Companies mentioned
· Amica (AMC) - Publishes Preliminary 2024 Group Results
· Dekpol (DEK) - Reports Strong Preliminary 2024 Earnings, Net Profit at PLN 92m
· Fasing (FSG) - Court Confirms Rejection of Special Auditor Request
· Izostal (IZS) - Proposes PLN 0.09 Dividend per Share for FY2024
· Pepees (PPS) - Reports Preliminary FY2024 Loss Due to Weak Starch Prices and High Costs
· SEKO S.A. (SEK) - Reports Decline in FY2024 Profit Despite Strong Operating Cash Flow
“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 (AMC) - Publishes Preliminary 2024 Group Results
P/TB 0.66 │ URL
Amica S.A. has released preliminary, unaudited consolidated results for FY2024. Group revenue declined to PLN 2,573.6m from PLN 2,837.9m in 2023. EBITDA reached PLN 125.4m (vs. PLN 137.1m), gross profit improved to PLN 28.0m (2023: PLN 23.0m), and net profit came in at PLN 13.2m, supported by a PLN 13.6m gain from a transaction disclosed in report 17/2024. The final audited results will be published on 11 April 2025.
Dekpol (DEK) - Reports Strong Preliminary 2024 Earnings, Net Profit at PLN 92m
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Dekpol S.A. has announced preliminary financial results for FY2024. Group sales revenue reached PLN 1.4bn, net profit totalled PLN 92m, and EBITDA came in at PLN 134m. The net debt/EBITDA ratio was 1.44 as of 31 Dec 2024. The general contracting segment had external contracts worth PLN 1,505m (vs. PLN 1,532m in 2023), with PLN 973m still to be executed after year-end. Internal contracts for the development segment totalled over PLN 323m, with PLN 162m pending execution. Final audited results will be published on 25 April 2025.
Fasing (FSG) - Court Confirms Rejection of Special Auditor Request
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Fasing SA has received confirmation from the District Court in Katowice that it has dismissed the appeal filed by shareholders Agnieszka Łepik-Dobrzyń, Andrzej Mleczko, and Łukasz Ćmiel. The appeal concerned a prior decision to reject their complaint against the court’s refusal to appoint a special auditor. The dismissal upholds earlier rulings from July 2024 and confirms the decision made by the court registrar.
Izostal (IZS) - Proposes PLN 0.09 Dividend per Share for FY2024
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On March 17, 2025, the Management Board of Izostal SA announced its recommendation to distribute a dividend of PLN 0.09 per share (3.1%) from the 2024 net profit. The proposed total payout amounts to PLN 2,946,960.00 and covers all 32,744,000 outstanding shares. The suggested record date for dividend entitlement is July 7, 2025, with payment to follow on July 21, 2025. The proposal will be submitted for approval at the upcoming Ordinary General Meeting.
Pepees (PPS) - Reports Preliminary FY2024 Loss Due to Weak Starch Prices and High Costs
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PEPEES S.A. released preliminary financial results for 2024, showing a significant year-on-year deterioration. The Capital Group reported revenues of PLN 236.0m (vs. PLN 222.2m in 2023), but an operating loss of PLN 7.1m (vs. profit of PLN 12.2m) and a net loss of PLN 14.7m (vs. profit of PLN 4.0m). The parent company posted sales of PLN 177.9m (vs. PLN 169.3m), an operating loss of PLN 6.2m (vs. profit of PLN 12.7m), and a net loss of PLN 10.6m (vs. profit of PLN 7.8m).
The losses were mainly driven by weak starch prices, unfavorable cost structures, and underutilized capacity during the 2023 potato campaign. However, improved raw material supply and rising starch prices since September 2024 helped reduce the full-year loss compared to Q1–Q3. Final audited results will be published on March 21, 2025.
SEKO S.A. (SEK) - Reports Decline in FY2024 Profit Despite Strong Operating Cash Flow
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SEKO S.A. published its 2024 annual report, revealing a year-over-year decline in financial performance. Net revenues fell to PLN 235.2m from PLN 259.7m in 2023. Operating profit dropped to PLN 10.8m (from PLN 17.6m), with net profit down to PLN 9.5m (vs. PLN 14.9m). The company, however, generated strong operating cash flow of PLN 21.8m (up from PLN 12.3m), while investing cash flow sharply decreased to PLN -24.5m due to higher capital expenditure.
Total assets rose to PLN 157.9m (from PLN 140.8m), and equity increased to PLN 94.6m. The Board declared a dividend of PLN 1.00 per share, up from PLN 0.33 in 2023. Profit per share declined to PLN 1.43 (vs. PLN 2.25), and book value per share rose slightly to PLN 14.22. The company maintains a stable balance sheet and increased shareholder returns despite margin pressure.
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