WSE:BDX

Stock Analysis Report

Executive Summary

Budimex SA operates as an infrastructure and services company in Poland.

Snowflake

Fundamentals

Adequate balance sheet average dividend payer.


Similar Companies

Share Price & News

How has Budimex's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.6%

BDX

1.2%

PL Construction

1.1%

PL Market


1 Year Return

24.0%

BDX

4.8%

PL Construction

-3.2%

PL Market

Return vs Industry: BDX exceeded the Polish Construction industry which returned 4.8% over the past year.

Return vs Market: BDX exceeded the Polish Market which returned -3.2% over the past year.


Shareholder returns

BDXIndustryMarket
7 Day1.6%1.2%1.1%
30 Day-8.1%-6.1%-2.6%
90 Day-4.6%-6.0%-7.7%
1 Year30.2%24.0%8.3%4.8%-0.3%-3.2%
3 Year-24.6%-38.6%-31.0%-39.5%11.6%3.6%
5 Year25.1%-5.8%-10.9%-24.7%0.2%-11.9%

Price Volatility Vs. Market

How volatile is Budimex's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Budimex undervalued compared to its fair value and its price relative to the market?

13.22x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Undervalued: BDX (PLN129) is trading above our estimate of fair value (PLN97.52)

Significantly Undervalued: BDX is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BDX is poor value based on its PE Ratio (13.2x) compared to the Construction industry average (7.1x).

PE vs Market: BDX is poor value based on its PE Ratio (13.2x) compared to the Polish market (10x).


Price to Earnings Growth Ratio

Low PEG Ratio: BDX is poor value based on its PEG Ratio (2.5x)


Price to Book Ratio

PB vs Industry: BDX is overvalued based on its PB Ratio (5x) compared to the PL Construction industry average (0.8x).


Next Steps

Future Growth

How is Budimex forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

5.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BDX's forecast earnings growth (5.2% per year) is above the savings rate (2.9%).

Earnings vs Market: BDX's earnings (5.2% per year) are forecast to grow slower than the Polish market (10.4% per year).

High Growth Earnings: BDX's earnings are forecast to grow, but not significantly.

Revenue vs Market: BDX's revenue is expected to decline over the next 3 years (-4.7% per year).

High Growth Revenue: BDX's revenue is forecast to decline over the next 3 years (-4.7%).


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: BDX's Return on Equity is forecast to be high in 3 years time (29.8%)


Next Steps

Past Performance

How has Budimex performed over the past 5 years?

8.5%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: BDX's earnings have grown by 8.5% per year over the past 5 years.

Accelerating Growth: BDX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BDX had negative earnings growth (-37.3%) over the past year, making it difficult to compare to the Construction industry average (3.5%).


Return on Equity

High ROE: BDX's Return on Equity (37.7%) is considered high.


Return on Assets

ROA vs Industry: BDX has a higher Return on Assets than the Construction industry average last year.


Return on Capital Employed

ROCE Improving: BDX's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Budimex's financial position?


Financial Position Analysis

Short Term Liabilities: BDX's short term assets (PLN4.2B) exceeds its short term liabilities (PLN3.7B)

Long Term Liabilities: BDX's short term assets (4.2B) exceeds its long term liabilities (796.6M)


Debt to Equity History and Analysis

Debt Level: BDX's debt to equity ratio (23.5%) is considered satisfactory

Reducing Debt: BDX's debt to equity ratio has increased from 8.5% to 23.5% over the past 5 years.

Debt Coverage: BDX's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: BDX earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet

Inventory Level: BDX has a high level of physical assets or inventory.

Debt Coverage by Assets: BDX's debt is covered by short term assets (assets are 27.136280x debt).


Next Steps

Dividend

What is Budimex's current dividend yield, its reliability and sustainability?

4.88%

Current Dividend Yield


Dividend Yield vs Market

company4.9%marketbottom25%2.6%markettop25%7.4%industryaverage5.0%forecastin3Years5.5%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: BDX's dividend (4.88%) is higher than the bottom 25% of dividend payers in the Polish market (2.64%).

High Dividend: BDX's dividend (4.88%) is low compared to the top 25% of dividend payers in the Polish market (7.41%).

