The Polish Deep Value Week – 2025/22
Board Changes, AGM’s, Quarterly Reports and Dividends
Market:5
Companies mentioned
· Bowim (BOW) - Supervisory Board Member Aleksandra Wodarczyk Has Passed Away & announces AGM on June 26, 2025, with planned adjournment due to Supervisory Board vacancy
· Dekpol (DEK) - Recommends PLN 3.45 dividend per share and convenes AGM for June 27, 2025 & signs PLN 491m contract to build new Musical Theatre in Poznań by 2028
· Efekt (EFK) - Appoints Mirosław Feliniak to Supervisory Board following resignation
· Feerum (FEE) - Reports strong revenue and profit growth in Q1 2025
· KPPD-Szczecinek (KPD) - Approves 2024 financials and appoints new Supervisory Board
· Monnari (MON) - Q1 2025: Net profit halved, cash outflows increase sharply
· Maxcom (MXC) - Q1 2025: Sales drop and operating loss after profitable Q1 2024
· Pepees (PPS) - Court dismisses Epsilon's claim regarding 2023 AGM discharge resolutions
· Rawlplug (RWL) - Weak Q1 earnings with negative cash flow despite stable revenue
· Stalprofil (STF) - CEO acquires shares
· Trans Polonia (TRN) - Q1 2025 shows return to profit and improved cash from operations
· Tesgas (TSG) - AGM agenda expanded to include Supervisory Board elections & Weak Q1 2025 as Group posts net loss of 4.3 mPLN
· Puławy (ZAP) - Continued losses in Q1 2025 despite revenue growth
“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) - Supervisory Board Member Aleksandra Wodarczyk Has Passed Away & announces AGM on June 26, 2025, with planned adjournment due to Supervisory Board vacancy
P/TB 0.28 │ URL
Bowim S.A. announced that Supervisory Board Member Ms. Aleksandra Wodarczyk passed away on May 22, 2025. As a result, her mandate expired on the same date. The information was received by the company on May 23, 2025. The disclosure is made in accordance with §5(4) of the Polish Minister of Finance’s regulation on current and periodic disclosures by listed companies.
Bowim S.A. has convened its Annual General Meeting for June 26, 2025, at 10:00 a.m. in Sosnowiec, Poland. The agenda includes standard annual items such as approval of the 2024 financial statements, discharge of Management and Supervisory Board members, and a vote on the company’s remuneration policy. A key agenda item is the appointment of a new Supervisory Board member following the death of Ms. Aleksandra Wodarczyk on May 22, 2025. As the current Supervisory Board is not fully constituted and thus unable to formally review the financial documentation or issue related reports, the Management Board plans to propose a recess in the meeting immediately after the new member is elected. The meeting is expected to reconvene on July 23, 2025, to finalize the outstanding items. Draft resolutions and supporting documentation will be made available on the company’s website after the new Supervisory Board member has reviewed and approved the materials.
Dekpol (DEK) - Recommends PLN 3.45 dividend per share and convenes AGM for June 27, 2025 & signs PLN 491m contract to build new Musical Theatre in Poznań by 2028
Dekpol S.A. has announced that its Management Board, with the support of the Supervisory Board, will propose to the Annual General Meeting the distribution of PLN 43.7m in net profit for 2024, of which PLN 28.85m is to be paid as dividend (PLN 3.45 per share) and PLN 14.87m allocated to reserve capital. The dividend record date is proposed as July 4, 2025, with payment on July 11, 2025. The AGM is scheduled for June 27, 2025, in Gdańsk, with a comprehensive agenda that includes approval of the 2024 financial reports, discharge of Management and Supervisory Board members, adoption of a new remuneration policy, amendments to the Articles of Association, and the appointment of three Supervisory Board members. Draft resolutions and related documents have been published in advance of the meeting.
Dekpol S.A. announced that its subsidiary, Dekpol Budownictwo Sp. z o.o., signed a contract on May 30, 2025, with the Musical Theatre in Poznań for the design and full execution of a new theatre facility. The agreement, awarded via public tender, covers the entire investment process, including permits, construction, and occupancy approval, with completion scheduled for Q4 2028. The total gross contract value is PLN 490.7m (net PLN 399.0m), including a core project value of PLN 374.8m gross and optional works worth approx. PLN 115.9m gross. The Ordering Party holds rights to activate or exclude optional scopes and impose penalties for delays or defects, capped at 20% of net remuneration. The contract also includes indexation clauses and provisions for withdrawal in case of financing issues or significant delays.
