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Rafako

WSE:RFK
Snowflake Description

Adequate balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RFK
WSE
PLN278M
Market Cap
  1. Home
  2. PL
  3. Capital Goods
Company description

Rafako S.A. designs, manufactures, and sells boilers and environment protection plants in Europe. The last earnings update was 113 days ago. More info.


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RFK Share Price and Events
7 Day Returns
-1.4%
WSE:RFK
2.6%
PL Machinery
1.6%
PL Market
1 Year Returns
-54.9%
WSE:RFK
-21.1%
PL Machinery
-1.8%
PL Market
RFK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Rafako (RFK) -1.4% 20.1% 27.8% -54.9% -72.9% -61%
PL Machinery 2.6% 2.6% -0.2% -21.1% 10.8% -14.3%
PL Market 1.6% 1% 3% -1.8% 12.8% -2.4%
1 Year Return vs Industry and Market
  • RFK underperformed the Machinery industry which returned -21.1% over the past year.
  • RFK underperformed the Market in Poland which returned -1.8% over the past year.
Price Volatility
RFK
Industry
5yr Volatility vs Market

RFK Value

 Is Rafako 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 Rafako 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

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

WSE:RFK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12%
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:RFK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.06
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.06 (1 + (1- 19%) (41.72%))
1.28
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.28
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.28 * 7.14%)
11.99%

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

The calculations below outline how an intrinsic value for Rafako is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WSE:RFK DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 11.99%)
2019 -74.40 Analyst x1 -66.44
2020 133.70 Analyst x1 106.61
2021 199.98 Est @ 49.58% 142.39
2022 271.09 Est @ 35.56% 172.35
2023 340.88 Est @ 25.75% 193.52
2024 405.23 Est @ 18.88% 205.43
2025 462.24 Est @ 14.07% 209.24
2026 511.72 Est @ 10.7% 206.84
2027 554.43 Est @ 8.35% 200.12
2028 591.57 Est @ 6.7% 190.66
Present value of next 10 years cash flows PLN1,560.72
WSE:RFK DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN591.57 × (1 + 2.85%) ÷ (11.99% – 2.85%)
PLN6,657.69
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN6,657.69 ÷ (1 + 11.99%)10
PLN2,145.76
WSE:RFK Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN1,560.72 + PLN2,145.76
PLN3,706.49
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN3,706.49 / 127.43
PLN29.09
WSE:RFK Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN29.09
Current discount Discount to share price of PLN2.19
= -1 x (PLN2.19 - PLN29.09) / PLN29.09
92.5%

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

Current Discount
Amount off the current price Rafako is available for.
Intrinsic value
>50%
Share price is PLN2.19 vs Future cash flow value of PLN29.09
Current Discount Checks
For Rafako to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Rafako's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Rafako'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 Rafako's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Rafako's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:RFK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN-0.02
WSE:RFK Share Price ** WSE (2019-03-20) in PLN PLN2.19
Poland Machinery Industry PE Ratio Median Figure of 16 Publicly-Listed Machinery Companies 8.9x
Poland Market PE Ratio Median Figure of 466 Publicly-Listed Companies 10.81x

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

** Primary Listing of Rafako.

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

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

= 2.19 ÷ -0.02

-131.14x

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

  • Rafako is loss making, we can't compare its value to the PL Machinery industry average.
  • Rafako is loss making, we can't compare the value of its earnings to the Poland market.
Price based on expected Growth
Does Rafako's expected growth come at a high price?
Raw Data
WSE:RFK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -131.14x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
43.7%per year
Europe Machinery Industry PEG Ratio Median Figure of 122 Publicly-Listed Machinery Companies 1.81x
Poland Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 1.14x

*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 Rafako, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Rafako's assets?
Raw Data
WSE:RFK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN4.54
WSE:RFK Share Price * WSE (2019-03-20) in PLN PLN2.19
Poland Machinery Industry PB Ratio Median Figure of 29 Publicly-Listed Machinery Companies 0.73x
Poland Market PB Ratio Median Figure of 690 Publicly-Listed Companies 1x
WSE:RFK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 2.19 ÷ 4.54

0.48x

* Primary Listing of Rafako.

