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Gielda Papierów Wartosciowych w Warszawie

WSE:GPW
Snowflake Description

Flawless balance sheet with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GPW
WSE
PLN2B
Market Cap
  1. Home
  2. PL
  3. Diversified Financials
Company description

Gielda Papierów Wartosciowych w Warszawie S.A., together with its subsidiaries, operates a stock exchange in Poland and internationally. The last earnings update was 54 days ago. More info.


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GPW Share Price and Events
7 Day Returns
1.4%
WSE:GPW
0.5%
PL Capital Markets
1.7%
PL Market
1 Year Returns
-17.7%
WSE:GPW
-19.1%
PL Capital Markets
-12.2%
PL Market
GPW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gielda Papierów Wartosciowych w Warszawie (GPW) 1.4% 7.2% -8.3% -17.7% 13.9% -0.2%
PL Capital Markets 0.5% 3.4% -10.3% -19.1% -13.1% -26%
PL Market 1.7% 3.5% 6.2% -12.2% 26% -0.6%
1 Year Return vs Industry and Market
  • GPW outperformed the Capital Markets industry which returned -19.1% over the past year.
  • GPW underperformed the Market in Poland which returned -12.2% over the past year.
Price Volatility
GPW
Industry
5yr Volatility vs Market

GPW Value

 Is Gielda Papierów Wartosciowych w Warszawie 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 Gielda Papierów Wartosciowych w Warszawie 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 Gielda Papierów Wartosciowych w Warszawie.

WSE:GPW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= PLN17.80 * 17.8%
PLN3.18
Book Value of Equity per Share Median Book Value from the past 5 years. PLN17.80
Discount Rate (Cost of Equity) See below 8.6%
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:GPW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.2%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.59 (1 + (1- 19%) (14.93%))
0.661
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.8 * 7.15%)
8.57%

Discounted Cash Flow Calculation for WSE:GPW using Excess Returns Model Model

The calculations below outline how an intrinsic value for Gielda Papierów Wartosciowych w Warszawie is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

WSE:GPW Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (17.8% – 8.57%) * PLN17.80)
PLN1.65
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= PLN1.65 / (8.57% - 2.85%)
PLN28.84
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= PLN17.80 + PLN28.84
PLN46.64
WSE:GPW Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN46.64
Current discount Discount to share price of PLN39.25
= -1 x (PLN39.25 - PLN46.64) / PLN46.64
15.8%

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

Current Discount
Amount off the current price Gielda Papierów Wartosciowych w Warszawie is available for.
Intrinsic value
16%
Share price is PLN39.25 vs Future cash flow value of PLN46.64
Current Discount Checks
For Gielda Papierów Wartosciowych w Warszawie to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Gielda Papierów Wartosciowych w Warszawie's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Gielda Papierów Wartosciowych w Warszawie'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 Gielda Papierów Wartosciowych w Warszawie's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gielda Papierów Wartosciowych w Warszawie's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:GPW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN4.37
WSE:GPW Share Price ** WSE (2019-01-18) in PLN PLN39.25
Poland Capital Markets Industry PE Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 9.51x
Poland Market PE Ratio Median Figure of 449 Publicly-Listed Companies 10.29x

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

** Primary Listing of Gielda Papierów Wartosciowych w Warszawie.

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

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

= 39.25 ÷ 4.37

8.99x

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

  • Gielda Papierów Wartosciowych w Warszawie is good value based on earnings compared to the PL Capital Markets industry average.
  • Gielda Papierów Wartosciowych w Warszawie is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does Gielda Papierów Wartosciowych w Warszawie's expected growth come at a high price?
Raw Data
WSE:GPW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.99x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-5.5%per year
Europe Capital Markets Industry PEG Ratio Median Figure of 59 Publicly-Listed Capital Markets Companies 1.26x
Poland Market PEG Ratio Median Figure of 99 Publicly-Listed Companies 1.23x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.99x ÷ -5.5%

-1.63x

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

  • Gielda Papierów Wartosciowych w Warszawie earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Gielda Papierów Wartosciowych w Warszawie's assets?
Raw Data
WSE:GPW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN20.32
WSE:GPW Share Price * WSE (2019-01-18) in PLN PLN39.25
Poland Capital Markets Industry PB Ratio Median Figure of 37 Publicly-Listed Capital Markets Companies 0.56x
Poland Market PB Ratio Median Figure of 688 Publicly-Listed Companies 1x
WSE:GPW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 39.25 ÷ 20.32

1.93x

* Primary Listing of Gielda Papierów Wartosciowych w Warszawie.