Dekpol S.A. issued a correction to its May 30, 2025 report regarding the construction contract for the new Musical Theatre in Poznań. The original report mistakenly listed remuneration figures in "millions," overstating the contract value. The corrected figures confirm the total gross value at PLN 490.7m (PLN 399.0m net), with PLN 374.8m gross allocated to the main scope and PLN 115.9m gross as optional works. The agreement, signed by subsidiary Dekpol Budownictwo Sp. z o.o., covers full design, permitting, and construction through Q4 2028. The contract includes standard indexation clauses, penalty provisions (capped at 20% of net remuneration), and termination rights, particularly if public co-financing is withdrawn.
Efekt (EFK) - Appoints Mirosław Feliniak to Supervisory Board following resignation
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Korporacja Gospodarcza "Efekt" S.A. announced that following the resignation of Mr. Mateusz Kaczmarek from the Supervisory Board, the Board has co-opted Mr. Mirosław Feliniak as a new member effective May 30, 2025, for the current joint term. The appointment was made under the company’s Articles of Association. Mr. Feliniak declared full compliance with legal, ethical, and independence requirements under Polish law, EU regulations, and corporate governance standards. He confirmed no conflicts of interest or connections to competitive entities and consented to the publication of his personal and professional data. His education, qualifications, and career details are provided in an attachment to the official report.
Feerum (FEE) - Reports strong revenue and profit growth in Q1 2025
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Feerum S.A. published its consolidated Q1 2025 results, showing significant improvement year-on-year. Sales revenue rose to PLN 26.6m from PLN 13.8m in Q1 2024. Operating profit grew to PLN 1.7m (vs. PLN 0.6m), while net profit reached PLN 1.3m (vs. PLN 0.1m). Earnings per share improved to PLN 0.14. Despite positive earnings, cash flow from operations dropped to PLN 1.0m (from PLN 5.8m), and net cash flow was negative at PLN -805k. On the balance sheet, assets increased to PLN 157.7m (up from PLN 142.7m at year-end 2024), with equity stable at PLN 114.8m. Short-term liabilities rose significantly to PLN 36.1m (from PLN 23.9m), indicating increased working capital demands.
KPPD-Szczecinek (KPD) - Approves 2024 financials and appoints new Supervisory Board
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At the Annual General Meeting held on 30 May 2025, KPPD-Szczecinek SA approved its 2024 financial statements, which included a net loss of PLN 44.2m and a reduction in equity by the same amount. The loss will be fully covered from reserve capital. The AGM also discharged Management and Supervisory Board members for their 2024 duties and approved the Supervisory Board’s remuneration report. Additionally, a new Supervisory Board for the upcoming term was appointed, comprising Joanna Jodłowska, Krzysztof Lewandowski, Joanna Połetek-Żygas, Michał Raja, and Eliza Stępniewska. Shareholders also approved the sale of perpetual usufruct rights to properties in Łubowo and Koszalin, at minimum net prices of PLN 1.4m and PLN 5.5m, respectively. All resolutions were adopted unanimously, with voting participation at 67.01% of share capital.
Monnari (MON) - Q1 2025: Net profit halved, cash outflows increase sharply
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Monnari Trade S.A. reported a consolidated net profit of 877 kPLN for Q1 2025, down 39% y/y from 1.44 mPLN. Revenue increased 8% y/y to 80.1 mPLN, while EBIT improved to 1.7 mPLN (vs. 962 kPLN). However, total net cash flow was significantly negative at –26.6 mPLN, mainly due to –13.4 mPLN in investing cash flow and –11.0 mPLN from operations. Equity remained flat q/q at 305 mPLN, and book value per share was 9.97 PLN. No dividend was declared. The unit (parent) company posted stronger margins, with a net profit of 2.33 mPLN and an EBIT margin of ~3.6%.
Maxcom (MXC) - Q1 2025: Sales drop and operating loss after profitable Q1 2024
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Maxcom S.A. reported a significant deterioration in performance for Q1 2025. Revenues declined 15% y/y to 22.7 mPLN. The company swung to an operating loss of –1.8 mPLN (vs. +1.2 mPLN y/y) and posted a net loss of –2.0 mPLN, compared to a profit of 476 kPLN in Q1 2024. Cash flow from operations worsened to –4.3 mPLN (vs. –569 kPLN), while total net cash flow was –527 kPLN. Equity decreased slightly to 52.3 mPLN from 54.3 mPLN year-on-year. Short-term liabilities increased to 26.5 mPLN. The weak results reflect both declining sales and rising cost pressures.