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

  • Rafako is good value based on assets compared to the PL Machinery industry average.
X
Value checks
We assess Rafako'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 Machinery 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 Machinery industry average (and greater than 0)? (1 check)
  5. Rafako 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.

RFK Future Performance

 How is Rafako expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
43.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Rafako expected to grow at an attractive rate?
  • Rafako's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Rafako's earnings growth is expected to exceed the Poland market average.
  • Rafako's revenue growth is expected to exceed the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:RFK Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:RFK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 43.7%
WSE:RFK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 10.1%
Poland Machinery Industry Earnings Growth Rate Market Cap Weighted Average 8.4%
Poland Machinery Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.6%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*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:RFK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:RFK Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 1,493 149 33 1
2019-12-31 1,845 -47 58 1
2018-12-31 1,183 120 30 1
WSE:RFK Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 1,337 -192 -2
2018-06-30 1,535 -308 9
2018-03-31 1,641 -222 0
2017-12-31 1,783 -29 2
2017-09-30 1,968 -27 14
2017-06-30 2,007 64 11
2017-03-31 1,981 83 17
2016-12-31 1,875 -113 11
2016-09-30 1,769 53 35
2016-06-30 1,595 129 28
2016-03-31 1,604 98 36
2015-12-31 1,550 74 34

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Rafako's earnings are expected to grow significantly at over 20% yearly.
  • Rafako's revenue is expected to grow by 10.1% yearly, however this is not considered high growth (20% yearly).
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:RFK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Rafako Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:RFK Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
2018-12-31
WSE:RFK Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 -0.02
2018-06-30 0.08
2018-03-31 0.00
2017-12-31 0.03
2017-09-30 0.17
2017-06-30 0.13
2017-03-31 0.20
2016-12-31 0.12
2016-09-30 0.41
2016-06-30 0.34
2016-03-31 0.46
2015-12-31 0.46

*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.
  • Rafako is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Rafako'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 Poland 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.
Rafako has a total score of 4/6, 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.

RFK Past Performance

  How has Rafako 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 Rafako's growth in the last year to its industry (Machinery).
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.
  • Rafako does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Rafako's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Rafako's 1-year growth to the PL Machinery industry average as it is not currently profitable.
Earnings and Revenue History
Rafako'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 Rafako Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:RFK Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 1,337.14 -1.95 87.91
2018-06-30 1,534.86 8.51 93.40
2018-03-31 1,640.82 -0.03 98.38
2017-12-31 1,782.59 2.22 100.59
2017-09-30 1,967.87 14.23 97.06
2017-06-30 2,006.62 11.34 93.39
2017-03-31 1,980.75 16.85 93.77
2016-12-31 1,875.31 10.51 90.43
2016-09-30 1,769.15 34.68 93.72
2016-06-30 1,595.38 27.67 93.59
2016-03-31 1,604.26 36.23 91.06
2015-12-31 1,550.09 34.13 88.01
2015-09-30 1,445.86 34.50 78.48
2015-06-30 1,420.03 30.39 73.57
2015-03-31 1,279.76 26.43 80.00
2014-12-31 1,183.47 27.40 80.39
2014-09-30 940.37 8.61 87.47
2014-06-30 825.41 -134.75 86.37
2014-03-31 748.14 -139.25 76.70
2013-12-31 748.10 -139.08 76.32
2013-09-30 825.49 -157.90 75.84
2013-06-30 925.55 -14.94 79.30
2013-03-31 1,153.89 -0.13 78.04
2012-12-31 1,291.39 9.84 85.98
2012-09-30 1,365.53 35.61 105.61
2012-06-30 1,397.51 63.79 108.77
2012-03-31 1,235.74 58.83 112.02

*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.
  • It is difficult to establish if Rafako has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Rafako used its assets less efficiently than the PL Machinery industry average last year based on Return on Assets.
  • It is difficult to establish if Rafako improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Rafako'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 Machinery 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.
Rafako has a total score of 0/6, 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.

