https://mobruk.pl/grupa-mo-bruk-z-8-proc-wzrostem-ebitda-w-i-polroczu-2025/

https://mobruk.pl/raporty_okresowe/skonsolidowany-raport-polroczny-psr-2025/

$MBR (-1,32%)

🔢 Important points from the half-year report:

• +6% turnover: PLN 127 million / ~€30 million
• +8% EBITDA: PLN 52 million / ~€12 million
• -7% EBIT: PLN 37 million / ~€9 million
• -13% Net profit: PLN 26.5 million / ~€ 6 million
• 45% EBITDA margin
• 21% Net margin

The higher depreciation and amortization (+ PLN 6.7 million / ~€ 1.6 million) due to new capacities is striking here

🏭 Core business:

• +6% processed waste (~158t / ~149t)

Incineration 🔥

• +36% turnover
• +20% processed waste during incineration
• 100% capacity utilization

Full capacity utilization of incineration plants until the end of the year with good prices. Significant price increase visible.

Stabilization 🧱

• +4% turnover
• +15% processed waste in stabilization
• 100% capacity utilization in Skarbimierz and Niecwia
• 70% capacity utilization in El-Kajo

The utilization of El-Kajo is clearly noticeable here, although the price has fallen by -14%.

RDF ♻️

• -24% production
• -5% RDF prices
• -18% processed waste for RDF production
• 50% capacity utilization

However, sales have almost doubled from Q1 to Q2 ... this trend is expected to continue with the start of exports to foreign markets. Annual sales from RDF are expected to increase by ~20-30% in 2025.

Ecological bombs 💣

• PLN 1.6 million turnover recorded in Q2
• PLN 30 million secured for 2025
• PLN 20 million secured for 2026

Major tenders are due in Q3 and Q4, which should expand this portfolio and remain a key growth driver in the coming years 💰💰💰

🔺 The three main business divisions should continue to grow in the second half of the year. 📈

🔺 RDF is supplied to Ukrainian cement plants 🇺🇦

🔺 Share buybacks will not take place until next year due to investments. Takeover bids and market buybacks are planned. 🛒

🔺 The idea of investing in energy storage exists. 🔋

🔻 Depreciation and amortization in Q3: PLN 52 million / ~€12.2 million other operating costs and PLN 10 million / ~€2.3 million interest (net result PLN -61 million / EBITDA PLN -52 million) 📉

Since it is always very difficult for me as a German to read the reports, I relied heavily on the Polish summary on Twitter. You can also read it here:

⚠️ https://x.com/kamilzamojc/status/1958496589615427745?s=46

🔋 https://x.com/valueseekerpl/status/1958473453108912361?s=46

https://x.com/valueseekerpl/status/1958470251235918230?s=46

🤪 https://x.com/kamilzamojc/status/1958474768698474498?s=46

The figures give me mixed feelings. I particularly like the strong results in the lucrative combustion business. I also find the speculation about possible investments in energy storage systems exciting. However, the weak RDF figures and the continued negative effects on profits are dampening my mood. However, I assume that these are only temporary effects. As capacity utilization increases, these negative feelings will also dissipate. I am very optimistic about the coming quarters, especially with regard to the ecological bombs...

👉 What do you think of the figures?

$MBR (-1,32%)

On July 8, Polish Climate and Environment Minister Paulina Hennig-Kloska announced a package of measures worth PLN 400 million (~USD 100 million / € 94 million) to eliminate so-called "ecological bombs" - illegal and dangerous toxic waste dumps across the country.

The program is designed for the next three years. Priority regions include Łódź (Lodsch), Silesia and Świętokrzyskie (Holy Cross).

The overview of the provinces and the location of mobruk shows that Mo-BRUK has two incineration plants (in Karsy and Jedlicze) and two stabilization plants (in Niecew and Skarbimierz), which are located in the immediate vicinity of the aforementioned key regions. Mo-BRUK should therefore be ideally positioned to win at least a significant proportion of the tenders.

