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Tax-Net

WSE:TXN
Snowflake Description

Undervalued with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TXN
WSE
PLN1M
Market Cap
  1. Home
  2. PL
  3. Commercial Services
Company description

Tax-Net S.A. provides accounting, tax, and financial advisory services in Poland. The last earnings update was 93 days ago. More info.


Add to Portfolio Compare Print
  • Tax-Net has significant price volatility in the past 3 months.
TXN Share Price and Events
7 Day Returns
17.4%
WSE:TXN
-3.7%
PL Professional Services
-0.9%
PL Market
1 Year Returns
25.6%
WSE:TXN
-47.7%
PL Professional Services
-7.4%
PL Market
TXN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tax-Net (TXN) 17.4% 1.9% -15.6% 25.6% 31.7% -37.2%
PL Professional Services -3.7% -33.1% -29.3% -47.7% -18.2% 5.2%
PL Market -0.9% -7.1% -6.6% -7.4% 9.6% -11.5%
1 Year Return vs Industry and Market
  • TXN outperformed the Professional Services industry which returned -47.7% over the past year.
  • TXN outperformed the Market in Poland which returned -7.4% over the past year.
Price Volatility
TXN
Industry
5yr Volatility vs Market

TXN Value

 Is Tax-Net 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 Tax-Net 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 Tax-Net.

WSE:TXN 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 11.7%
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:TXN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Professional Services Unlevered Beta Simply Wall St/ S&P Global 0.88
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.876 (1 + (1- 19%) (68.59%))
1.243
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.24
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.243 * 7.14%)
11.72%

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

The calculations below outline how an intrinsic value for Tax-Net 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:TXN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 11.72%)
2019 0.55 Est @ 12.95% 0.49
2020 0.60 Est @ 9.92% 0.48
2021 0.65 Est @ 7.8% 0.47
2022 0.69 Est @ 6.32% 0.44
2023 0.73 Est @ 5.28% 0.42
2024 0.76 Est @ 4.55% 0.39
2025 0.79 Est @ 4.04% 0.36
2026 0.82 Est @ 3.68% 0.34
2027 0.85 Est @ 3.43% 0.31
2028 0.88 Est @ 3.26% 0.29
Present value of next 10 years cash flows PLN4.00
WSE:TXN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN0.88 × (1 + 2.85%) ÷ (11.72% – 2.85%)
PLN10.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN10.16 ÷ (1 + 11.72%)10
PLN3.35
WSE:TXN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN4.00 + PLN3.35
PLN7.35
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN7.35 / 2.35
PLN3.13
WSE:TXN Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN3.13
Current discount Discount to share price of PLN0.54
= -1 x (PLN0.54 - PLN3.13) / PLN3.13
82.8%

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

Current Discount
Amount off the current price Tax-Net is available for.
Intrinsic value
>50%
Share price is PLN0.54 vs Future cash flow value of PLN3.13
Current Discount Checks
For Tax-Net to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tax-Net's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Tax-Net'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 Tax-Net's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tax-Net's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:TXN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in PLN PLN0.07
WSE:TXN Share Price ** WSE (2019-05-17) in PLN PLN0.54
Poland Professional Services Industry PE Ratio Median Figure of 11 Publicly-Listed Professional Services Companies 8.21x
Poland Market PE Ratio Median Figure of 463 Publicly-Listed Companies 10.76x

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

** Primary Listing of Tax-Net.

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

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

= 0.54 ÷ 0.07

8.1x

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

  • Tax-Net is good value based on earnings compared to the PL Professional Services industry average.
  • Tax-Net is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does Tax-Net's expected growth come at a high price?
Raw Data
WSE:TXN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Professional Services Industry PEG Ratio Median Figure of 58 Publicly-Listed Professional Services Companies 1.62x
Poland Market PEG Ratio Median Figure of 113 Publicly-Listed Companies 0.93x

*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 Tax-Net, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tax-Net's assets?
Raw Data
WSE:TXN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in PLN PLN1.51
WSE:TXN Share Price * WSE (2019-05-17) in PLN PLN0.54
Poland Professional Services Industry PB Ratio Median Figure of 17 Publicly-Listed Professional Services Companies 1.82x
Poland Market PB Ratio Median Figure of 689 Publicly-Listed Companies 0.97x
WSE:TXN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.54 ÷ 1.51

0.36x

* Primary Listing of Tax-Net.

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

  • Tax-Net is good value based on assets compared to the PL Professional Services industry average.
X
Value checks
We assess Tax-Net'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 Professional Services 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 Professional Services industry average (and greater than 0)? (1 check)
  5. Tax-Net has a total score of 5/6, 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.

