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Gielda Praw Majatkowych Vindexus Spolka Akcyjna

WSE:VIN
Snowflake Description

Undervalued with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VIN
WSE
PLN86M
Market Cap
  1. Home
  2. PL
  3. Commercial Services
Company description

Gielda Praw Majatkowych Vindexus Spolka Akcyjna engages in the debt management business in Poland. The last earnings update was 154 days ago. More info.


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VIN Share Price and Events
7 Day Returns
-2.4%
WSE:VIN
2.4%
PL Commercial Services
0.2%
PL Market
1 Year Returns
5.7%
WSE:VIN
-22.9%
PL Commercial Services
-2.1%
PL Market
VIN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gielda Praw Majatkowych Vindexus Spolka Akcyjna (VIN) -2.4% -3.9% 9.1% 5.7% 8% 17.5%
PL Commercial Services 2.4% -0.3% 3.7% -22.9% -3.9% 10.7%
PL Market 0.2% 0.5% 1.3% -2.1% 12.5% -3.5%
1 Year Return vs Industry and Market
  • VIN outperformed the Commercial Services industry which returned -22.9% over the past year.
  • VIN outperformed the Market in Poland which returned -2.1% over the past year.
Price Volatility
VIN
Industry
5yr Volatility vs Market

VIN Value

 Is Gielda Praw Majatkowych Vindexus Spolka 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 Gielda Praw Majatkowych Vindexus Spolka 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

Below are the data sources, inputs and calculation used to determine the intrinsic value for Gielda Praw Majatkowych Vindexus Spolka Akcyjna.

WSE:VIN 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 11.5%
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:VIN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.733 (1 + (1- 19%) (97.82%))
1.211
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.21
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.211 * 7.14%)
11.49%

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

The calculations below outline how an intrinsic value for Gielda Praw Majatkowych Vindexus Spolka Akcyjna 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:VIN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 11.49%)
2019 20.35 Est @ 10.2% 18.25
2020 21.98 Est @ 8% 17.68
2021 23.40 Est @ 6.45% 16.88
2022 24.65 Est @ 5.37% 15.95
2023 25.79 Est @ 4.62% 14.97
2024 26.84 Est @ 4.09% 13.97
2025 27.84 Est @ 3.72% 13.00
2026 28.80 Est @ 3.46% 12.06
2027 29.75 Est @ 3.27% 11.17
2028 30.68 Est @ 3.15% 10.34
Present value of next 10 years cash flows PLN144.28
WSE:VIN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN30.68 × (1 + 2.85%) ÷ (11.49% – 2.85%)
PLN365.09
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN365.09 ÷ (1 + 11.49%)10
PLN122.99
WSE:VIN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN144.28 + PLN122.99
PLN267.28
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN267.28 / 11.59
PLN23.07
WSE:VIN Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN23.07
Current discount Discount to share price of PLN7.40
= -1 x (PLN7.40 - PLN23.07) / PLN23.07
67.9%

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

Current Discount
Amount off the current price Gielda Praw Majatkowych Vindexus Spolka Akcyjna is available for.
Intrinsic value
>50%
Share price is PLN7.4 vs Future cash flow value of PLN23.07
Current Discount Checks
For Gielda Praw Majatkowych Vindexus Spolka Akcyjna to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Gielda Praw Majatkowych Vindexus Spolka 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 Gielda Praw Majatkowych Vindexus Spolka Akcyjna's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gielda Praw Majatkowych Vindexus Spolka Akcyjna's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:VIN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN1.54
WSE:VIN Share Price ** WSE (2019-04-23) in PLN PLN7.4
Poland Commercial Services Industry PE Ratio Median Figure of 23 Publicly-Listed Commercial Services Companies 9.04x
Poland Market PE Ratio Median Figure of 459 Publicly-Listed Companies 11.13x

