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FTE

Fabryki Mebli FORTE WSE:FTE Stock Report

Last Price

zł33.20

Market Cap

zł794.5m

7D

4.7%

1Y

-41.4%

Updated

13 Aug, 2022

Data

Company Financials +
FTE fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance5/6
Financial Health6/6
Dividends4/6

FTE Stock Overview

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

Fabryki Mebli FORTE Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Fabryki Mebli FORTE
Historical stock prices
Current Share Pricezł33.20
52 Week Highzł59.00
52 Week Lowzł28.40
Beta1.7
1 Month Change-1.19%
3 Month Change0.91%
1 Year Change-41.45%
3 Year Change32.80%
5 Year Change-52.57%
Change since IPO174.38%

Recent News & Updates

Jul 07
Returns At Fabryki Mebli FORTE (WSE:FTE) Appear To Be Weighed Down

Returns At Fabryki Mebli FORTE (WSE:FTE) Appear To Be Weighed Down

What are the early trends we should look for to identify a stock that could multiply in value over the long term...

Shareholder Returns

FTEPL Consumer DurablesPL Market
7D4.7%-0.3%3.7%
1Y-41.4%-37.5%-21.5%

Return vs Industry: FTE underperformed the Polish Consumer Durables industry which returned -37.5% over the past year.

Return vs Market: FTE underperformed the Polish Market which returned -21.5% over the past year.

Price Volatility

Is FTE's price volatile compared to industry and market?
FTE volatility
FTE Average Weekly Movement6.7%
Consumer Durables Industry Average Movement5.4%
Market Average Movement6.4%
10% most volatile stocks in PL Market12.0%
10% least volatile stocks in PL Market4.1%

Stable Share Price: FTE is not significantly more volatile than the rest of Polish stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: FTE's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1992n/aMaciej Formanowiczhttps://ww2.forte.com.pl

Fabryki Mebli FORTE S.A. designs, manufactures, and exports furniture worldwide. The company offers furniture for dining room, living room, youth room, office, hallway, and bedroom. It markets its products through retail chains and furniture stores in Europe.

Fabryki Mebli FORTE Fundamentals Summary

How do Fabryki Mebli FORTE's earnings and revenue compare to its market cap?
FTE fundamental statistics
Market Capzł794.50m
Earnings (TTM)zł152.39m
Revenue (TTM)zł1.38b

5.2x

P/E Ratio

0.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FTE income statement (TTM)
Revenuezł1.38b
Cost of Revenuezł846.28m
Gross Profitzł537.57m
Other Expenseszł385.18m
Earningszł152.39m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Sep 05, 2022

Earnings per share (EPS)6.37
Gross Margin38.85%
Net Profit Margin11.01%
Debt/Equity Ratio45.1%

How did FTE perform over the long term?

See historical performance and comparison

Dividends

12.0%

Current Dividend Yield

63%

Payout Ratio

Does FTE pay a reliable dividends?

See FTE dividend history and benchmarks
When do you need to buy FTE by to receive an upcoming dividend?
Fabryki Mebli FORTE dividend dates
Ex Dividend DateSep 09 2022
Dividend Pay DateSep 22 2022
Days until Ex dividend26 days
Days until Dividend pay date39 days

Does FTE pay a reliable dividends?

See FTE dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is FTE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FTE?

Other financial metrics that can be useful for relative valuation.

FTE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.8x
Enterprise Value/EBITDA5.3x
PEG Ratio-0.5x

Price to Earnings Ratio vs Peers

How does FTE's PE Ratio compare to its peers?

FTE PE Ratio vs Peers
The above table shows the PE ratio for FTE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average6.5x
DCR Decora
5.7xn/azł354.4m
LTX Lentex
10.2xn/azł287.6m
AMC Amica
6.7xn/azł541.6m
ARH Archicom
3.3x-42.2%zł467.2m
FTE Fabryki Mebli FORTE
5.2x-10.8%zł794.5m

Price-To-Earnings vs Peers: FTE is good value based on its Price-To-Earnings Ratio (5.2x) compared to the peer average (6.5x).