Even if Mo-BRUK were to win only a third of the tenders, this would already correspond to an increase in turnover of around 50% compared to the current annual turnover.

Since Mo-BRUK announced on July 2 that it would pay the increased fees for 2018/2019 (regardless of the outcome of the ongoing legal proceedings), the risk of being completely excluded from the tenders has also been eliminated.

It is also exciting that the article mentions that the waste transports are monitored by GPS to prevent the waste from being diverted to another illegal landfill. In my opinion, this shows that the Polish government is now serious about combating the criminal waste business.... Even if this reaction comes decades too late. As a leading and reputable industrial waste company, Mo-BRUK should therefore be in an excellent position to win at least a few significant awards....anything else would be more than disappointing.

Exciting, isn't it?

This means that part of my "bet" is paying off, namely that the Polish government must respond to this waste problem before they drown completely in waste. ...

As a reminder, Poland has ~800 illegal dumpsites in forests and rivers with waste from all over Europe.

Source: https://www.bankier.pl/wiadomosc/Bomby-ekologiczne-i-nielegalne-wysypiska-Hennig-Kloska-400-mln-zl-na-ich-usuwanie-8975731.html

Recently I had the pleasure of $MBR (-1,32%) introduce to you.

Today I would like to report on an important topic in this regard:

What it's about 🚯💸

From 2015 - 2020, the Marshal of the Lower Silesian Voivodeship issued an increased fee against mobruk for unlawful storage or late removal of waste.

However, mobruk disputes these and took legal action against all decisions, as they consider these decisions to be excessive or incorrect.

What is the legal process? 👨🏼‍⚖️

Decisions that have been issued are first reviewed by the SKO (a regional self-governing chamber for appeals) before going to the next instance in the event of an appeal: the WSA (Voivodeship Administrative Court). This is comparable to our courts at provincial level.

The last instance is the NSA (Supreme Administrative Court of Poland).

What is the current status of these proceedings?

In the last press release, Mobruk reported on the status of the respective proceedings. https://mobruk.pl/wyrok-nsa-w-sprawie-oplat-podwyzszonych/

2015

The NSA dismissed Mobruk's claim and ordered Mobruk to pay the ~ PLN 5.8 million/ € 1.4 million. The amount was already secured, but Mobruk must pay an additional PLN 1.9 million/ € 0.45 million for accrued interest.

2016

The claim for the increased fees in the amount of ~ PLN 17.5 million/ € 4.12 million expired due to negligence.

2017

NSA dismissed the SKO's appeal against the WSA's ruling. Mobruk had previously paid the requested sum as a precautionary measure, which will now be returned to the company in the amount of PLN 29.4 million/€ 6.92 million.

This sum will now be secured as a precautionary measure for the 2018/2019 proceedings.

2018

The SKO issued a decision on the increased fees, which now amount to ~ PLN 38m/ € 9m. PLN 2.7m/ € 0.64m has already been seized. Outstanding plus interest is now ~ PLN45.6m/ €10.7m. An appeal was lodged with the WSA in January.

2019

In its decision in May, the SKO charged fees plus interest in the amount of PLN 16.6 million/€ 3.9 million. An appeal was also lodged in June.

2020

In the SKO's decisions for 2018 and 2019, the SKO refers to a calculation basis that can be made until March 19, 2019 at the latest. This virtually eliminates the risk for later periods.

What are the effects?

Mobruk has now decided to pay the outstanding amounts plus interest for the 2018 and 2019 proceedings in the amount of ~ PLN 62.1 million/€ 14.6 million subject to reimbursement. These are to be settled using the funds from the 2017 proceedings (PLN 29.4 million/€6.92 million) and own funds (PLN 32.7 million/€7.69 million) and written off in Q3.

By paying the outstanding balances, Mobruk eliminates the risk of being excluded from tenders.

