WSE:FTE

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Limited growth and overvalued.

Risks

  • Fabryki Mebli FORTE has significant price volatility in the past 3 months.

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


Market Performance


7 Day Return

-2.9%

WSE:FTE

-1.0%

PL Consumer Durables

-0.5%

PL Market


1 Year Return

-43.2%

WSE:FTE

-11.2%

PL Consumer Durables

-7.2%

PL Market

FTE underperformed the Consumer Durables industry which returned -11.2% over the past year.

FTE underperformed the Market in Poland which returned -8.1% over the past year.


Share holder returns

FTEIndustryMarket
7 Day-2.9%-1.0%-0.5%
30 Day-22.7%-3.7%-8.6%
90 Day-11.7%-7.3%-4.3%
1 Year-43.2%-43.2%-6.0%-11.2%-4.2%-7.2%
3 Year-64.5%-64.6%1.2%-11.2%9.1%1.1%
5 Year-42.9%-45.8%30.1%9.7%-0.9%-13.6%

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 based on future cash flows and its price relative to the stock market?

28%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Fabryki Mebli FORTE's share price is below the future cash flow value, and at a moderate discount (> 20%).

Fabryki Mebli FORTE's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Fabryki Mebli FORTE is overvalued based on earnings compared to the PL Consumer Durables industry average.

Fabryki Mebli FORTE is overvalued based on earnings compared to the Poland market.


Price Based on Expected Growth

Fabryki Mebli FORTE is poor value based on expected growth next year.


Price Based on Value of Assets

Fabryki Mebli FORTE is overvalued based on assets compared to the PL Consumer Durables industry average.


Next Steps

Future Growth

How is Fabryki Mebli FORTE expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

13.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Fabryki Mebli FORTE's revenue is expected to grow by 2.1% yearly, however this is not considered high growth (20% yearly).

Fabryki Mebli FORTE's earnings are expected to grow by 13.2% yearly, however this is not considered high growth (20% yearly).

Fabryki Mebli FORTE's revenue growth is positive but not above the Poland market average.

Fabryki Mebli FORTE's earnings growth is expected to exceed the Poland market average.

Fabryki Mebli FORTE's earnings growth is expected to exceed the low risk savings rate of 2.9%.


Earnings per Share Growth Estimates


Future Return on Equity

Fabryki Mebli FORTE is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

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

-8.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Fabryki Mebli FORTE's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.

Fabryki Mebli FORTE's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Fabryki Mebli FORTE's 1-year earnings growth is negative, it can't be compared to the PL Consumer Durables industry average.


Return on Equity

Fabryki Mebli FORTE has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Fabryki Mebli FORTE used its assets less efficiently than the PL Consumer Durables industry average last year based on Return on Assets.


Return on Capital Employed

Fabryki Mebli FORTE's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Fabryki Mebli FORTE's financial position?


Financial Position Analysis

Fabryki Mebli FORTE's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Fabryki Mebli FORTE's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Fabryki Mebli FORTE's level of debt (107.3%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (20.9% vs 107.3% today).

Debt is not well covered by operating cash flow (13.5%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 5.6x coverage).


Balance Sheet

High level of physical assets or inventory.

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?

0.79%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Unable to evaluate Fabryki Mebli FORTE's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.

Unable to evaluate Fabryki Mebli FORTE's dividend against the top 25% market benchmark as the company has not reported any payouts.

Unable to perform a dividend volatility check as Fabryki Mebli FORTE has not reported any payouts.

Unable to verify if Fabryki Mebli FORTE's dividend has been increasing as the company has not reported any payouts.


Current Payout to Shareholders

Unable to calculate sustainability of dividends as Fabryki Mebli FORTE has not reported any payouts.


Future Payout to Shareholders

No need to calculate the sustainability of Fabryki Mebli FORTE's dividends in 3 years as they are not expected to pay a notable one for Poland.


Next Steps

Management

What is the CEO of Fabryki Mebli FORTE's salary, the management and board of directors tenure and is there insider trading?

6.6yrs

Average management tenure


CEO

Maciej Formanowicz 0

0.0yrs

Tenure

0

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 ...


CEO Compensation Analysis

Maciej's remuneration is higher than average for companies of similar size in Poland.

Maciej's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

6.6yrs

Average Tenure

The average tenure for the Fabryki Mebli FORTE management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

24.6yrs

Average Tenure

The average tenure for the Fabryki Mebli FORTE board of directors is over 10 years, this suggests they are a seasoned and experienced board.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Klaus Dahlem

    Member of the Management Board - Investments

    • Tenure: 9.6yrs
  • Maciej Formanowicz

    CEO & President of Management Board

    • Tenure: 0.0yrs
  • Derek Sorensen

    Senior Consultant

    • Tenure: 8.0yrs
  • Mariusz Gazda

    CFO & Member of Management Board

    • Tenure: 0.0yrs
  • Maria Florczuk

    Member of the Management Board - Supply Chain

    • Tenure: 5.3yrs
  • Bogumila Kaja

    Director of Management & Administration Office

    • Tenure: 0.0yrs
  • Andreas Dische

    Member of the Management Board - Sales & Marketing

    • Tenure: 1.1yrs
  • Anna Wilczynska

    Chief of Accounting

    • Tenure: 0.0yrs

Board Members

  • Zbigniew Sebastian

    Chairman of Supervisory Board

    • Tenure: 24.6yrs
  • Stanislaw Krauz

    Member of Supervisory Board

    • Tenure: 25.6yrs
  • Tomasz Domagalski

    Member of Supervisory Board

    • Tenure: 10.6yrs
  • Jerzy Smardzewski

    Member of Supervisory Board

    • Tenure: 0.0yrs
  • Bernard Wozniak

    Member of Supervisory Board

    • Tenure: 0.0yrs

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: zł603.055m
  • 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

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 ch ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/19 20:43
End of Day Share Price2019/08/19 00:00
Earnings2019/03/31
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.