WSE:FTE

Stock Analysis Report

Executive Summary

Fabryki Mebli FORTE S.A. designs, manufactures, and exports furniture.


Snowflake Analysis

Undervalued with moderate growth potential.

Share Price & News

How has Fabryki Mebli FORTE's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FTE's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-6.2%

FTE

-4.5%

PL Consumer Durables

-1.5%

PL Market


1 Year Return

-55.8%

FTE

-26.6%

PL Consumer Durables

-33.0%

PL Market

Return vs Industry: FTE underperformed the Polish Consumer Durables industry which returned -26.6% over the past year.

Return vs Market: FTE underperformed the Polish Market which returned -33% over the past year.


Shareholder returns

FTEIndustryMarket
7 Day-6.2%-4.5%-1.5%
30 Day-59.0%-27.2%-19.6%
90 Day-63.1%-30.5%-27.9%
1 Year-55.8%-55.8%-21.2%-26.6%-31.0%-33.0%
3 Year-86.0%-86.1%-29.3%-38.3%-32.5%-37.3%
5 Year-79.0%-80.1%-10.0%-24.3%-29.2%-38.2%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Fabryki Mebli FORTE undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FTE (PLN11.44) is trading below our estimate of fair value (PLN27.21)

Significantly Below Fair Value: FTE is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FTE is poor value based on its PE Ratio (9.2x) compared to the Consumer Durables industry average (8.5x).

PE vs Market: FTE is good value based on its PE Ratio (9.2x) compared to the Polish market (9.2x).


Price to Earnings Growth Ratio

PEG Ratio: FTE is good value based on its PEG Ratio (0.4x)


Price to Book Ratio

PB vs Industry: FTE is good value based on its PB Ratio (0.4x) compared to the PL Consumer Durables industry average (0.7x).


Next Steps

Future Growth

How is Fabryki Mebli FORTE forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

22.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FTE's forecast earnings growth (22% per year) is above the savings rate (2%).

Earnings vs Market: FTE's earnings (22% per year) are forecast to grow faster than the Polish market (12% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FTE's revenue (2.9% per year) is forecast to grow slower than the Polish market (4.6% per year).

High Growth Revenue: FTE's revenue (2.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FTE's Return on Equity is forecast to be low in 3 years time (9.9%).


Next Steps

Past Performance

How has Fabryki Mebli FORTE performed over the past 5 years?

-14.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FTE has high quality earnings.

Growing Profit Margin: FTE's current net profit margins (2.6%) are lower than last year (3.9%).


Past Earnings Growth Analysis

Earnings Trend: FTE's earnings have declined by -14.7% per year over the past 5 years.

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

Earnings vs Industry: FTE had negative earnings growth (-30.7%) over the past year, making it difficult to compare to the Consumer Durables industry average (10.1%).


Return on Equity

High ROE: FTE's Return on Equity (4.8%) is considered low.


Next Steps

Financial Health

How is Fabryki Mebli FORTE's financial position?


Financial Position Analysis

Short Term Liabilities: FTE's short term assets (PLN431.3M) exceed its short term liabilities (PLN305.9M).

Long Term Liabilities: FTE's short term assets (PLN431.3M) do not cover its long term liabilities (PLN669.6M).


Debt to Equity History and Analysis

Debt Level: FTE's debt to equity ratio (97.7%) is considered high.

Reducing Debt: FTE's debt to equity ratio has increased from 17.6% to 97.7% over the past 5 years.

Debt Coverage: FTE's debt is well covered by operating cash flow (26%).

Interest Coverage: FTE's interest payments on its debt are well covered by EBIT (5.1x coverage).


Balance Sheet

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

Debt Coverage by Assets: FTE's debt is not covered by short term assets (assets are 0.7x debt).


Next Steps

Dividend

What is Fabryki Mebli FORTE's current dividend yield, its reliability and sustainability?

2.91%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate FTE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate FTE's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FTE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FTE's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: FTE is not paying a notable dividend for the Polish market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FTE's dividend in 3 years as they are not forecast to pay a notable one for the Polish market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.2yrs

Average management tenure


CEO

Maciej Formanowicz

no data

Tenure

Mr. Maciej Formanowicz has been the President of the Management Board at Fabryki Mebli Forte Spólka Akcyjna since April 04, 1993 and serves as its Chief Executive Officer. Mr. Formanowicz serves as the Pre ...


Leadership Team

NamePositionTenureCompensationOwnership
Maciej Formanowicz
CEO & President of Management Boardno datano datano data
Mariusz Gazda
CFO & Member of Management Boardno datano data0.020% PLN53.8k
Klaus Dahlem
Member of the Management Board - Investments10.17yrsno data0.14% PLN390.9k
Maria Florczuk
Member of the Management Board - Supply Chain5.83yrsno datano data
Andreas Dische
Member of the Management Board - Sales & Marketing1.67yrsno data0.034% PLN94.4k
Anna Wilczynska
Chief of Accountingno datano datano data
Bogumila Kaja
Director of Management & Administration Officeno datano datano data
Derek Sorensen
Senior Consultant8.58yrsno datano data

7.2yrs

Average Tenure

Experienced Management: FTE's management team is seasoned and experienced (7.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Zbigniew Sebastian
Chairman of Supervisory Board25.17yrsno data0.0013% PLN3.4k
Stanislaw Krauz
Member of Supervisory Board26.17yrsno datano data
Tomasz Domagalski
Member of Supervisory Board11.17yrsno datano data
Jerzy Smardzewski
Member of Supervisory Boardno datano datano data
Bernard Wozniak
Member of Supervisory Boardno datano datano data

25.2yrs

Average Tenure

Experienced Board: FTE's board of directors are seasoned and experienced ( 25.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Fabryki Mebli FORTE S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fabryki Mebli FORTE S.A.
  • Ticker: FTE
  • Exchange: WSE
  • Founded: 1992
  • Industry: Home Furnishings
  • Sector: Consumer Durables
  • Market Cap: zł273.768m
  • Shares outstanding: 23.93m
  • Website: https://ww2.forte.com.pl

Number of Employees


Location

  • Fabryki Mebli FORTE S.A.
  • Biala 1
  • Ostrów Mazowiecka
  • 07-300
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FTEWSE (Warsaw Stock Exchange)YesCommon StockPLPLNJul 1996
0O9ELSE (London Stock Exchange)YesCommon StockGBPLNJul 1996

Biography

Fabryki Mebli FORTE S.A. designs, manufactures, and exports furniture. It offers furniture for dining room, living room, kitchen, bedroom, and youth room. The company markets its products through retail chains and furniture stores in Europe, as well as through its network of sales offices worldwide. Fabryki Mebli FORTE S.A. was founded in 1992 and is based in Ostrów Mazowiecka, Poland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/28 21:01
End of Day Share Price2020/03/27 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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