Annonce • Nov 09
Ki Chemistry S.à R.L. completed the acquisition of remaining 22.3% stake in Ciech S.A. (WSE:CIE). Ki Chemistry S.à R.L. made a bid to acquire the remaining 22.3% stake in Ciech S.A. (WSE:CIE) for approximately PLN 640 million on September 18, 2023. KI Chemistry intends to acquire up to 11.75 million shares in CIECH for PLN 54.25 offer per share representing approximately 22.3% of the company's share capital and thus increase its share to 100%. Acceptance of sales offers starts on September 18, 2023 and will last until September 25, 2023. The expected date of settlement of the transaction and purchase of shares is September 28, 2023. If the transaction settles the threshold of at least 95% of the total number of votes at the general meeting of CIECH, KI Chemistry intends to carry out a compulsory buyout of shares belonging to the remaining shareholders, and then delist the company's shares from stock exchange trading. As on September 29, 2023, Ki Chemistry has bought 14.75% of Ciech through the regulated market. Ki Chemistry now holds 92.45%.
Ki Chemistry S.à R.L. completed the acquisition of remaining 22.3% stake in Ciech S.A. (WSE:CIE) on November 7, 2023. KI Chemistry announced a procedure of squeeze-out of minority shareholders after owning 2.41 million of shares or 4.57% in Ciech. The compulsory squeeze-out will be launched on November 7, 2023 with the redemption date set on November 17, 2023. Annonce • Oct 18
KI Chemistry One Step Closer to Delisting Ciech The minority shareholders of Ciech S.A. have sold 2.98% of Ciech shares to KI Chemistry, a unit of the Kulczyk Investments group controlled by Sebastian Kulczyk. Following the transactions, KI Chemistry's share in Ciech's share capital has increased from 92.45% to 95.43%, as a result of which the company has reaffirmed its intention to proceed with the squeeze-out and then delist Ciech from the Warsaw Stock Exchange (GPW). Annonce • Oct 01
KI Chemistry Plans to Withdraw Ciech from the Warsaw Stock Exchange KI Chemistry, a company from Kulczyk Investments Group which owns 92.45% of Ciech shares, intends to withdraw the chemical company from the Warsaw Stock Exchange (GPW). Minority shareholders will have another opportunity to sell their shares to a strategic investor for PLN 54.25 each under the share sale invitation announced on September 29, 2023. Sales offers will be accepted from October 4, 2023 to October 10, 2023. In case KI Chemistry reaches a threshold of at least 95% of the total number of votes at the General Meeting of Ciech S.A. as a result of the transaction settlement, KI Chemistry plans to conduct a compulsory buyout of shares belonging to the remaining shareholders. Annonce • Sep 20
Ki Chemistry S.à R.L. made a bid to acquire the remaining 22.3% stake in Ciech S.A. (WSE:CIE) for approximately PLN 640 million. Ki Chemistry S.à R.L. made a bid to acquire the remaining 22.3% stake in Ciech S.A. (WSE:CIE) for approximately PLN 640 million on September 18, 2023. KI Chemistry intends to acquire up to 11.75 million shares in CIECH for PLN 54.25 offer per share representing approximately 22.3% of the company's share capital and thus increase its share to 100%. Acceptance of sales offers starts on September 18 and will last until September 25. The expected date of settlement of the transaction and purchase of shares is September 28, 2023. If the transaction settles the threshold of at least 95% of the total number of votes at the general meeting of CIECH, KI Chemistry intends to carry out a compulsory buyout of shares belonging to the remaining shareholders, and then delist the company's shares from stock exchange trading. Annonce • Jun 23
Ciech Chemicals Shareholders Approve Additional Dividend, Payable on July 17, 2023 Ciech chemicals shareholders approved an additional dividend payout at PLN 5.75 DPS on top of PLN 1.5 in already paid advance dividend. The decision is in line with an earlier offer to minority shareholders by leading shareholder KI Chemistry. Rights to the dividend will be set on June 27 and the payment will be made on July 17. Annonce • May 27
Ciech S.A., Annual General Meeting, Jun 22, 2023 Ciech S.A., Annual General Meeting, Jun 22, 2023, at 16:00 Central European Standard Time. Annonce • Feb 16
Kulczyk Investment Group Moots Plan to Delist Ciech from the Warsaw Stock Exchange Kulczyk Investment Group announced a plan on February 13 to run a tender offer to increase its share in chemical producer Ciech S.A. (WSE:CIE) from the current 51% to 100% and delist the company from the Warsaw Stock Exchange. The plan will be carried out via Ciech's key shareholder Ki Chemistry S.à R.L., which is owned by Kulczyk Investment Group. KI Chemistry said that it plans to buy 25.7 million Ciech shares at PLN 49 (€10.26) per share. Ciech shares surged 7.2% to PLN 51 at the end of the day's trading on February 13. At midday of February 14, the company's stocks were down 0.29% to PLN 50.85. KI Chemistry said in a statement that it plans to announce the tender offer in the first half of March. Price Target Changed • Feb 15
