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Grupa LOTOS

WSE:LTS
Snowflake Description

Excellent balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LTS
WSE
PLN15B
Market Cap
  1. Home
  2. PL
  3. Energy
Company description

Grupa LOTOS S.A. engages in the production, processing, wholesale, and retail of refined petroleum products in Poland and internationally. The last earnings update was 25 days ago. More info.


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LTS Share Price and Events
7 Day Returns
2.9%
WSE:LTS
-2%
PL Oil and Gas
0.3%
PL Market
1 Year Returns
47%
WSE:LTS
3.8%
PL Oil and Gas
-6.1%
PL Market
LTS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Grupa LOTOS (LTS) 2.9% -4.8% -13.7% 47% 159.9% 121.2%
PL Oil and Gas -2% -8.4% -17.4% 3.8% 26.6% 51.4%
PL Market 0.3% -6.8% -6.9% -6.1% 7.5% -10.5%
1 Year Return vs Industry and Market
  • LTS outperformed the Oil and Gas industry which returned 3.8% over the past year.
  • LTS outperformed the Market in Poland which returned -6.1% over the past year.
Price Volatility
LTS
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Grupa LOTOS 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 Grupa LOTOS 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 Grupa LOTOS.

WSE:LTS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.7%
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:LTS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.903 (1 + (1- 19%) (33.17%))
1.098
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.098 * 7.14%)
10.69%

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

The calculations below outline how an intrinsic value for Grupa LOTOS 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:LTS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 10.69%)
2019 1,027.00 Analyst x1 927.85
2020 1,513.24 Analyst x9 1,235.15
2021 1,723.86 Analyst x5 1,271.22
2022 1,964.63 Analyst x4 1,308.89
2023 1,917.73 Analyst x4 1,154.30
2024 1,901.67 Est @ -0.84% 1,034.12
2025 1,906.78 Est @ 0.27% 936.79
2026 1,926.67 Est @ 1.04% 855.18
2027 1,957.21 Est @ 1.59% 784.86
2028 1,995.67 Est @ 1.96% 723.02
Present value of next 10 years cash flows PLN10,231.39
WSE:LTS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN1,995.67 × (1 + 2.85%) ÷ (10.69% – 2.85%)
PLN26,192.81
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN26,192.81 ÷ (1 + 10.69%)10
PLN9,489.52
WSE:LTS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN10,231.39 + PLN9,489.52
PLN19,720.90
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN19,720.90 / 184.87
PLN106.67
WSE:LTS Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN106.67
Current discount Discount to share price of PLN82.30
= -1 x (PLN82.30 - PLN106.67) / PLN106.67
22.8%

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

Current Discount
Amount off the current price Grupa LOTOS is available for.
Intrinsic value
23%
Share price is PLN82.3 vs Future cash flow value of PLN106.67
Current Discount Checks
For Grupa LOTOS to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Grupa LOTOS's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Grupa LOTOS'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 Grupa LOTOS's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Grupa LOTOS's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:LTS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in PLN PLN7.78
WSE:LTS Share Price ** WSE (2019-05-24) in PLN PLN82.3
Poland Oil and Gas Industry PE Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 11.66x
Poland Market PE Ratio Median Figure of 463 Publicly-Listed Companies 10.57x

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

** Primary Listing of Grupa LOTOS.

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

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

= 82.3 ÷ 7.78

10.57x

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

  • Grupa LOTOS is good value based on earnings compared to the PL Oil and Gas industry average.
  • Grupa LOTOS is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does Grupa LOTOS's expected growth come at a high price?
Raw Data
WSE:LTS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.57x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
12%per year
Poland Oil and Gas Industry PEG Ratio Median Figure of 5 Publicly-Listed Oil and Gas Companies 3.14x
Poland Market PEG Ratio Median Figure of 112 Publicly-Listed Companies 0.99x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.57x ÷ 12%

0.88x

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

  • Grupa LOTOS is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Grupa LOTOS's assets?
Raw Data
WSE:LTS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in PLN PLN66.01
WSE:LTS Share Price * WSE (2019-05-24) in PLN PLN82.3
Poland Oil and Gas Industry PB Ratio Median Figure of 9 Publicly-Listed Oil and Gas Companies 0.84x
Poland Market PB Ratio Median Figure of 689 Publicly-Listed Companies 0.97x
WSE:LTS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 82.3 ÷ 66.01

1.25x

* Primary Listing of Grupa LOTOS.

