View ValuationZE PAK 향후 성장Future 기준 점검 0/6ZE PAK 의 수익은 연간 15% 감소할 것으로 예상되는 반면, 연간 수익은 59.9% 로 증가할 것으로 예상됩니다.핵심 정보59.9%이익 성장률n/aEPS 성장률Electric Utilities 이익 성장7.6%매출 성장률-15.0%향후 자기자본이익률n/a애널리스트 커버리지Low마지막 업데이트24 Apr 2026최근 향후 성장 업데이트Major Estimate Revision • Dec 03Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł2.50b to zł2.22b. EPS estimate unchanged from zł3.65 per share at last update. Electric Utilities industry in Poland expected to see average net income growth of 10% next year. Consensus price target down from zł30.50 to zł25.50. Share price fell 5.1% to zł15.84 over the past week.Major Estimate Revision • Feb 01Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł3.32b to zł2.97b. EPS estimate unchanged from zł6.20 per share at last update. Electric Utilities industry in Poland expected to see average net income decline 4.3% next year. Consensus price target up from zł22.95 to zł28.55. Share price was steady at zł20.00 over the past week.Price Target Changed • Jan 31Price target increased by 31% to zł28.55Up from zł21.75, the current price target is an average from 2 analysts. New target price is 44% above last closing price of zł19.82. Stock is down 32% over the past year. The company is forecast to post earnings per share of zł6.20 for next year compared to zł4.00 last year.Major Estimate Revision • Jan 14Consensus revenue estimates decrease by 28%, EPS upgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł4.62b to zł3.32b. EPS estimate increased from zł2.70 to zł6.19 per share. Net income forecast to shrink 8.8% next year vs 7.2% decline forecast for Electric Utilities industry in Poland. Consensus price target up from zł21.75 to zł22.95. Share price fell 2.1% to zł20.55 over the past week.Price Target Changed • Jan 12Price target increased by 11% to zł22.95Up from zł20.60, the current price target is an average from 2 analysts. New target price is 11% above last closing price of zł20.75. Stock is down 12% over the past year. The company is forecast to post earnings per share of zł6.19 for next year compared to zł4.00 last year.Breakeven Date Change • Jan 01Forecast breakeven date pushed back to 2023The 2 analysts covering Zespól Elektrowni Patnów-Adamów-Konin previously expected the company to break even in 2022. New consensus forecast suggests the company will make a profit of zł124.5m in 2023.모든 업데이트 보기Recent updatesNew Risk • May 13New minor risk - ProfitabilityThe company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: zł164m Forecast net loss in 2 years: zł53m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company.공시 • Jan 22+ 3 more updatesZE PAK SA to Report First Half, 2026 Results on Sep 25, 2026ZE PAK SA announced that they will report first half, 2026 results on Sep 25, 2026분석 기사 • Dec 07Earnings Troubles May Signal Larger Issues for ZE PAK (WSE:ZEP) ShareholdersA lackluster earnings announcement from ZE PAK SA ( WSE:ZEP ) last week didn't sink the stock price. However, we...분석 기사 • Dec 05ZE PAK (WSE:ZEP) Is Experiencing Growth In Returns On CapitalIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Reported Earnings • Dec 02Third quarter 2025 earnings released: zł0.78 loss per share (vs zł0.66 profit in 3Q 2024)Third quarter 2025 results: zł0.78 loss per share (down from zł0.66 profit in 3Q 2024). Revenue: zł331.2m (down 34% from 3Q 2024). Net loss: zł39.6m (down 219% from profit in 3Q 2024). Revenue is expected to decline by 23% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Reported Earnings • Oct 06Second quarter 2025 earnings released: zł1.30 loss per share (vs zł2.17 profit in 2Q 2024)Second quarter 2025 results: zł1.30 loss per share (down from zł2.17 profit in 2Q 2024). Revenue: zł335.1m (down 34% from 2Q 2024). Net loss: zł65.8m (down 160% from profit in 2Q 2024). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.분석 기사 • Aug 07ZE PAK (WSE:ZEP) Might Have The Makings Of A Multi-BaggerIf you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven...New Risk • Jul 01New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 88% per year for the foreseeable future. High level of non-cash earnings (30% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (13% net profit margin).Valuation Update With 7 Day Price Move • Jun 20Investor sentiment improves as stock rises 16%After last week's 16% share price gain to zł30.30, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 12x in the Electric Utilities industry in Poland. Total returns to shareholders of 30% over the past three years.New Risk • Jun 04New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 88% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 88% per year for the foreseeable future. High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin).New Risk • Jun 02New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin).공시 • May 26+ 2 more updatesZE PAK SA to Report First Half, 2025 Results on Sep 30, 2025ZE PAK SA announced that they will report first half, 2025 results on Sep 30, 2025공시 • May 19ZE PAK SA, Annual General Meeting, Jun 12, 2025ZE PAK SA, Annual General Meeting, Jun 12, 2025.분석 기사 • May 15ZE PAK SA (WSE:ZEP) Held Back By Insufficient Growth Even After Shares Climb 38%ZE PAK SA ( WSE:ZEP ) shareholders have had their patience rewarded with a 38% share price jump in the last month. The...Valuation Update With 7 Day Price Move • May 14Investor sentiment improves as stock rises 34%After last week's 34% share price gain to zł25.00, the stock trades at a trailing P/E ratio of 4.8x. Average forward P/E is 12x in the Electric Utilities industry in Poland. Total returns to shareholders of 69% over the past three years.Reported Earnings • May 02Full year 2024 earnings released: EPS: zł5.17 (vs zł11.43 in FY 2023)Full year 2024 results: EPS: zł5.17 (down from zł11.43 in FY 2023). Revenue: zł2.19b (down 26% from FY 2023). Net income: zł262.9m (down 55% from FY 2023). Profit margin: 12% (down from 20% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 25% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth.분석 기사 • Jan 24Improved Earnings Required Before ZE PAK SA (WSE:ZEP) Stock's 34% Jump Looks JustifiedZE PAK SA ( WSE:ZEP ) shares have had a really impressive month, gaining 34% after a shaky period beforehand. Not all...