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VRG Spólka Akcyjna

WSE:VST
Snowflake Description

Flawless balance sheet with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VST
WSE
PLN973M
Market Cap
  1. Home
  2. PL
  3. Consumer Durables
Company description

VRG Spólka Akcyjna designs, manufactures, and distributes jewelry and fashion collections for women and men in Poland and internationally. The last earnings update was 124 days ago. More info.


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VST Share Price and Events
7 Day Returns
4.5%
WSE:VST
6.4%
PL Luxury
2%
PL Market
1 Year Returns
-15.1%
WSE:VST
-11.8%
PL Luxury
-2.3%
PL Market
VST Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
VRG Spólka Akcyjna (VST) 4.5% 5.1% 1.7% -15.1% 43.6% 145.6%
PL Luxury 6.4% 10.8% 8.6% -11.8% 36.1% 14.9%
PL Market 2% 1.1% 4.7% -2.3% 13% -1.1%
1 Year Return vs Industry and Market
  • VST underperformed the Luxury industry which returned -11.8% over the past year.
  • VST underperformed the Market in Poland which returned -2.3% over the past year.
Price Volatility
VST
Industry
5yr Volatility vs Market

Value

 Is VRG Spólka 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 VRG Spólka 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    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for VRG Spólka Akcyjna.

WSE:VST Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.9%
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:VST
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Luxury Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.686 (1 + (1- 19%) (15.28%))
0.846
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.846 * 7.14%)
8.89%

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

The calculations below outline how an intrinsic value for VRG Spólka 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:VST DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 8.89%)
2019 61.80 Analyst x1 56.75
2020 54.60 Analyst x1 46.05
2021 50.35 Est @ -7.79% 38.99
2022 48.03 Est @ -4.6% 34.16
2023 46.90 Est @ -2.36% 30.63
2024 46.53 Est @ -0.8% 27.91
2025 46.66 Est @ 0.3% 25.70
2026 47.16 Est @ 1.06% 23.86
2027 47.91 Est @ 1.6% 22.26
2028 48.86 Est @ 1.97% 20.84
Present value of next 10 years cash flows PLN327.15
WSE:VST DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN48.86 × (1 + 2.85%) ÷ (8.89% – 2.85%)
PLN831.64
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN831.64 ÷ (1 + 8.89%)10
PLN354.78
WSE:VST Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN327.15 + PLN354.78
PLN681.93
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN681.93 / 234.46
PLN2.91
WSE:VST Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN2.91
Current discount Discount to share price of PLN4.15
= -1 x (PLN4.15 - PLN2.91) / PLN2.91
-42.7%

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

  • The current share price of VRG Spólka Akcyjna is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 VRG Spólka Akcyjna's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are VRG Spólka Akcyjna's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:VST PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN0.25
WSE:VST Share Price ** WSE (2019-03-18) in PLN PLN4.15
Poland Luxury Industry PE Ratio Median Figure of 11 Publicly-Listed Luxury Companies 10.41x
Poland Market PE Ratio Median Figure of 466 Publicly-Listed Companies 10.9x

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

** Primary Listing of VRG Spólka Akcyjna.

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

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

= 4.15 ÷ 0.25

16.68x

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

  • VRG Spólka Akcyjna is overvalued based on earnings compared to the PL Luxury industry average.
  • VRG Spólka Akcyjna is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does VRG Spólka Akcyjna's expected growth come at a high price?
Raw Data
WSE:VST PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.68x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
31.2%per year
Poland Luxury Industry PEG Ratio Median Figure of 6 Publicly-Listed Luxury Companies 1.28x
Poland Market PEG Ratio Median Figure of 104 Publicly-Listed Companies 1.14x

*Line of best fit is calculated by linear regression .

WSE:VST PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.68x ÷ 31.2%

0.53x

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

  • VRG Spólka Akcyjna is good value based on expected growth next year.
Price based on value of assets
What value do investors place on VRG Spólka Akcyjna's assets?
Raw Data
WSE:VST PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN3.13
WSE:VST Share Price * WSE (2019-03-18) in PLN PLN4.15
Poland Luxury Industry PB Ratio Median Figure of 14 Publicly-Listed Luxury Companies 1.19x
Poland Market PB Ratio Median Figure of 690 Publicly-Listed Companies 1.02x
WSE:VST PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 4.15 ÷ 3.13

1.32x

* Primary Listing of VRG Spólka Akcyjna.

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

  • VRG Spólka Akcyjna is overvalued based on assets compared to the PL Luxury industry average.
X
Value checks
We assess VRG Spólka 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 Luxury 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 Luxury industry average (and greater than 0)? (1 check)
  5. VRG Spólka Akcyjna has a total score of 1/6, 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.