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

  • Gielda Papierów Wartosciowych w Warszawie is overvalued based on assets compared to the PL Capital Markets industry average.
X
Value checks
We assess Gielda Papierów Wartosciowych w Warszawie'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
  5. Gielda Papierów Wartosciowych w Warszawie has a total score of 2/6, 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.

GPW Future Performance

 How is Gielda Papierów Wartosciowych w Warszawie 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
-5.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gielda Papierów Wartosciowych w Warszawie expected to grow at an attractive rate?
  • Gielda Papierów Wartosciowych w Warszawie's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Gielda Papierów Wartosciowych w Warszawie's earnings are expected to decrease over the next 1-3 years, this is below the Poland market average.
  • Gielda Papierów Wartosciowych w Warszawie's revenues are expected to decrease over the next 1-3 years, this is below the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:GPW Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:GPW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -5.5%
WSE:GPW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -2.8%
Poland Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 2%
Europe Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 5%
Poland Market Earnings Growth Rate Market Cap Weighted Average 9.2%
Poland Market Revenue Growth Rate Market Cap Weighted Average 6%

*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:GPW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 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:GPW Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 137
2022-12-31 134
2021-12-31 315 135 126 1
2020-12-31 330 150 129 3
2019-12-31 334 163 134 3
2018-12-31 346 181 184 2
WSE:GPW Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 350 157 183
2018-06-30 346 208 192
2018-03-31 347 255 157
2017-12-31 352 156 156
2017-09-30 342 130 152
2017-06-30 334 94 145
2017-03-31 321 16 133
2016-12-31 311 206 131
2016-09-30 313 201 124
2016-06-30 318 175 115
2016-03-31 321 223 109
2015-12-31 328 93 121

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gielda Papierów Wartosciowych w Warszawie's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Gielda Papierów Wartosciowych w Warszawie's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:GPW 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 3 Analyst Estimates (S&P Global) See Below

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

WSE:GPW Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 3.30 3.30 3.30 1.00
2022-12-31 3.20 3.20 3.20 1.00
2021-12-31 3.10 3.10 3.10 1.00
2020-12-31 2.94 3.00 2.87 2.00
2019-12-31 3.13 3.25 3.00 2.00
2018-12-31 4.39 4.39 4.39 1.00
WSE:GPW Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 4.37
2018-06-30 4.59
2018-03-31 3.78
2017-12-31 3.72
2017-09-30 3.62
2017-06-30 3.44
2017-03-31 3.14
2016-12-31 3.12
2016-09-30 2.95
2016-06-30 2.73
2016-03-31 2.59
2015-12-31 2.89

*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.
  • Gielda Papierów Wartosciowych w Warszawie is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Gielda Papierów Wartosciowych w Warszawie'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.
Gielda Papierów Wartosciowych w Warszawie has a total score of 0/6, 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.

GPW Past Performance

  How has Gielda Papierów Wartosciowych w Warszawie 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 Gielda Papierów Wartosciowych w Warszawie's growth in the last year to its industry (Capital Markets).
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.
  • Gielda Papierów Wartosciowych w Warszawie's year on year earnings growth rate has been positive over the past 5 years.
  • Gielda Papierów Wartosciowych w Warszawie's 1-year earnings growth exceeds its 5-year average (20.3% vs 10.6%)
  • Gielda Papierów Wartosciowych w Warszawie's earnings growth has exceeded the PL Capital Markets industry average in the past year (20.3% vs -26.2%).
Earnings and Revenue History
Gielda Papierów Wartosciowych w Warszawie'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 Gielda Papierów Wartosciowych w Warszawie Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:GPW Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 350.49 183.20 1.47
2018-06-30 345.87 192.48 1.85
2018-03-31 346.86 156.77 1.48
2017-12-31 351.96 156.01
2017-09-30 341.50 152.31
2017-06-30 334.04 144.94
2017-03-31 320.87 133.31
2016-12-31 310.86 131.09
2016-09-30 312.97 124.21
2016-06-30 318.04 114.80
2016-03-31 320.75 108.64
2015-12-31 327.89 121.48
2015-09-30 328.00 119.67 -0.25
2015-06-30 327.14 119.46 -0.17
2015-03-31 319.22 112.83 -0.09
2014-12-31 317.56 112.08
2014-09-30 304.48 116.37 4.10
2014-06-30 295.61 112.37 4.11
2014-03-31 290.91 108.94 4.19
2013-12-31 283.76 113.31 4.11
2013-09-30 287.03 105.87 2.24
2013-06-30 283.69 105.57 2.98
2013-03-31 289.25 114.61 4.49
2012-12-31 273.83 105.77 5.67
2012-09-30 260.62 109.10 5.68
2012-06-30 265.38 121.48 6.58
2012-03-31 263.57 128.36 6.60