RFK Health

 How is Rafako'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 Rafako's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Rafako is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Rafako's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Rafako'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 7.9x debt.
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 Rafako Company Filings, last reported 5 months ago.

WSE:RFK Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 586.69 116.18 195.81
2018-06-30 580.95 120.07 114.60
2018-03-31 575.29 115.79 238.10
2017-12-31 610.25 103.28 247.76
2017-09-30 469.17 86.92 198.94
2017-06-30 453.67 54.30 258.75
2017-03-31 454.92 151.05 369.12
2016-12-31 443.85 152.69 175.86
2016-09-30 454.93 147.42 309.45
2016-06-30 440.78 155.93 335.48
2016-03-31 434.21 153.69 296.20
2015-12-31 429.77 114.44 320.07
2015-09-30 417.14 150.15 376.70
2015-06-30 315.56 134.29 202.79
2015-03-31 304.02 109.07 193.29
2014-12-31 313.45 131.56 201.13
2014-09-30 313.12 140.13 211.26
2014-06-30 307.65 126.65 225.86
2014-03-31 297.98 152.61 168.80
2013-12-31 294.09 259.16 296.37
2013-09-30 295.56 300.67 258.34
2013-06-30 436.39 303.09 256.78
2013-03-31 433.71 298.12 252.89
2012-12-31 429.55 293.56 261.50
2012-09-30 454.32 263.11 207.84
2012-06-30 451.04 248.92 262.11
2012-03-31 482.04 296.94 324.35
  • Rafako's level of debt (19.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (101.6% vs 19.8% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Information is not available.
  • Unable to confirm if Rafako has at least 1 year of cash runway based on growing free cash flows without relevant data.
X
Financial health checks
We assess Rafako'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. Rafako has a total score of 4/6, 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.

RFK Dividends

 What is Rafako'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
0%
Current annual income from Rafako dividends. Estimated to be 25.86% next year.
If you bought PLN2,000 of Rafako shares you are expected to receive PLN0 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?
  • Unable to evaluate Rafako's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Rafako's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:RFK 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 1 Analyst Estimates (S&P Global) See Below
Poland Machinery Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 7.8%
Poland Market Average Dividend Yield Market Cap Weighted Average of 207 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 7.6%

Industry and Market average data is calculated daily.

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

WSE:RFK Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.13 1.00
2019-12-31 0.00 1.00
2018-12-31 0.00 1.00
WSE:RFK Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2012-11-14 0.000 0.000
2012-10-15 0.000 0.000
2012-08-31 0.000 0.000
2012-04-30 0.000 0.000
2011-03-21 0.570 5.800
2011-01-17 0.570 4.826
2010-08-31 0.300 2.342
2010-03-22 0.300 2.319
2009-09-01 0.150 1.460
2009-04-09 0.150 1.805
2009-03-23 0.150 2.408

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

  • Unable to perform a dividend volatility check as Rafako has not reported any payouts.
  • Unable to verify if Rafako's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Rafako's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Rafako has not reported any payouts.
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 Rafako'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 Rafako afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Rafako has a total score of 0/6, see the detailed checks below.


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

RFK Management

 What is the CEO of Rafako'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
Jerzy Wisniewski
COMPENSATION PLN840,000
TENURE AS CEO 0.4 years
CEO Bio

Mr. Jerzy Wisniewski serves as President of Management Board and General Director at Rafako Spolka Akcyjna since October 2018. Mr. Wisniewski served as a Vice Chairman of Supervisory Board at Rafako Spolka Akcyjna.