Quote from CEO Hendryk Siodmok 🗣️

"Despite the fact that the company will continue to assert its rights in relation to fees for 2018 and 2019 and will await the SKO decision for 2017, we are pleased that we have managed to reduce the total financial risk from around PLN 268 million to around PLN 58 million. This reduced the risks for investors and strengthened the company's financial credibility in the eyes of the market and financial institutions. The dismissal of the cassation complaint for 2017 by the NSA is beneficial for the company, and our decision to voluntarily pay the above amounts for 2018 and 2019 has no impact on the company's current operations, and the liquidity situation remains stable. The company also secured funds for the payment of dividends from the profit for 2024 in the amount of PLN 46.3 million, which are planned for October 30 this year. We focus on operational activities and full use of the potential of modernized facilities. At the same time, we are working to maximize the synergies resulting from the acquisitions made."

Opinion:

In my opinion, these increased fees highlight one of the most fundamental causes of Poland's waste problems. While the country is drowning in illegal dumping, the legal dumps are, quite rightly, massively controlled. These expensive fines and fees make legal disposal more expensive and illegal disposal all the more attractive.

The 2017 decision gives hope for the ongoing cases.

By settling the open cases, the risk of being excluded from public tenders has now also been eliminated. (e.g. for ecological bombs)

Regardless of the outcome of these proceedings, all risk would now be reflected in the balance sheet and the cases could be shelved.

As a result of this additional write-down, I expect that the net margin could fall to as low as 13% this year. This would further reduce the net margin, which was still at 50% in Corona times. ...However, due to a one-off effect and, of course, the 77% higher depreciation of the new capacities. On the other hand, I still expect a very positive development of the actual business, which will again be overshadowed by the falling margin.

Among other things, I expect energy costs to fall significantly this year. In April 2025, 64% of the company's own energy requirements were already covered by the new PV systems and the new turbines from RAF Ekologia. The aim is to cover up to 90% in the next few quarters!

A brilliant synergy for me. I'm paying for waste that has to be incinerated for certain reasons must be incinerated and even cover my own energy needs with it.

I assume that the sums paid for the 2018/2019 proceedings will be dropped as in the 2017 precedent case and that we will see these sums again sooner or later ... perhaps even as a nice special dividend.💰

German shareholders and Poles

Polish companies and shares are rarely discussed in German-speaking countries. The best known are probably Dino Polska
$DNP (-0,66%) and Zabka $ZAB (-1,28%) which are both active in the food retail sector. In the small-cap investment community Text S.A. $LVC (-7,57%) is also known to some. Recently @Daxhund also published a recommendable post about the waste company Mo-BRUK $MBR (-1,32%) was also published. However, today's post is not about these four shares. This post is the beginning of a kind of series on Polish growth stocks. However, this first post contains some basic information about the Polish economy and a brief introduction to the stocks as a foretaste of what to expect in the coming weeks.

Poland as a business location

The most populous country in Eastern Europe is developing into a very attractive location for companies. This is particularly evident in the rapid development of gross domestic product to date: since 1980, the figure has risen by an average of 7% per year [1]. According to estimates, growth is only expected to slow by two percentage points to 5% per year by 2030. As in Germany, a large part of value creation is generated by the service sector. Industry and agriculture together only contribute around 1/3 to GDP [2]. With an unemployment rate of 2.7 % (Germany: 3.5 %), it also has the lowest unemployment rate in the EU after the Czech Republic [3]. Incidentally, the national currency is the złoty. One złoty is equivalent to around 0.27 US dollars [4]. The currency has recently appreciated slightly, but interest rate cuts are foreseeable in Poland in the coming months [5].