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

** Primary Listing of Gielda Praw Majatkowych Vindexus Spolka Akcyjna.

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

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

= 7.4 ÷ 1.54

4.82x

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

  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna is good value based on earnings compared to the PL Commercial Services industry average.
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does Gielda Praw Majatkowych Vindexus Spolka Akcyjna's expected growth come at a high price?
Raw Data
WSE:VIN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
7%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 53 Publicly-Listed Commercial Services Companies 1.43x
Poland Market PEG Ratio Median Figure of 114 Publicly-Listed Companies 1.16x

*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 Gielda Praw Majatkowych Vindexus Spolka Akcyjna, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Gielda Praw Majatkowych Vindexus Spolka Akcyjna's assets?
Raw Data
WSE:VIN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN14.93
WSE:VIN Share Price * WSE (2019-04-23) in PLN PLN7.4
Poland Commercial Services Industry PB Ratio Median Figure of 26 Publicly-Listed Commercial Services Companies 1.06x
Poland Market PB Ratio Median Figure of 687 Publicly-Listed Companies 0.99x
WSE:VIN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 7.4 ÷ 14.93

0.5x

* Primary Listing of Gielda Praw Majatkowych Vindexus Spolka Akcyjna.

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

  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna is good value based on assets compared to the PL Commercial Services industry average.
X
Value checks
We assess Gielda Praw Majatkowych Vindexus Spolka 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 Commercial 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 Commercial Services industry average (and greater than 0)? (1 check)
  5. Gielda Praw Majatkowych Vindexus Spolka Akcyjna 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.

VIN Future Performance

 How is Gielda Praw Majatkowych Vindexus Spolka Akcyjna expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Gielda Praw Majatkowych Vindexus Spolka 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
7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gielda Praw Majatkowych Vindexus Spolka Akcyjna expected to grow at an attractive rate?
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's earnings growth is positive but not above the Poland market average.
  • Unable to compare Gielda Praw Majatkowych Vindexus Spolka Akcyjna's revenue growth to the Poland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
WSE:VIN Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:VIN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 7%
Poland Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 7.5%
Europe Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.3%
Poland Market Revenue Growth Rate Market Cap Weighted Average 6.5%

*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:VIN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 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:VIN Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
WSE:VIN Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 53 20 18
2018-06-30 57 -1 17
2018-03-31 70 -1 22
2017-12-31 65 4 19
2017-09-30 65 -31 18
2017-06-30 63 -17 18
2017-03-31 51 -14 14
2016-12-31 58 -15 17
2016-09-30 53 15 16
2016-06-30 54 13 17
2016-03-31 54 10 17
2015-12-31 52 11 16

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's earnings are expected to grow by 7% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Gielda Praw Majatkowych Vindexus Spolka 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:VIN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Gielda Praw Majatkowych Vindexus Spolka Akcyjna Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:VIN Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
WSE:VIN Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 1.54
2018-06-30 1.47
2018-03-31 1.89
2017-12-31 1.63
2017-09-30 1.57
2017-06-30 1.59
2017-03-31 1.20
2016-12-31 1.44
2016-09-30 1.40
2016-06-30 1.45
2016-03-31 1.44
2015-12-31 1.35

*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 Gielda Praw Majatkowych Vindexus Spolka Akcyjna will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Gielda Praw Majatkowych Vindexus Spolka 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.
Gielda Praw Majatkowych Vindexus Spolka Akcyjna has a total score of 1/6, 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.

