Companies mentioned
· Bowim (BOW) - Significant Revenue and Profit Decline in 2024 Due to Market Conditions
· Dekpol (DEK) - Real Estate Acquisition Agreement and Major Contracts Secured
· Izostal (IZS) - Dividend Proposal for 2024 Approved by Supervisory Board & 2024 Annual Report Shows Increased Revenues but Decline in Operating Profit
· KPPD (KPD) - Sharp Revenue Decline and Widening Losses in 2024
· Lena Lighting (LEN) - Joins Dali Alliance to Enhance Intelligent Lighting Solutions
· MFO (MFO) - Strong Revenue Growth but Profitability Remains Low in 2024
· Relpol (RLP) - Sharp Decline in Revenues and Profitability in 2024 Amid Weak Market Conditions
· Remak-Energomontaż (RMK) - Annual General Meeting Scheduled for April 24, 2025
· Stalprodukt (STP) - Share Buyback of 3,831 Shares for Capital Reduction
“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.
Bowim (BOW) - Significant Revenue and Profit Decline in 2024 Due to Market Conditions
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Bowim S.A. reported a significant decline in financial performance for 2024, with standalone net sales revenues of PLN 1,759,630 thousand, a decrease of PLN 204,707 thousand compared to the previous year. Operating profit fell sharply to PLN 3,827 thousand, down by PLN 29,770 thousand year-on-year. The company recorded a standalone net loss of PLN 11,621 thousand, a deterioration of PLN 24,159 thousand compared to 2023. The decline was attributed to adverse market conditions, including reduced demand due to global factors such as the war in Ukraine, high energy costs, inflation, and high interest rates. Additionally, the company faced a persistent price correction since May 2022, with an average price decline of 15% in 2024 compared to 2023, and an overall 40% decline during the entire correction period. Consolidated financial results for 2024 are still under preparation and will be released according to the reporting schedule for 2025.
Dekpol (DEK) - Real Estate Acquisition Agreement and Major Contracts Secured
Dekpol S.A. announced several significant developments. On March 27, 2025, Dekpol 2 Sp. z o. o., a special purpose vehicle indirectly dependent on the Issuer, signed a preliminary agreement to acquire a 0.54 ha property in Sopot for a residential and service development project. The final agreement is expected by the end of 2025, with revenue potential estimated at approximately 6% of Dekpol Capital Group’s 2023 revenue. The investment is expected to begin in Q3 2026.

Additionally, on March 28, 2025, Dekpol Budownictwo Sp. z o. o., a subsidiary, secured a contract to design and construct a new Musical Theater in Poznań with a gross value of approximately PLN 491 million. This includes a main part valued at PLN 375 million and optional parts worth PLN 116 million. The project has a deadline of 1,300 calendar days.
Furthermore, Dekpol Budownictwo signed an annex to a general contractor agreement for a production plant in the Kuyavian-Pomeranian Voivodeship, increasing the total project value by approximately 15% compared to the previous value. The completion deadline was postponed to Q3 2025.
Izostal (IZS) - Dividend Proposal for 2024 Approved by Supervisory Board & 2024 Annual Report Shows Increased Revenues but Decline in Operating Profit
The Supervisory Board of Izostal S.A. has approved the Management Board's proposal to distribute net profit for 2024, including a dividend payout of PLN 2,946,960.00, corresponding to PLN 0.09 per share for all 32,744,000 shares issued by the company. The recommended dividend record date is July 7, 2025, with a payment date set for July 21, 2025.
Izostal S.A.'s 2024 annual report shows an increase in net revenues to PLN 678.3 million from PLN 661.4 million in 2023, despite a decline in operating profit to PLN 21.07 million from PLN 28.41 million and a decrease in net profit to PLN 9.58 million from PLN 10.07 million. The company reported a negative net cash flow from operating activities of PLN -62.91 million, a sharp decline compared to the positive PLN 111.05 million recorded in 2023. However, net cash flow from financing activities improved significantly to PLN 87.25 million from a negative PLN -106.74 million the previous year. Total assets increased to PLN 731.37 million from PLN 468.45 million, while equity rose slightly to PLN 241.25 million from PLN 234.64 million. Short-term liabilities surged to PLN 460.35 million from PLN 201.31 million, while net profit per share decreased to PLN 0.29 from PLN 0.31 in 2023.
