FY 2025 report
Spółka dywidendowa o solidnym bilansie (kapitał własny 66% aktywów, dług finansowy netto ok. 2,6 mln zł), ale z coraz słabszym wynikiem operacyjnym: EBIT 0,96 mln zł wobec 3,2 mln zł rok wcześniej.
Sentiment
Neutral
No guidance change
KMP
FY 2025 report
Revenue
101.53 m PLN
— YoY
Net income
608 k PLN
— YoY
EBITDA
9.84 m PLN
— YoY
Gross margin
16.63%
— YoY
Summary
Investment thesis
- Wysoki lewar operacyjny drukarni: amortyzacja ok. 8,9 mln zł przy marży EBIT 0,9% sprawia, że spadek przychodów o 6% zniósł niemal cały zysk operacyjny.
- Proponowana dywidenda 0,70 zł/akcję (3,28 mln zł) to ok. 539% zysku netto grupy; jest finansowana dywidendą od spółki zależnej i kapitałem zapasowym, nie bieżącym wynikiem.
- Katalizatorem ma być połączenie OZGraf i BZGraf ze spółką-matką (szacowane oszczędności ok. 1 mln zł rocznie) oraz fotowoltaika w Laskowicach (ok. 30% energii).
- Nakłady inwestycyjne (ok. 1,5–2 mln zł) wyraźnie poniżej amortyzacji (ok. 8,9 mln zł) — baza majątkowa się kurczy, co w dłuższym terminie wymaga większych wydatków.
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Financials
BETA
KMP · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 101,530 | — | — | reported | — | 1.00 |
| Gross profit | 16,888 | — | — | reported | — | 1.00 |
| EBITDA | 9,836 | — | — | reported | — | 1.00 |
| EBIT | 957 | — | — | reported | — | 1.00 |
| EBT | 728 | — | — | reported | — | 1.00 |
| Net income | 608 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.13 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.13 | — | — | reported | — | 1.00 |
| D&A | 8,879 | — | — | derived | — | 0.90 |
| Income tax | 120 | — | — | reported | — | 1.00 |
| Gross margin | 16.63% | — | — | derived | — | 0.90 |
| EBITDA margin | 9.69% | — | — | derived | — | 0.90 |
| EBIT margin | 0.94% | — | — | derived | — | 0.90 |
| Net margin | 0.6% | — | — | derived | — | 0.90 |
| Cash | 4,699 | — | — | reported | — | 1.00 |
| Total debt | 7,293 | — | — | derived | — | 0.90 |
| Net debt | 2,594 | — | — | derived | — | 0.90 |
| Equity | 70,398 | — | — | reported | — | 1.00 |
| Total assets | 106,512 | — | — | reported | — | 1.00 |
| Current assets | 27,391 | — | — | reported | — | 1.00 |
| Current liabilities | 21,364 | — | — | reported | — | 1.00 |
| Non-current liabilities | 14,750 | — | — | reported | — | 1.00 |
| Inventory | 5,883 | — | — | reported | — | 1.00 |
| Trade receivables | 14,878 | — | — | reported | — | 1.00 |
| Trade payables | 9,709 | — | — | reported | — | 1.00 |
| Dividends paid | 6,085 | — | — | reported | — | 1.00 |
| Current ratio | 1.28x | — | — | derived | — | 0.90 |
| Quick ratio | 1.01x | — | — | derived | — | 0.90 |
| Net debt / EBITDA | 0.26x | — | — | derived | — | 0.90 |
| Debt / equity | 0.1x | — | — | derived | — | 0.90 |
| Debt / assets | 0.07x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.04x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -6.03% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -16.84% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | -70.11% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | -74.28% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | -74.51% | — | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | -0.38 pp | — | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -1.26 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -2.02 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -1.59 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
101,530
—
101,530
—
- FY 2024
- —
Gross profit
16,888
—
16,888
—
- FY 2024
- —
EBITDA
9,836
—
9,836
—
- FY 2024
- —
EBIT
957
—
957
—
- FY 2024
- —
EBT
728
—
728
—
- FY 2024
- —
Net income
608
—
608
—
- FY 2024
- —
EPS (basic)
(PLN)
0.13
—
0.13
—
- FY 2024
- —
EPS (diluted)
(PLN)
0.13
—
0.13
—
- FY 2024
- —
D&A
8,879
—
8,879
—
- FY 2024
- —
Income tax
120
—
120
—
- FY 2024
- —
Gross margin
16.63%
—
16.63%
—
- FY 2024
- —
EBITDA margin
9.69%
—
9.69%
—
- FY 2024
- —
EBIT margin
0.94%
—
0.94%
—
- FY 2024
- —
Net margin
0.6%
—
0.6%
—
- FY 2024
- —
Cash
4,699
—
4,699
—
- FY 2024
- —
Total debt
7,293
—
7,293
—
- FY 2024
- —
Net debt
2,594
—
2,594
—
- FY 2024
- —
Equity
70,398
—
70,398
—
- FY 2024
- —
Total assets
106,512
—
106,512
—
- FY 2024
- —
Current assets
27,391
—
27,391
—
- FY 2024
- —
Current liabilities
21,364
—
21,364
—
- FY 2024
- —
Non-current liabilities
14,750
—
14,750
—
- FY 2024
- —
Inventory
5,883
—
5,883
—
- FY 2024
- —
Trade receivables
14,878
—
14,878
—
- FY 2024
- —
Trade payables
9,709
—
9,709
—
- FY 2024
- —
Dividends paid
6,085
—
6,085
—
- FY 2024
- —
Current ratio
1.28x
—
1.28x
—
- FY 2024
- —
Quick ratio
1.01x
—
1.01x
—
- FY 2024
- —
Net debt / EBITDA
0.26x
—
0.26x
—
- FY 2024
- —
Debt / equity
0.1x
—
0.1x
—
- FY 2024
- —
Debt / assets
0.07x
—
0.07x
—
- FY 2024
- —
Net debt / equity
0.04x
—
0.04x
—
- FY 2024
- —
Revenue growth (YoY)
-6.03%
—
-6.03%
—
- FY 2024
- —
EBITDA growth (YoY)
-16.84%
—
-16.84%
—
- FY 2024
- —
EBIT growth (YoY)
-70.11%
—
-70.11%
—
- FY 2024
- —
Net income growth (YoY)
-74.28%
—
-74.28%
—
- FY 2024
- —
EPS growth (YoY)
-74.51%
—
-74.51%
—
- FY 2024
- —
Gross margin Δ (YoY)
-0.38 pp
—
-0.38 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
-1.26 pp
—
-1.26 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-2.02 pp
—
-2.02 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-1.59 pp
—
-1.59 pp
—
- FY 2024
- —