*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.
  • Gielda Papierów Wartosciowych w Warszawie has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Gielda Papierów Wartosciowych w Warszawie used its assets more efficiently than the PL Capital Markets industry average last year based on Return on Assets.
  • Gielda Papierów Wartosciowych w Warszawie's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gielda Papierów Wartosciowych w Warszawie'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 Capital Markets 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.
Gielda Papierów Wartosciowych w Warszawie has a total score of 5/6, 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.

GPW Health

 How is Gielda Papierów Wartosciowych w Warszawie'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 Gielda Papierów Wartosciowych w Warszawie's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gielda Papierów Wartosciowych w Warszawie is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Gielda Papierów Wartosciowych w Warszawie's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Gielda Papierów Wartosciowych w Warszawie'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.5x 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 Gielda Papierów Wartosciowych w Warszawie Company Filings, last reported 3 months ago.

WSE:GPW Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 853.36 245.96 537.28
2018-06-30 826.50 245.67 622.82
2018-03-31 839.94 245.76 512.86
2017-12-31 811.48 245.54 486.48
2017-09-30 771.61 265.64 449.58
2017-06-30 724.59 305.30 526.28
2017-03-31 772.85 305.23 426.69
2016-12-31 745.25 246.44 446.81
2016-09-30 722.87 246.84 423.93
2016-06-30 682.54 244.83 501.76
2016-03-31 747.63 246.61 483.94
2015-12-31 713.19 244.62 360.39
2015-09-30 694.09 246.39 351.90
2015-06-30 664.04 244.50 457.35
2015-03-31 738.77 246.44 389.55
2014-12-31 700.47 244.44 399.55
2014-09-30 676.02 246.82 360.15
2014-06-30 696.28 244.41 376.58
2014-03-31 675.69 246.69 358.89
2013-12-31 638.11 244.42 311.63
2013-09-30 609.02 246.79 395.82
2013-06-30 584.10 250.45 461.33
2013-03-31 600.76 247.11 420.37
2012-12-31 555.89 243.89 379.00
2012-09-30 537.53 251.36 349.87
2012-06-30 525.41 272.93 403.15
2012-03-31 560.79 262.14 398.01
  • Gielda Papierów Wartosciowych w Warszawie's level of debt (28.8%) 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 (40.5% vs 28.8% today).
  • Debt is well covered by operating cash flow (63.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 95.7x coverage).
X
Financial health checks
We assess Gielda Papierów Wartosciowych w Warszawie'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. Gielda Papierów Wartosciowych w Warszawie 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.

GPW Dividends

 What is Gielda Papierów Wartosciowych w Warszawie'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
5.61%
Current annual income from Gielda Papierów Wartosciowych w Warszawie dividends. Estimated to be 4.73% next year.
If you bought PLN2,000 of Gielda Papierów Wartosciowych w Warszawie shares you are expected to receive PLN112 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?
  • Gielda Papierów Wartosciowych w Warszawie's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.68%).
  • Gielda Papierów Wartosciowych w Warszawie's dividend is below the markets top 25% of dividend payers in Poland (7.62%).
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:GPW 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 Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 7.1%
Poland Market Average Dividend Yield Market Cap Weighted Average of 209 Stocks 3.2%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.5%
Poland Bottom 25% Dividend Yield 25th Percentile 2.7%
Poland Top 25% Dividend Yield 75th Percentile 7.6%

Industry and Market average data is calculated daily.

