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Eurocash

WSE:EUR
Snowflake Description

Second-rate dividend payer and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EUR
WSE
PLN3B
Market Cap
  1. Home
  2. PL
  3. Consumer Retailing
Company description

Eurocash S.A. distributes fast moving consumer goods (FMCG) in Poland. The last earnings update was 71 days ago. More info.


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EUR Share Price and Events
7 Day Returns
-2.6%
WSE:EUR
0.3%
PL Consumer Retailing
-0%
PL Market
1 Year Returns
-2.3%
WSE:EUR
30.7%
PL Consumer Retailing
2.8%
PL Market
EUR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Eurocash (EUR) -2.6% -6.4% -16.4% -2.3% -63.9% -54.4%
PL Consumer Retailing 0.3% 5.8% 9.9% 30.7% -2.1% -10.1%
PL Market -0% 0.8% -2.5% 2.8% 14.5% -4.4%
1 Year Return vs Industry and Market
  • EUR underperformed the Consumer Retailing industry which returned 30.7% over the past year.
  • EUR underperformed the Market in Poland which returned 2.8% over the past year.
Price Volatility
EUR
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Eurocash 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 Eurocash 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 Eurocash.

WSE:EUR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.6%
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:EUR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Consumer Retailing Unlevered Beta Simply Wall St/ S&P Global 0.5
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.503 (1 + (1- 19%) (102.04%))
0.945
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.945 * 7.14%)
9.6%

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

The calculations below outline how an intrinsic value for Eurocash 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:EUR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 9.6%)
2020 190.36 Analyst x7 173.69
2021 196.43 Analyst x7 163.53
2022 227.93 Analyst x6 173.14
2023 237.40 Analyst x5 164.54
2024 246.20 Est @ 3.71% 155.70
2025 254.69 Est @ 3.45% 146.96
2026 263.01 Est @ 3.27% 138.48
2027 271.28 Est @ 3.14% 130.32
2028 279.57 Est @ 3.06% 122.54
2029 287.94 Est @ 2.99% 115.16
Present value of next 10 years cash flows PLN1,484.06
WSE:EUR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= PLN287.94 × (1 + 2.85%) ÷ (9.6% – 2.85%)
PLN4,388.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN4,388.96 ÷ (1 + 9.6%)10
PLN1,755.32
WSE:EUR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN1,484.06 + PLN1,755.32
PLN3,239.38
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN3,239.38 / 139.16
PLN23.28
WSE:EUR Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN23.28
Current discount Discount to share price of PLN19.14
= -1 x (PLN19.14 - PLN23.28) / PLN23.28
17.8%

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

Current Discount
Amount off the current price Eurocash is available for.
Intrinsic value
18%
Share price is PLN19.14 vs Future cash flow value of PLN23.28
Current Discount Checks
For Eurocash to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Eurocash's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Eurocash's share price is below the future cash flow value, but not 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 Eurocash's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Eurocash's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:EUR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in PLN PLN0.62
WSE:EUR Share Price ** WSE (2019-07-19) in PLN PLN19.14
Poland Consumer Retailing Industry PE Ratio Median Figure of 5 Publicly-Listed Consumer Retailing Companies 30.94x
Poland Market PE Ratio Median Figure of 455 Publicly-Listed Companies 10.85x

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

** Primary Listing of Eurocash.

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

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

= 19.14 ÷ 0.62

30.94x

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

  • Eurocash is good value based on earnings compared to the PL Consumer Retailing industry average.
  • Eurocash is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does Eurocash's expected growth come at a high price?
Raw Data
WSE:EUR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 30.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
4.8%per year
Europe Consumer Retailing Industry PEG Ratio Median Figure of 22 Publicly-Listed Consumer Retailing Companies 1.91x
Poland Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 1.14x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 30.94x ÷ 4.8%

6.4x

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

  • Eurocash is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Eurocash's assets?
Raw Data
WSE:EUR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in PLN PLN6.81
WSE:EUR Share Price * WSE (2019-07-19) in PLN PLN19.14
Poland Consumer Retailing Industry PB Ratio Median Figure of 5 Publicly-Listed Consumer Retailing Companies 2.14x
Poland Market PB Ratio Median Figure of 684 Publicly-Listed Companies 0.96x
WSE:EUR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 19.14 ÷ 6.81

2.81x

* Primary Listing of Eurocash.