Future Performance

 How is VRG Spólka Akcyjna expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

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
31.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is VRG Spólka Akcyjna expected to grow at an attractive rate?
  • VRG Spólka Akcyjna's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • VRG Spólka Akcyjna's earnings growth is expected to exceed the Poland market average.
  • VRG Spólka Akcyjna's revenue growth is expected to exceed the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:VST Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:VST Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 31.2%
WSE:VST Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 20.4%
Poland Luxury Industry Earnings Growth Rate Market Cap Weighted Average 20.7%
Poland Luxury Industry Revenue Growth Rate Market Cap Weighted Average 12.1%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.5%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.8%

*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:VST Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:VST Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 1,248 82 95 3
2019-12-31 1,132 89 80 3
2018-12-31 865 41 54 3
WSE:VST Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 757 31 45
2018-06-30 734 34 44
2018-03-31 713 20 44
2017-12-31 689 21 43
2017-09-30 654 11 39
2017-06-30 633 8 36
2017-03-31 615 10 35
2016-12-31 599 6 35
2016-09-30 570 5 28
2016-06-30 552 16 27
2016-03-31 530 18 27
2015-12-31 514 26 25

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • VRG Spólka Akcyjna's earnings are expected to grow significantly at over 20% yearly.
  • VRG Spólka Akcyjna's revenue is expected to grow significantly at over 20% yearly.
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:VST Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from VRG Spólka Akcyjna Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:VST Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
2018-12-31
WSE:VST Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 0.25
2018-06-30 0.25
2018-03-31 0.25
2017-12-31 0.24
2017-09-30 0.22
2017-06-30 0.20
2017-03-31 0.20
2016-12-31 0.20
2016-09-30 0.16
2016-06-30 0.16
2016-03-31 0.16
2015-12-31 0.15

*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.
  • VRG Spólka Akcyjna is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess VRG Spólka 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 Poland 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.
VRG Spólka Akcyjna has a total score of 5/6, 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.

Past Performance

  How has VRG Spólka 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 VRG Spólka Akcyjna's growth in the last year to its industry (Luxury).
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.
  • VRG Spólka Akcyjna's year on year earnings growth rate has been positive over the past 5 years.
  • VRG Spólka Akcyjna's 1-year earnings growth exceeds its 5-year average (16.1% vs 3.7%)
  • VRG Spólka Akcyjna's earnings growth has exceeded the PL Luxury industry average in the past year (16.1% vs 14.8%).
Earnings and Revenue History
VRG Spólka 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 VRG Spólka Akcyjna Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:VST Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 756.61 44.83 323.87
2018-06-30 733.87 44.19 313.66
2018-03-31 712.91 44.10 302.07
2017-12-31 688.51 43.21 293.30
2017-09-30 653.62 38.62 280.71
2017-06-30 632.92 36.34 273.00
2017-03-31 615.28 34.54 268.74
2016-12-31 598.60 35.19 261.22
2016-09-30 570.02 28.25 252.46
2016-06-30 552.14 27.31 246.09
2016-03-31 530.40 27.22 234.23
2015-12-31 514.16 25.36 226.93
2015-09-30 495.18 27.37 218.33
2015-06-30 477.05 24.41 211.40
2015-03-31 458.56 20.77 206.97
2014-12-31 443.39 20.29 201.48
2014-09-30 423.95 16.70 195.22
2014-06-30 413.97 46.66 195.35
2014-03-31 402.26 49.20 188.32
2013-12-31 397.68 45.06 186.66
2013-09-30 394.43 43.09 185.53
2013-06-30 393.86 14.39 181.71
2013-03-31 390.97 8.37 186.06
2012-12-31 395.51 12.28 184.55
2012-09-30 399.33 14.58 183.90
2012-06-30 398.82 2.26 183.80
2012-03-31 396.73 -0.76 183.04

*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.
  • VRG Spólka Akcyjna has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • VRG Spólka Akcyjna used its assets less efficiently than the PL Luxury industry average last year based on Return on Assets.
  • VRG Spólka Akcyjna has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess VRG Spólka 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 Luxury 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.
VRG Spólka Akcyjna has a total score of 4/6, 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.

Health

 How is VRG Spólka 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 VRG Spólka Akcyjna's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • VRG Spólka Akcyjna is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • VRG Spólka Akcyjna's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of VRG Spólka 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.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.8x 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 VRG Spólka Akcyjna Company Filings, last reported 5 months ago.