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

WSE:GPW Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 1.76 4.00
2019-12-31 1.95 4.00
2018-12-31 2.45 4.00
WSE:GPW Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-06-19 2.200 5.637
2017-06-19 2.150 4.926
2016-02-25 2.360 6.008
2015-07-30 2.400 6.074
2015-02-24 2.400 4.874
2014-10-30 1.200 2.642
2014-07-31 1.200 3.190
2014-04-25 1.200 3.195
2014-02-21 1.200 3.126
2013-07-31 0.780 1.959
2011-11-09 3.210 8.447
2011-08-30 3.210 7.376
2011-05-10 3.210 6.519
2011-03-21 3.210 6.483
2010-11-10 2.160 4.415

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

  • Gielda Papierów Wartosciowych w Warszawie has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Gielda Papierów Wartosciowych w Warszawie only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Gielda Papierów Wartosciowych w Warszawie's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Gielda Papierów Wartosciowych w Warszawie'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 Gielda Papierów Wartosciowych w Warszawie afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gielda Papierów Wartosciowych w Warszawie 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.

GPW Management

 What is the CEO of Gielda Papierów Wartosciowych w Warszawie'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
Marek Dietl
COMPENSATION PLN110,000
AGE 41
TENURE AS CEO 1.6 years
CEO Bio

Dr. Marek Dietl, Ph.D., has been the Chief Executive Officer of Gielda Papierów Wartosciowych w Warszawie S.A. since June 19, 2017 and serves as its President of Management Board. Dr. Dietl has been the Chief Financial Officer of Client & Friends Sp. z o.o. since 2010. He served as a Deputy Investment Director for Swiss Programme at National Capital Fund SA from 2011 to 2012. He joined National Capital Fund in July 2008. He served as Social Advisor to the President of the Energy Regulatory Office from 2007 to 2010 and was an Investment Manager from 2008 to 2011. From 1999 to 2008, he worked with the international consultancy Simon-Kucher & Partners, where he was promoted from Intern to Proxy to Leader of the Warsaw office. During three years spent in Simon-Kucher & Partners, he went through all stages of career – from a Trainee (in 1999) to a Commercial Proxy and the Warsaw leader. From 2008 to 2012, he was with Krajowy Fundusz Kapitalowy S.A., initially as an Investment Manager and later as Deputy Director for Investments/Deputy Investment Manager. During studies, he was a Co-Founder and a Member of the Management Board at ConQuest Consulting. He sits on the boards of companies acting in the following industries: energy generation, FMCG, IT (public company) and airport. He served as a Member of Supervisory Board at Atende S.A. since June 25, 2013 until October 23, 2017. He was a Member of Supervisory Board at BSC Drukarnia Opakowan Spólka Akcyjna since June 20, 2013 until January 10, 2017. He serves as a Member of the Supervisory Boards of Port Lotniczy Lublin S.A., Libella sp. z o.o., Cynel Unipress sp. z o.o., Polish Agency for Enterprise Development, Midven S.A., Varsovia Venture Partners Sp. z o.o., Energy Experts Sp. z o.o., Ravhold Sp. z o.o. and Bank BGK. He has served on the Supervisory Boards of PZU Witelo FIZAN. He served as Member of Supervisory Board at Polnord S.A. since June 28, 2016 until June 28, 2017. He served as a Member of the Supervisory Board of Techmex S.A. He served as a Member of the Supervisory Board of Bank Gospodarstwa Krajowego from October 18, 2007 to July 14, 2008, Mercator Medical S.A. since June 29, 2016 until December 6, 2017; Lib-Leasing Sp. z o.o. from 2005 to 2010, BA Seedfund from 2006 to 2008, Inovo Sp. z o.o. Venture Fund I S.K.A. (Inovo Venture Fund) from 2013 to 2014, Zernike Meta-Ventures Societá Per Azioni Ingenium Poland S.K.A. (Zernike Meta-Ventures) from 2013 to 2014. He served as a Member of the Exchange Supervisory Board of Gielda Papierów Wartosciowych w Warszawie S.A. from June 23, 2016 to June 19, 2017. He serves as a Member of the Management Board of the Sobieski Institute and the Business Centre Club. He serves as a Board Member of Instytut Sobieskiego and Expert of the Business Centre Club. He has served as an Advisor and Expert: Advisor to the President of Poland, Mediator at the Court of Arbitration of the Polish Financial Supervision Authority (KNF) from 2008 to 2013 and Member of the Board of Economic Education at the National Bank of Poland. He has headed Financial Instrument Task Forces appointed by the Director of the National Centre for Research and Development. He has been an Expert at the Sobieski Institute since 2007 and a Lecturer/Assistant Professor in the Department of Economics II School of Economics in Warsaw since 2008. He has been an Assistant Professor at the Collegium of World Economy at Warsaw School of Economics since 2012. From 2012 to 2013, he was a Visiting Fellow at the Department of Economics of the University of Essex. He completed a two-year Program in Finance: EY Executive Studies in Finance. Dr. Dietl completed the Doctoral Program and earned a Ph.D. in Economics at the Institute of Economic Sciences, Polish Academy of Sciences in 2008. He was a Junior Fellow at the University of Glasgow from 2008 to 2013. He is a Graduate of the Warsaw School of Economics.