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

  • Eurocash is overvalued based on assets compared to the PL Consumer Retailing industry average.
X
Value checks
We assess Eurocash'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 Consumer Retailing 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 Consumer Retailing industry average (and greater than 0)? (1 check)
  5. Eurocash 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 Eurocash expected to perform in the next 1 to 3 years based on estimates from 13 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
4.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Eurocash expected to grow at an attractive rate?
  • Eurocash's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Eurocash's earnings growth is positive but not above the Poland market average.
  • Eurocash's revenue growth is positive but not above the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:EUR Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:EUR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 4.8%
WSE:EUR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 3%
Poland Consumer Retailing Industry Earnings Growth Rate Market Cap Weighted Average 21.1%
Europe Consumer Retailing Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.3%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.4%

*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:EUR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:EUR Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 26,896 4
2022-12-31 26,761 525 148 6
2021-12-31 25,977 494 142 10
2020-12-31 25,121 436 147 13
2019-12-31 24,206 430 139 13
WSE:EUR Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-03-31 23,329 420 86
2018-12-31 22,833 499 110
2018-09-30 22,210 481 66
2018-06-30 21,530 478 65
2018-03-31 21,185 496 -34
2017-12-31 20,849 471 -33
2017-09-30 21,012 335 25
2017-06-30 21,197 353 48
2017-03-31 21,107 197 163
2016-12-31 21,220 324 179
2016-09-30 20,910 420 209
2016-06-30 20,636 561 221

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Eurocash's earnings are expected to grow by 4.8% yearly, however this is not considered high growth (20% yearly).
  • Eurocash's revenue is expected to grow by 3% yearly, however this is not considered high growth (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:EUR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Eurocash Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:EUR Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.05 1.15 0.94 3.00
2020-12-31 1.10 1.89 0.85 7.00
2019-12-31 1.08 1.42 0.80 4.00
WSE:EUR Past Financials Data
Date (Data in PLN Millions) EPS *
2019-03-31 0.62
2018-12-31 0.79
2018-09-30 0.48
2018-06-30 0.47
2018-03-31 -0.25
2017-12-31 -0.24
2017-09-30 0.18
2017-06-30 0.34
2017-03-31 1.17
2016-12-31 1.29
2016-09-30 1.51
2016-06-30 1.59

*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.
  • Eurocash is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Eurocash'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.
Eurocash 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.

Past Performance

  How has Eurocash 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 Eurocash's growth in the last year to its industry (Consumer Retailing).
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.
  • Eurocash's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Eurocash has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Eurocash has become profitable in the last year making it difficult to compare the Europe Consumer Retailing industry average.
Earnings and Revenue History
Eurocash'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 Eurocash Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:EUR Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 23,328.71 86.08 2,874.91
2018-12-31 22,832.89 109.64 2,734.95
2018-09-30 22,209.61 66.15 2,565.10
2018-06-30 21,529.70 65.45 2,403.61
2018-03-31 21,185.50 -34.24 2,349.33
2017-12-31 20,849.46 -33.31 2,319.08
2017-09-30 21,012.43 24.84 2,189.80
2017-06-30 21,197.34 47.75 2,083.66
2017-03-31 21,106.93 163.14 1,969.54
2016-12-31 21,219.90 179.22 1,854.62
2016-09-30 20,910.17 209.32 1,777.67
2016-06-30 20,635.56 220.78 1,730.82
2016-03-31 20,476.49 216.91 1,685.66
2015-12-31 20,318.21 212.37 1,648.13
2015-09-30 19,719.87 187.72 1,615.63
2015-06-30 18,741.21 175.11 1,571.68
2015-03-31 17,848.25 175.84 1,530.08
2014-12-31 16,963.85 180.54 1,487.62
2014-09-30 16,748.16 183.01 1,488.81
2014-06-30 16,484.82 199.38 1,457.01
2014-03-31 16,395.05 211.09 1,416.02
2013-12-31 16,537.53 221.01 1,392.00
2013-09-30 16,518.43 267.12 1,346.93
2013-06-30 16,676.33 259.97 1,336.24
2013-03-31 16,727.73 251.38 1,358.54
2012-12-31 16,609.29 250.38 1,353.54
2012-09-30 15,018.22 183.29 1,223.95

*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.
  • Eurocash has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Eurocash used its assets less efficiently than the PL Consumer Retailing industry average last year based on Return on Assets.
  • Eurocash's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Eurocash'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 Consumer Retailing 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.
Eurocash has a total score of 0/6, 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 Eurocash'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 Eurocash's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Eurocash's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Eurocash's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Eurocash'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 1.2x 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 Eurocash Company Filings, last reported 3 months ago.