WSE:VST Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 567.73 148.66 13.79
2018-06-30 560.74 126.48 17.70
2018-03-31 542.66 137.01 8.65
2017-12-31 542.49 117.34 17.09
2017-09-30 518.39 162.13 9.29
2017-06-30 511.96 138.06 8.55
2017-03-31 493.76 143.86 6.51
2016-12-31 494.39 125.65 16.81
2016-09-30 479.93 150.37 5.80
2016-06-30 475.64 128.08 8.17
2016-03-31 458.70 135.15 5.39
2015-12-31 453.39 115.86 15.56
2015-09-30 444.61 141.65 5.69
2015-06-30 441.34 131.47 8.24
2015-03-31 428.61 136.82 3.53
2014-12-31 430.62 124.77 13.19
2014-09-30 416.41 150.53 5.81
2014-06-30 416.11 140.36 10.34
2014-03-31 407.76 148.42 5.58
2013-12-31 410.19 136.92 18.21
2013-09-30 399.57 149.05 7.30
2013-06-30 337.72 208.33 10.44
2013-03-31 326.66 217.86 4.84
2012-12-31 333.23 212.14 14.50
2012-09-30 324.57 227.57 6.59
2012-06-30 305.59 241.22 12.97
2012-03-31 300.51 239.50 4.92
  • VRG Spólka Akcyjna's level of debt (26.2%) 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 (37.3% vs 26.2% today).
  • Debt is well covered by operating cash flow (20.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 18x coverage).
X
Financial health checks
We assess VRG Spólka 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. VRG Spólka Akcyjna has a total score of 6/6, 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.

Dividends

 What is VRG Spólka 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
0%
Current annual income from VRG Spólka Akcyjna dividends.
If you bought PLN2,000 of VRG Spólka Akcyjna 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 VRG Spólka Akcyjna's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate VRG Spólka Akcyjna'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:VST 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 3 Analyst Estimates (S&P Global) See Below
Poland Luxury Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 0.8%
Poland Market Average Dividend Yield Market Cap Weighted Average of 207 Stocks 3.3%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.6%
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:VST Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2020-12-31
2019-12-31
2018-12-31

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

  • Unable to perform a dividend volatility check as VRG Spólka Akcyjna has not reported any payouts.
  • Unable to verify if VRG Spólka Akcyjna's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of VRG Spólka Akcyjna's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as VRG Spólka Akcyjna 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 VRG Spólka 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 VRG Spólka Akcyjna afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. VRG Spólka Akcyjna 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.

Management

 What is the CEO of VRG Spólka 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
Grzegorz Pilch
COMPENSATION PLN0
CEO Bio

Mr. Grzegorz Pilch has been Chairman of the Management Board at Vistula Group Spólka Akcyjna since 2009 and served as President of the Management Board. From 1993 to 1999, Mr. Pilch served as Securities Broker, Vice-Director of Operations Department and Director of Operations at Brokerage Office in Cracow. From 1999 to 2008, Mr. Pilch served as a Member of the Management Board ( Chief Operating Officer), Vice-President of the Management Board and Managing Director at Alma Market SA. He was Stock broker, stock broker assistant, Deputy Manager and Manager of operating department, vice Director of Dom Maklerski Penetrator S.A. from 1993 to 1999. From 2011 to 2013, he served as Chairman/President of the Supervisory Board at Wólczanka Production 3 sp. z o.o. From 2005 to 2013, Mr. Pilch served as Vice-Chairman of the Supervisory Board at Premium Cigars Sp. z o.o. Mr. Pilch served as Vice President and Member of Supervisory Board at KrakChemia Spolka Akcyjna until January 26, 2011. Mr. Pilch served as Vice Chairman and Director of Alma Market SA. He has been a Member of the Supervisory Board of Baltic Ceramics Investments Spolka Akcyjna since 2015. He has been a Member of Board of Supervisory Board at Instal Kraków Spólka Akcyjna, DCG S.A. and W. KRUK S.A. since May 31, 2008. Mr. Pilch serves as a Member of the Supervisory Board at InPost S.A. He has a Securities Broker License. He is a graduate of University of Economics in Krakow. He holds Degree in Management from Akademia Ekonomiczna in Cracow.

CEO Compensation
  • Grzegorz's compensation has been consistent with company performance over the past year.
  • Grzegorz's remuneration is higher than average for companies of similar size in Poland.
Management Team

Grzegorz Pilch

TITLE
Chairman of the Management Board

Mateusz Zmijewski

TITLE
Vice Chairman of the Management Board
TENURE
11.2 yrs

Erwin Bakalarz

TITLE
Member of the Management Board
TENURE
3.9 yrs
Board of Directors

Jerzy Mazgaj

TITLE
Chairman of the Supervisory Board
AGE
57

Michal Mierzejewski

TITLE
Vice Chairman of the Supervisory Board

Lukasz Magiera

TITLE
Member of the Supervisory Board
TENURE
3.9 yrs

Ryszard Petru

TITLE
Member of the Supervisory Board
TENURE
3.9 yrs

Beata Pawlowska-Czerwinska

TITLE
Supervisory Board Member

Grazyna Sudzinska-Amroziewicz

TITLE
Supervisory Board Member
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 VRG Spólka 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. VRG Spólka 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.

