The Polish Deep Value Week – 2025/09
Management Change, A Few Reports and New Contracts
Companies mentioned
· Amica S.A (AMC) - Vice President Resigns from the Management Board
· Fasing (FSG) – New CEO
· Forte SA (FTE) - Reports Increased Revenue and Improved Profitability in Q3 2024
· Hydrotor SA (HDR) - Reports Declining Revenue and Increased Losses in Q4 2024
· Monnari Trade SA (MON) - Receives Antitrust Approval for KOMEX SA Acquisition & Further Buybacks
· PA Nova (NVA) - Extends Multi-Product Agreement with ING Bank Śląski
· Pamapol SA (PMP) - Extends Temporary Board Appointment
· Remak-Energomontaż SA (RMK) - Major Contract and Reports Preliminary 2024 Financial Results
· Stalprodukt (STP) – Mentioned on X & Reports Decline in Revenue and Profitability for 2024
“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.
Amica S.A (AMC) - Vice President Resigns from the Management Board
P/TB 0.60│ URL
Amica S.A. announced that Adrianna Harasymowicz-Stajkowska has submitted her resignation from the company's Management Board and her role as Vice President. The resignation, addressed to Chairman of the Supervisory Board Tomasz Rynarzewski and CEO Jacek Rutkowski, was submitted on February 24, 2025, and will take effect on February 28, 2025. No specific reasons for her resignation were provided.
Fasing (FSG) – New CEO
P/TB 0.25│ URL
On February 26, 2025, the Supervisory Board of FASING SA dismissed Zdzisław Bik from his role as President and CEO, effective immediately, and restructured the Management Board into a three-member team with a President and two Vice Presidents, effective February 27. Mateusz Bik, previously Vice President and Director of Export and Foreign Investments, has been appointed as the new President and CEO. With a Master’s degree in Management and Production Engineering from AGH University of Science and Technology in Kraków and extensive leadership experience within FASING and its affiliates since 2009, he has also completed managerial training at the ICAN Institute. Bik has declared no involvement in competing businesses and is not listed in the Register of Insolvent Debtors.
Forte SA (FTE) - Reports Increased Revenue and Improved Profitability in Q3 2024
P/TB 0.83│ URL
Forte SA reported consolidated net revenues of 772,454 kPLN for Q3 2024, up from 757,633 kPLN in the same period last year. Operating profit improved significantly to 35,783 kPLN, compared to a loss of 3,941 kPLN in Q3 2023. Pre-tax profit reached 27,117 kPLN, with net profit attributable to shareholders at 21,572 kPLN, reversing a loss of 69,319 kPLN in the prior year. The company maintained strong cash flow from operations at 83,348 kPLN, while net cash flow from investing and financing activities remained negative. The balance sheet showed total assets of 1,470,321 kPLN and equity of 910,876 kPLN. Despite improving consolidated results, the standalone financials reflected weaker performance, with a net loss of 349 kPLN for the period.
Hydrotor SA (HDR) - Reports Declining Revenue and Increased Losses in Q4 2024
P/TB 0.45 │ URL
Hydrotor SA reported net revenues of 110,132 kPLN for Q4 2024, down from 125,749 kPLN in the previous year. The company posted an operating loss of 10,912 kPLN, significantly widening from a loss of 2,311 kPLN in Q4 2023, while net loss increased to 12,762 kPLN from 2,255 kPLN. EBITDA declined to 1,739 kPLN compared to 10,475 kPLN a year earlier. Despite a decrease in total assets to 183,488 kPLN, equity remained stable at 115,941 kPLN. Cash flow from operating activities dropped to 4,164 kPLN, and net cash flow turned negative at -257 kPLN. The company maintained a dividend payout of 2.00 PLN per share.
Monnari Trade SA (MON) - Receives Antitrust Approval for KOMEX SA Acquisition & Further Buybacks
Monnari Trade SA announced that it has received approval from the Polish Office of Competition and Consumer Protection (UOKiK) to acquire control over Hemoca Holdings Limited, the majority owner (50.1%) of KOMEX SA. The company is currently assessing the financial and legal status of KOMEX SA before deciding on a full acquisition of Hemoca Holdings Limited through its subsidiary, Monna Nice Sp. z o.o. Monnari Trade SA will provide further updates in accordance with regulatory requirements.
Monnari Trade SA has acquired a total of 33,991 shares between February 24 and March 4, 2025, as part of its ongoing share buyback program, with daily purchases ranging between 4,559 and 4,815 shares at an average price of approximately PLN 5.16 per share. Following these transactions, the company now holds 5,368,459 own shares, representing 17.57% of its share capital and 15.28% of voting rights at the General Meeting. The buyback is conducted under the authorization of the General Meeting's resolution from June 16, 2023, and the shares may be used for redemption, resale, collateral, or as payment for acquisitions.
PA Nova (NVA) - Extends Multi-Product Agreement with ING Bank Śląski
P/TB 0.31│ URL
PA Nova S.A. has signed an annex to its Multi-Product Agreement with ING Bank Śląski S.A., extending its availability period until December 20, 2025. The agreement, originally signed in 2017 and amended multiple times, remains in line with market standards. As security for the loan, the company has committed to a blank bill of exchange with a declaration, a contractual mortgage on three properties, and a declaration of submission to enforcement.
Pamapol SA (PMP) - Extends Temporary Board Appointment
P/TB 0.59│ URL
Pamapol SA announced that its Supervisory Board has re-delegated its Chairman, Mariusz Szataniak, to temporarily serve as a Member of the Management Board for a three-month period starting March 3, 2025, due to the continued vacancy left by a dismissed board member on October 15, 2024. During this time, Waldemar Frąckowiak will assume the role of Chairman of the Supervisory Board. Szataniak, who has been on the Supervisory Board since 2014, has extensive experience in management roles across multiple companies, including PAMAPOL SA, Wielton SA, and Mitmar Sp. z o.o. He indirectly holds 85.49% of PAMAPOL SA’s share capital through investment structures and has declared no involvement in competitive activities.
Remak-Energomontaż SA (RMK) - Signs Major Contract and Reports Preliminary 2024 Financial Results
Remak-Energomontaż SA has signed an agreement with ZARMEN Sp. z o.o. for the assembly of technological steel pipelines as part of ORLEN Południe SA’s second-generation bioethanol (B2G) production facility in Jedlicze. The contract, valued at approximately PLN 19.99 million net, is set for completion by December 31, 2025, with liability capped at 100% of the contract value. Additionally, the company reported preliminary financial results for 2024, with sales revenues of PLN 237.4 million and a net profit of PLN 4.99 million. Final results will be disclosed in the annual report and may differ from the preliminary figures.
Stalprodukt (STP) – Mentioned on X & Reports Decline in Revenue and Profitability for 2024
Stalprodukt SA reported net revenues of 3,832.1 mPLN for 2024, down from 4,609.9 mPLN in 2023. Operating profit declined significantly to 29.4 mPLN from 109.2 mPLN, while net profit attributable to shareholders dropped to 28.4 mPLN from 88.4 mPLN. Cash flow from operating activities was positive at 245.5 mPLN but decreased from 750.1 mPLN in the previous year. The company’s total assets stood at 4,905.2 mPLN, with equity at 3,780.2 mPLN. Earnings per share fell to 5.92 PLN from 16.14 PLN, and the company maintained a dividend payout of 15.00 PLN per share.
A thread on X.
The writer may own shares of the companies mentioned. This communication is for informational purposes only.