The Polish Deep Value Week – 2025/26
AGM’s and Dividends
Market: 5
Companies mentioned
· Bowim S.A. (BOW) - Shareholders Appoint Supervisory Board Member, Suspend AGM Until July 25
· Compremum (CPR) - Appoints New Supervisory and Management Board Members at June 30 AGM
· Dekpol (DEK) - Secures PLN 150 Million Investment Loan to Refinance Bonds
· Dębica S.A. (DBC) - to Pay PLN 4.23 Dividend per Share for FY2024
· Feerum (FEE) - Signs Turnkey Grain Storage Project in Egypt Worth Over $24 Million
· Fasing (FSG) - Registers Supervisory Board Mandate Update in Articles of Association
· Hydrotor (HDR) - Resolutions Adopted at 2025 Annual General Meeting
· IZOBLOK (IZB) - Resolutions Adopted at 2025 Annual General Meeting
· KPPD (KPD) - Wood Procurement Contracts Signed for H2 2025
· Lena Lighting (LEN) - Recognized Again for Sustainability Efforts in FOB's 2024 CSR Report
· PA NOVA (NVA) - Approves Dividend Payment for FY2024
· ROPCZYCE (RPC) - Approves Dividend Payment for FY2024
· Stalprodukt (STP) - Approves Dividend of PLN 6.00 per Share
· Grupa Azoty Puławy (ZAP) - Signs Annexes with Financing Institutions to Extend Liquidity Support
“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 S.A. (BOW) - Shareholders Appoint Supervisory Board Member, Suspend AGM Until July 25
P/TB 0.28 │ URL
At Bowim S.A.’s Ordinary General Meeting held on June 26, 2025, shareholders unanimously approved several key resolutions. Wiesław Łatała was appointed as Chairman of the meeting, and Maja Wodarczyk was elected as a new member of the Supervisory Board, following the passing of Aleksandra Wodarczyk. Additionally, the agenda, vote-counting commission, and procedural matters were adopted. Due to the incomplete Supervisory Board and the need to review financial statements for FY2024, the meeting was formally suspended and will resume on July 25, 2025. All votes were cast in favor, with no opposition or abstentions, representing 63.5% of total share capital and 80.2% of the capital excluding treasury shares.
Compremum (CPR) - Appoints New Supervisory and Management Board Members at June 30 AGM
P/TB 0.27 │ URL
At the Annual General Meeting held on June 30, 2025, Compremum S.A. announced key changes in governance. Two Supervisory Board members, including Chairman Łukasz Fojt and Secretary Piotr Matras, submitted their resignations. The meeting approved the appointments of Grzegorz Sanocki and Radosław Śliwerski to the Supervisory Board. Additionally, the Supervisory Board reappointed the Management Board for a new term, with Bogusław Bartczak as President and Łukasz Fojt as Vice-President. The meeting was attended by shareholders representing 55.9% of share capital and 59.5% of total voting rights, with over 83% of AGM votes controlled by Fojt.
Dekpol (DEK) - Secures PLN 150 Million Investment Loan to Refinance Bonds
P/TB 0.81 │ URL
On June 30, 2025, Dekpol S.A. signed an investment loan agreement with PKO Bank Polski for PLN 150 million, maturing in June 2032. The loan, based on a 3M WIBOR plus margin, will be available until end of July 2025 and includes standard covenant requirements such as debt ratio maintenance. The funds will partially refinance the company's series M bonds (PLN 225 million issued in May 2024), aiming to optimize financing costs and extend debt maturity. Final decisions on early redemption of the bonds will be disclosed in a separate report.
Dębica S.A. (DBC) - to Pay PLN 4.23 Dividend per Share for FY2024
P/TB 0.82 │ URL
On June 26, 2025, the AGM of tire manufacturer Dębica S.A. approved the Management Board's proposal to distribute PLN 58.4m as a dividend for FY2024, equal to PLN 4.23 per share. The dividend day is set for September 22, 2025, with payment on December 17, 2025, aligning with the seasonal nature of the business. The remaining PLN 19.4m of net profit will be allocated to reserve capital. The dividend applies to all 13,802,750 outstanding shares.
Feerum (FEE) - Signs Turnkey Grain Storage Project in Egypt Worth Over $24 Million
P/TB 1.18 │ URL
On June 25, 2025, Feerum S.A. announced the signing of a major contract with Egypt’s state-owned Egyptian Holding Company for Silos and Storage, as part of a consortium led by Samcrete Egypt. The contract, valued at approx. EGP 983m and $24.7m (PLN 162.6m total), covers the design, delivery, installation, and commissioning of grain storage and drying facilities with 300,000 tons of capacity in Toshka, Egypt. Feerum is responsible for silos and equipment, while Samcrete will handle local construction. The project is co-financed by a World Bank loan, with a 24-month timeline and 10% performance guarantees. Monthly payments will be made based on work progress, and delays may incur penalties capped at 10% of the contract value.
