The Polish Deep Value Week – 2025/04
New Orders, Buybacks and BOD change
Companies mentioned
· Action S.A. (ACT) - Announces Share Buyback Transactions for January 16–22, 2025
· Atlanta Poland S.A. (ATP) - Key Resolutions and Shareholder Information from AGM
· Bowim (BOW) – Mentioned on X
· Dekpol S.A. (DEK) - Reports 2024 Property Sales and Development Highlights & Sets 2025 Development Segment Sales Targets
· Feerum S.A. (FEE) - Board Changes
· Fasing (FSG) - Key Updates from EGM & Sale of PROFIT ENERGY Shares
· Izoblok (IZB) - Receives Debit Note from PGNiG Obrót Detaliczny
· Kompap (KMP) - Subsidiary Signs Agreement for Printing and Mailing Services with Major Polish Bank
· Monnari Trade (MON) – Further Buybacks
· Wasko S.A. (WAS) - Selected for Maintenance Contract of S7 Tunnel Safety Systems
· Grupa Azoty Puławy (ZAP) - Partially Withdraws from Power Unit Construction Contract & Supervisory Board Candidate and Draft Resolution for EGM
“Graham’s Geiger counter”
Benjamin Graham suggested that one way to measure the valuation of the overall market was to assess the number of net-nets available. When many such opportunities exist, it indicates a cheap market overall, while their absence suggests that the market is expensive. Today’s net-nets, however, are not the same as Graham’s net-nets. Many are un-investable being Chinese RTO’s, loss-making biopharma’s etc. But we do think it is interesting to follow this number over time, and what percentage of total listed stocks qualify as a “naked” net-net without any type of quality adjustments to make them investable. Below is a net-net screen from Stockopedia.
Action S.A. (ACT) - Announces Share Buyback Transactions for January 16–22, 2025
P/TB 0.97 │ Electronics│ URL
ACTION S.A. has announced progress in its ongoing share buyback program, carried out under authorizations granted by resolutions of the General Meeting on June 19, 2024, and subsequently updated by the Extraordinary General Meeting on January 9, 2025. Between January 16 and January 22, 2025, the company purchased a total of 13,794 shares at an average price of approximately 20.91 PLN per share, with a total value of 288,718 PLN. As a result of these transactions, ACTION S.A. now holds a total of 1,276,800 of its own shares, representing 7.7209% of the company’s share capital and voting rights at the General Meeting.
Atlanta Poland S.A. (ATP) - Key Resolutions and Shareholder Information from Annual General Meeting
P/TB 1.14 │ Nutrition│ URL
The Management Board of Atlanta Poland S.A., based in Gdańsk, announced key resolutions and shareholder information from the Annual General Meeting held on December 18, 2024. One significant resolution approved the payment of a dividend for the financial year ending June 30, 2024. A total amount of PLN 5,178,118.40 will be distributed as dividends, equating to PLN 0.85 per share (4% yield) for 6,091,904 shares. The dividend record date is set for February 7, 2025, with payments scheduled for March 3, 2025.
Additionally, the company disclosed the list of shareholders holding at least 5% of the voting rights at the meeting. ROCKFIELD HOLDING AG held 3,473,860 votes, representing 78.48% of the votes at the AGM and 57.02% of the total voting rights. Generali Otwarty Fundusz Emerytalny held 438,953 votes, or 9.92% of the AGM votes and 7.21% of the total. Mr. Paweł Cichosz accounted for 368,226 votes, comprising 8.32% of the AGM votes and 6.04% of the total.
Bowim (BOW) – Mentioned on X
P/TB 0.30 │ Steel│ URL
Bowim was mentioned on X.
Dekpol S.A. (DEK) - Reports 2024 Property Sales and Development Highlights & Sets 2025 Development Segment Sales Targets
P/TB 0.64 │ Construction│ URL / URL
Dekpol S.A. has released preliminary details about the Group’s development segment activities for 2024. Over the year, 466 premises were sold, slightly down from 472 in 2023, based on reservation, development, and preliminary agreements. Of these, 342 premises are expected to be recognized in the Group's financial results, compared to 478 in the previous year. The total value of premises sold in 2024 is estimated at PLN 241 million, with PLN 223 million anticipated to be recognized in the financial results.
By the end of 2024, Dekpol Capital Group offered 914 premises for sale. Major investments sold during the fourth quarter included developments in Wiślinka near Sobieszewska Island, such as the Grano Marina Hotel and Sol Marina projects, as well as residential buildings in Gdańsk, Rokitki, Sztutowo, and Warsaw. Final occupancy permits were issued for 94 apartments in "Osiedle Kociewskie stage III" and 87 apartments in "Sol Marina stage III," with sales progress at 81% and 43% respectively by year-end.
The Group will publish the final data in its 2024 consolidated annual report, scheduled for release on April 25, 2025.
Dekpol S.A. has announced sales targets for its development segment in 2025. The Group aims to generate approximately PLN 308 million in revenues, primarily through the sale of around 570 premises recognized in its financial results. Additionally, the Group plans to sell approximately 510 premises based on reservation, development, and preliminary agreements.
Feerum S.A. (FEE) - Board Changes
P/TB 0.97 │ Equipment│ URL
On January 17, 2025, the Supervisory Board adopted resolutions to dismiss two members of the Management Board: Mr. Daniel Janusz, who served as President, and Mr. Piotr Wielesik, a Member of the Board. These changes were effective immediately upon adoption.
Simultaneously, the Supervisory Board reappointed Mr. Daniel Janusz to the Management Board for a new five-year term, reinstating him as President of the Management Board. This appointment is effective as of January 18, 2025.
