Loading...

Grodno Spólka Akcyjna

WSE:GRN
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GRN
WSE
PLN76M
Market Cap
  1. Home
  2. PL
  3. Capital Goods
Company description

Grodno Spólka Akcyjna distributes electrotechnical and lighting articles under the Luno brand in Poland. The last earnings update was 8 days ago. More info.


Add to Portfolio Compare Print
  • Grodno Spólka Akcyjna has significant price volatility in the past 3 months.
GRN Share Price and Events
7 Day Returns
-6.6%
WSE:GRN
-4.3%
PL Trade Distributors
0.9%
PL Market
1 Year Returns
-60.1%
WSE:GRN
-32.2%
PL Trade Distributors
-6.4%
PL Market
GRN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Grodno Spólka Akcyjna (GRN) -6.6% -8.3% 55.2% -60.1% -11.6% 50%
PL Trade Distributors -4.3% -0.9% -4.9% -32.2% -21.4% -38.9%
PL Market 0.9% 0.7% 5.7% -6.4% 18.9% -5.8%
1 Year Return vs Industry and Market
  • GRN underperformed the Trade Distributors industry which returned -32.2% over the past year.
  • GRN underperformed the Market in Poland which returned -6.4% over the past year.
Price Volatility
GRN
Industry
5yr Volatility vs Market

Value

 Is Grodno Spólka Akcyjna undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Grodno Spólka Akcyjna to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our calculation method for this is changing soon.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Grodno Spólka Akcyjna.

WSE:GRN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year PL Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WSE:GRN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.2%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.371 (1 + (1- 19%) (0%))
0.371
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.8 * 7.15%)
8.57%

Discounted Cash Flow Calculation for WSE:GRN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Grodno Spólka Akcyjna is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

WSE:GRN DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (PLN, Millions) 30.22 35.49 41.67 48.75 56.55
Source Est @ 17.42% Est @ 17.42% Est @ 17.42% Est @ 17%, capped from 17.42% Est @ 16%, capped from 17.42%
Present Value
Discounted (@ 8.57%)
27.84 30.10 32.56 35.09 37.49
Present value of next 5 years cash flows PLN163.07
WSE:GRN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= PLN56.55 × (1 + 2.85%) ÷ (8.57% – 2.85%)
PLN1,016.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= PLN1,016.84 ÷ (1 + 8.57%)5
PLN674.07
WSE:GRN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= PLN163.07 + PLN674.07
PLN837.14
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN837.14 / 15.38
PLN54.42
WSE:GRN Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN54.42
Current discount Discount to share price of PLN4.95
= -1 x (PLN4.95 - PLN54.42) / PLN54.42
90.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Grodno Spólka Akcyjna is available for.
Intrinsic value
>50%
Share price is PLN4.95 vs Future cash flow value of PLN54.42
Current Discount Checks
For Grodno Spólka Akcyjna to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Grodno Spólka Akcyjna's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Grodno Spólka Akcyjna's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Grodno Spólka Akcyjna's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Grodno Spólka Akcyjna's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:GRN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in PLN PLN0.57
WSE:GRN Share Price ** WSE (2019-02-22) in PLN PLN4.95
Poland Trade Distributors Industry PE Ratio Median Figure of 17 Publicly-Listed Trade Distributors Companies 8.35x
Poland Market PE Ratio Median Figure of 462 Publicly-Listed Companies 10.57x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Grodno Spólka Akcyjna.