News

Simply Wall St News

Why You Should Care About Vistula Group S.A.’s (WSE:VST) Low Return On Capital

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Finally, we'll look at how its current liabilities affect its ROCE. … Return On Capital Employed (ROCE): What is it?

Simply Wall St -

A Closer Look At Vistula Group SA's (WSE:VST) Uninspiring ROE

By way of learning-by-doing, we'll look at ROE to gain a better understanding Vistula Group SA (WSE:VST). … That means that for every PLN1 worth of shareholders' equity, it generated PLN0.079 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Has Vistula Group SA (WSE:VST) Improved Earnings Growth In Recent Times?

Improvement in profitability and outperformance against the industry can be important characteristics in a stock for some investors. … Below, I will assess Vistula Group SA's (WSE:VST) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … Furthermore, this one-year growth rate has exceeded its 5-year annual growth average of 5.3%, indicating the rate at which VST is growing has accelerated

Simply Wall St -

Vistula Group SA (WSE:VST): The Return Story

and want to begin learning the link between Vistula Group SA (WSE:VST)’s return fundamentals and stock market performance. … This is because the actual cash flow generated by the business dictates the potential for income (dividends) and capital appreciation (price increases), which are the two ways to achieve positive returns when buying a stock. … To understand Vistula Group’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

Is Vistula Group SA (WSE:VST) Cheap And High Growth?

operates in the consumer discretionary industry,. … whose performance is predominantly driven by consumer confidence, which is linked to employment and wage rates. … Consumer discretionary analysts are forecasting for the entire industry,

Simply Wall St -

Breaking Down Vistula Group SA's (WSE:VST) Ownership Structure

In this analysis, my focus will be on developing a perspective on Vistula Group SA’s (WSE:VST) latest ownership structure, a less discussed, but important factor. … Ownership structure of a company has been found to affect share performance over time. … See our latest analysis for Vistula Group

Simply Wall St -

Brief Commentary On Vistula Group SA's (WSE:VST) Fundamentals

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Vistula Group SA (WSE:VST) due to its excellent fundamentals in more than one area.

Simply Wall St -

Calculating The Fair Value Of Vistula Group SA (WSE:VST)

by taking the expected future cash flows and discounting them to their present value. … Discounted Cash Flows (DCF). … If you are reading this and its not June 2018 then I highly recommend you check out the latest calculation for Vistula Group by following the link below.

Simply Wall St -

Is Vistula Group Spólka Akcyjna (WSE:VST) A Sell At Its Current PE Ratio?

and want to better understand how you can grow your money by investing in Vistula Group Spólka Akcyjna (WSE:VST). … Vistula Group Spólka Akcyjna (WSE:VST) is currently trading at a trailing P/E of 19.5x, which is higher than the industry average of 13.2x. … See our latest analysis for Vistula Group Spólka Akcyjna

Simply Wall St -

What Is Vistula Group Spólka Akcyjna's (WSE:VST) Share Price Doing?

Let’s take a look at Vistula Group Spólka Akcyjna’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … It’s trading around 3.97% below my intrinsic value, which means if you buy Vistula Group Spólka Akcyjna today, you’d be paying a fair price for it. … In addition to this, it seems like Vistula Group Spólka Akcyjna’s share price is quite stable, which could mean there may be less chances to buy low in the future now that it’s fairly valued.

Simply Wall St -

Company Info

Description

VRG Spólka Akcyjna designs, manufactures, and distributes jewelry and fashion collections for women and men in Poland and internationally. The company offers men’s fashion collections under the Vistula brand; jewelry and watches under the W.KRUK brand; men’s shirts under the Wólczanka brand; and clothing for women under the Deni Cler Milano brand name. It operates 411 stores, including 135 Vistula brand stores; 115 W.KRUK brand stores; 128 Wólczanka brand stores; and 33 Deni Cler Milano brand stores. The company was founded in 1948 and is based in Krakow, Poland.

Details
Name: VRG Spólka Akcyjna
VST
Exchange: WSE
Founded: 1948
PLN972,991,736
234,455,840
Website: http://www.vrg.pl
Address: VRG Spólka Akcyjna
ul. Pilotów 10,
Krakow,
31-462,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE VST Common Bearer Shares Warsaw Stock Exchange PL PLN 28. Feb 1994
LSE 0LZF Common Bearer Shares London Stock Exchange GB PLN 28. Feb 1994
Number of employees
Current staff
Staff numbers
0
VRG Spólka Akcyjna employees.
Industry
Apparel, Accessories and Luxury Goods
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/18 20:37
End of day share price update: 2019/03/18 00:00
Last estimates confirmation: 2019/03/18
Last earnings filing: 2018/11/14
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.