CEO Compensation
  • Marek's compensation has increased by more than 20% in the past year.
  • Marek's remuneration is lower than average for companies of similar size in Poland.
Management Team Tenure

Average tenure of the Gielda Papierów Wartosciowych w Warszawie management team in years:

1.6
Average Tenure
  • The average tenure for the Gielda Papierów Wartosciowych w Warszawie management team is less than 2 years, this suggests a new team.
Management Team

Marek Dietl

TITLE
President of Management Board & CEO
COMPENSATION
PLN110K
AGE
41
TENURE
1.6 yrs

Jacek Fotek

TITLE
Vice President of the Management Board & CFO
COMPENSATION
PLN310K
TENURE
1.8 yrs

Dariusz Kulakowskiemu

TITLE
Member of the Management Board
COMPENSATION
PLN584K
TENURE
5.9 yrs

Piotr Borowski

TITLE
Member of Management Board
TENURE
0.4 yrs

Izabela Olszewska

TITLE
Member of Management Board
TENURE
0.4 yrs

Sylwia Sawicka

TITLE
Chief Accountant
Board of Directors Tenure

Average tenure of the Gielda Papierów Wartosciowych w Warszawie board of directors in years:

1.6
Average Tenure
  • The average tenure for the Gielda Papierów Wartosciowych w Warszawie board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jakub Modrzejewski

TITLE
President of the Exchange Supervisory Board
TENURE
0.5 yrs

Janusz Krawczyk

TITLE
Vice-President of the Exchange Supervisory Board
TENURE
0.5 yrs

Boguslaw Bartczak

TITLE
Independent Member of the Exchange Supervisory Board
TENURE
1.6 yrs

Eugeniusz Szumiejko

TITLE
Member of the Exchange Supervisory Board
TENURE
1.8 yrs

Filip Paszke

TITLE
Independent Member of the Exchange Supervisory Board
TENURE
1.6 yrs

Piotr Prazmo

TITLE
Secretary to the Exchange Supervisory Board
TENURE
1.6 yrs
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 Gielda Papierów Wartosciowych w Warszawie'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. Gielda Papierów Wartosciowych w Warszawie 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.

GPW News

External News
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Simply Wall St News

Is There An Opportunity With Gielda Papierów Wartosciowych w Warszawie S.A.'s (WSE:GPW) Mispricing?

Valuing GPW, a financial stock, can be daunting since these capital market firms generally have cash flows that are impacted by regulations that are not imposed upon other industries. … For instance, these businesses must hold a certain level of cash reserves on the books as a safety precaution.

Simply Wall St -

What Type Of Shareholder Owns Gielda Papierów Wartosciowych w Warszawie S.A.'s (WSE:GPW)?

Every investor in Gielda Papierów Wartosciowych w Warszawie S.A. … Generally speaking, as a company grows, institutions will increase their ownership. … Gielda Papierów Wartosciowych w Warszawie is not a large company by global standards.

Simply Wall St -

Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW): A Fundamentally Attractive Investment

Today I've chosen to put the spotlight on Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW) due to its excellent fundamentals in more than one area. … Below is a brief commentary on these key aspects … If you're interested in understanding beyond my high-level commentary,

Simply Wall St -

Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW): Should The Future Outlook Worry You?