분석 기사 • Jan 24ZE PAK SA's (WSE:ZEP) Shares Bounce 34% But Its Business Still Trails The MarketZE PAK SA ( WSE:ZEP ) shares have had a really impressive month, gaining 34% after a shaky period beforehand. Not all...New Risk • Jan 23New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 3.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 29% per year for the foreseeable future. High level of non-cash earnings (121% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (3.9% average weekly change).Valuation Update With 7 Day Price Move • Jan 23Investor sentiment improves as stock rises 27%After last week's 27% share price gain to zł17.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 14% over the past three years.분석 기사 • Dec 04ZE PAK (WSE:ZEP) Posted Healthy Earnings But There Are Some Other Factors To Be Aware OfLast week's profit announcement from ZE PAK SA ( WSE:ZEP ) was underwhelming for investors, despite headline numbers...Major Estimate Revision • Dec 03Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł2.50b to zł2.22b. EPS estimate unchanged from zł3.65 per share at last update. Electric Utilities industry in Poland expected to see average net income growth of 10% next year. Consensus price target down from zł30.50 to zł25.50. Share price fell 5.1% to zł15.84 over the past week.New Risk • Nov 29New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 19% per year for the foreseeable future. High level of non-cash earnings (74% accrual ratio).Reported Earnings • Nov 27Third quarter 2024 earnings released: EPS: zł2.74 (vs zł7.28 in 3Q 2023)Third quarter 2024 results: EPS: zł2.74 (down from zł7.28 in 3Q 2023). Revenue: zł1.56b (up 101% from 3Q 2023). Net income: zł139.0m (down 62% from 3Q 2023). Profit margin: 8.9% (down from 48% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Reported Earnings • Sep 25Second quarter 2024 earnings released: EPS: zł2.17 (vs zł5.44 in 2Q 2023)Second quarter 2024 results: EPS: zł2.17 (down from zł5.44 in 2Q 2023). Revenue: zł522.0m (up 71% from 2Q 2023). Net income: zł110.4m (down 60% from 2Q 2023). Profit margin: 21% (down from 91% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 24% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.공시 • May 31ZE PAK SA, Annual General Meeting, Jun 24, 2024ZE PAK SA, Annual General Meeting, Jun 24, 2024.Reported Earnings • May 29First quarter 2024 earnings released: zł0.09 loss per share (vs zł7.36 loss in 1Q 2023)First quarter 2024 results: zł0.09 loss per share (improved from zł7.36 loss in 1Q 2023). Revenue: zł519.6m (down 53% from 1Q 2023). Net loss: zł4.64m (loss narrowed 99% from 1Q 2023). Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.0%. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth.분석 기사 • May 07Solid Earnings May Not Tell The Whole Story For ZE PAK (WSE:ZEP)The recent earnings posted by ZE PAK SA ( WSE:ZEP ) were solid, but the stock didn't move as much as we expected. We...New Risk • May 06New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 101% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 56% per year for the foreseeable future. High level of non-cash earnings (101% accrual ratio).Major Estimate Revision • Feb 01Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł3.32b to zł2.97b. EPS estimate unchanged from zł6.20 per share at last update. Electric Utilities industry in Poland expected to see average net income decline 4.3% next year. Consensus price target up from zł22.95 to zł28.55. Share price was steady at zł20.00 over the past week.Price Target Changed • Jan 31Price target increased by 31% to zł28.55Up from zł21.75, the current price target is an average from 2 analysts. New target price is 44% above last closing price of zł19.82. Stock is down 32% over the past year. The company is forecast to post earnings per share of zł6.20 for next year compared to zł4.00 last year.공시 • Jan 18+ 3 more updatesZE PAK SA to Report Q3, 2024 Results on Nov 26, 2024ZE PAK SA announced that they will report Q3, 2024 results on Nov 26, 2024Major Estimate Revision • Jan 14Consensus revenue estimates decrease by 28%, EPS upgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł4.62b to zł3.32b. EPS estimate increased from zł2.70 to zł6.19 per share. Net income forecast to shrink 8.8% next year vs 7.2% decline forecast for Electric Utilities industry in Poland. Consensus price target up from zł21.75 to zł22.95. Share price fell 2.1% to zł20.55 over the past week.Price Target Changed • Jan 12Price target increased by 11% to zł22.95Up from zł20.60, the current price target is an average from 2 analysts. New target price is 11% above last closing price of zł20.75. Stock is down 12% over the past year. The company is forecast to post earnings per share of zł6.19 for next year compared to zł4.00 last year.New Risk • Dec 01New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 17% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company.Reported Earnings • Dec 01Third quarter 2023 earnings released: EPS: zł7.13 (vs zł2.54 in 3Q 2022)Third quarter 2023 results: EPS: zł7.13 (up from zł2.54 in 3Q 2022). Revenue: zł819.9m (down 26% from 3Q 2022). Net income: zł369.9m (up 187% from 3Q 2022). Profit margin: 45% (up from 12% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 27% p.a. on average during the next 3 years compared to a 3.2% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.Reported Earnings • Oct 01Second quarter 2023 earnings released: EPS: zł5.00 (vs zł0.97 in 2Q 2022)Second quarter 2023 results: EPS: zł5.00 (up from zł0.97 in 2Q 2022). Revenue: zł305.6m (down 68% from 2Q 2022). Net income: zł254.3m (up 418% from 2Q 2022). Profit margin: 83% (up from 5.2% in 2Q 2022). Revenue is expected to fall by 24% p.a. on average during the next 3 years compared to a 4.5% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth.Reported Earnings • Jun 05First quarter 2023 earnings released: zł7.39 loss per share (vs zł2.04 profit in 1Q 2022)First quarter 2023 results: zł7.39 loss per share (down from zł2.04 profit in 1Q 2022). Revenue: zł1.15b (up 20% from 1Q 2022). Net loss: zł375.8m (down 463% from profit in 1Q 2022). Revenue is expected to fall by 26% p.a. on average during the next 3 years compared to a 4.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.공시 • Jun 02ZE PAK SA, Annual General Meeting, Jun 26, 2023ZE PAK SA, Annual General Meeting, Jun 26, 2023, at 16:00 Central Europe Standard Time.