CEO Compensation
  • Jerzy's compensation has been consistent with company performance over the past year.
  • Jerzy's remuneration is higher than average for companies of similar size in Poland.
Management Team Tenure

Average tenure of the Rafako management team in years:

0.4
Average Tenure
  • The average tenure for the Rafako management team is less than 2 years, this suggests a new team.
Management Team

Jerzy Wisniewski

TITLE
President of Management Board & General Director
COMPENSATION
PLN840K
TENURE
0.4 yrs

Jaroslaw Dusilo

TITLE
VP of the Management Board
COMPENSATION
PLN628K

Agnieszka Wasilewska-Semail

TITLE
Vice President of the Management Board & Deputy CEO
COMPENSATION
PLN765K
TENURE
0.4 yrs

Jolanta Markowicz

TITLE
Chief Accountant

Piotr Karas

TITLE
Director of Marketing

Anna Zembaty-Leska

TITLE
Human Resources Director

Stanislaw Fudali

TITLE
Chief Welding Engineer

Jan Glenc

TITLE
Chief Process Engineer

Dariusz Karwacki

TITLE
Deputy Chief Executive Officer
COMPENSATION
PLN511K
AGE
56
TENURE
7.3 yrs

Krzysztof Zacharko

TITLE
Treasurer
Board of Directors

Jerzy Wisniewski

TITLE
President of Management Board & General Director
COMPENSATION
PLN840K

Malgorzata Wisniewska

TITLE
Member of Supervisory Board
COMPENSATION
PLN348K

Przemyslaw Schmidt

TITLE
Independent Member of Supervisory Board
COMPENSATION
PLN126K
AGE
56

Adam Szyszka

TITLE
Member of the Supervisory Board
COMPENSATION
PLN108K

Krzysztof Gerula

TITLE
Independent Member of Supervisory Board
COMPENSATION
PLN108K
AGE
75
TENURE
3.3 yrs

Dariusz Szymanski

TITLE
Member of Supervisory Board
COMPENSATION
PLN108K
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 Rafako'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. Rafako 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.

RFK News

Simply Wall St News

Did Changing Sentiment Drive Rafako's (WSE:RFK) Share Price Down A Painful 71%?

Indeed, the share price is down a tragic 71% in the last three years. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Rafako saw its share price decline over the three years in which its EPS also dropped, falling to a loss.

Simply Wall St -

Rafako S.A. (WSE:RFK): Time For A Financial Health Check

(WSE:RFK) with its market cap of zł214m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … the current state of its operations and pathway to profitability.

Simply Wall St -

What Kind Of Investor Owns Most Of Rafako SA (WSE:RFK)?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … We also tend to see lower insider ownership in companies that were previously publicly owned. … institutions own shares in the company.

Simply Wall St -

Is Rafako SA's (WSE:RFK) PE Ratio A Signal To Sell For Investors?

Rafako SA (WSE:RFK) is trading with a trailing P/E of 26.3, which is higher than the industry average of 9.2. … While this might not seem positive, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions. … I will explain what the P/E ratio is as well as what you should look out for when using it

Simply Wall St -

Who Owns Most Of Rafako SA (WSE:RFK)?

Today, I will be analyzing Rafako SA’s (WSE:RFK) recent ownership structure, an important but not-so-popular subject among individual investors. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … WSE:RFK Ownership Summary August 1st 18

Simply Wall St -

What You Must Know About Rafako SA's (WSE:RFK) Financial Strength

While small-cap stocks, such as Rafako SA (WSE:RFK) with its market cap of zł479.14m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

What Should Investors Know About Rafako SA.'s (WSE:RFK) Return On Capital?

Therefore, looking at how efficiently Rafako is able to use capital to create earnings will help us understand your potential return. … RFK’s ROCE is calculated below: ROCE Calculation for RFK Return on Capital Employed (ROCE) = Earnings Before Tax (EBT) ÷ (Capital Employed) Capital Employed = (Total Assets - Current Liabilities) ∴ ROCE = ZŁ44.21M ÷ (ZŁ1.28B - ZŁ603.10M) = 6.53% RFK’s 6.53% ROCE means that for every PLN100 you invest, the company creates PLN6.5. … Conversely, the movement in the earnings variable shows a jump from ZŁ33.29M to ZŁ44.21M albeit capital employed rose by a relatively larger volume in response to an increase in total assets and a smaller reliance on current liabilities (less borrowing to fund operations) , which suggests investor's ROCE has fallen because the company requires more capital to create earnings despite the previous growth in EBT.