On 30 September 2018, Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW) released its most recent earnings update. … as a -19% fall in profits is expected in the upcoming year

Simply Wall St -

How Does Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW) Fare As A Dividend Stock?

Historically, Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW) has paid a dividend to shareholders. … Does Gielda Papierów Wartosciowych w Warszawie tick all the boxes of a great dividend stock? … See our latest analysis for Gielda Papierów Wartosciowych w Warszawie

Simply Wall St -

Investors Are Undervaluing Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW) By 22.04%

Pricing capital market stocks such as GPW is particularly challenging. … Given that these companies adhere to a different set of rules relative to other companies, their cash flows should also be valued differently. … Asset managers, for example, must hold certain levels of capital in order to maintain a safe cash cushion.

Simply Wall St -

Who Are The Major Shareholders Of Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW)?

In this article, I will take a quick look at Gielda Papierów Wartosciowych w Warszawie SA’s (WSE:GPW) recent ownership structure – an unconventional investing subject, but an important one. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … WSE:GPW Ownership Summary August 23rd 18

Simply Wall St -

Does Gielda Papierów Wartosciowych w Warszawie SA's (WSE:GPW) Recent Track Record Look Strong?

In this article, I will take a look at Gielda Papierów Wartosciowych w Warszawie SA's (WSE:GPW) 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. … View our latest analysis for Gielda Papierów Wartosciowych w Warszawie? … Did GPW beat its long-term earnings growth trend and its industry.

Simply Wall St -

2 Days Left To Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW)’s Ex-Dividend Date, Should Investors Buy?

Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW) will be distributing its dividend of zł2.20 per share on the 02 August 2018, and will start trading ex-dividend in 2 days time on the 18 July 2018. … Should you diversify into Gielda Papierów Wartosciowych w Warszawie and boost your portfolio income stream? … Check out our latest analysis for Gielda Papierów Wartosciowych w Warszawie

Simply Wall St -

Is There Now An Opportunity In Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW)?

Gielda Papierów Wartosciowych w Warszawie SA (WSE:GPW), a capital markets company based in Poland,. … A question to answer is whether Gielda Papierów Wartosciowych w Warszawie's current trading price of PLN36.9 reflective of the actual value of the? … Let’s take a look at Gielda Papierów Wartosciowych w Warszawie’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

GPW Company Info

Map
Description

Gielda Papierów Wartosciowych w Warszawie S.A., together with its subsidiaries, operates a stock exchange in Poland and internationally. It operates through three segments: Financial Market, Commodity Market, and Other. The company trades in equities, PDA, bonds, investment certificates, exchange traded products, warrants, futures contracts, options, short selling and securities lending, and exchange traded fund instruments, as well as structured products; and provides listing and information services. It also trades in electricity, natural gas, property rights in certificates of origin of electricity, and CO2 emission allowances, as well as engages in the operation of the Register of Certificates of Origin of electricity and the Register of Guarantees of Origin. In addition, the company operates as an exchange settlement system for transactions in exchange-traded commodities. Further, it offers advertising services; and leases office space, as well as provides education and professional training of human resources for the financial market, PR services, and capital market research programs. The company operates in various markets, including GPW Main Market, NewConnect, Catalyst, and Treasury BondSpot Poland, as well as the markets operated by Towarowa Gielda Energii S.A. (the Polish Power Exchange) and InfoEngine S.A. Gielda Papierów Wartosciowych w Warszawie S.A. was founded in 1991 and is based in Warsaw, Poland.

Details
Name: Gielda Papierów Wartosciowych w Warszawie S.A.
GPW
Exchange: WSE
Founded: 1991
PLN1,647,401,000
41,972,000
Website: http://www.gpw.pl
Address: Gielda Papierów Wartosciowych w Warszawie S.A.
Ksiazeca 4,
Warsaw,
00-498,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE GPW Ordinary Bearer Shares Warsaw Stock Exchange PL PLN 09. Nov 2010
LSE 0P2A Ordinary Bearer Shares London Stock Exchange GB PLN 09. Nov 2010
Number of employees
Current staff
Staff numbers
340
Gielda Papierów Wartosciowych w Warszawie employees.
Industry
Financial Exchanges and Data
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/01/20 21:20
End of day share price update: 2019/01/18 00:00
Last estimates confirmation: 2018/12/27
Last earnings filing: 2018/11/27
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.