공시 • Jan 31+ 3 more updatesZespól Elektrowni Patnów-Adamów-Konin S.A. to Report Q2, 2023 Results on Sep 28, 2023Zespól Elektrowni Patnów-Adamów-Konin S.A. announced that they will report Q2, 2023 results on Sep 28, 2023분석 기사 • Jan 19We Think Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP) Is Taking Some Risk With Its DebtSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Breakeven Date Change • Jan 01Forecast breakeven date pushed back to 2023The 2 analysts covering Zespól Elektrowni Patnów-Adamów-Konin previously expected the company to break even in 2022. New consensus forecast suggests the company will make a profit of zł124.5m in 2023.Reported Earnings • Dec 01Third quarter 2022 earnings released: EPS: zł2.54 (vs zł1.70 in 3Q 2021)Third quarter 2022 results: EPS: zł2.54 (up from zł1.70 in 3Q 2021). Revenue: zł1.14b (up 94% from 3Q 2021). Net income: zł129.1m (up 50% from 3Q 2021). Profit margin: 11% (down from 15% in 3Q 2021). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 43% per year.분석 기사 • Nov 20News Flash: Analysts Just Made A Stunning Upgrade To Their Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) ForecastsShareholders in Zespól Elektrowni Patnów-Adamów-Konin S.A. ( WSE:ZEP ) may be thrilled to learn that the analysts have...Price Target Changed • Nov 19Price target increased to zł26.75Up from zł20.00, the current price target is an average from 2 analysts. New target price is 29% above last closing price of zł20.75. Stock is up 16% over the past year. The company is forecast to post earnings per share of zł4.96 next year compared to a net loss per share of zł6.24 last year.Price Target Changed • Nov 16Price target decreased to zł20.00Down from zł25.65, the current price target is an average from 2 analysts. New target price is 11% below last closing price of zł22.50. Stock is up 21% over the past year. The company is forecast to post earnings per share of zł4.30 next year compared to a net loss per share of zł6.24 last year.Price Target Changed • Nov 04Price target decreased to zł20.00Down from zł25.65, the current price target is an average from 2 analysts. New target price is 23% below last closing price of zł25.90. Stock is up 38% over the past year. The company is forecast to post earnings per share of zł4.30 next year compared to a net loss per share of zł6.24 last year.분석 기사 • Oct 14Zespól Elektrowni Patnów-Adamów-Konin's (WSE:ZEP) Returns On Capital Tell Us There Is Reason To Feel UneasyIf you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop...Reported Earnings • Oct 02Second quarter 2022 earnings releasedSecond quarter 2022 results: Revenue: zł960.1m (up 88% from 2Q 2021). Net income: zł49.1m (up 75% from 2Q 2021). Profit margin: 5.1% (down from 5.5% in 2Q 2021). Revenue is forecast to grow 18% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat.Breakeven Date Change • Oct 01Forecast breakeven date pushed back to 2023The 2 analysts covering Zespól Elektrowni Patnów-Adamów-Konin previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 93% to 2022. The company is expected to make a profit of zł412.0m in 2023. Average annual earnings growth of 64% is required to achieve expected profit on schedule.분석 기사 • Aug 12These 4 Measures Indicate That Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP) Is Using Debt ExtensivelyWarren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...분석 기사 • Jul 08Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP) Could Be Struggling To Allocate CapitalIf we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? A business...Price Target Changed • Jun 21Price target increased to zł25.65Up from zł19.50, the current price target is an average from 2 analysts. New target price is 19% above last closing price of zł21.55. Stock is up 124% over the past year. The company is forecast to post earnings per share of zł0.70 next year compared to a net loss per share of zł6.24 last year.공시 • Jun 07Zespól Elektrowni Patnów-Adamów-Konin S.A., Annual General Meeting, Jun 30, 2022Zespól Elektrowni Patnów-Adamów-Konin S.A., Annual General Meeting, Jun 30, 2022, at 10:00 Central European Standard Time.Reported Earnings • May 04Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: zł6.24 loss per share (down from zł4.38 loss in FY 2020). Revenue: zł2.45b (up 21% from FY 2020). Net loss: zł317.0m (loss widened 43% from FY 2020). Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) missed analyst estimates by 119%. Over the next year, revenue is forecast to grow 6.9%, compared to a 1.1% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 34% per year and the company’s share price has also increased by 34% per year.Price Target Changed • Apr 27Price target increased to zł21.15Up from zł17.90, the current price target is an average from 2 analysts. New target price is 32% above last closing price of zł16.00. Stock is up 52% over the past year. The company is forecast to post earnings per share of zł2.60 next year compared to a net loss per share of zł4.38 last year.공시 • Apr 15ZE PAK Provides Earnings Guidance for the Year 2021ZE PAK provided earnings guidance for the year 2021. For the period, the company expects to post PLN 309 million group net loss in 2021 after taking PLN 550 million hit to group net result from assets impairments.Major Estimate Revision • Mar 16Consensus forecasts updatedThe consensus outlook for 2021 has been updated. 2021 revenue forecast fell from zł2.31b to zł2.06b. EPS estimate increased from zł2.20 to zł2.60 per share. Net income forecast to shrink 109% next year vs 8.6% growth forecast for Electric Utilities industry in Poland . Consensus price target up from zł17.90 to zł21.15. Share price was steady at zł17.30 over the past week.Price Target Changed • Mar 15Price target increased to zł21.15Up from zł18.10, the current price target is an average from 2 analysts. New target price is 21% above last closing price of zł17.45. Stock is up 69% over the past year. The company is forecast to post earnings per share of zł2.20 next year compared to a net loss per share of zł4.38 last year.Valuation Update With 7 Day Price Move • Feb 24Investor sentiment deteriorated over the past weekAfter last week's 22% share price decline to zł11.95, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł8.30 per share.