The Polish Deep Value Week – 2025/15
New Report, New Order and Mentioning on X
Companies mentioned
· Amica (AMC) - Reports full-year 2024 results with net loss and negative cash flow
· Fasing (FSG) - Secures new €241.7k order from Ukrainian client, total annual orders reach €3.4m
· Remak Energomontaz (RMK) – Mentioned on X
· Tesgas (TSG) - Postpones 2024 annual and consolidated report publication to April 25
“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) - Reports full-year 2024 results with net loss and negative cash flow
P/TB 0.58 │ URL
Amica S.A. has published its consolidated annual report for 2024, prepared according to EU-approved IFRS. The company reported revenue of PLN 2,573.6m and an operating profit of PLN 65.0m. However, profit before tax dropped to PLN 28.0m, and the year ended with a net loss attributable to shareholders of PLN -13.2m. Cash flow from operating activities was strong at PLN 95.7m, but overall cash flow was negative at PLN -27.2m due to significant outflows from investing (-PLN 36.8m) and financing activities (-PLN 86.1m). Equity amounted to PLN 1,049.8m and short-term liabilities stood at PLN 740.4m. The company paid a dividend of PLN 2.50 per share for the year.
Fasing (FSG) - Secures new €241.7k order from Ukrainian client, total annual orders reach €3.4m
P/TB 0.24 │ URL
Fasing Capital Group S.A. has accepted a new order on April 11, 2025, from DTEK Pavlohradcoal PJSC (Ukraine), covering chains, connecting links, spare parts, a lock, and a double-chain route, with a total value of €241.7k. Over the past 12 months, cumulative orders from this Ukrainian client have reached €3.44m, all involving similar mining equipment components.
Remak Energomontaz (RMK) – Mentioned on X
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Iggy on Investing shared some thoughts on the company on X.
Tesgas (TSG) - Postpones 2024 annual and consolidated report publication to April 25
P/TB 0.36 │ URL
Tesgas S.A. has announced a change in the publication schedule for its standalone and consolidated annual reports for the financial year ending December 31, 2024. Originally planned for release on April 18, 2025, both reports will now be published on April 25, 2025. The postponement is in line with §80(2) of the Polish regulation on current and periodic information requirements for issuers.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.