WSE:EUR Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,008.20 2,717.99 164.89
2018-12-31 1,036.41 573.37 196.56
2018-09-30 981.85 761.15 152.64
2018-06-30 938.19 832.97 149.01
2018-03-31 1,010.53 967.06 548.06
2017-12-31 1,030.01 566.28 252.94
2017-09-30 1,005.58 623.02 158.77
2017-06-30 968.36 639.39 153.41
2017-03-31 1,141.61 722.16 138.09
2016-12-31 1,155.10 464.64 161.87
2016-09-30 1,106.78 313.40 89.00
2016-06-30 1,043.39 443.44 132.73
2016-03-31 1,175.69 344.10 103.75
2015-12-31 1,161.13 240.93 86.20
2015-09-30 1,052.85 350.73 78.11
2015-06-30 981.98 585.96 79.83
2015-03-31 1,031.94 898.08 77.54
2014-12-31 1,039.20 917.55 86.91
2014-09-30 886.32 787.85 79.50
2014-06-30 828.98 842.65 88.45
2014-03-31 889.43 931.53 93.35
2013-12-31 884.36 662.24 102.56
2013-09-30 811.37 624.28 116.17
2013-06-30 734.65 562.80 132.35
2013-03-31 795.05 885.95 99.88
2012-12-31 777.45 934.46 158.09
2012-09-30 661.62 1,153.33 202.91
  • Eurocash's level of debt (269.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (104.7% vs 269.6% today).
  • Debt is not well covered by operating cash flow (15.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Eurocash'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. Eurocash has a total score of 1/6, 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 Eurocash'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
3.81%
Current annual income from Eurocash dividends. Estimated to be 4.17% next year.
If you bought PLN2,000 of Eurocash shares you are expected to receive PLN76 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?
  • Eurocash's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.78%).
  • Eurocash's dividend is below the markets top 25% of dividend payers in Poland (7.12%).
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:EUR 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 13 Analyst Estimates (S&P Global) See Below
Europe Consumer Retailing Industry Average Dividend Yield Market Cap Weighted Average of 33 Stocks 3.8%
Poland Market Average Dividend Yield Market Cap Weighted Average of 203 Stocks 4.2%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.5%
Poland Bottom 25% Dividend Yield 25th Percentile 2.8%
Poland Top 25% Dividend Yield 75th Percentile 7.1%

Industry and Market average data is calculated daily.

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

WSE:EUR Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.89 1.00
2022-12-31 0.85 2.00
2021-12-31 0.80 9.00
2020-12-31 0.73 13.00
2019-12-31 0.87 10.00
WSE:EUR Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2019-02-28 0.730 3.478
2018-04-25 0.730 3.675
2017-05-12 0.730 2.470
2017-03-17 0.730 2.263
2017-02-23 0.730 2.223
2016-05-12 1.000 2.352
2016-03-18 1.000 1.866
2015-05-12 0.790 1.749
2015-03-27 0.790 2.188
2015-02-25 0.790 2.422
2014-11-14 0.790 2.111
2014-08-25 0.790 2.355
2014-05-12 0.790 1.964
2013-11-08 0.900 2.105
2013-08-27 0.900 1.857
2013-03-27 0.900 1.564
2012-11-09 0.180 0.377
2012-08-24 0.180 0.457
2012-05-11 0.000 0.000
2012-03-30 0.180 0.473
2011-11-10 0.370 1.278
2011-08-16 0.370 1.529
2011-04-08 0.370 1.265
2010-08-27 0.370 1.349
2010-05-12 0.370 1.696
2010-04-30 0.370 1.771
2009-08-31 0.300 1.863
2009-05-15 0.300 2.656
2009-04-27 0.300 2.897
2008-11-14 0.300 3.210
2008-08-14 0.300 3.015