TXN Future Performance

 How is Tax-Net expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Tax-Net has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
12.9%
Expected Professional Services industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tax-Net expected to grow at an attractive rate?
  • Unable to compare Tax-Net's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Tax-Net's earnings growth to the Poland market average as no estimate data is available.
  • Unable to compare Tax-Net's revenue growth to the Poland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
WSE:TXN Future Growth Rates Data Sources
Data Point Source Value (per year)
Poland Professional Services Industry Earnings Growth Rate Market Cap Weighted Average 12.9%
Europe Professional Services Industry Revenue Growth Rate Market Cap Weighted Average 5.2%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.5%

*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:TXN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months 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:TXN Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-12-31 8 1 0
2018-09-30 7 0 0
2018-06-30 7 0 0
2018-03-31 7 0 0
2017-12-31 7 0 -1
2017-09-30 7 0 0
2017-06-30 7 0 0
2017-03-31 8 0 0
2016-12-31 8 0 0
2016-09-30 8 0 0
2016-06-30 9 1 0
2016-03-31 9 1 0

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Tax-Net is high growth as no earnings estimate data is available.
  • Unable to determine if Tax-Net 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:TXN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Tax-Net Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:TXN Past Financials Data
Date (Data in PLN Millions) EPS *
2018-12-31 0.07
2018-09-30 -0.13
2018-06-30 -0.21
2018-03-31 -0.06
2017-12-31 -0.25
2017-09-30 -0.06
2017-06-30 -0.02
2017-03-31 -0.05
2016-12-31 -0.03
2016-09-30 -0.14
2016-06-30 -0.13
2016-03-31 -0.05

*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 Tax-Net will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Tax-Net is trading at Tax-Net'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Tax-Net's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Commercial Services companies here
  3. Tax-Net's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Tax-Net'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.
Tax-Net 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.

TXN Past Performance

  How has Tax-Net 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 Tax-Net's growth in the last year to its industry (Professional Services).
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.
  • Tax-Net's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Tax-Net has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Tax-Net has become profitable in the last year making it difficult to compare the PL Professional Services industry average.
Earnings and Revenue History
Tax-Net'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 Tax-Net Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:TXN 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 7.69 0.16 2.19
2018-09-30 7.41 -0.31 2.09
2018-06-30 7.08 -0.49 2.13
2018-03-31 6.89 -0.16 2.12
2017-12-31 6.85 -0.73 2.22
2017-09-30 7.05 -0.17 2.33
2017-06-30 7.39 -0.05 2.45
2017-03-31 7.79 -0.14 2.58
2016-12-31 8.04 -0.09 2.59
2016-09-30 8.43 -0.47 2.62
2016-06-30 8.78 -0.43 2.67
2016-03-31 9.22 -0.15 2.84
2015-12-31 9.65 0.10 3.01
2015-09-30 9.79 0.40 3.09
2015-06-30 9.93 0.40 3.21
2015-03-31 9.74 0.41 3.06
2014-12-31 9.59 0.35 2.88
2014-09-30 9.46 -0.07 2.85
2014-06-30 9.32 0.03 2.65
2014-03-31 9.27 0.16 2.49
2013-12-31 9.11 0.17 2.52
2013-09-30 9.00 0.62 2.38
2013-06-30 8.85 0.55 2.31
2013-03-31 8.76 0.36 2.72
2012-12-31 8.48 0.24 2.10
2012-09-30 8.10 0.16 2.11
2012-06-30 7.47 0.09 2.12

*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.
  • Tax-Net has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tax-Net used its assets more efficiently than the PL Professional Services industry average last year based on Return on Assets.
  • Tax-Net's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tax-Net'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 Professional Services 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.
Tax-Net has a total score of 1/6, 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.

TXN Health

 How is Tax-Net'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 Tax-Net's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tax-Net's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Tax-Net's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tax-Net'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 1.4x 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 Tax-Net Company Filings, last reported 4 months ago.

WSE:TXN Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3.54 0.87 0.16
2018-09-30 3.53 0.92 0.04
2018-06-30 3.48 0.97 0.06
2018-03-31 3.45 1.02 0.04
2017-12-31 3.39 1.41 0.23
2017-09-30 3.79 1.11 0.20
2017-06-30 3.91 1.13 0.09
2017-03-31 4.03 1.17 0.32
2016-12-31 4.18 1.63 0.51
2016-09-30 4.32 1.28 0.40
2016-06-30 4.32 1.09 0.45
2016-03-31 4.41 1.14 0.11
2015-12-31 4.51 1.95 0.25
2015-09-30 4.54 1.21 0.27
2015-06-30 4.76 1.34 0.25
2015-03-31 4.63 1.39 0.08
2014-12-31 4.41 2.13 0.12
2014-09-30 4.38 1.39 0.08
2014-06-30 4.36 1.45 0.08
2014-03-31 4.07 1.77 0.12
2013-12-31 4.21 2.36 0.13
2013-09-30 4.65 2.08 0.16
2013-06-30 4.52 1.71 0.13
2013-03-31 4.32 1.76 0.09
2012-12-31 4.22 2.09 0.06
2012-09-30
2012-06-30
  • Tax-Net's level of debt (24.5%) 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 (55.8% vs 24.5% today).
  • Debt is well covered by operating cash flow (63.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.4x coverage).
X
Financial health checks
We assess Tax-Net'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. Tax-Net 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.