공시 • Jan 28+ 3 more updatesZespól Elektrowni Patnów-Adamów-Konin S.A. to Report Q1, 2022 Results on May 26, 2022Zespól Elektrowni Patnów-Adamów-Konin S.A. announced that they will report Q1, 2022 results on May 26, 2022분석 기사 • Dec 11Upgrade: Analysts Just Made A Substantial Increase To Their Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) ForecastsShareholders in Zespól Elektrowni Patnów-Adamów-Konin S.A. ( WSE:ZEP ) may be thrilled to learn that the analysts have...Reported Earnings • Nov 28Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2021 results: EPS: zł1.70 (up from zł0.20 in 3Q 2020). Revenue: zł618.4m (up 21% from 3Q 2020). Net income: zł86.2m (up zł76.1m from 3Q 2020). Profit margin: 14% (up from 2.0% in 3Q 2020). Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 7.8% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 28% per year.분석 기사 • Nov 25Is Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP) Weighed On By Its Debt Load?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...분석 기사 • Sep 30Robust Earnings May Not Tell The Whole Story For Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP)Zespól Elektrowni Patnów-Adamów-Konin S.A.'s ( WSE:ZEP ) stock didn't jump after it announced some healthy earnings...Reported Earnings • Sep 26Second quarter 2021 earnings released: EPS zł0.55 (vs zł4.86 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł523.3m (up 12% from 2Q 2020). Net income: zł28.0m (up zł275.2m from 2Q 2020). Profit margin: 5.3% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings.Price Target Changed • Sep 10Price target increased to zł18.10Up from zł10.20, the current price target is an average from 2 analysts. New target price is 11% below last closing price of zł20.30. Stock is up 105% over the past year.Is New 90 Day High Low • Mar 12New 90-day high: zł9.82The company is up 3.0% from its price of zł9.54 on 11 December 2020. The Polish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Electric Utilities industry, which is also up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł53.64 per share.공시 • Mar 04ZE PAK Appoints Katarzyna Sobierajska as Deputy CEOZE PAK appointed Katarzyna Sobierajska as deputy CEO.공시 • Jan 29+ 3 more updatesZespól Elektrowni Patnów-Adamów-Konin S.A. to Report First Half, 2021 Results on Sep 24, 2021Zespól Elektrowni Patnów-Adamów-Konin S.A. announced that they will report first half, 2021 results on Sep 24, 2021Is New 90 Day High Low • Dec 21New 90-day low: zł9.28The company is down 4.0% from its price of zł9.70 on 22 September 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 22% over the same period.Analyst Estimate Surprise Post Earnings • Nov 27Revenue and earnings miss expectationsRevenue missed analyst estimates by 11%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is expected to shrink by 13% compared to a 3.5% decline forecast for the Electric Utilities industry in Poland.Reported Earnings • Nov 27Third quarter 2020 earnings released: EPS zł0.20The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł554.7m (down 26% from 3Q 2019). Net income: zł10.1m (down 71% from 3Q 2019). Profit margin: 1.8% (down from 4.6% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 91% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.Price Target Changed • Nov 11Price target raised to zł10.20Up from zł6.10, the current price target is provided by 1 analyst. The new target price is close to the current share price of zł9.98. As of last close, the stock is up 48% over the past year.공시 • Sep 30+ 1 more updateArgumenol Investment Company Limited completed the acquisition of 26.36% stake in Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) for approximately PLN 100 million.Argumenol Investment Company Limited made an offer to acquire remaining 68.52% stake in Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) for approximately PLN 260 million on July 30, 2019. Under the tender offer, Argumenol Investment will acquire 34.82 million shares at an offer price of PLN 7.47 per share. Argumenol Investment already holds 31.48% stake in Zespól Elektrowni. The tender offer will run from August 20, 2019 to September 19, 2019. Argumenol Investment set no minimum numbers of tendered shares to proceed and no other conditions on the offer. Argumenol Investment Company Limited completed the acquisition of 26.36% stake in Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) for approximately PLN 100 million on September 30, 2019. Argumenol acquired 13.4 million shares at PLN 7.47 per share.공시 • Sep 02Zespól Elektrowni Patnów-Adamów-Konin S.A. to Report First Half, 2020 Results on Sep 30, 2020Zespól Elektrowni Patnów-Adamów-Konin S.A. announced that they will report first half, 2020 results on Sep 30, 2020공시 • Aug 12ZE PAK Power to Sack Up to 209 Employees Under Group LayoffsZE PAK announced that it is planning to fire up to 209 employees under group layoffs. The layoffs will encompass up to 80 employees in the Konin lignite mine and up to 129 employees in the mining unit PAK Gornictwo.공시 • Aug 08ZE PAK Power to Close Down Adamow Lignite MineZE PAK will close down its Adamow lignite mine after the facility wraps up output activity as of end-2020. The current and expected situation on the energy market do not generate impulses for maintaining the current potential in the mining segment. ZE PAK cited falling energy consumption, ever smaller difference between the energy prices and CO2 emission prices, dynamically growing energy imports and growing competitiveness of gas-fueled and renewable energy sources, among others, as reasons behind declining efficiency of the mine.이익 및 매출 성장 예측WSE:ZEP - 애널리스트 향후 추정치 및 과거 재무 데이터 (PLN Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/20271,038-53N/A-127112/31/2026584-62N/A259112/31/20251,334-164-533496N/A9/30/20251,5805-675286N/A6/30/20251,75178-448212N/A3/31/20251,920254-193472N/A12/31/20242,112263-2480N/A9/30/20242,266447-81463N/A6/30/20242,54078450598N/A3/31/20242,326950-215180N/A12/31/20232,945581-1,015-439N/A9/30/20231,785164292706N/A6/30/20232,120-77-606257N/A3/31/20232,769-305-474267N/A12/31/20222,613173-98503N/A9/30/20223,942-142-433-115N/A6/30/20223,368-184-343-64N/A3/31/20222,838-206-186158N/A12/31/20212,281-317-4037N/A9/30/20211,956131-447-49N/A6/30/20211,91655-3019N/A3/31/20211,950-220-251-80N/A12/31/20202,027-222103166N/A9/30/20202,072-765230245N/A6/30/20202,297-741253253N/A3/31/20202,540-469305295N/A12/31/20192,715-445446448N/A9/30/20192,595-326N/A386N/A6/30/20192,514-371N/A261N/A3/31/20192,344-432N/A303N/A12/31/20182,152-460N/A367N/A9/30/20182,253-48N/A334N/A6/30/20182,24829N/A448N/A3/31/20182,309113N/A523N/A12/31/20172,443183N/A479N/A9/30/20172,464201N/A471N/A6/30/20172,515213N/A462N/A3/31/20172,624229N/A468N/A12/31/20162,705248N/A536N/A9/30/20162,747-1,686N/A777N/A6/30/20162,808-1,758N/A607N/A3/31/20162,873-1,842N/A598N/A12/31/20152,948-1,881N/A467N/A9/30/20152,96336N/A272N/A6/30/20152,84310N/A292N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: ZEP 향후 3년 동안 수익성이 없을 것으로 예상됩니다.