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Eurocash's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Eurocash's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - 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 Eurocash afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Eurocash has a total score of 3/6, 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 Eurocash'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
Rui Amaral
COMPENSATION PLN1,577,316
CEO Bio

Mr. Rui Amaral serves as the Chief Executive Officer, General Manager and a Member of the Management Board at Eurocash SA. Mr. Amaral serves as the President of the Management Board and Member of the Management Board at KDWT S A and Eurocash Trade 1 Sp z o o at Eurocash S.A. Previously, he worked with GTR, Sanipec, Jerónimo Martins, Feira Nova and Cintra Group Beverages Division. Mr. Amaral holds a Degree in Business Administration from Catholic University in Lisbon.

CEO Compensation
  • Rui's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Rui's remuneration is higher than average for companies of similar size in Poland.
Management Team

Rui Amaral

TITLE
CEO & Member of the Mgmt Board
COMPENSATION
PLN2M

Luis do Amaral

TITLE
President of the Management Board
COMPENSATION
PLN497K

Jacek Owczarek

TITLE
Financial Director & Member of the Management Board
COMPENSATION
PLN1M

Pedro Martinho

TITLE
Sales Director & Member of Management Board
COMPENSATION
PLN1M

Katarzyna Kopaczewska

TITLE
Human Resources Director & Member of Management Board
COMPENSATION
PLN977K

Arnaldo Guerreiro

TITLE
Member of Management Board
COMPENSATION
PLN1M

Przemyslaw Cias

TITLE
Member of the Management Board
COMPENSATION
PLN810K
TENURE
2.4 yrs

Cezary Giza

TITLE
Investor Relations Director
Board of Directors Tenure

Average tenure and age of the Eurocash board of directors in years:

6.2
Average Tenure
67
Average Age
  • The tenure for the Eurocash board of directors is about average.
Board of Directors

Hans-Joachim Koerber

TITLE
Chairman of Supervisory Board
COMPENSATION
PLN214K
AGE
73

Alicja Kornasiewicz

TITLE
Member of Supervisory Board
COMPENSATION
PLN147K
AGE
67
TENURE
1.3 yrs

Jacek Szwajcowski

TITLE
Member of Supervisory Board
COMPENSATION
PLN214K
AGE
55
TENURE
6.2 yrs

Francisco José Valente dos Santos

TITLE
Member of Supervisory Board
COMPENSATION
PLN214K
TENURE
6.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (PLN) Value (PLN)
X
Management checks
We assess Eurocash'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. Eurocash 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

Eurocash S.A. (WSE:EUR): Is It A Smart Long Term Opportunity?

Based on Eurocash S.A.'s (WSE:EUR) earnings update in March 2019, analysts seem highly optimistic, with earnings expected to grow by a high double-digit of 64% in the upcoming year, compared with the previous 5-year average growth rate of -27%. … To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line. … WSE:EUR Past and Future Earnings, July 15th 2019 This results in an annual growth rate of 4.8% based on the most recent earnings level of zł110m to the final forecast of zł183m by 2022.

Simply Wall St -

Such Is Life: How Eurocash (WSE:EUR) Shareholders Saw Their Shares Drop 55%

Revenue is actually up 3.5% over the three years, so the share price drop doesn't seem to hinge on revenue, either. … As well as measuring the share price return, investors should also consider the total shareholder return (TSR). … We note that for Eurocash the TSR over the last 3 years was -51%, which is better than the share price return mentioned above.

Simply Wall St -

Eurocash S.A.’s (WSE:EUR) Investment Returns Are Lagging Its Industry

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Eurocash: 0.056 = zł146m ÷ (zł8.2b - zł5.5b) (Based on the trailing twelve months to March 2019.) So, Eurocash has an ROCE of 5.6%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. … Eurocash has a fairly high level of current liabilities, boosting its ROCE.

Simply Wall St -

Is Eurocash S.A.'s (WSE:EUR) 8.9% ROE Better Than Average?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Eurocash: 8.9% = zł86m ÷ zł1.0b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Eurocash Have A Good Return On Equity? … How Does Debt Impact Return On Equity?