WSE:GRN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:GRN Share Price ÷ EPS (both in PLN)

= 4.95 ÷ 0.57

8.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Grodno Spólka Akcyjna is overvalued based on earnings compared to the PL Trade Distributors industry average.
  • Grodno Spólka Akcyjna is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does Grodno Spólka Akcyjna's expected growth come at a high price?
Raw Data
WSE:GRN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.72x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-4.1%per year
Europe Trade Distributors Industry PEG Ratio Median Figure of 28 Publicly-Listed Trade Distributors Companies 1.78x
Poland Market PEG Ratio Median Figure of 100 Publicly-Listed Companies 1.15x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Grodno Spólka Akcyjna, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Grodno Spólka Akcyjna's assets?
Raw Data
WSE:GRN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in PLN PLN4.10
WSE:GRN Share Price * WSE (2019-02-22) in PLN PLN4.95
Poland Trade Distributors Industry PB Ratio Median Figure of 18 Publicly-Listed Trade Distributors Companies 0.56x
Poland Market PB Ratio Median Figure of 689 Publicly-Listed Companies 1.01x
WSE:GRN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:GRN Share Price ÷ Book Value per Share (both in PLN)

= 4.95 ÷ 4.10

1.21x

* Primary Listing of Grodno Spólka Akcyjna.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Grodno Spólka Akcyjna is overvalued based on assets compared to the PL Trade Distributors industry average.
X
Value checks
We assess Grodno Spólka Akcyjna's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check)
  5. Grodno Spólka Akcyjna has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Grodno Spólka Akcyjna expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Grodno Spólka Akcyjna, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-4.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Grodno Spólka Akcyjna expected to grow at an attractive rate?
  • Grodno Spólka Akcyjna's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Grodno Spólka Akcyjna's earnings are expected to decrease over the next 1-3 years, this is below the Poland market average.
  • Unable to compare Grodno Spólka Akcyjna's revenue growth to the Poland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
WSE:GRN Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:GRN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -4.1%
Poland Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 6.8%
Europe Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.2%
Poland Market Revenue Growth Rate Market Cap Weighted Average 6.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WSE:GRN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:GRN Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-12-31 471 11 8
2018-09-30 470 11 9
2018-06-30 448 12 9
2018-03-31 429 9 8
2017-12-31 407 -2 9
2017-09-30 368 1 8
2017-06-30 350 -0 8
2017-03-31 331 -1 8
2016-12-31 318 9 9
2016-09-30 323 4 9
2016-06-30 318 0 9
2016-03-31 312 1 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Grodno Spólka Akcyjna's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Grodno Spólka Akcyjna is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WSE:GRN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Grodno Spólka Akcyjna Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:GRN Past Financials Data
Date (Data in PLN Millions) EPS *
2018-12-31
2018-09-30 0.57
2018-06-30 0.56
2018-03-31 0.55
2017-12-31 0.56
2017-09-30 0.54
2017-06-30 0.54
2017-03-31 0.54
2016-12-31 0.58
2016-09-30 0.58
2016-06-30 0.59
2016-03-31 0.59

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Grodno Spólka Akcyjna will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Grodno Spólka Akcyjna's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Poland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Grodno Spólka Akcyjna has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Grodno Spólka Akcyjna performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Grodno Spólka Akcyjna's growth in the last year to its industry (Trade Distributors).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Grodno Spólka Akcyjna's year on year earnings growth rate has been positive over the past 5 years.
  • Grodno Spólka Akcyjna's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Grodno Spólka Akcyjna's 1-year earnings growth is negative, it can't be compared to the PL Trade Distributors industry average.
Earnings and Revenue History
Grodno Spólka Akcyjna's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Grodno Spólka Akcyjna Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:GRN Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 470.90 7.81 62.44
2018-09-30 470.32 8.74 60.59
2018-06-30 448.27 8.59 56.86
2018-03-31 429.48 8.47 54.85
2017-12-31 406.76 8.66 51.55
2017-09-30 368.44 8.32 47.55
2017-06-30 349.72 8.28 45.14
2017-03-31 330.79 8.24 43.24
2016-12-31 317.82 8.75 41.14
2016-09-30 322.56 8.80 40.41
2016-06-30 318.27 8.89 39.94
2016-03-31 312.02 9.02 38.43
2015-12-31 305.15 9.27 37.37
2015-09-30 280.91 6.80 36.65
2015-06-30 257.24 6.48 34.15
2015-03-31 237.99 6.09 32.66
2014-12-31 227.03 5.21 40.17
2014-09-30 216.11 4.21 34.45
2014-06-30 211.45 4.20 38.11
2014-03-31 208.92 4.12 37.33
2013-12-31 204.39 3.17 36.93
2013-09-30 195.38 1.40 40.03
2013-06-30 190.91 0.56 36.34
2013-03-31 193.09 0.55 37.25
2012-12-31 192.79 1.44 29.25
2012-09-30 193.33 3.24 29.55
2012-06-30 191.25 4.16 28.94
2012-03-31 182.13 4.61 27.44