수익 vs 시장: ZEP 향후 3년 동안 수익성이 없을 것으로 예상됩니다.고성장 수익: ZEP 향후 3년 동안 수익성이 없을 것으로 예상됩니다.수익 대 시장: ZEP 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -15%).고성장 매출: ZEP 의 수익은 향후 3년 동안 감소할 것으로 예상됩니다(연간 -15%).주당순이익 성장 예측향후 자기자본이익률미래 ROE: ZEP의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YUtilities 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/21 02:17종가2026/05/21 00:00수익2025/12/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스ZE PAK SA는 4명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Tomasz DudaErste Group Bank AGMilena Olszewska-MiszurisING Groep NVJavier Fernandez GarridoJ.P. Morgan1명의 분석가 더 보기
Major Estimate Revision • Dec 03Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł2.50b to zł2.22b. EPS estimate unchanged from zł3.65 per share at last update. Electric Utilities industry in Poland expected to see average net income growth of 10% next year. Consensus price target down from zł30.50 to zł25.50. Share price fell 5.1% to zł15.84 over the past week.
Major Estimate Revision • Feb 01Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł3.32b to zł2.97b. EPS estimate unchanged from zł6.20 per share at last update. Electric Utilities industry in Poland expected to see average net income decline 4.3% next year. Consensus price target up from zł22.95 to zł28.55. Share price was steady at zł20.00 over the past week.
Price Target Changed • Jan 31Price target increased by 31% to zł28.55Up from zł21.75, the current price target is an average from 2 analysts. New target price is 44% above last closing price of zł19.82. Stock is down 32% over the past year. The company is forecast to post earnings per share of zł6.20 for next year compared to zł4.00 last year.
Major Estimate Revision • Jan 14Consensus revenue estimates decrease by 28%, EPS upgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł4.62b to zł3.32b. EPS estimate increased from zł2.70 to zł6.19 per share. Net income forecast to shrink 8.8% next year vs 7.2% decline forecast for Electric Utilities industry in Poland. Consensus price target up from zł21.75 to zł22.95. Share price fell 2.1% to zł20.55 over the past week.
Price Target Changed • Jan 12Price target increased by 11% to zł22.95Up from zł20.60, the current price target is an average from 2 analysts. New target price is 11% above last closing price of zł20.75. Stock is down 12% over the past year. The company is forecast to post earnings per share of zł6.19 for next year compared to zł4.00 last year.
Breakeven Date Change • Jan 01Forecast breakeven date pushed back to 2023The 2 analysts covering Zespól Elektrowni Patnów-Adamów-Konin previously expected the company to break even in 2022. New consensus forecast suggests the company will make a profit of zł124.5m in 2023.
New Risk • May 13New minor risk - ProfitabilityThe company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: zł164m Forecast net loss in 2 years: zł53m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company.
공시 • Jan 22+ 3 more updatesZE PAK SA to Report First Half, 2026 Results on Sep 25, 2026ZE PAK SA announced that they will report first half, 2026 results on Sep 25, 2026
분석 기사 • Dec 07Earnings Troubles May Signal Larger Issues for ZE PAK (WSE:ZEP) ShareholdersA lackluster earnings announcement from ZE PAK SA ( WSE:ZEP ) last week didn't sink the stock price. However, we...
분석 기사 • Dec 05ZE PAK (WSE:ZEP) Is Experiencing Growth In Returns On CapitalIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
Reported Earnings • Dec 02Third quarter 2025 earnings released: zł0.78 loss per share (vs zł0.66 profit in 3Q 2024)Third quarter 2025 results: zł0.78 loss per share (down from zł0.66 profit in 3Q 2024). Revenue: zł331.2m (down 34% from 3Q 2024). Net loss: zł39.6m (down 219% from profit in 3Q 2024). Revenue is expected to decline by 23% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Reported Earnings • Oct 06Second quarter 2025 earnings released: zł1.30 loss per share (vs zł2.17 profit in 2Q 2024)Second quarter 2025 results: zł1.30 loss per share (down from zł2.17 profit in 2Q 2024). Revenue: zł335.1m (down 34% from 2Q 2024). Net loss: zł65.8m (down 160% from profit in 2Q 2024). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
분석 기사 • Aug 07ZE PAK (WSE:ZEP) Might Have The Makings Of A Multi-BaggerIf you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven...
New Risk • Jul 01New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 88% per year for the foreseeable future. High level of non-cash earnings (30% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (13% net profit margin).
Valuation Update With 7 Day Price Move • Jun 20Investor sentiment improves as stock rises 16%After last week's 16% share price gain to zł30.30, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 12x in the Electric Utilities industry in Poland. Total returns to shareholders of 30% over the past three years.
New Risk • Jun 04New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 88% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 88% per year for the foreseeable future. High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin).
New Risk • Jun 02New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin).
공시 • May 26+ 2 more updatesZE PAK SA to Report First Half, 2025 Results on Sep 30, 2025ZE PAK SA announced that they will report first half, 2025 results on Sep 30, 2025
공시 • May 19ZE PAK SA, Annual General Meeting, Jun 12, 2025ZE PAK SA, Annual General Meeting, Jun 12, 2025.
분석 기사 • May 15ZE PAK SA (WSE:ZEP) Held Back By Insufficient Growth Even After Shares Climb 38%ZE PAK SA ( WSE:ZEP ) shareholders have had their patience rewarded with a 38% share price jump in the last month. The...