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

  • Grupa LOTOS is overvalued based on assets compared to the PL Oil and Gas industry average.
X
Value checks
We assess Grupa LOTOS'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 Oil and Gas 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 Oil and Gas industry average (and greater than 0)? (1 check)
  5. Grupa LOTOS has a total score of 4/6, 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 Grupa LOTOS expected to perform in the next 1 to 3 years based on estimates from 10 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
12%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Grupa LOTOS expected to grow at an attractive rate?
  • Grupa LOTOS's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Grupa LOTOS's earnings growth is expected to exceed the Poland market average.
  • Grupa LOTOS's revenue growth is positive but not above the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:LTS Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:LTS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 12%
WSE:LTS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 1%
Poland Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 4.4%
Poland Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.4%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.4%
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:LTS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:LTS Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 32,474 3,117 2,110 2
2022-12-31 32,885 3,111 2,040 2
2021-12-31 31,764 3,048 2,240 9
2020-12-31 31,380 2,910 2,098 10
2019-12-31 32,320 1,918 1,571 2
WSE:LTS Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-03-31 30,538 2,958 1,439
2018-12-31 30,122 2,328 1,587
2018-09-30 29,221 2,709 1,972
2018-06-30 27,139 2,653 1,959
2018-03-31 25,063 2,845 1,582
2017-12-31 24,186 3,127 1,672
2017-09-30 23,531 2,640 1,491
2017-06-30 22,928 2,573 1,252
2017-03-31 22,442 2,480 1,320
2016-12-31 20,931 2,654 1,015
2016-09-30 19,791 2,529 320
2016-06-30 19,841 1,917 -309

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Grupa LOTOS's earnings are expected to grow by 12% yearly, however this is not considered high growth (20% yearly).
  • Grupa LOTOS's revenue is expected to grow by 1% 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:LTS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Grupa LOTOS Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:LTS Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 11.52 11.52 11.52 1.00
2022-12-31 11.83 11.83 11.83 1.00
2021-12-31 12.65 14.00 9.79 7.00
2020-12-31 11.99 16.63 8.90 10.00
2019-12-31 9.91 10.41 9.40 2.00
WSE:LTS Past Financials Data
Date (Data in PLN Millions) EPS *
2019-03-31 7.78
2018-12-31 8.59
2018-09-30 10.67
2018-06-30
2018-03-31 8.55
2017-12-31 9.04
2017-09-30 8.06
2017-06-30 6.77
2017-03-31 7.14
2016-12-31 5.49
2016-09-30 1.73
2016-06-30 -1.67

*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.
  • Grupa LOTOS is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Grupa LOTOS'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.
Grupa LOTOS has a total score of 2/6, 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 Grupa LOTOS 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 Grupa LOTOS's growth in the last year to its industry (Oil and Gas).
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.
  • Grupa LOTOS has delivered over 20% year on year earnings growth in the past 5 years.
  • Grupa LOTOS's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Grupa LOTOS's 1-year earnings growth is negative, it can't be compared to the PL Oil and Gas industry average.
Earnings and Revenue History
Grupa LOTOS'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 Grupa LOTOS Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:LTS 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 30,538.00 1,439.10 1,810.40
2018-12-31 30,121.70 1,587.40 1,783.10
2018-09-30 29,220.60 1,972.00 1,771.80
2018-06-30 27,139.10 1,959.20 1,761.10
2018-03-31 25,063.00 1,581.70 1,725.90
2017-12-31 24,185.60 1,671.80 1,708.10
2017-09-30 23,530.85 1,490.56 1,694.27
2017-06-30 22,928.38 1,251.69 1,689.46
2017-03-31 22,442.45 1,320.13 1,708.85
2016-12-31 20,931.10 1,015.20 1,725.60
2016-09-30 19,790.73 320.43 1,749.73
2016-06-30 19,841.12 -308.69 1,740.86
2016-03-31 21,513.90 -55.92 1,759.00
2015-12-31 22,709.44 -263.26 1,749.02
2015-09-30 24,059.47 -1,148.35 1,707.28
2015-06-30 25,898.87 -934.20 1,683.59
2015-03-31 26,456.40 -1,535.33 1,647.26
2014-12-31 28,501.89 -1,466.33 1,615.48
2014-09-30 29,422.93 -214.30 1,603.46
2014-06-30 29,660.56 157.97 1,607.86
2014-03-31 28,567.44 154.40 1,550.24
2013-12-31 28,559.17 39.42 1,541.50
2013-09-30 29,388.09 297.49 1,547.24
2013-06-30 30,169.41 586.23 1,509.92
2013-03-31 32,447.36 183.45 1,522.19
2012-12-31 33,111.00 927.85 1,504.96
2012-09-30 33,150.71 768.24 1,481.43
2012-06-30 32,179.43 -189.13 1,471.61

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

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Grupa LOTOS is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Grupa LOTOS's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Grupa LOTOS'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 1.9x 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 Grupa LOTOS Company Filings, last reported 1 month ago.

