The Polish Deep Value Week – 2025/11
An Acquisition, BOD-changes, a New Report and New Orders
Companies mentioned
· Dekpol (DEK) - Appoints Management Board Members for New Term
· Dębica (DBC) - Grants PLN 55m Loan to Parent Company Goodyear
· Efekt SA (EKF) - Supervisory Board Member Resigns Due to New Role Offer
· Feerum (FEE) - Reinstates Market Maker Agreement with Santander
· Fasing (FSG) - Places PLN 1.75m Steel Orders with Parent Company Karbon 2
· Izostal (IZS) - Proposes PLN 0.09 Dividend per Share for 2024
· Lena Lighting (LEN) - Reports Preliminary 2024 Results: Significant Profit Decline
· MFO (MFO) - Posts 2024 Profit Recovery but Lags Behind Historical Averages
· Monnari Trade (MON) - Subsidiary Acquires Hemoca Holdings for PLN 2.67m
“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.
Dekpol (DEK) - Appoints Management Board Members for New Term
P/TB 0.71 │ URL
On March 13, 2025, Dekpol S.A.’s Supervisory Board appointed members to the Management Board. Mariusz Tuchlin was reappointed as President, and Katarzyna Szymczak-Dampc as Vice President, both starting immediately due to their previous terms expiring on December 31, 2024. Additionally, Michał Skowron was appointed as Vice President, with his term beginning on April 1, 2025. Each board member serves a five-year term, and mandates are not joint. Further personal details on the appointees are provided in an attachment.
Dębica (DBC) - Grants PLN 55m Loan to Parent Company Goodyear
P/TB 0.87 │ URL
Firma Oponiarska Dębica SA has signed a loan agreement with its majority shareholder, Goodyear SA (87.25% ownership), granting a PLN 55m loan effective March 18, 2025, with repayment due by March 17, 2026. The annual interest rate is set at WIBOR1Y + 0.45%, currently totaling 6.04%. The loan can be repaid early by either party and is backed by a guarantee from The Goodyear Tire & Rubber Company (USA). This transaction is linked to the repayment of a prior PLN 115m loan from Goodyear to Dębica, also due on March 18, 2025. As of that date, Dębica’s total loan exposure to Goodyear will stand at PLN 490m (excluding interest). The transaction was deemed confidential due to its size and relationship to the parent company.
Efekt SA (EKF) - Supervisory Board Member Resigns Due to New Role Offer
P/TB 0.25 │ URL
On September 27, 2024, Korporacja Gospodarcza "efekt" SA received the resignation of Mateusz Kaczmarek from its Supervisory Board, effective the same day. Kaczmarek cited his acceptance of a cooperation offer within the Efekt SA Capital Group as the reason, which under Article 387 §1 of the Commercial Companies Code disqualifies him from continuing as a supervisory board member due to conflict of interest rules.
Feerum (FEE) - Reinstates Market Maker Agreement with Santander
P/TB 1.07 │ URL
On March 13, 2025, Feerum S.A. signed an agreement with Santander Bank Polska (Santander Biuro Maklerskie) to withdraw its earlier termination notice from December 23, 2024. The original agreement, dated December 18, 2023, assigned Santander as Feerum’s market maker on the Warsaw Stock Exchange. Following the withdrawal, Santander will continue its market maker role without interruption under the original terms.
Fasing (FSG) - Places PLN 1.75m Steel Orders with Parent Company Karbon 2
P/TB 0.26 │ URL
On March 12, 2025, FASING S.A. announced new orders for rolled and flat bars worth PLN 1,752.7k gross from KARBON 2 Sp. z o.o., its dominant entity. Including these orders, the total value of steel-related purchases (rolled bars, flat bars, wire rods) from Karbon 2 since November 22, 2024, has reached PLN 15,049.2k gross. The ongoing transactions reflect regular intra-group cooperation.
Izostal (IZS) - Proposes PLN 0.09 Dividend per Share for 2024
P/TB 0.40 │ URL
On March 17, 2025, the Management Board of Izostal SA proposed a 2024 dividend of PLN 2,946,960, corresponding to PLN 0.09 per share (3.2% yield), covering all 32,744,000 outstanding shares. The proposed record date is July 7, 2025, with payment to follow on July 21, 2025. The proposal will be submitted to the Ordinary General Meeting for approval.
Lena Lighting (LEN) - Reports Preliminary 2024 Results: Significant Profit Decline
P/TB 0.71 │ URL
Lena Lighting S.A. and its Capital Group have published preliminary financial results for 2024, revealing a significant decline in both revenues and profitability compared to 2023. The parent company reported a 16.6% drop in revenue to PLN 135.99 million and a 76.8% decrease in net profit to PLN 2.31 million. Operating profit also fell sharply by 72.4% to PLN 3.4 million. The Group’s results followed a similar trend, with revenues down 17.8% to PLN 136.94 million and net profit falling 74.7% to PLN 2.5 million.
The decline is attributed to lower sales volumes in both domestic and foreign markets. Although performance was weak throughout most of the year, the company noted an improvement in the final quarter of 2024 compared to earlier periods.
MFO (MFO) - Posts 2024 Profit Recovery but Lags Behind Historical Averages
P/TB 0.76 │ URL
MFO S.A. has released preliminary financial data for the full year 2024, indicating notable deviations from its three-year historical average. Sales revenue amounted to PLN 616.7 million, representing an increase of PLN 40.8 million compared to 2023, but a 25.7% decline versus the three-year average. Operating profit (EBIT) reached PLN 13.8 million—up sharply from just PLN 43k in 2023, but down 79.4% relative to the base value. Net profit totaled PLN 7.2 million, reversing a loss of PLN 14.8 million in 2023, though still 84.9% below the three-year average.
The company highlighted that both EBIT and net profit qualify as “material deviations,” defined internally as changes of ±30% or more from the historical baseline. Despite the year-on-year recovery, the long-term comparison signals continued pressure on profitability. MFO emphasized that these figures are preliminary and subject to final confirmation in its full report, scheduled for release on March 27, 2025.
Monnari Trade (MON) - Subsidiary Acquires Hemoca Holdings for PLN 2.67m
P/TB 0.44 │ URL
On March 14, 2025, MONNARI TRADE S.A. announced that its subsidiary, MONNA NICE Sp. z o.o., acquired 100% of the shares in HEMOCA HOLDINGS LIMITED, a Cyprus-based company holding a 50.1% stake in KOMEX S.A., for PLN 2.67 million. Additionally, MONNA NICE entered into an agreement to acquire Hemoca’s receivables for PLN 400,000.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.