Valuation Update With 7 Day Price Move • May 14Investor sentiment improves as stock rises 34%After last week's 34% share price gain to zł25.00, the stock trades at a trailing P/E ratio of 4.8x. Average forward P/E is 12x in the Electric Utilities industry in Poland. Total returns to shareholders of 69% over the past three years.
Reported Earnings • May 02Full year 2024 earnings released: EPS: zł5.17 (vs zł11.43 in FY 2023)Full year 2024 results: EPS: zł5.17 (down from zł11.43 in FY 2023). Revenue: zł2.19b (down 26% from FY 2023). Net income: zł262.9m (down 55% from FY 2023). Profit margin: 12% (down from 20% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 25% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth.
분석 기사 • Jan 24Improved Earnings Required Before ZE PAK SA (WSE:ZEP) Stock's 34% Jump Looks JustifiedZE PAK SA ( WSE:ZEP ) shares have had a really impressive month, gaining 34% after a shaky period beforehand. Not all...
분석 기사 • Jan 24ZE PAK SA's (WSE:ZEP) Shares Bounce 34% But Its Business Still Trails The MarketZE PAK SA ( WSE:ZEP ) shares have had a really impressive month, gaining 34% after a shaky period beforehand. Not all...
New Risk • Jan 23New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 3.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 29% per year for the foreseeable future. High level of non-cash earnings (121% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (3.9% average weekly change).
Valuation Update With 7 Day Price Move • Jan 23Investor sentiment improves as stock rises 27%After last week's 27% share price gain to zł17.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 14% over the past three years.
분석 기사 • Dec 04ZE PAK (WSE:ZEP) Posted Healthy Earnings But There Are Some Other Factors To Be Aware OfLast week's profit announcement from ZE PAK SA ( WSE:ZEP ) was underwhelming for investors, despite headline numbers...
Major Estimate Revision • Dec 03Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł2.50b to zł2.22b. EPS estimate unchanged from zł3.65 per share at last update. Electric Utilities industry in Poland expected to see average net income growth of 10% next year. Consensus price target down from zł30.50 to zł25.50. Share price fell 5.1% to zł15.84 over the past week.
New Risk • Nov 29New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 19% per year for the foreseeable future. High level of non-cash earnings (74% accrual ratio).
Reported Earnings • Nov 27Third quarter 2024 earnings released: EPS: zł2.74 (vs zł7.28 in 3Q 2023)Third quarter 2024 results: EPS: zł2.74 (down from zł7.28 in 3Q 2023). Revenue: zł1.56b (up 101% from 3Q 2023). Net income: zł139.0m (down 62% from 3Q 2023). Profit margin: 8.9% (down from 48% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Reported Earnings • Sep 25Second quarter 2024 earnings released: EPS: zł2.17 (vs zł5.44 in 2Q 2023)Second quarter 2024 results: EPS: zł2.17 (down from zł5.44 in 2Q 2023). Revenue: zł522.0m (up 71% from 2Q 2023). Net income: zł110.4m (down 60% from 2Q 2023). Profit margin: 21% (down from 91% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 24% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
공시 • May 31ZE PAK SA, Annual General Meeting, Jun 24, 2024ZE PAK SA, Annual General Meeting, Jun 24, 2024.
Reported Earnings • May 29First quarter 2024 earnings released: zł0.09 loss per share (vs zł7.36 loss in 1Q 2023)First quarter 2024 results: zł0.09 loss per share (improved from zł7.36 loss in 1Q 2023). Revenue: zł519.6m (down 53% from 1Q 2023). Net loss: zł4.64m (loss narrowed 99% from 1Q 2023). Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.0%. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth.
분석 기사 • May 07Solid Earnings May Not Tell The Whole Story For ZE PAK (WSE:ZEP)The recent earnings posted by ZE PAK SA ( WSE:ZEP ) were solid, but the stock didn't move as much as we expected. We...
New Risk • May 06New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 101% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 56% per year for the foreseeable future. High level of non-cash earnings (101% accrual ratio).
Major Estimate Revision • Feb 01Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł3.32b to zł2.97b. EPS estimate unchanged from zł6.20 per share at last update. Electric Utilities industry in Poland expected to see average net income decline 4.3% next year. Consensus price target up from zł22.95 to zł28.55. Share price was steady at zł20.00 over the past week.
Price Target Changed • Jan 31Price target increased by 31% to zł28.55Up from zł21.75, the current price target is an average from 2 analysts. New target price is 44% above last closing price of zł19.82. Stock is down 32% over the past year. The company is forecast to post earnings per share of zł6.20 for next year compared to zł4.00 last year.
공시 • Jan 18+ 3 more updatesZE PAK SA to Report Q3, 2024 Results on Nov 26, 2024ZE PAK SA announced that they will report Q3, 2024 results on Nov 26, 2024
Major Estimate Revision • Jan 14Consensus revenue estimates decrease by 28%, EPS upgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł4.62b to zł3.32b. EPS estimate increased from zł2.70 to zł6.19 per share. Net income forecast to shrink 8.8% next year vs 7.2% decline forecast for Electric Utilities industry in Poland. Consensus price target up from zł21.75 to zł22.95. Share price fell 2.1% to zł20.55 over the past week.
Price Target Changed • Jan 12Price target increased by 11% to zł22.95Up from zł20.60, the current price target is an average from 2 analysts. New target price is 11% above last closing price of zł20.75. Stock is down 12% over the past year. The company is forecast to post earnings per share of zł6.19 for next year compared to zł4.00 last year.
New Risk • Dec 01New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 17% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company.