Simply Wall St -

Who Owns Rafako SA. (WSE:RFK)?

This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and potential acquisitions. … Public Company Ownership Potential investors in RFK should also look at another important group of investors: other public companies, with a stake of 33.32%, who are primarily invested because of strategic and capital gain interests. … As a result, potential investors should further explore the company's business relations with these companies and find out if they can affect shareholder returns in the long-term.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 -

Rafako SA. (WSE:RFK): Does The -78.88% Earnings Drop Reflect A Longer Term Trend?

For Rafako, its latest earnings (trailing twelve month) is ZŁ2.22M, which, against the prior year's figure, has fallen by a non-trivial -78.88%. … Usually companies that endure a drawn out period of decline in earnings are going through some sort of reinvestment phase Though if the entire industry is struggling to grow over time, it may be a sign of a structural change, which makes Rafako and its peers a higher risk investment. … You should continue to research Rafako to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for RFK’s future growth?

Simply Wall St -

Should You Be Tempted To Sell Rafako SA. (WSE:RFK) Because Of Its PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for RFK Price per share = PLN4.25 Earnings per share = PLN0.17 ∴ Price-Earnings Ratio = PLN4.25 ÷ PLN0.17 = 25.1x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … Since RFK's P/E of 25.1x is higher than its industry peers (16.6x), it means that investors are paying more than they should for each dollar of RFK's earnings. … For example, if you are inadvertently comparing riskier firms with RFK, then RFK’s P/E would naturally be higher than its peers since investors would reward its lower risk with a higher price.

Simply Wall St -

RFK Company Info

Description

Rafako S.A. designs, manufactures, and sells boilers and environment protection plants in Europe. It operates in Power and Environmental Protection Facilities, and Other segments. The company offers power generating units, stoker-fired and pulverized fuel boilers, and stationary and circulating fluidized bed boilers; heat recovery steam generators; systems and facilities related to power boilers; wet, semi-dry, and dry flue gas desulfurization systems; flue gas denitrification technologies; dust extraction equipment, including electrostatic precipitators and bag filters; and industrial and municipal waste incineration systems to commercial and industrial power plants. It is also involved in the repair and maintenance of metal finished goods; installation of industrial machinery, plant, and equipment; production of industrial cooling and ventilation equipment; metalworking and coating activities; and other specialized construction works. In addition, the company manufactures components for steam generators and precipitators; provides diagnostic, repair, and upgrade services for boiler equipment, as well as design, advisory, and maintenance services; manufactures steel structures and other parts for the power generation industry; and wholesales hardware, waste and scrap, and plumbing and heating equipment and supplies. Further, it offers installation services for oil and gas production; construction and urban planning services; engineering and technical advisory services; supervision services for the construction, industrial, and environment protection sectors; equipment assembly services in the power and chemical industries; and property management services. Additionally, it develops building projects; constructs roads and highways, railways and subways, and bridges and tunnels; and generates, transmits, and trades in electricity. The company was founded in 1949 and is headquartered in Racibórz, Poland. Rafako S.A. is a subsidiary of Multaros Trading Company Limited.

Details
Name: Rafako S.A.
RFK
Exchange: WSE
Founded: 1949
PLN278,438,915
127,431,998
Website: http://www.rafako.com.pl
Address: Rafako S.A.
ul. Lakowa 33,
Racibórz,
47-400,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE RFK Common Stock Warsaw Stock Exchange PL PLN 19. Jul 1994
LSE 0O58 Common Stock London Stock Exchange GB PLN 19. Jul 1994
Number of employees
Current staff
Staff numbers
2,151
Rafako employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 20:43
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2018/12/13
Last earnings filing: 2018/11/27
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


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.