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Grodno Spólka Akcyjna has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Grodno Spólka Akcyjna used its assets more efficiently than the PL Trade Distributors industry average last year based on Return on Assets.
  • Grodno Spólka Akcyjna's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Grodno Spólka Akcyjna's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Grodno Spólka Akcyjna has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Grodno Spólka Akcyjna's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Grodno Spólka Akcyjna's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Grodno Spólka Akcyjna is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Grodno Spólka Akcyjna's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Grodno Spólka Akcyjna's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Grodno Spólka Akcyjna has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Grodno Spólka Akcyjna Company Filings, last reported 1 month ago.

WSE:GRN Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 68.52 0.00 3.59
2018-09-30 63.33 61.63 1.64
2018-06-30 63.88 61.30 1.78
2018-03-31 63.26 62.16 1.26
2017-12-31 62.41 59.48 1.71
2017-09-30 56.26 56.30 1.13
2017-06-30 56.98 55.04 0.90
2017-03-31 56.54 50.58 1.33
2016-12-31 55.48 39.32 1.33
2016-09-30 49.79 41.26 0.82
2016-06-30 51.32 40.44 0.53
2016-03-31 50.91 37.69 1.54
2015-12-31 49.35 33.65 0.37
2015-09-30 43.60 32.10 0.48
2015-06-30 44.32 29.44 5.03
2015-03-31 39.19 34.31 3.38
2014-12-31 37.62 28.89 0.30
2014-09-30 28.95 33.12 0.45
2014-06-30 29.08 28.89 0.36
2014-03-31 28.94 29.72 0.53
2013-12-31 27.99 27.47 0.89
2013-09-30 25.73 28.32 0.86
2013-06-30 24.88 28.55 0.19
2013-03-31 24.82 31.17 0.11
2012-12-31 24.82 30.52 0.10
2012-09-30 24.33 31.40 0.19
2012-06-30 24.68 25.17 0.16
2012-03-31 24.64 23.84 0.12
  • Grodno Spólka Akcyjna has no debt.
  • Grodno Spólka Akcyjna has no debt compared to 5 years ago when it was 98.2%.
  • Grodno Spólka Akcyjna has no debt, it does not need to be covered by operating cash flow.
  • Grodno Spólka Akcyjna has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Grodno Spólka Akcyjna's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Grodno Spólka Akcyjna has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Grodno Spólka Akcyjna's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.42%
Current annual income from Grodno Spólka Akcyjna dividends.
If you bought PLN2,000 of Grodno Spólka Akcyjna shares you are expected to receive PLN48 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Grodno Spólka Akcyjna's pays a lower dividend yield than the bottom 25% of dividend payers in Poland (2.55%).
  • Grodno Spólka Akcyjna's dividend is below the markets top 25% of dividend payers in Poland (7.79%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WSE:GRN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Poland Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2.3%
Poland Market Average Dividend Yield Market Cap Weighted Average of 208 Stocks 3.3%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.6%
Poland Top 25% Dividend Yield 75th Percentile 7.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WSE:GRN Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-08-09 0.120 2.813
2018-07-26 0.120 1.271
2017-08-09 0.120 1.030
2017-07-05 0.120 1.409
2016-06-02 0.170 2.932
2012-11-05 0.030 0.990
2012-05-14 0.030 1.310
2011-08-23 0.030 1.279

