three years. Buying Opportunity • Feb 24
Now 23% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be zł23.66, 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 50% per annum over the last 3 years. 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 34% per year, which means it is significantly lagging earnings growth. 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 27% per year, which means it is significantly lagging earnings growth. 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 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 24
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%. Within top quartile of Swedish dividend payers (3.5%). 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 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 17% share price gain to zł15.36, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 19x in the Forestry industry in Europe. Total returns to shareholders of 74% over the past three years. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS zł1.50 (vs zł1.19 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł2.85b (down 8.7% from FY 2019). Net income: zł103.6m (up 25% from FY 2019). Profit margin: 3.6% (up from 2.7% in FY 2019). The increase in margin was driven by lower expenses. 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 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 16% share price gain to zł15.75, the stock is trading at a trailing P/E ratio of 3.9x, up from the previous P/E ratio of 3.4x. This compares to an average P/E of 14x in the Forestry industry in Europe. Total returns to shareholders over the past three years are 67%. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 15% share price gain to zł14.55, the stock is trading at a trailing P/E ratio of 3.6x, up from the previous P/E ratio of 3.1x. This compares to an average P/E of 15x in the Forestry industry in Europe. Total returns to shareholders over the past three years are 51%. Is New 90 Day High Low • Jan 04
New 90-day high: kr13.30 The company is up 46% from its price of kr9.10 on 06 October 2020. The Swedish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: kr12.30 The company is up 41% from its price of kr8.70 on 09 September 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 21% share price gain to zł10.65, the stock is trading at a trailing P/E ratio of 3.3x, up from the previous P/E ratio of 2.7x. This compares to an average P/E of 14x in the Forestry industry in Europe. Total returns to shareholders over the past three years are 29%. Is New 90 Day High Low • Nov 16
New 90-day high: kr10.65 The company is up 13% from its price of kr9.46 on 18 August 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 12% over the same period.