Pepees (PPS) - Court dismisses Epsilon's claim regarding 2023 AGM discharge resolutions
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Pepees S.A. announced that the District Court in Białystok dismissed the lawsuit filed by Epsilon FIZ AN to annul three resolutions passed during the company’s AGM on May 25, 2023. The contested resolutions involved granting discharge to the Management Board and the Chairman of the Supervisory Board for the 2022 financial year. The judgment is not final and may be appealed.
Rawlplug (RWL) - Weak Q1 earnings with negative cash flow despite stable revenue
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Rawlplug S.A. reported Q1 2025 consolidated sales of 272 mPLN, largely flat y/y. However, operating profit fell to 14.2 mPLN (vs. 17.8 mPLN), and net profit dropped sharply to 2.4 mPLN (vs. 10.3 mPLN). Net cash flow from operations turned negative at -16.3 mPLN, down from +14.4 mPLN last year. Gross margin pressure and a weak bottom line impacted EPS (0.03 PLN vs. 0.24 PLN). Equity remained stable at 670 mPLN.
Stalprofil (STF) - CEO acquires shares
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Stalprofil S.A. announced that on May 28, 2025, it received four notifications under Article 19(1) of the EU Market Abuse Regulation (MAR) regarding share purchases made on May 27, 2025. The transactions involved Henryk Orczykowski (President of the Management Board) acquiring 150,000 shares, Zenon Jędrocha (Management Board Member) acquiring 100,000 shares, Sylwia Potocka-Lewicka (Management Board Member) acquiring 60,000 shares, and Stefan Dzienniak (Chairman of the Supervisory Board) acquiring 20,000 shares.
Trans Polonia (TRN) - Q1 2025 shows return to profit and improved cash from operations
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Trans Polonia S.A. reported net sales of 52,733 kPLN in Q1 2025, slightly down from 54,126 kPLN in Q1 2024. Operating profit reached 436 kPLN (vs. a loss of -1,191 kPLN), and pre-tax profit came in at 1,316 kPLN (vs. -585 kPLN). Net profit attributable to shareholders amounted to 897 kPLN (vs. -574 kPLN). Cash flow from operations turned positive at 1,548 kPLN (vs. -695 kPLN), while total net cash flow was -1,016 kPLN. Equity stood at 141,541 kPLN and total assets at 241,114 kPLN as of 31 March 2025.
Tesgas (TSG) - AGM agenda expanded to include Supervisory Board elections & Weak Q1 2025 as Group posts net loss of 4.3 mPLN
Tesgas S.A. has amended the agenda for its Annual General Meeting scheduled for June 16, 2025, at the request of a shareholder. The new item involves the election of Supervisory Board members by voting in separate groups, including the potential adjustment of the number of board members, supplementary appointments, and setting remuneration for members delegated to ongoing supervisory duties. The revised agenda now includes 23 points covering standard approvals of 2024 financials and reports, profit distribution, discharge of duties for management and supervisory board members, and changes to internal regulations and remuneration policy. The update was made in accordance with Article 401 § 1 of the Commercial Companies Code.
Tesgas S.A. reported a sharp year-on-year decline in financial performance for Q1 2025. Consolidated sales fell to 12.2 mPLN (vs. 22.0 mPLN in Q1 2024), while the Group posted a net loss of -4.3 mPLN, compared to a 36 kPLN profit a year earlier. Operating result dropped to -4.8 mPLN (vs. +122 kPLN). Net cash from operations was 1.6 mPLN (down from 5.9 mPLN), while cash from financing was negative at -1.7 mPLN. At parent level, Tesgas S.A. saw revenue halved to 8.6 mPLN and reported a net loss of -2.0 mPLN. The Group’s total assets amounted to 112.5 mPLN, equity decreased to 84.0 mPLN, and book value per share dropped to 7.33 PLN.
Puławy (ZAP) - Continued losses in Q1 2025 despite revenue growth
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Grupa Azoty Zakłady Azotowe "Puławy" S.A. posted a net loss of -88.1 mPLN in Q1 2025, narrowing from -145.8 mPLN a year earlier. Consolidated revenue increased to 1.1 bnPLN (from 902 mPLN), and gross margin turned positive at 49.3 mPLN (vs. -18.9 mPLN). Despite these improvements, operating and net results remained negative, with -96.4 mPLN in gross loss and -88.1 mPLN in net loss. Cash flow from operations surged to 761.8 mPLN (up from 199.4 mPLN), financing outflows remained high at -736.7 mPLN. Balance sheet total assets grew to 7.07 bnPLN, while equity declined slightly to 2.89 bnPLN.
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