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Grodno Spólka Akcyjna has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Grodno Spólka Akcyjna only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Grodno Spólka Akcyjna's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.7x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Grodno Spólka Akcyjna's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Grodno Spólka Akcyjna afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Grodno Spólka Akcyjna has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Andrzej Jurczak
COMPENSATION PLN0
TENURE AS CEO 13.1 years
CEO Bio

Mr. Andrzej Jurczak has been the President of Management Board at Grodno Spólka Akcyjna since 2006. Mr. Jurczak served as President of the Management Board at Inter-Elektro SA from 2004 to 2005. He served as President of the Management Board at RGB Technik Sp. z o. o. from 1995 to 2013. He served as Vice-President of the Management Board at Grodno Sp. z o.o. from 1998 to 2006. he has been Member of the Supervisory Board at Spóldzielnia Mieszkaniowa Megawat since 2011. he is a graduate in Marketing and Management from the Warsaw School of Economics.

CEO Compensation
  • Insufficient data for Andrzej to compare compensation growth.
  • Andrzej's remuneration is lower than average for companies of similar size in Poland.
Management Team

Andrzej Jurczak

TITLE
President of Management Board
TENURE
13.1 yrs

Jaroslaw Jurczak

TITLE
Vice President of Management Board
TENURE
13.1 yrs

Monika Jurczak

TITLE
Member of Management Board
Board of Directors Tenure

Average tenure of the Grodno Spólka Akcyjna board of directors in years:

5.1
Average Tenure
  • The tenure for the Grodno Spólka Akcyjna board of directors is about average.
Board of Directors

Miroslawa Jurczak-Serwinska

TITLE
Chairman of Supervisory Board
TENURE
10.1 yrs

Tomasz Filipowski

TITLE
Member of Supervisory Board
TENURE
5.1 yrs

Dariusz Sklodowski

TITLE
Member of Supervisory Board
TENURE
5.1 yrs

Mariusz Wingralek

TITLE
Member of Supervisory Board
TENURE
5.1 yrs

Marcin Wozniak

TITLE
Member of Supervisory Board
TENURE
9.1 yrs

Szczepan Czyczerski

TITLE
Member of Supervisory Board
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (PLN) Value (PLN)
X
Management checks
We assess Grodno Spólka Akcyjna's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Grodno Spólka Akcyjna has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Interested In Grodno Spólka Akcyjna (WSE:GRN)? Here's What Its Recent Performance Looks Like

After reading Grodno Spólka Akcyjna's (WSE:GRN) most recent earnings announcement (30 September 2018), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … GRN's trailing twelve-month earnings (from 30 September 2018) of zł8.7m has … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 19%, indicating the rate at which GRN is growing has slowed down.

Simply Wall St -

Know This Before Buying Grodno Spólka Akcyjna (WSE:GRN) For Its Dividend

Historically, Grodno Spólka Akcyjna (WSE:GRN) has paid dividends to shareholders, and these days it yields 3.4%. … Does Grodno Spólka Akcyjna tick all the boxes of a great dividend stock? … See our latest analysis for Grodno Spólka Akcyjna

Simply Wall St -

What Should Investors Know About Grodno Spólka Akcyjna's (WSE:GRN) Return On Capital?

and looking to gauge the potential return on investment in Grodno Spólka Akcyjna (WSE:GRN). … To understand Grodno Spólka Akcyjna’s capital returns we will look at a useful metric called return on capital employed. … Grodno Spólka Akcyjna's Return On Capital Employed

Simply Wall St -

4 Days Left Before Grodno Spólka Akcyjna (WSE:GRN) Will Be Trading Ex-Dividend,

Investors who want to cash in on Grodno Spólka Akcyjna's (WSE:GRN) upcoming dividend of zł0.12 per share have only 4 days left to buy the shares before its ex-dividend date, 02 November 2018, in time for dividends payable on the 21 November 2018. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … Let's take a look at Grodno Spólka Akcyjna's most recent financial data to examine its dividend characteristics in more detail.