Price target increased by 11% to zł50.20 Up from zł45.36, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of zł51.15. Stock is up 18% over the past year. The company is forecast to post earnings per share of zł8.65 for next year compared to zł4.37 last year. Major Estimate Revision • Jan 22
Consensus EPS estimates increase by 43% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from zł5.22b to zł5.32b. EPS estimate increased from zł6.16 to zł8.82 per share. Net income forecast to grow 23% next year vs 1.9% decline forecast for Chemicals industry in Poland. Consensus price target broadly unchanged at zł45.36. Share price rose 6.5% to zł46.54 over the past week. Buying Opportunity • Dec 15
Now 22% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be zł53.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 2.9% per annum. Earnings is also forecast to decline by 9.9% per annum over the same time period. Upcoming Dividend • Dec 14
Upcoming dividend of zł1.50 per share Eligible shareholders must have bought the stock before 21 December 2022. Payment date: 29 December 2022. Trailing yield: 7.1%. Lower than top quartile of Polish dividend payers (8.6%). Lower than average of industry peers (8.7%). Reported Earnings • Nov 30
Third quarter 2022 earnings released: EPS: zł1.62 (vs zł0.79 in 3Q 2021) Third quarter 2022 results: EPS: zł1.62 (up from zł0.79 in 3Q 2021). Revenue: zł1.41b (up 82% from 3Q 2021). Net income: zł85.3m (up 105% from 3Q 2021). Profit margin: 6.1% (up from 5.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from zł4.66b to zł5.14b. EPS estimate unchanged from zł6.16 at last update. Chemicals industry in Poland expected to see average net income growth of 2.8% next year. Consensus price target down from zł48.62 to zł44.88. Share price rose 3.4% to zł35.50 over the past week. Price Target Changed • Nov 05
Price target decreased to zł46.18 Down from zł51.89, the current price target is an average from 5 analysts. New target price is 33% above last closing price of zł34.80. Stock is down 5.4% over the past year. The company is forecast to post earnings per share of zł5.77 for next year compared to zł4.37 last year. Reported Earnings • Aug 29
Second quarter 2022 earnings released: EPS: zł0.85 (vs zł0.29 in 2Q 2021) Second quarter 2022 results: EPS: zł0.85 (up from zł0.29 in 2Q 2021). Revenue: zł1.24b (up 48% from 2Q 2021). Net income: zł44.9m (up 194% from 2Q 2021). Profit margin: 3.6% (up from 1.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.0%, compared to a 13% growth forecast for the Chemicals industry in Poland. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 17% share price gain to zł38.50, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Chemicals industry in Europe. Total loss to shareholders of 3.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł58.38 per share. Reported Earnings • May 20
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: zł1.98 (down from zł2.18 in 1Q 2021). Revenue: zł1.24b (up 44% from 1Q 2021). Net income: zł104.3m (down 9.0% from 1Q 2021). Profit margin: 8.4% (down from 13% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Over the next year, revenue is forecast to grow 9.0%, compared to a 17% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target increased to zł49.25 Up from zł45.85, the current price target is an average from 5 analysts. New target price is 21% above last closing price of zł40.56. Stock is up 0.8% over the past year. The company is forecast to post earnings per share of zł4.63 for next year compared to zł4.37 last year. Major Estimate Revision • Apr 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from zł3.78b to zł4.52b. EPS estimate unchanged from zł4.63 at last update. Chemicals industry in Poland expected to see average net income growth of 12% next year. Consensus price target up from zł45.85 to zł49.25. Share price fell 3.7% to zł40.56 over the past week. Price Target Changed • Apr 21
Price target increased to zł49.25 Up from zł45.85, the current price target is an average from 6 analysts. New target price is 17% above last closing price of zł42.10. Stock is up 12% over the past year. The company is forecast to post earnings per share of zł3.93 for next year compared to zł4.37 last year. Major Estimate Revision • Apr 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from zł3.78b to zł4.52b. EPS estimate unchanged from zł4.63 at last update. Chemicals industry in Poland expected to see average net income growth of 11% next year. Consensus price target up from zł42.70 to zł45.86. Share price fell 5.4% to zł42.10 over the past week. Reported Earnings • Mar 31