Fasing (FSG) - Registers Supervisory Board Mandate Update in Articles of Association
P/TB 0.22 │ URL
On July 1, 2025, Fasing S.A. announced that the Katowice District Court registered a change to the Company’s Articles of Association, specifically Article 20.2.1. The amendment, approved by shareholders on June 12, 2025, expands the Supervisory Board’s powers to formally include the selection of an audit firm for financial audits and sustainability reporting assurance. This aligns the company’s governance framework with evolving ESG reporting requirements.
Hydrotor (HDR) - Resolutions Adopted at 2025 Annual General Meeting
P/TB 0.44 │ URL
PHS Hydrotor S.A. announced that all resolutions proposed at the Annual General Meeting held on June 28, 2025, were adopted as planned. The company confirmed that no agenda items were omitted and no objections were raised in the minutes. Approved items included the Management Board’s report on the company’s and the capital group’s operations, the sustainability report, and the financial statements for 2024. Additionally, the Supervisory Board’s 2024 report and the remuneration report were reviewed and approved. All related documents had been published via the ESPI system on April 30 and May 30, 2025.
IZOBLOK (IZB) - Resolutions Adopted at 2025 Annual General Meeting
P/TB 0.47
IZOBLOK S.A. announced that during its Annual General Meeting held on June 25, 2025, all proposed agenda items were addressed, with no objections submitted to the minutes. The company disclosed the full content of the adopted resolutions and associated documents, including detailed voting outcomes—covering the number of shares represented, vote counts “for,” “against,” and “abstaining,” and their proportion in the share capital. The meeting proceeded without omissions or disruptions, and relevant attachments were published alongside the current report.
KPPD (KPD) - Wood Procurement Contracts Signed for H2 2025
P/TB 0.41 │ URL
KPPD-Szczecinek SA announced it has signed wood raw material purchase agreements for the second half of 2025 with three regional forest directorates (RDLP): Szczecinek (PLN 35.4m), Szczecin (PLN 16.1m), and Piła (PLN 15.3m), totaling PLN 66.8m net. The contracts outline general purchase terms by forest district, include standard penalty clauses capped at 10% of contract value, and do not waive the right to seek additional damages.
Lena Lighting (LEN) - Recognized Again for Sustainability Efforts in FOB's 2024 CSR Report
P/TB 0.62 │ URL
Lena Lighting has once again been acknowledged in the “Responsible Business in Poland 2024. Good Practices” report by the Responsible Business Forum (FOB) for its consistent implementation of a sustainability strategy. The company's efforts in the “Rozświetlamy Polskę” program—supporting Polish cities with energy-efficient lighting—and its installation of AC chargers for electric vehicles were particularly highlighted. These initiatives aim to reduce CO₂ emissions and light pollution while promoting electromobility. Lena Lighting emphasizes transparency, environmental respect, and long-term community impact. The 2024 edition of the report featured 957 projects from 265 companies aligned with ISO 26000 standards.
PA NOVA (NVA) - Approves Dividend Payment for FY2024
P/TB 0.30 │ URL
On June 25, 2025, the Annual General Meeting of PA NOVA SA approved a resolution to distribute the company’s 2024 profit by paying a cash dividend totaling PLN 7.48 million. The dividend will amount to PLN 0.75 per share and will apply to 9,969,529 shares, excluding treasury shares held by the company. The record date for dividend eligibility has been set for September 19, 2025, and the payment will be made on December 12, 2025.
ROPCZYCE (RPC) - Approves Dividend Payment for FY2024
P/TB 0.37 │ URL
On June 30, 2025, the Annual General Meeting of Zakłady Magnezytowe ROPCZYCE S.A. approved the distribution of profit in the form of a cash dividend totaling PLN 6.13 million. Shareholders will receive PLN 1.10 per share, with the dividend record date set for July 10, 2025, and the payment scheduled for August 13, 2025. The dividend applies to 5,573,600 shares.
Stalprodukt (STP) - Approves Dividend of PLN 6.00 per Share
P/TB 0.36 │ URL
On June 26, 2025, the Ordinary General Meeting of Stalprodukt S.A. adopted a resolution to pay a dividend totaling PLN 30.53 million, sourced from the 2024 profit and retained earnings from previous years. Shareholders will receive PLN 6.00 gross per share, with the dividend covering 5,088,930 shares. The record date is set for July 3, 2025, and the payment date for July 18, 2025.
Grupa Azoty Puławy (ZAP) - Signs Annexes with Financing Institutions to Extend Liquidity Support
P/TB 0.36 │ URL
On July 1, 2025, Grupa Azoty Zakłady Azotowe “Puławy” S.A. announced that its parent company, Grupa Azoty S.A., signed an annex with 12 financing institutions and a separate Memorandum of Understanding with the European Investment Bank (EIB) to extend the availability of existing credit limits under current financing agreements. The annex ensures that no actions will be taken to reduce or cancel the available funding through September 30, 2025, pending confirmation of extension beyond July 31, 2025. These arrangements aim to support the ongoing restructuring of the Azoty Group, maintain liquidity, and safeguard the group’s ability to meet its obligations. The agreements also require the group to submit documentation and continue adhering to investment and debt restrictions outlined in the original agreements.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.