Simply Wall St -

Where Grodno Spólka Akcyjna (WSE:GRN) Stands In Terms Of Earnings Growth Against Its Industry

Today I will take a look at Grodno Spólka Akcyjna's (WSE:GRN) most recent earnings update (30 June 2018) and compare these latest figures against its performance over the past few years, as well as how the rest of the trade distributors industry performed. … Did GRN beat its long-term earnings growth trend and its industry. … GRN's trailing twelve-month earnings (from 30 June 2018) of zł8.6m has

Simply Wall St -

How Did Grodno Spólka Akcyjna's (WSE:GRN) 13.39% ROE Fare Against The Industry?

With an ROE of 13.39%, Grodno Spólka Akcyjna (WSE:GRN) outpaced its own industry which delivered a less exciting 7.93% over the past year. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden. … View our latest analysis for Grodno Spólka Akcyjna

Simply Wall St -

What Should You Know About Grodno Spólka Akcyjna's (WSE:GRN) Return On Capital?

and want to begin learning the link between Grodno Spólka Akcyjna (WSE:GRN)’s return fundamentals and stock market performance. … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Therefore, looking at how efficiently Grodno Spólka Akcyjna is able to use capital to create earnings will help us understand your potential return.

Simply Wall St -

What You Must Know About Grodno Spólka Akcyjna's (WSE:GRN) Financial Strength

Investors are always looking for growth in small-cap stocks like Grodno Spólka Akcyjna (WSE:GRN), with a market cap of zł176.89m. … However, an important fact which most ignore is: how financially healthy is the business? … since poor capital management may bring about bankruptcies,

Simply Wall St -

Is Grodno Spólka Akcyjna's (WSE:GRN) PE Ratio A Signal To Sell For Investors?

and want to begin learning the link between Grodno Spólka Akcyjna (WSE:GRN)’s fundamentals and stock market performance. … Grodno Spólka Akcyjna (WSE:GRN) trades with a trailing P/E of 20.2x, which is higher than the industry average of 12.1x. … Check out our latest analysis for Grodno Spólka Akcyjna

Simply Wall St -

Should You Be Concerned About Grodno Spólka Akcyjna's (WSE:GRN) Investors?

Insider Ownership Another important group of shareholders are company insiders. … This size of ownership, while considerably large for a public company, may not be enough to change company policy if the decision is not in sync with other large shareholders. … Next Steps: The company's high institutional ownership makes margin of safety a very important consideration to existing investors since long bull and bear trends often emerge when these big-ticket investors see a change in long-term potential of the company.

Simply Wall St -

Company Info

Map
Description

Grodno Spólka Akcyjna distributes electrotechnical and lighting articles under the Luno brand in Poland. The company’s products are used in air conditioning, ventilations, and heating applications. It also provides specialized advice, energy, and lighting audits services. In addition, the company undertakes lighting, illumination, and photovoltaics projects. Further, it provides training in the field of photovoltaics, lighting control, security and automation, programming controllers, intelligent installations, and others. It serves electrical and industrial installations companies; storehouses, hotels, and offices; and individual customers. Grodno Spólka Akcyjna was founded in 1990 and is headquartered in Nieporet, Poland.

Details
Name: Grodno Spólka Akcyjna
GRN
Exchange: WSE
Founded: 1990
PLN76,140,211
15,381,861
Website: http://www.grodno.pl
Address: Grodno Spólka Akcyjna
ul. Kwiatowa 14,
Michalów Grabina,
Nieporet,
05-126,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE GRN Common Bearer Shares Warsaw Stock Exchange PL PLN 28. Jun 2011
LSE 0RKU Common Bearer Shares London Stock Exchange GB PLN 28. Jun 2011
Number of employees
Current staff
Staff numbers
0
Grodno Spólka Akcyjna employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/22 22:00
End of day share price update: 2019/02/22 00:00
Last earnings filing: 2019/02/14
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.