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: zł5.55 (up from zł2.36 in FY 2020). Revenue: zł3.46b (up 16% from FY 2020). Net income: zł292.4m (up 135% from FY 2020). Profit margin: 8.5% (up from 4.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the next year, revenue is forecast to grow 6.9%, compared to a 14% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł35.60, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Chemicals industry in Europe. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł45.06 per share. Buying Opportunity • Feb 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be zł45.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% per annum over the last 3 years. Earnings per share has grown by 12% per annum over the last 3 years. Reported Earnings • Nov 28
Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2021 results: EPS: zł0.79 (up from zł0.70 in 3Q 2020). Revenue: zł772.1m (up 12% from 3Q 2020). Net income: zł41.6m (up 13% from 3Q 2020). Profit margin: 5.4% (in line with 3Q 2020). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 11%. Earnings per share (EPS) surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 5.5%, compared to a 17% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 24
Price target increased to zł47.41 Up from zł42.53, the current price target is an average from 5 analysts. New target price is 9.5% above last closing price of zł43.30. Stock is up 66% over the past year. Reported Earnings • Sep 24
Second quarter 2021 earnings released: EPS zł0.29 (vs zł0.082 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł834.7m (up 21% from 2Q 2020). Net income: zł15.3m (up zł19.8m from 2Q 2020). Profit margin: 1.8% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 01
Price target increased to zł46.51 Up from zł42.53, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of zł47.85. Stock is up 56% over the past year. Upcoming Dividend • Jun 22
Upcoming dividend of zł3.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 08 July 2021. Trailing yield: 6.3%. Within top quartile of Polish dividend payers (5.9%). Higher than average of industry peers (2.3%). Reported Earnings • May 28
First quarter 2021 earnings released: EPS zł2.18 (vs zł0.77 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł861.1m (up 9.1% from 1Q 2020). Net income: zł114.6m (up 197% from 1Q 2020). Profit margin: 13% (up from 4.9% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS zł2.36 (vs zł2.02 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł2.98b (down 8.2% from FY 2019). Net income: zł124.4m (up 17% from FY 2019). Profit margin: 4.2% (up from 3.3% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 05
New 90-day high: zł35.80 The company is up 20% from its price of zł29.95 on 04 December 2020. The Polish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł40.35 per share. Is New 90 Day High Low • Jan 07
New 90-day high: zł35.05 The company is up 31% from its price of zł26.75 on 09 October 2020. The Polish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł45.03 per share. Major Estimate Revision • Dec 03
Analysts lower EPS estimates to zł2.77 The 2020 consensus revenue estimate was lowered from zł3.34b to zł3.16b. Earning per share (EPS) estimate was also lowered from zł3.51 to zł2.77 for the same period. Net income is expected to grow by 55% next year compared to 19% growth forecast for the Chemicals industry in Poland. The consensus price target was lowered from zł39.03 to zł38.53. Share price is down by 3.8% to zł30.00 over the past week. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS zł0.70 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: zł690.5m (down 19% from 3Q 2019). Net income: zł37.0m (up zł36.1m from 3Q 2019). Profit margin: 5.4% (up from 0.1% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 71% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 20
Revenue and earnings miss expectations Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 5.9%. Over the next year, revenue is forecast to grow 8.4% while the growth in Chemicals industry in Poland is expected to stay flat. Is New 90 Day High Low • Nov 19
New 90-day high: zł33.00 The company is up 9.0% from its price of zł30.40 on 20 August 2020. The Polish market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł30.37 per share. Is New 90 Day High Low • Oct 14
New 90-day low: zł25.75 The company is down 20% from its price of zł32.00 on 16 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł26.18 per share.