Reported Earnings • Dec 01Third quarter 2023 earnings released: EPS: zł7.13 (vs zł2.54 in 3Q 2022)Third quarter 2023 results: EPS: zł7.13 (up from zł2.54 in 3Q 2022). Revenue: zł819.9m (down 26% from 3Q 2022). Net income: zł369.9m (up 187% from 3Q 2022). Profit margin: 45% (up from 12% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 27% p.a. on average during the next 3 years compared to a 3.2% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Oct 01Second quarter 2023 earnings released: EPS: zł5.00 (vs zł0.97 in 2Q 2022)Second quarter 2023 results: EPS: zł5.00 (up from zł0.97 in 2Q 2022). Revenue: zł305.6m (down 68% from 2Q 2022). Net income: zł254.3m (up 418% from 2Q 2022). Profit margin: 83% (up from 5.2% in 2Q 2022). Revenue is expected to fall by 24% p.a. on average during the next 3 years compared to a 4.5% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Jun 05First quarter 2023 earnings released: zł7.39 loss per share (vs zł2.04 profit in 1Q 2022)First quarter 2023 results: zł7.39 loss per share (down from zł2.04 profit in 1Q 2022). Revenue: zł1.15b (up 20% from 1Q 2022). Net loss: zł375.8m (down 463% from profit in 1Q 2022). Revenue is expected to fall by 26% p.a. on average during the next 3 years compared to a 4.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.
공시 • Jun 02ZE PAK SA, Annual General Meeting, Jun 26, 2023ZE PAK SA, Annual General Meeting, Jun 26, 2023, at 16:00 Central Europe Standard Time.
공시 • Jan 31+ 3 more updatesZespól Elektrowni Patnów-Adamów-Konin S.A. to Report Q2, 2023 Results on Sep 28, 2023Zespól Elektrowni Patnów-Adamów-Konin S.A. announced that they will report Q2, 2023 results on Sep 28, 2023
분석 기사 • Jan 19We Think Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP) Is Taking Some Risk With Its DebtSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Breakeven Date Change • Jan 01Forecast breakeven date pushed back to 2023The 2 analysts covering Zespól Elektrowni Patnów-Adamów-Konin previously expected the company to break even in 2022. New consensus forecast suggests the company will make a profit of zł124.5m in 2023.
Reported Earnings • Dec 01Third quarter 2022 earnings released: EPS: zł2.54 (vs zł1.70 in 3Q 2021)Third quarter 2022 results: EPS: zł2.54 (up from zł1.70 in 3Q 2021). Revenue: zł1.14b (up 94% from 3Q 2021). Net income: zł129.1m (up 50% from 3Q 2021). Profit margin: 11% (down from 15% in 3Q 2021). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 43% per year.
분석 기사 • Nov 20News Flash: Analysts Just Made A Stunning Upgrade To Their Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) ForecastsShareholders in Zespól Elektrowni Patnów-Adamów-Konin S.A. ( WSE:ZEP ) may be thrilled to learn that the analysts have...
Price Target Changed • Nov 19Price target increased to zł26.75Up from zł20.00, the current price target is an average from 2 analysts. New target price is 29% above last closing price of zł20.75. Stock is up 16% over the past year. The company is forecast to post earnings per share of zł4.96 next year compared to a net loss per share of zł6.24 last year.
Price Target Changed • Nov 16Price target decreased to zł20.00Down from zł25.65, the current price target is an average from 2 analysts. New target price is 11% below last closing price of zł22.50. Stock is up 21% over the past year. The company is forecast to post earnings per share of zł4.30 next year compared to a net loss per share of zł6.24 last year.
Price Target Changed • Nov 04Price target decreased to zł20.00Down from zł25.65, the current price target is an average from 2 analysts. New target price is 23% below last closing price of zł25.90. Stock is up 38% over the past year. The company is forecast to post earnings per share of zł4.30 next year compared to a net loss per share of zł6.24 last year.
분석 기사 • Oct 14Zespól Elektrowni Patnów-Adamów-Konin's (WSE:ZEP) Returns On Capital Tell Us There Is Reason To Feel UneasyIf you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop...
Reported Earnings • Oct 02Second quarter 2022 earnings releasedSecond quarter 2022 results: Revenue: zł960.1m (up 88% from 2Q 2021). Net income: zł49.1m (up 75% from 2Q 2021). Profit margin: 5.1% (down from 5.5% in 2Q 2021). Revenue is forecast to grow 18% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat.
Breakeven Date Change • Oct 01Forecast breakeven date pushed back to 2023The 2 analysts covering Zespól Elektrowni Patnów-Adamów-Konin previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 93% to 2022. The company is expected to make a profit of zł412.0m in 2023. Average annual earnings growth of 64% is required to achieve expected profit on schedule.
분석 기사 • Aug 12These 4 Measures Indicate That Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP) Is Using Debt ExtensivelyWarren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...
분석 기사 • Jul 08Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP) Could Be Struggling To Allocate CapitalIf we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? A business...
Price Target Changed • Jun 21Price target increased to zł25.65Up from zł19.50, the current price target is an average from 2 analysts. New target price is 19% above last closing price of zł21.55. Stock is up 124% over the past year. The company is forecast to post earnings per share of zł0.70 next year compared to a net loss per share of zł6.24 last year.
공시 • Jun 07Zespól Elektrowni Patnów-Adamów-Konin S.A., Annual General Meeting, Jun 30, 2022Zespól Elektrowni Patnów-Adamów-Konin S.A., Annual General Meeting, Jun 30, 2022, at 10:00 Central European Standard Time.
Reported Earnings • May 04Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: zł6.24 loss per share (down from zł4.38 loss in FY 2020). Revenue: zł2.45b (up 21% from FY 2020). Net loss: zł317.0m (loss widened 43% from FY 2020). Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) missed analyst estimates by 119%. Over the next year, revenue is forecast to grow 6.9%, compared to a 1.1% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 34% per year and the company’s share price has also increased by 34% per year.
Price Target Changed • Apr 27Price target increased to zł21.15Up from zł17.90, the current price target is an average from 2 analysts. New target price is 32% above last closing price of zł16.00. Stock is up 52% over the past year. The company is forecast to post earnings per share of zł2.60 next year compared to a net loss per share of zł4.38 last year.
공시 • Apr 15ZE PAK Provides Earnings Guidance for the Year 2021ZE PAK provided earnings guidance for the year 2021. For the period, the company expects to post PLN 309 million group net loss in 2021 after taking PLN 550 million hit to group net result from assets impairments.