The economic success is also reflected in the share prices of Polish stocks. The best-known index is the WIG20TR performance index. This tracks the 20 largest and most liquid companies listed on the Warsaw Stock Exchange. With an annualized return of around 12 % over the last five years, it is roughly on a par with the German DAX index and the famous S&P 500.

google.com/finance/

It is worth taking a look at the Polish indices that track medium-sized companies. A comparison of the various indices reveals a clear pattern. The smaller the companies covered by the respective index, the higher the return to date. The smallest index, WIG80TR, comprises 80 small Polish companies and has achieved an impressive return of over 20 % per year. This is even better than tech indices such as the Nasdaq 100 (14.5 % p.a.).

google.com/finance/

Disclaimer

This is not investment advice. These are personal assessments and cannot replace professional advice. If you don't want to miss any more stock analyses from me, please subscribe to my free sub-subscription (link in profile).

However, it is difficult to invest in the Polish market via ETFs. However, if you are firmly convinced of Poland, you can take a look at the iShares MSCI Poland UCITS ETF USD (Acc). According to its own statements, the ETF promises "access to the highest-volume companies on the Polish stock market". It contains 13 different stocks. However, the largest position (PKO Bank Polski) is quite overweight with a share of 20% of the total position. The TER of the ETF is also quite high at 0.74% p.a. The past performance correlates strongly with the WIG20TR.

The three stocks

Vercom

With a market capitalization of the equivalent of 600 million euros, Vercom $VRC (+0%) is the most valuable of the three companies. Founded in 2005, the company offers cloud communication platforms (CPaaS) for companies to optimize their relationship with customers. Among its many products is the Emaillabs platform, for example, which can be used to reliably send notifications, password resets, purchase receipts and offers to customers. Turnover rose by 47% to 469 million złoty (112 million euros) in the last financial year. However, the share has its price: according to my own estimates, the P/E ratio is 27. It remains to be seen whether this valuation is justified.

cyber_Folks

cyber_Folks $CBF (-0,61%) is a Polish technology company. It specializes in web hosting and the registration and transfer of domains. It's like the Polish Ionos, but without its own cloud. With a steadily growing customer base of 370,000 and impressive average revenue growth of 40% since 2005, there is little to complain about in terms of figures. Half of the turnover comes from Poland, the other half is international sales. The company also holds large stakes in the other two shares. It holds 50 % of the shares in Vercom and 49.9 % in the other. The complete takeover of both companies is not planned for the time being, but rather a kind of cooperation in which the various products are implemented across all three companies because they complement each other so well. This will create an ecosystem that can be expanded through possible further acquisitions.

Shoper

Shoper $SHO (+0,22%) offers a platform based partly on a subscription model. With Shoper, companies can create their own online store. There is also the additional option of launching and managing advertising campaigns. In other words, a Polish equivalent to Shopify. In 2024, turnover increased by 26% to 192 million złoty. The net margin improved from 17% to 19%. The share price is currently 29 times the expected profit for this year. For Shopify it is 80 times. This raises the question of whether this valuation discount is justified and whether Shoper can continue to hold its own in the future.

Sources

[1]

https://de.statista.com/statistik/daten/studie/14410/umfrage/bruttoinlandsprodukt-bip-in-polen/

[2] https://de.statista.com/statistik/daten/studie/227370/umfrage/anteile-der-wirtschaftssektoren-am-bruttoinlandsprodukt-bip-in-polen/

[3]

https://de.statista.com/statistik/daten/studie/160142/umfrage/arbeitslosenquote-in-den-eu-laendern/

[4] https://www.google.com/finance/quote/PLN-USD?sa=X&ved=2ahUKEwi7zeDfo92NAxWbhv0HHS0VPEUQmY0JegQIChAv

[5] https://de.investing.com/news/economy-news/polnische-zentralbank-erwagt-zinssenkungen-im-juli-oder-herbst-93CH-3000499

Recently I was able to give you a little insight into one of my favorite stocks, $MBR (-1,32%) , .