KPPD (KPD) - Sharp Revenue Decline and Widening Losses in 2024
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Koszalin Wood Industry Company S.A. (KPPD) reported a significant decline in financial performance for 2024, with net revenues decreasing to PLN 326.46 million from PLN 356 million in 2023. Operating loss deepened to PLN -40.7 million from PLN -21.4 million, and net loss widened to PLN -44.2 million compared to PLN -18.1 million the previous year. Net cash flow from operating activities remained negative at PLN -3.61 million, while net cash flow from investing activities improved to PLN -1.59 million from PLN -17.27 million. However, net cash flow from financing activities dropped to PLN 0.66 million from PLN 11.24 million. Total assets decreased to PLN 184.35 million from PLN 227.74 million, with equity capital dropping to PLN 109.73 million from PLN 153.94 million. The company’s net loss per share worsened to PLN -27.25 compared to PLN -11.15 in 2023.
Lena Lighting (LEN) - Joins Dali Alliance to Enhance Intelligent Lighting Solutions
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Lena Lighting has joined the Dali Alliance, a global technology consortium focused on establishing standards for intelligent lighting control. This membership highlights Lena Lighting’s commitment to innovation, multifunctionality, and sustainable development. By collaborating with industry experts worldwide, Lena Lighting aims to accelerate its growth and enhance smart lighting systems aligned with concepts such as Human Centric Lighting and smart city development. As part of the Dali Alliance, Lena Lighting will benefit from technologies like DALI-2, D4i, and DALI+, enabling seamless integration with building management systems and IoT solutions.
MFO (MFO) - Strong Revenue Growth but Profitability Remains Low in 2024
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MFO S.A. reported revenues of PLN 616.74 million for 2024, up from PLN 575.9 million in 2023. Despite the revenue increase, profitability remained low with operating profit at PLN 13.76 million compared to PLN 42,000 the previous year. Net profit recovered to PLN 7.19 million from a loss of PLN -14.78 million in 2023. However, net cash flow from operating activities declined to PLN 13.78 million from PLN 43.99 million, while net cash flow from investing activities worsened to PLN -70.88 million from PLN -8.20 million. Total assets rose to PLN 528.81 million from PLN 497.39 million, while equity increased to PLN 308.18 million from PLN 299.57 million. Despite improvements in revenue and profitability, the company continues to face challenges in maintaining positive cash flow and improving overall financial stability.
Relpol (RLP) - Sharp Decline in Revenues and Profitability in 2024 Amid Weak Market Conditions
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Relpol S.A. reported a significant decline in financial performance for 2024, with revenues falling to PLN 109.31 million from PLN 159.51 million in 2023, primarily driven by reduced exports which decreased to PLN 73.14 million from PLN 114.92 million. Gross profit dropped to PLN 12.11 million from PLN 30.37 million, with the gross margin contracting from 19.0% to 11.1%. Operating profit (EBIT) declined to PLN -5.54 million from PLN 9.67 million, while EBITDA fell to PLN 0.48 million from PLN 16.27 million. Net profit turned negative, registering a loss of PLN -6.47 million compared to a profit of PLN 7.18 million in 2023. The company cited weak demand in Poland and Europe, particularly in Germany where industrial production decreased by 3% year-on-year. Additionally, unfavorable EUR exchange rates adversely affected profitability. Despite these challenges, Relpol expects a gradual recovery in 2025, supported by improving industrial activity in Poland and Europe, along with anticipated full utilization of new automated production lines aimed at enhancing efficiency and profitability.
Remak-Energomontaż (RMK) - Annual General Meeting Scheduled for April 24, 2025
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The Management Board of Remak-Energomontaż S.A. has announced that the Annual General Meeting (AGM) will be held on April 24, 2025, at 10:00 AM in Katowice, Poland. The agenda includes reviewing and approving the Management Board's and Supervisory Board's reports for 2024, granting discharge to Board and Supervisory Board members, approving the financial statements, and deciding on the distribution of net profit for 2024. The registration date for participation in the AGM is April 8, 2025. Shareholders are eligible to participate if they hold shares on that date.
Stalprodukt (STP) - Share Buyback of 3,831 Shares for Capital Reduction
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On March 28, 2025, Stalprodukt S.A. completed the purchase of 3,831 of its own shares as part of a buyback program authorized by the Ordinary General Meeting held on June 26, 2024. The transaction, facilitated by Dom Maklerski BDM SA, involved the acquisition of 3,605 registered preference shares and 226 bearer shares, all at a fixed price of PLN 240 per share, with a nominal value of PLN 7,662.
The purchased shares represent 0.07% of the company's share capital and entitle the holder to 18,251 votes at the general meeting, accounting for 0.16% of all votes. Following this transaction, Stalprodukt now holds 310,668 treasury shares, representing 5.75% of its share capital and 3.09% of the total votes at the General Meeting.
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