VIN Past Performance

  How has Gielda Praw Majatkowych Vindexus Spolka 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 Gielda Praw Majatkowych Vindexus Spolka Akcyjna's growth in the last year to its industry (Commercial 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.
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's year on year earnings growth rate has been positive over the past 5 years.
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's 1-year earnings growth is negative, it can't be compared to the PL Commercial Services industry average.
Earnings and Revenue History
Gielda Praw Majatkowych Vindexus Spolka 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 Gielda Praw Majatkowych Vindexus Spolka Akcyjna Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:VIN 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 52.94 17.81 20.95
2018-06-30 56.51 17.02 20.06
2018-03-31 70.42 21.93 17.60
2017-12-31 65.26 18.89 15.86
2017-09-30 65.25 18.24 15.20
2017-06-30 62.63 18.41 14.33
2017-03-31 50.65 13.87 13.34
2016-12-31 58.21 16.64 12.46
2016-09-30 52.67 16.26 9.37
2016-06-30 53.80 16.75 9.82
2016-03-31 54.43 16.64 10.19
2015-12-31 52.40 15.68 10.30
2015-09-30 50.79 13.15 14.21
2015-06-30 48.45 11.23 14.03
2015-03-31 45.87 9.41 14.57
2014-12-31 47.49 9.34 14.86
2014-09-30 46.86 10.63 12.16
2014-06-30 45.51 10.67 10.79
2014-03-31 45.59 10.63 10.76
2013-12-31 40.89 9.19 9.56
2013-09-30 38.76 8.15 9.55
2013-06-30 37.21 8.00 8.97
2013-03-31 33.97 7.87 7.12
2012-12-31 31.83 7.35 6.97
2012-09-30 26.77 5.37 7.10
2012-06-30 24.06 3.89 7.19

*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.
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna used its assets more efficiently than the PL Commercial Services industry average last year based on Return on Assets.
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gielda Praw Majatkowych Vindexus Spolka 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 Commercial 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.
Gielda Praw Majatkowych Vindexus Spolka 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.

VIN Health

 How is Gielda Praw Majatkowych Vindexus Spolka 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 Gielda Praw Majatkowych Vindexus Spolka Akcyjna's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Gielda Praw Majatkowych Vindexus Spolka 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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.9x 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 Gielda Praw Majatkowych Vindexus Spolka Akcyjna Company Filings, last reported 6 months ago.

WSE:VIN Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 171.38 83.87 33.45
2018-06-30 166.61 88.83 32.18
2018-03-31 174.75 92.72 30.14
2017-12-31 170.30 92.98 28.70
2017-09-30 156.60 92.87 32.66
2017-06-30 148.72 95.46 49.75
2017-03-31 140.23 56.02 12.05
2016-12-31 138.83 57.14 8.08
2016-09-30 138.08 58.30 44.77
2016-06-30 131.11 32.33 23.70
2016-03-31 134.16 32.87 18.01
2015-12-31 126.21 32.25 11.17
2015-09-30 120.47 35.39 16.92
2015-06-30 121.26 35.17 18.17
2015-03-31 118.66 49.43 23.48
2014-12-31 112.92 50.58 11.53
2014-09-30 115.16 52.54 23.50
2014-06-30 109.76 53.24 25.33
2014-03-31 108.37 54.75 20.61
2013-12-31 106.97 56.70 15.98
2013-09-30 93.01 46.61 10.02
2013-06-30 96.17 48.88 10.34
2013-03-31 96.25 46.96 12.83
2012-12-31 98.23 44.48 7.67
2012-09-30 88.38 37.50 1.50
2012-06-30 85.84 34.22 4.75
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's level of debt (48.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (50.1% vs 48.9% today).
  • Debt is well covered by operating cash flow (24.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.3x coverage).
X
Financial health checks
We assess Gielda Praw Majatkowych Vindexus Spolka 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. Gielda Praw Majatkowych Vindexus Spolka Akcyjna has a total score of 5/6, 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.

VIN Dividends

 What is Gielda Praw Majatkowych Vindexus Spolka 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
3.38%
Current annual income from Gielda Praw Majatkowych Vindexus Spolka Akcyjna dividends.
If you bought PLN2,000 of Gielda Praw Majatkowych Vindexus Spolka Akcyjna shares you are expected to receive PLN68 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?
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.75%).
  • Gielda Praw Majatkowych Vindexus Spolka Akcyjna's dividend is below the markets top 25% of dividend payers in Poland (7.52%).
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:VIN 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
Europe Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 77 Stocks 3%
Poland Market Average Dividend Yield Market Cap Weighted Average of 205 Stocks 3.3%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.7%
Poland Top 25% Dividend Yield 75th Percentile 7.5%

Industry and Market average data is calculated daily.