Mo-Bruk's Annual General Meeting was held today. Among other things on the agenda: distribution of profits and share buyback. And even though the omens were not good on Friday the 13th, everything went smoothly ;)

Dividend

Ex-date: July 30, 2025

Payout date: October 30, 2025

Amount: PLN 13.17 / € 3.08

Dividend yield: ~5%

Payout ratio: ~66%

Buyback of own shares

Total shares outstanding: 3,512,885

max. buyback: 125,000 shares

max. value: PLN 50,000,000/ ~€11,700,000

Repurchase price: 200 - 400 PLN/ 46.80 - 93.60€

Percentage of total capital: 3.56

All in all, I am very satisfied. After deducting the 19% withholding tax in Poland, I should still have €600 in dividends.

And with that, I wish everyone a great start to the weekend ☀️

My bet with "The big scrap"

$MBR (-1,32%)

Even if the title sounds like a chip shop, this is a real hidden gem from the waste management sector with a current market capitalization of around 225 million euros.

The stall may be small, but the fries taste best here ... don't they?

What does Mo-BRUK do anyway?

In a nutshell: Mo-BRUK earns money with waste - twice over. They accept industrial and hazardous waste for a fee and then process it into recyclable products or energy.

The business model is divided into three core business areas:

1. incineration of industrial & medical waste🔥

Materials such as solvents or hospital waste are incinerated at very high temperatures. This produces steam, which in turn is used to dry other waste (RDF) or to generate energy.

2. waste stabilization/solidification ♻️

Inorganic hazardous and non-hazardous waste is chemically and physically treated so that it no longer poses a risk. The end product is a solid granulate that can be used in cement construction, for example.

3. RDF production (Refuse-Derived Fuel)⛽️

Non-hazardous household waste is shredded and dried to be used as fuel in cement plants, for example. RDF is a recognized secondary fuel and helps to replace fossil fuels.

Exciting fact: Mo-BRUK was able to cover around 35% of its energy requirements from its own sources in the current year - the aim is to achieve a quota of 90% using its own turbines (RAF Ekologia) and PV systems.

Poland - the EU's new economic miracle?🇵🇱

Underestimated by many just a few decades ago, Poland is now one of the most dynamically growing economies in the EU. Google, Microsoft, Intel and many German companies are investing heavily in local sites and data centers.

A geopolitical factor: as a frontline state on the EU's eastern flank, billions are also flowing into infrastructure, defense and industrial development.

Conclusion: where industry grows, so does the volume of waste. And this is precisely where Mo-BRUK is ideally positioned.

Poland's waste problem - Mo-BRUK's opportunity🚯

Despite EU directives, 38% of household waste still ends up in landfills in Poland according to Eurostat (2022) - in Germany, the figure has been close to 0% since 2005. In addition, there are thousands of illegal landfills with hazardous waste from home and abroad.

Mo-BRUK benefits directly from the political and regulatory will to eliminate these abuses - including special projects paid for by the state ("ecological bombs"). Although these "bombs" add a nice touch to sales, I would like to leave them out of the equation.

How dependent is Mo-BRUK on the individual segments?

Combustion and stabilization account for around 80% of sales (~40% each), while RDF production accounts for around 20%.

Mo-BRUK used to be heavily dependent on just five customers - with the new plant in Karsy, the number has risen to 9-10, which significantly reduces the risk.

Importantly, incineration is particularly profitable - although it only accounts for 1/8 of capacity, it generates the same turnover as the entire stabilization area. This is due to the significantly higher prices for industrial and medical hazardous waste.

Is the drop in profits deceptive?

In 2024, Mo-BRUK achieved record sales of around € 61 million (+8% YoY) in its core businesses. However, the net margin fell to 24% - in previous years it was an impressive 40-50%.