Major Estimate Revision • Mar 16Consensus forecasts updatedThe consensus outlook for 2021 has been updated. 2021 revenue forecast fell from zł2.31b to zł2.06b. EPS estimate increased from zł2.20 to zł2.60 per share. Net income forecast to shrink 109% next year vs 8.6% growth forecast for Electric Utilities industry in Poland . Consensus price target up from zł17.90 to zł21.15. Share price was steady at zł17.30 over the past week.
Price Target Changed • Mar 15Price target increased to zł21.15Up from zł18.10, the current price target is an average from 2 analysts. New target price is 21% above last closing price of zł17.45. Stock is up 69% over the past year. The company is forecast to post earnings per share of zł2.20 next year compared to a net loss per share of zł4.38 last year.
Valuation Update With 7 Day Price Move • Feb 24Investor sentiment deteriorated over the past weekAfter last week's 22% share price decline to zł11.95, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł8.30 per share.
공시 • Jan 28+ 3 more updatesZespól Elektrowni Patnów-Adamów-Konin S.A. to Report Q1, 2022 Results on May 26, 2022Zespól Elektrowni Patnów-Adamów-Konin S.A. announced that they will report Q1, 2022 results on May 26, 2022
분석 기사 • Dec 11Upgrade: Analysts Just Made A Substantial Increase To Their Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) ForecastsShareholders in Zespól Elektrowni Patnów-Adamów-Konin S.A. ( WSE:ZEP ) may be thrilled to learn that the analysts have...
Reported Earnings • Nov 28Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2021 results: EPS: zł1.70 (up from zł0.20 in 3Q 2020). Revenue: zł618.4m (up 21% from 3Q 2020). Net income: zł86.2m (up zł76.1m from 3Q 2020). Profit margin: 14% (up from 2.0% in 3Q 2020). Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 7.8% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 28% per year.
분석 기사 • Nov 25Is Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP) Weighed On By Its Debt Load?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
분석 기사 • Sep 30Robust Earnings May Not Tell The Whole Story For Zespól Elektrowni Patnów-Adamów-Konin (WSE:ZEP)Zespól Elektrowni Patnów-Adamów-Konin S.A.'s ( WSE:ZEP ) stock didn't jump after it announced some healthy earnings...
Reported Earnings • Sep 26Second quarter 2021 earnings released: EPS zł0.55 (vs zł4.86 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł523.3m (up 12% from 2Q 2020). Net income: zł28.0m (up zł275.2m from 2Q 2020). Profit margin: 5.3% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings.
Price Target Changed • Sep 10Price target increased to zł18.10Up from zł10.20, the current price target is an average from 2 analysts. New target price is 11% below last closing price of zł20.30. Stock is up 105% over the past year.
Is New 90 Day High Low • Mar 12New 90-day high: zł9.82The company is up 3.0% from its price of zł9.54 on 11 December 2020. The Polish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Electric Utilities industry, which is also up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł53.64 per share.
공시 • Mar 04ZE PAK Appoints Katarzyna Sobierajska as Deputy CEOZE PAK appointed Katarzyna Sobierajska as deputy CEO.
공시 • Jan 29+ 3 more updatesZespól Elektrowni Patnów-Adamów-Konin S.A. to Report First Half, 2021 Results on Sep 24, 2021Zespól Elektrowni Patnów-Adamów-Konin S.A. announced that they will report first half, 2021 results on Sep 24, 2021
Is New 90 Day High Low • Dec 21New 90-day low: zł9.28The company is down 4.0% from its price of zł9.70 on 22 September 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 22% over the same period.
Analyst Estimate Surprise Post Earnings • Nov 27Revenue and earnings miss expectationsRevenue missed analyst estimates by 11%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is expected to shrink by 13% compared to a 3.5% decline forecast for the Electric Utilities industry in Poland.
Reported Earnings • Nov 27Third quarter 2020 earnings released: EPS zł0.20The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł554.7m (down 26% from 3Q 2019). Net income: zł10.1m (down 71% from 3Q 2019). Profit margin: 1.8% (down from 4.6% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 91% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.
Price Target Changed • Nov 11Price target raised to zł10.20Up from zł6.10, the current price target is provided by 1 analyst. The new target price is close to the current share price of zł9.98. As of last close, the stock is up 48% over the past year.
공시 • Sep 30+ 1 more updateArgumenol Investment Company Limited completed the acquisition of 26.36% stake in Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) for approximately PLN 100 million.Argumenol Investment Company Limited made an offer to acquire remaining 68.52% stake in Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) for approximately PLN 260 million on July 30, 2019. Under the tender offer, Argumenol Investment will acquire 34.82 million shares at an offer price of PLN 7.47 per share. Argumenol Investment already holds 31.48% stake in Zespól Elektrowni. The tender offer will run from August 20, 2019 to September 19, 2019. Argumenol Investment set no minimum numbers of tendered shares to proceed and no other conditions on the offer. Argumenol Investment Company Limited completed the acquisition of 26.36% stake in Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) for approximately PLN 100 million on September 30, 2019. Argumenol acquired 13.4 million shares at PLN 7.47 per share.
공시 • Sep 02Zespól Elektrowni Patnów-Adamów-Konin S.A. to Report First Half, 2020 Results on Sep 30, 2020Zespól Elektrowni Patnów-Adamów-Konin S.A. announced that they will report first half, 2020 results on Sep 30, 2020
공시 • Aug 12ZE PAK Power to Sack Up to 209 Employees Under Group LayoffsZE PAK announced that it is planning to fire up to 209 employees under group layoffs. The layoffs will encompass up to 80 employees in the Konin lignite mine and up to 129 employees in the mining unit PAK Gornictwo.
공시 • Aug 08ZE PAK Power to Close Down Adamow Lignite MineZE PAK will close down its Adamow lignite mine after the facility wraps up output activity as of end-2020. The current and expected situation on the energy market do not generate impulses for maintaining the current potential in the mining segment. ZE PAK cited falling energy consumption, ever smaller difference between the energy prices and CO2 emission prices, dynamically growing energy imports and growing competitiveness of gas-fueled and renewable energy sources, among others, as reasons behind declining efficiency of the mine.