Simply Wall St -

Are Investors Undervaluing Eurocash S.A. (WSE:EUR) By 22%?

Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (PLN, Millions) PLN213.80 PLN184.44 PLN201.57 PLN230.93 PLN247.00 PLN260.74 PLN273.13 PLN284.55 PLN295.31 PLN305.65 Growth Rate Estimate Source Analyst x5 Analyst x8 Analyst x7 Analyst x6 Analyst x5 Est @ 5.56% Est @ 4.75% Est @ 4.18% Est @ 3.78% Est @ 3.5% Present Value (PLN, Millions) Discounted @ 9.12% PLN195.94 PLN154.90 PLN155.15 PLN162.89 PLN159.67 PLN154.47 PLN148.29 PLN141.58 PLN134.65 PLN127.72 Present Value of 10-year Cash Flow (PVCF)= PLN1.54b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = zł306m × (1 + 2.9%) ÷ (9.1% – 2.9%) = zł5.0b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = PLNzł5.0b ÷ ( 1 + 9.1%)10 = PLN2.10b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is PLN3.63b.

Simply Wall St -

What Kind Of Investor Owns Most Of Eurocash S.A. (WSE:EUR)?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Taking a look at our data on the ownership groups (below), it's seems that. … We can zoom in on the different ownership groups, to learn more about EUR

Simply Wall St -

Eurocash S.A. (WSE:EUR): Immense Growth Potential?

After Eurocash S.A.'s (WSE:EUR) earnings announcement on 31 December 2018, … with profits predicted to increase by 27% next year … the past 5-year average growth rate of -27%.

Simply Wall St -

Did Changing Sentiment Drive Eurocash's (WSE:EUR) Share Price Down A Worrying 59%?

(WSE:EUR) share price has gained 24% in the last three months. … Indeed, the share price is down a tragic 59% in the last three years. … During five years of share price growth, Eurocash moved from a loss to profitability.

Simply Wall St -

Will Eurocash S.A.'s (WSE:EUR) Earnings Grow In The Years Ahead?

In December 2018, Eurocash S.A. … (WSE:EUR) released its most recent earnings announcement, which … negative earnings

Simply Wall St -

What You Must Know About Eurocash S.A.'s (WSE:EUR) Financial Strength

Investors are always looking for growth in small-cap stocks like Eurocash S.A. … However, an important fact which most ignore is: how financially healthy is the business? … Consumer Retailing businesses operating in the environment facing headwinds from current disruption,.

Simply Wall St -

Company Info

Description

Eurocash S.A. distributes fast moving consumer goods (FMCG) in Poland. Its FMCG products include food products, soft drinks, alcoholic beverages, tobacco products, and household chemicals and cosmetics. The company markets its products to traditional retail stores, including small supermarkets, grocery stores, and specialized grocery stores; and kiosks, retail outlets, and convenience stores at petrol stations, restaurants, hotels, cafeterias, and catering outlets. As of December 31, 2018, it operated a network of 180 Cash & Carry warehouses; 1,328 Delikatesy Centrum network supermarkets; 448 Inmedio press salons; 8,708 abc network grocery stores; and 5,024 franchise and partner stores of Eurocash distribution. Eurocash S.A. is headquartered in Komorniki, Poland.

Details
Name: Eurocash S.A.
EUR
Exchange: WSE
Founded:
PLN2,663,585,294
139,163,286
Website: http://www.eurocash.pl
Address: Eurocash S.A.
ul. Wisniowa 11,
Komorniki,
62-052,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE EUR Ordinary Shares Warsaw Stock Exchange PL PLN 04. Feb 2005
OTCPK EUSH.F Ordinary Shares Pink Sheets LLC US USD 04. Feb 2005
DB E07 Ordinary Shares Deutsche Boerse AG DE EUR 04. Feb 2005
LSE 0LTM Ordinary Shares London Stock Exchange GB PLN 04. Feb 2005
OTCPK EUSH.Y UNSPONSOR ADR Pink Sheets LLC US USD 15. Mar 2013
Number of employees
Current staff
Staff numbers
21,774
Eurocash employees.
Industry
Food Retail
Consumer Retailing
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 20:53
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/12
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


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.