Reasons for this:

• Extensive investments in new capacities (incineration +80%, stabilization +70%)
• Temporary shutdowns (e.g. closure of Wałbrzych, relocation to Karsy)
• Legal dispute regarding old fees (risk reduced to max. € 18 million - ruling expected in July)
• Acquisition of El-Kajo (95%), which will only gradually have a positive impact

The current margin weakness is therefore explainable and temporary. Even with a net margin of 24%, Mo-BRUK is one of the most profitable waste companies in Europe - Waste Management in the USA achieves around 11-12%.

Why am I invested?

Waste is crisis-proof and lets me sleep more soundly than other investments. It is a business that is easy to understand without any illumination. Regulatory complexity creates high barriers to entry, while at the same time the growing industry creates increasing demand.

Even if the pressure on margins may seem deceptive at first glance, I believe that this decline is temporary and has a more negative effect than it actually is due to deceptive coronavirus rates.

Mo-BRUK is technologically well positioned, has a diversified customer base (chemical companies, municipalities, hospitals, automotive industry) and a scalable, environmentally friendly business model:

I take waste, charge for it - and turn it into energy, fuel or building materials.

Cash in twice with other people's waste 💸

The company is expanding slowly but steadily: expanded capacities, the takeover of El-Kajo and the planned takeover of Eco Point (waste port industry in Gdansk) show that Mobruk is on the right track.

Key figures & dividend:

• Market capitalization: ~€225m
• P/E RATIO: ~14 🛍️
• Dividend: € 3.08/share (approx. 65% payout ratio)💰
• Shareholder structure: Mokrzycki founding family still holds 33% (partly via foundations)

The following share buy-back program is planned for the upcoming Annual General Meeting:

• 💶 Maximum amount: 125,000 shares (total of 3,512,885 ~3.56% of the share capital) / creation of a reserve fund with PLN 50 million (~€11.7 million)

• 💶 between PLN 200 and PLN 400 (~€47/~€94)

• 🗓️ until December 31, 2026

• 📬 via the stock exchange or public offer

In principle, Mo-Bruk distributes 50%-100% of the profit.

For me, Mo-Bruk is a value growth bet in a sector that has to grow structurally - whether we like it or not.

I hope I was able to arouse your interest in this garbage stock. It's my first little insight that I'm sharing here. Any suggestions for improvement are welcome!

I currently have a large position for me: 240 shares / average ~€71.

I would like to reinvest dividends in order to achieve the best possible personal dividend yield later on. 💰📈

That was my task and I wanted to focus on rather unknown companies...

It's just a bet, I don't see it any other way.

What do you think?

$KCR (-1,46%)

$PCZ (-2,32%)

$MBR (-1,32%)

https://youtu.be/1YVLhwhcnNE?si=nHzv11K0v5w67EDw

Expansion of my position

Reason: Exceeded expectations😉

Hello here my First stock analysis, please feedback.

Source: https://mobruk.pl/ & https://aktie.traderfox.com/visualizations/PLMOBRK00013/05/mo-bruk-sa

Since I was allowed to rhyme the findings there by means of Google translator together I ask for corrections of possibly unclear or wrong facts.

Let me introduce you to Mo-Bruk stock:

$MBR

About the company:

The company is the leader in industrial waste processing thanks to an effective business model.

Thanks to generous investments in waste management, the vast majority of waste types generated in Poland can be disposed of.

The production line:

• 1997 Founded in Niecwi.
• 2002 Owner of Vash waste industry.
• 2004 Start of waste recycling in Vashurich (also of hazardous materials)
• 2007 New branch - alternative fuel production in Karsy, the holy ship
• 2008 Acquisition of Jedlicze Nafty Rafineries

• 2010 Start on the stock exchange with 358.018 shares
• Investments of waste facilities (Karsach)
• B+R center pro-ecological waste processing technologies
• over 5 million PLN.
• 2011 subsidies for B+R with
• 3 million PLN

The plant is the second of its kind owned by the company after the Raf Ecology incinerator.

The introduction of this investment increased Mo-BRUK's total production capacity for the thermal processing of hazardous waste at that time

from 10,000 Mg/year to 35,000 Mg/year.