TXN Dividends

 What is Tax-Net'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 Tax-Net dividends.
If you bought PLN2,000 of Tax-Net 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 Tax-Net's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Tax-Net'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:TXN 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 Professional Services Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 8.9%
Poland Market Average Dividend Yield Market Cap Weighted Average of 201 Stocks 4.1%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.5%
Poland Bottom 25% Dividend Yield 25th Percentile 2.8%
Poland Top 25% Dividend Yield 75th Percentile 7.9%

Industry and Market average data is calculated daily.

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

WSE:TXN Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2014-08-18 0.050 8.402

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

  • Unable to perform a dividend volatility check as Tax-Net has not reported any payouts.
  • Unable to verify if Tax-Net's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Tax-Net's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Tax-Net 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 Tax-Net's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - 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 Tax-Net afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tax-Net 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.

TXN Management

 What is the CEO of Tax-Net'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.
  • Tax-Net has no CEO, or we have no data on them.
Management Team

Pawel Glosny

TITLE
President of the Management Board
TENURE
3.9 yrs

Agnieszka Kocan

TITLE
Vice-President of the Management Board
TENURE
3.9 yrs
Board of Directors

Halina Glosna

TITLE
Chairman of the Supervisory Board

Mariusz Malesza

TITLE
Member of the Supervisory Board
TENURE
3.9 yrs

Joanna Nowak

TITLE
Member of the Supervisory Board

Grazyna Nelip

TITLE
Member of the Supervisory Board

Justyna Nelip

TITLE
Member of the Supervisory Board
TENURE
3.8 yrs
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 Tax-Net'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. Tax-Net 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.

TXN News

Simply Wall St News

Why Tax-Net S.A.’s (WSE:TXN) Return On Capital Employed Is Impressive

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

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Update: Tax-Net (WSE:TXN) Stock Gained 66% In The Last Year

Many high growth companies focus on growing revenue before profits, but if revenue is the focus, it really needs to grow. … That's because it's hard for shareholders to have confidence a company will grow profits significantly if it isn't growing revenue. … In keeping with the revenue growth, the share price gained 66% in that time.

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What Kind Of Shareholder Appears On The Tax-Net S.A.'s (WSE:TXN) Shareholder Register?

A look at the shareholders of Tax-Net S.A. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Tax-Net is not a large company by global standards.

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How Does Investing In Tax-Net S.A. (WSE:TXN) Impact The Volatility Of Your Portfolio?

Volatility is considered to be a measure of risk in modern finance theory. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

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Is Tax-Net S.A. (WSE:TXN) Struggling With Its 3.1% Return On Capital Employed?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

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Can We See Significant Insider Ownership On The Tax-Net SA (WSE:TXN) Share Register?

Generally speaking, as a company grows, institutions will increase their ownership. … So it's nice to see some insider ownership, because it may suggest that management is owner-oriented. … Tax-Net is a smaller company with a market capitalization of zł1.4m, so it may still be flying under the radar of many institutional investors.

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How Financially Strong Is Tax-Net SA (WSE:TXN)?

Tax-Net SA (WSE:TXN) is a small-cap stock with a market capitalization of zł2m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health.

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Who Are The Major Shareholders Of Tax-Net SA (WSE:TXN)?

In this analysis, my focus will be on developing a perspective on Tax-Net SA’s (WSE:TXN) latest ownership structure, a less discussed, but important factor. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … Differences in ownership structure of companies can have a profound effect on how management's incentives are aligned with shareholder returns, and whether they adhere to corporate governance best practices.

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Want To Invest In Tax-Net SA (WSE:TXN)? Here's How It Performed Lately

Today I will take a look at Tax-Net SA's (WSE:TXN) most recent earnings update (31 March 2018) and compare these latest figures against its performance over the past few years, as well as how the rest of the professional services industry performed. … Commentary On TXN's Past Performance … TXN is loss-making, with the most recent trailing twelve-month earnings of -zł163.23k (from 31 March 2018), which compared to last year has become

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Tax-Net SA. (WSE:TXN): How Does It Impact Your Portfolio?

TXN, with its market capitalisation of ZŁ1.07M, is a small-cap stock, which generally have higher beta than similar companies of larger size. … As a result, the company may be less volatile relative to broad market movements, compared to a company of similar size but higher proportion of fixed assets. … However, this is the opposite to what TXN’s actual beta value suggests, which is higher stock volatility relative to the market.

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TXN Company Info

Description

Tax-Net S.A. provides accounting, tax, and financial advisory services in Poland. It offers tax consultancy, tax audit, tax optimization, assistance in registration and transformation of companies, representation before institutions, financial consulting, assistance in ensure liquidity, cost optimization, factoring, leasing, virtual office, and personnel and payroll consulting services. The company is based in Katowice, Poland.

Details
Name: Tax-Net S.A.
TXN
Exchange: WSE
Founded:
PLN1,266,443
2,345,265
Website: http://www.tax-net.pl
Address: Tax-Net S.A.
ul. Marcina 11,
Katowice,
40-854,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE TXN Common Bearer Shares Warsaw Stock Exchange PL PLN 07. Jul 2011
Number of employees
Current staff
Staff numbers
0
Tax-Net employees.
Industry
Research and Consulting Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/19 22:07
End of day share price update: 2019/05/17 00:00
Last earnings filing: 2019/02/15
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.