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

WSE:VIN Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
WSE:VIN Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-04-30 0.250 3.156
2017-04-28 0.200 2.197
2016-03-21 0.150 2.076
2016-01-15 0.150 2.559
2015-04-30 0.100 2.009
2015-02-27 0.100 2.257
2014-05-16 0.050 0.981
2014-04-29 0.050 0.841
2014-03-03 0.050 0.798

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

  • Whilst dividend payments have been stable, Gielda Praw Majatkowych Vindexus Spolka Akcyjna has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Gielda Praw Majatkowych Vindexus Spolka Akcyjna only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Gielda Praw Majatkowych Vindexus Spolka Akcyjna's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6.1x 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 Gielda Praw Majatkowych Vindexus Spolka 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 Gielda Praw Majatkowych Vindexus Spolka Akcyjna afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gielda Praw Majatkowych Vindexus Spolka Akcyjna has a total score of 2/6, see the detailed checks below.


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

VIN Management

 What is the CEO of Gielda Praw Majatkowych Vindexus Spolka 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
Jerzy Kulesza
COMPENSATION PLN192,000
CEO Bio

Mr. Jerzy Kulesza has been the Chairman of the Management Board at Gielda Praw Majatkowych Vindexus Spolka Akcyjna since 2002. Mr. Kulesza holds Degree in Geodesy and Cartography from Warsaw University of Technology.

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

Jerzy Kulesza

TITLE
Chairman of Management Board
COMPENSATION
PLN192K

Grazyna Jankowska-Kuchno

TITLE
Financial Director & Member of Management Board
COMPENSATION
PLN275K
TENURE
13.3 yrs

Artur Zdunek

TITLE
Director
COMPENSATION
PLN222K
Board of Directors

Ryszard Jankowski

TITLE
Member of Supervisory Board
COMPENSATION
PLN21K

Marta Kuchno

TITLE
Member of Supervisory Board
COMPENSATION
PLN43K

Slawomir Trojanowski

TITLE
Member of Supervisory Board
COMPENSATION
PLN21K

Mieczyslaw Litwin

TITLE
Member of Supervisory Board
COMPENSATION
PLN11K

Marta Currit

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 Gielda Praw Majatkowych Vindexus Spolka 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. Gielda Praw Majatkowych Vindexus Spolka 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.

VIN News

Simply Wall St News

Investors In Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) Should Consider This Data

Historically, Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) has been paying a dividend to shareholders. … Does Gielda Praw Majatkowych Vindexus Spolka Akcyjna tick all the boxes of a great dividend stock? … See our latest analysis for Gielda Praw Majatkowych Vindexus Spolka Akcyjna

Simply Wall St -

Is Gielda Praw Majatkowych Vindexus Spolka Akcyjna's (WSE:VIN) Balance Sheet Strong Enough To Weather A Storm?

While small-cap stocks, such as Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) with its market cap of zł88m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Evaluating financial health as part of your investment thesis is. … The following basic checks can help you get a picture of the company's balance sheet strength.

Simply Wall St -

If You Had Bought Gielda Praw Majatkowych Vindexus Spolka Akcyjna Shares Three Years Ago You'd Have Made 25%

For example, the Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) share price is up 25% in the last three years, clearly besting than the market return of around 18% (not including dividends). … Check out our latest analysis for Gielda Praw Majatkowych Vindexus Spolka Akcyjna. … Gielda Praw Majatkowych Vindexus Spolka Akcyjna was able to grow its EPS at 11% per year over three years, sending the share price higher.