Price to Earnings Ratio vs Industry

How does FTE's PE Ratio compare vs other companies in the European Consumer Durables Industry?

Price-To-Earnings vs Industry: FTE is good value based on its Price-To-Earnings Ratio (5.2x) compared to the Polish Consumer Durables industry average (5.5x)


Price to Earnings Ratio vs Fair Ratio

What is FTE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FTE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.2x
Fair PE Ratio6.5x

Price-To-Earnings vs Fair Ratio: FTE is good value based on its Price-To-Earnings Ratio (5.2x) compared to the estimated Fair Price-To-Earnings Ratio (6.5x).


Share Price vs Fair Value

What is the Fair Price of FTE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FTE (PLN33.2) is trading below our estimate of fair value (PLN70.65)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.


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Future Growth

How is Fabryki Mebli FORTE forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-10.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FTE's earnings are forecast to decline over the next 3 years (-10.8% per year).

Earnings vs Market: FTE's earnings are forecast to decline over the next 3 years (-10.8% per year).

High Growth Earnings: FTE's earnings are forecast to decline over the next 3 years.

Revenue vs Market: FTE's revenue (5.2% per year) is forecast to grow slower than the Polish market (5.3% per year).

High Growth Revenue: FTE's revenue (5.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if FTE's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

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

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


5.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FTE has high quality earnings.

Growing Profit Margin: FTE's current net profit margins (11%) are higher than last year (6.8%).


Past Earnings Growth Analysis

Earnings Trend: FTE's earnings have grown by 5.3% per year over the past 5 years.

Accelerating Growth: FTE's earnings growth over the past year (88.6%) exceeds its 5-year average (5.3% per year).

Earnings vs Industry: FTE earnings growth over the past year (88.6%) exceeded the Consumer Durables industry 26.3%.


Return on Equity

High ROE: FTE's Return on Equity (18.1%) is considered low.


Discover strong past performing companies

Financial Health

How is Fabryki Mebli FORTE's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: FTE's short term assets (PLN524.4M) exceed its short term liabilities (PLN303.2M).

Long Term Liabilities: FTE's short term assets (PLN524.4M) exceed its long term liabilities (PLN397.5M).


Debt to Equity History and Analysis

Debt Level: FTE's net debt to equity ratio (39.6%) is considered satisfactory.

Reducing Debt: FTE's debt to equity ratio has reduced from 62.1% to 45.1% over the past 5 years.

Debt Coverage: FTE's debt is well covered by operating cash flow (26.6%).

Interest Coverage: FTE's interest payments on its debt are well covered by EBIT (8.1x coverage).


Balance Sheet


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Dividend

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

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


12.05%

Current Dividend Yield

Upcoming Dividend Payment

TodayAug 13 2022Ex Dividend DateSep 09 2022Dividend Pay DateSep 22 202213 days from Ex DividendBuy in the next 26 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: FTE's dividend (12.05%) is higher than the bottom 25% of dividend payers in the Polish market (2.7%).

High Dividend: FTE's dividend (12.05%) is in the top 25% of dividend payers in the Polish market (8.84%)


Stability and Growth of Payments

Stable Dividend: FTE's dividend payments have been volatile in the past 10 years.

Growing Dividend: FTE's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (62.8%), FTE's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (156%), FTE's dividend payments are not well covered by cash flows.


Discover strong dividend paying companies

Management

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

8.3yrs

Average management tenure


CEO

Maciej Formanowicz

29.33yrs

Tenure

zł2,938,000

Compensation

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

Experienced Management: FTE's management team is seasoned and experienced (8.3 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 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
  • Implied Market Cap: zł794.502m
  • Shares outstanding: 23.93m
  • Website: https://ww2.forte.com.pl

Number of Employees


Location

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

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/13 00:00
End of Day Share Price2022/08/12 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


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.