Stable Dividend: BDX's dividend payments have been volatile in the past 10 years.

Growing Dividend: BDX's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (64.5%), BDX's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BDX's dividends in 3 years are forecast to be covered by earnings (75.4% payout ratio).


Next Steps

Management

What is the CEO of Budimex's salary, the management and board of directors tenure and is there insider trading?

11.3yrs

Average management tenure


CEO

Dariusz Blocher 0

10.1yrs

Tenure

zł3,316,000

Compensation

Mr. Dariusz Jacek Blocher has been the President of Management Board and General Manager at Budimex SA since September 2009. Mr. Blocher served as the Chief Executive Officer and President of Management Bo ...


CEO Compensation Analysis

Compensation vs. Market: Dariusz's total compensation ($USD850.85K) is above average for companies of similar size in the Polish market ($USD158.71K).

Compensation vs Earnings: Dariusz's compensation has been consistent with company performance over the past year.


Management Age and Tenure

11.3yrs

Average Tenure

55yo

Average Age

Experienced Management: BDX's management team is seasoned and experienced (11.3 years average tenure).


Board Age and Tenure

0.8yrs

Average Tenure

Experienced Board: BDX's board of directors are not considered experienced ( 0.8 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Igor Chalupec (53yo)

    Secretary of the Board & Member of the Supervisory Board

    • Tenure: 12.8yrs
  • Marcin Weglowski

    CFO, Director of the Financial & Economic Department and Member of the Management Board

    • Tenure: 18.8yrs
    • Compensation: zł1.44m
  • Dariusz Blocher

    President of the Management Board & GM

    • Tenure: 10.1yrs
    • Compensation: zł3.32m
  • Henryk Urbanski (66yo)

    Director of Property Management Division & Member of Management Board

    • Tenure: 14.8yrs
    • Compensation: zł1.60m
  • Cezary Maczka (55yo)

    Chief HR Officer

    • Tenure: 3.8yrs
    • Compensation: zł1.44m
  • Jacek Daniewski

    Chief Legal & Org. Officer

    • Tenure: 12.6yrs
    • Compensation: zł1.42m
  • Jaime Perez

    Executive

    • Tenure: 0yrs
    • Compensation: zł395.00k
  • Artur Popko

    Vice President of the Management Board & COO

    • Tenure: 0.3yrs
    • Compensation: zł1.90m

Board Members

  • Janusz Dedo

    Member of the Supervisory Board

    • Tenure: 0yrs
  • Igor Chalupec (53yo)

    Secretary of the Board & Member of the Supervisory Board

    • Tenure: 12.8yrs
  • Marek Michalowski

    Chairman of Supervisory Board

    • Tenure: 10.1yrs
  • Javier Hernández

    Member of Supervisory Board

    • Tenure: 0yrs
  • José Carlos Rodriguez

    Member of the Supervisory Board

    • Tenure: 0yrs
  • Marzenna Weresa

    Member of the Supervisory Board

    • Tenure: 0yrs
  • Agnieszka Slomka-Golebiowska (43yo)

    Independent Member of Supervisory Board

    • Tenure: 0.4yrs
  • Danuta Dabrowska

    Member of Supervisory Board

    • Tenure: 0.4yrs
  • Fernando Luis Larragoiti

    Member of Supervisory Board

    • Tenure: 0.8yrs
    • Compensation: zł2.09m
  • Juan Gaston Najarro

    Vice Chairman of Supervisory Board

    • Tenure: 0.8yrs

Company Information

Budimex SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Budimex SA
  • Ticker: BDX
  • Exchange: WSE
  • Founded: 1968
  • Industry: Construction and Engineering
  • Sector: Capital Goods
  • Market Cap: zł3.293b
  • Shares outstanding: 25.53m
  • Website: https://www.budimex.pl

Number of Employees


Location

  • Budimex SA
  • 40 Stawki Street
  • Warsaw
  • 01-040
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BDXWSE (Warsaw Stock Exchange)YesBearer SharesPLPLNMay 1995

Biography

Budimex SA operates as an infrastructure and services company in Poland. The company is involved in the general contracting of public, commercial, industrial, and residential buildings, as well as sports f ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 20:38
End of Day Share Price2019/10/14 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.