Fasing (FSG) - Key Updates from EGM & Sale of PROFIT ENERGY Shares
P/TB 0.23 │ Equipment│ URL
The primary shareholder at the EGM was KARBON 2 Sp. z o.o., which held 1,875,013 votes, representing 60.34% of the total voting power and 100% of votes at the meeting. The resolutions passed during the EGM have been made public in a separate document.
During the meeting, Ms. Grażyna Dudek was appointed to the Supervisory Board for its current 11th term of office. Her professional background includes extensive experience in accounting and finance, notably as Chief Accountant and Economic Director at FASING SA and other organizations. Ms. Dudek declared no involvement in competitive activities and confirmed her expertise in accounting and the Company's industry.
The company has also sold all its shares in PROFIT ENERGY sp. z o.o., based in Katowice, to Mr. Mirosław Szeml. The transaction involved the sale of 10 shares, representing 10% of the company's share capital, at a price of PLN 50.00 per share. The total value of the sale amounted to PLN 500.00.
Izoblok (IZB) - Receives Debit Note from PGNiG Obrót Detaliczny
P/TB 0.50 │ Steel│ URL
IZOBLOK S.A., based in Chorzów, announced that it has received a debit note from PGNiG Obrót Detaliczny Sp. z o.o., headquartered in Warsaw. The note amounts to PLN 4,578,376, representing a contractual penalty for IZOBLOK's failure to collect the agreed volume of gas fuel under the terms of the agreement with PGNiG during the period from October 1, 2021, to December 31, 2022.
Izoblok contests the validity of this penalty and its calculation in full. The company will provide updates on significant developments regarding this matter and its interactions with PGNiG. Importantly, the receipt of this debit note does not impact IZOBLOK's current operations.
The company explained that its inability to fulfill the gas collection agreement was primarily due to the energy crisis triggered by the extended COVID-19 pandemic and the unexpected onset of war in Ukraine. These were extraordinary and unprecedented events, beyond any historical scenarios familiar to the gas fuel market.
Kompap (KMP) - Subsidiary Signs Agreement for Printing and Mailing Services with Major Polish Bank
P/TB 1.43 │ Prining│ URL
PPH KOMPAP S.A., based in Laskowice, announced that on January 16, 2025, its subsidiary, Komunikacja Masowa Sp. z o.o., signed an agreement with a leading bank in Poland. The contract covers the provision of printing and mass mailing services. The estimated value of the agreement amounts to PLN 1.7 million, and the duration of the contract is set for two years.
Monnari Trade (MON) – Further Buybacks
P/TB 0.44 │ Apparel│ URL
Monnari Trade S.A. has announced the acquisition of own shares on various dates as part of its share buy-back program authorized by the Ordinary General Meeting held on June 16, 2023. On January 20, 2025, the Issuer purchased 3,467 shares at an average price of PLN 4.95 per share, representing 0.011% of the share capital and entitling the holder to 0.010% of votes at the General Meeting. On January 21, 2025, the Issuer acquired 3,509 shares at an average price of PLN 4.98 per share, accounting for 0.011% of the share capital and 0.010% of voting rights. On January 22, 2025, 2,183 shares were bought at an average price of PLN 4.96 per share, constituting 0.007% of the share capital and 0.006% of votes at the General Meeting. On January 23, 2025, the Issuer purchased 3,079 shares at an average price of PLN 4.99 per share, equivalent to 0.010% of the share capital and 0.009% of voting rights.
Following these transactions, the total number of shares held by the Issuer is 5,259,599, representing 17.21% of the share capital and entitling the holder to 14.97% of votes at the General Meeting.
Wasko S.A. (WAS) - Selected for Maintenance Contract of S7 Tunnel Safety Systems
P/TB 0.65 │ Technology│ URL
The General Directorate for National Roads and Motorways, Kraków Branch, has selected Wasko S.A.'s bid as the most advantageous in a tender for maintaining safety systems and service devices in the S7 expressway tunnel in Naprawa. The contract involves the comprehensive upkeep of tunnel infrastructure, a 24-hour Tunnel Management Center dispatch service, and the preparation and execution of variable traffic organization plans. The total contract value is PLN 20.62 million gross, with a performance period of 36 months.
WASKO S.A. scored highly on price (60%), professional experience of the Tunnel Management Center Coordinator (20%), and service team expertise (20%), leading to its selection as the top contender. The contract's award remains subject to the legal appeal process.
Grupa Azoty Puławy (ZAP) - Partially Withdraws from Power Unit Construction Contract & Supervisory Board Candidate and Draft Resolution for EGM
P/TB 0.32 │ Chemicals│ URL / URL
Grupa Azoty Zakłady Azotowe "Puławy" S.A. has partially withdrawn from its contract with the consortium of Polimex Mostostal S.A., Polimex Energetyka sp. z o.o., and SBB Energy S.A. for constructing a coal-fired power unit in Puławy. The decision, effective January 17, 2025, is attributed to the Contractor's failure to fulfill core contractual obligations, including halting work and being unable to deliver the unit within the agreed timeframe.
This withdrawal pertains only to the unfinished portions of the project, and the company clarified that it does not signify abandoning the investment altogether. Future decisions regarding the project will be based on an inventory assessment of its current status as of the withdrawal date.
Grupa Azoty Zakłady Azotowe "Puławy" S.A. announced the receipt of a candidate nomination from its shareholder, Grupa Azoty S.A., for the Supervisory Board. Mr. Andrzej Skolmowski has been proposed as a candidate in connection with item 7 on the agenda for the Extraordinary General Meeting (EGM) scheduled on January 31, 2025. Mr. Skolmowski's nomination has received a positive opinion from the Council for companies with State Treasury involvement and complies with applicable legal requirements.
The writer may own shares of the companies mentioned. This communication is for informational purposes only.