Simply Wall St -

What Can We Learn From Gielda Praw Majatkowych Vindexus Spolka Akcyjna’s (WSE:VIN) Investment Returns?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Read This Before You Buy Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) Because Of Its P/E Ratio

We'll show how you can use Gielda Praw Majatkowych Vindexus Spolka Akcyjna's (WSE:VIN) P/E ratio to inform your assessment of the investment opportunity. … Gielda Praw Majatkowych Vindexus Spolka Akcyjna has a price to earnings ratio of 4.4, based on the last twelve months. … Check out our latest analysis for Gielda Praw Majatkowych Vindexus Spolka Akcyjna?

Simply Wall St -

What Percentage Of Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) Shares Do Insiders Own?

If you want to know who really controls Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN), then you'll have to look at the makeup of its share registry. … Gielda Praw Majatkowych Vindexus Spolka Akcyjna is a smaller company with a market capitalization of zł79m, so it may still be flying under the radar of many institutional investors. … See our latest analysis for Gielda Praw Majatkowych Vindexus Spolka Akcyjna

Simply Wall St -

Is Gielda Praw Majatkowych Vindexus Spolka Akcyjna's (WSE:VIN) Balance Sheet Strong Enough To Weather A Storm?

Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) is a small-cap stock with a market capitalization of zł79m. … 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. … Evaluating financial health as part of your investment thesis is.

Simply Wall St -

How Does Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) Fare As A Dividend Stock?

Historically, Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) has paid dividends to shareholders, and these days it yields 3.5%. … Let's dig deeper into whether Gielda Praw Majatkowych Vindexus Spolka Akcyjna should have a place in your portfolio. … See our latest analysis for Gielda Praw Majatkowych Vindexus Spolka Akcyjna

Simply Wall St -

Interested In Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN)? Here's How It Performed Recently

Investors may find my commentary, albeit very high-level and brief, on Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN) useful as an attempt to give more color around how Gielda Praw Majatkowych Vindexus Spolka Akcyjna is currently performing. … See our latest analysis for Gielda Praw Majatkowych Vindexus Spolka Akcyjna? … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 18%, indicating the rate at which VIN is growing has slowed down

Simply Wall St -

Who Owns Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN)?

If you want to know who really controls Gielda Praw Majatkowych Vindexus Spolka Akcyjna (WSE:VIN), then you'll have to look at the makeup of its share registry. … Gielda Praw Majatkowych Vindexus Spolka Akcyjna is not a large company by global standards. … Check out our latest analysis for Gielda Praw Majatkowych Vindexus Spolka Akcyjna

Simply Wall St -

VIN Company Info

Description

Gielda Praw Majatkowych Vindexus Spolka Akcyjna engages in the debt management business in Poland. The company buys and sells various types of debts, such as unpaid bank loans, debts subject to banking settlement proceedings, receivables due to issued invoices, receivables arising from interest notes, receivables due to issued debit notes, receivables secured by regulatory titles, and receivables covered by court insolvency proceedings. The company was founded in 1995 and is headquartered in Warsaw, Poland.

Details
Name: Gielda Praw Majatkowych Vindexus Spolka Akcyjna
VIN
Exchange: WSE
Founded: 1995
PLN85,736,400
11,586,000
Website: http://www.gpm-vindexus.pl
Address: Gielda Praw Majatkowych Vindexus Spolka Akcyjna
ul. Serock 3 lok. B2,
Warsaw,
04-333,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE VIN Common Bearer Shares Warsaw Stock Exchange PL PLN 15. Apr 2009
LSE 0MQZ Common Bearer Shares London Stock Exchange GB PLN 15. Apr 2009
Number of employees
Current staff
Staff numbers
0
Gielda Praw Majatkowych Vindexus Spolka Akcyjna employees.
Industry
Diversified Support Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 21:20
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2018/04/30
Last earnings filing: 2018/11/20
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.