The provision by the Patent Office of the Polish Republic of the Polish invention patents entitled.

"A way to produce a synthetic crusade. Based on patented technology is the production of cement granules with industrial waste in two of its plants:

• 2019 First dividend-
• payment of PLN 2.71
• 2020 dividend in March of PLN 3.51
• and in June of PLN 10.25
• 2021 Dividend PLN 20.87
• 2022 Dividend of PLN 31.50

The most important figures of 2022: (PLN In MIO)

Market value: PLN 1,059

Turnover amounted to: PLN 247

Net profit: PLN 99.7

Net liquidity: 79,9 PLN

P/E RATIO: 10.4

Dividend yield: 10.4

Dividend growth (3Y): 126.52

Market value / sales: 3.97

Number of employees: 219

The following sentences reflect my opinion only, and are in no way investment advice!

Opportunities:

The company has shown excellent growth in the past, as waste disposal and or processing are part of our lives and are becoming increasingly difficult, due to the increasing amount of waste, continued sustained growth in e.g. new waste disposal processes is possible.

Risks:

I can only think of the following points.

Competition from other suppliers. General reduction of waste.

Too high indebtedness due to e.g. investment sums.

Thanks for reading, looking forward to your feedback

Hello here my First stock analysis, please feedback.

Source: https://mobruk.pl/ & https://aktie.traderfox.com/visualizations/PLMOBRK00013/05/mo-bruk-sa

Since I was allowed to rhyme the findings there by means of Google translator together I ask for corrections of possibly unclear or wrong facts.

Let me introduce you to Mo-Bruk stock:

$MBR (-1,32%)

About the company:

The company is the leader in industrial waste processing thanks to an effective business model.

Thanks to generous investments in waste management management, the vast majority of waste types generated in Poland can be disposed of.

The production line:

• 1997 Founded in Niecwi.
• 2002 Owner of Vash waste industry.
• 2004 Start of waste recycling in Vashurich (also of hazardous materials)
• 2007 New branch - alternative fuel production in Karsy, the holy ship
• 2008 Acquisition of Jedlicze Nafty Rafineries

• 2010 Start on the stock exchange with 358.018 shares
• Investments of waste facilities (Karsach)
• B+R center pro-ecological waste processing technologies
• over 5 million PLN.
• 2011 subsidies for B+R with
• 3 million PLN

The plant is the second of its kind owned by the company after the Raf Ecology incinerator.

The introduction of this investment increased Mo-BRUK's total production capacity for the thermal processing of hazardous waste at that time

from 10,000 Mg/year to 35,000 Mg/year.

The provision by the Patent Office of the Polish Republic of the Polish invention patents entitled.

"A way to produce a synthetic crusade. Based on patented technology is the production of cement granules with industrial waste in two of its plants:

• 2019 First dividend-
• payment of PLN 2.71
• 2020 dividend in March of PLN 3.51
• and in June of PLN 10.25
• 2021 Dividend PLN 20.87
• 2022 Dividend of PLN 31.50

The most important figures of 2022: (PLN In MIO)

Market value: PLN 1,059

Turnover amounted to: PLN 247

Net profit: PLN 99.7

Net liquidity: 79,9 PLN

P/E RATIO: 10.4

Dividend yield: 10.4

Dividend growth (3Y): 126.52

Market value / sales: 3.97

Number of employees: 219

The following sentences reflect my opinion only, and are in no way investment advice!

Opportunities:

The company has shown excellent growth in the past, as waste disposal and or processing are part of our lives and are becoming increasingly difficult, due to the increasing amount of waste, continued sustained growth in e.g. new waste disposal processes is possible.

Risks:

The only points that come to mind are.

Competition from other suppliers. General reduction of waste.

Too high indebtedness due to e.g. investment sums.

Thanks for reading, looking forward to your feedback