WSE:LTS Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 12,206.00 5,047.30 2,084.10
2018-12-31 12,034.80 3,891.10 1,976.00
2018-09-30 11,955.20 3,995.20 2,118.50
2018-06-30 11,272.60 4,485.10 1,691.90
2018-03-31 11,079.40 4,203.70 1,470.40
2017-12-31 10,712.50 4,453.70 1,965.00
2017-09-30 10,066.11 4,897.97 1,529.50
2017-06-30 9,404.64 5,197.71 1,047.24
2017-03-31 9,227.04 5,904.94 999.46
2016-12-31 8,610.90 5,612.30 933.80
2016-09-30 8,517.46 5,735.16 1,276.88
2016-06-30 8,016.55 6,117.06 585.85
2016-03-31 7,948.93 6,448.40 640.03
2015-12-31 7,712.20 7,071.57 945.22
2015-09-30 8,181.24 6,598.29 741.37
2015-06-30 8,418.76 6,825.94 703.91
2015-03-31 7,878.65 6,970.31 725.71
2014-12-31 8,258.46 6,739.15 379.65
2014-09-30 8,721.86 6,569.45 403.96
2014-06-30 8,997.93 6,503.61 441.82
2014-03-31 9,137.83 6,387.34 336.02
2013-12-31 9,189.60 6,283.65 525.43
2013-09-30 9,103.25 6,037.85 306.31
2013-06-30 8,566.50 6,461.69 345.90
2013-03-31 8,750.15 6,652.02 285.08
2012-12-31 9,066.42 6,704.71 318.39
2012-09-30 8,743.78 6,666.47 704.65
2012-06-30 7,869.65 7,578.55 378.57
  • Grupa LOTOS's level of debt (41.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (69.9% vs 41.4% today).
  • Debt is well covered by operating cash flow (58.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 25.6x coverage).
X
Financial health checks
We assess Grupa LOTOS'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. Grupa LOTOS has a total score of 5/6, 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 Grupa LOTOS'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
3.65%
Current annual income from Grupa LOTOS dividends. Estimated to be 2.13% next year.
If you bought PLN2,000 of Grupa LOTOS shares you are expected to receive PLN73 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?
  • Grupa LOTOS's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.91%).
  • Grupa LOTOS's dividend is below the markets top 25% of dividend payers in Poland (7.65%).
Upcoming dividend payment

Purchase Grupa LOTOS before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:LTS 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 10 Analyst Estimates (S&P Global) See Below
Poland Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.9%
Poland Market Average Dividend Yield Market Cap Weighted Average of 201 Stocks 4.2%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.9%
Poland Top 25% Dividend Yield 75th Percentile 7.7%

Industry and Market average data is calculated daily.

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

WSE:LTS Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.27 3.00
2020-12-31 2.13 9.00
2019-12-31 1.47 7.00
WSE:LTS Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2019-04-30 3.000 3.832
2019-03-13 3.000 3.479
2019-01-15 3.000 3.171
2018-07-31 1.000 1.334
2017-08-17 1.000 1.719
2017-03-07 1.000 1.855
2017-01-16 1.000 2.344

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

  • Whilst dividend payments have been stable, Grupa LOTOS has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Grupa LOTOS only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Grupa LOTOS's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (6.5x coverage).
X
Income/ dividend checks
We assess Grupa LOTOS'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 Grupa LOTOS afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Grupa LOTOS 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 Grupa LOTOS'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
Mateusz Bonca
COMPENSATION PLN710,000
TENURE AS CEO 1.2 years
CEO Bio

Dr. Mateusz Aleksander Bonca serves as President of the Management Board at Grupa LOTOS S.A. (formerly, Grupa LOTOS Spólka Akcyjna). Dr. Bonca has been the Chief Executive Officer Grupa LOTOS S.A. since May 2018 and served as its Acting Chief Executive Officer from March 2018 to May 2018. He served as the Vice President of Management Board at Grupa LOTOS S.A. since June 1, 2016. Dr. Bonca served as the Chief Strategy & Development Officer at Grupa LOTOS Spólka Akcyjna since June 1, 2016 until March 2018. Dr. Bonca is Leader with years of experience in international management and strategic advisory for top industrial companies and financial institutions across Europe (including Poland), Africa and the Middle East. He has several years of working experience in Arab countries. He worked at McKinsey and Company from 2004 to 2010 as a Consultant and Associate on projects in a range of countries, then joined Peppers and Rogers Group Middle East in the UAE as a Manager in 2010 and served in that role until 2012. He designed and implemented strategic change in corporations, not only in Poland, but also among others in Czech Republic, Great Britain, Italy, United Arab Emirates, Saudi Arabia, Bahrain, Belgium, South Africa and Turkey. He led global projects and coordinated teams simultaneously on multiple continents. He served as a Director at Deutsche Bank AG (most recently at Group Management Consulting) in Frankfurt am Main, Germany from 2012 to 2016. He is a Member of the Strategic Management Society and a Member of the Programme Council of Law and Justice. He is author of publications and presenter at international conferences. He speaks English fluently (International Baccalaureate at the 3rd LO in Gdynia, working in English for many years). He has a good command of German (worked in DB AG, Frankfurt am Main). He knows basics of Arabic – classical and Moroccan dialect (language courses in Arabic Language Institute in Fes and at Al Akhawayn University in Ifrane, Morocco. He is an Alumnus of the Warsaw School of Economics (2004) and studied at Al Akhawayn University in Morocco. He has a PhD in Economics (summa cum laude, ALK 2009). Among others, he completed a Financial Analyst and a Securities Broker course and participated in numerous specialized trainings at McKinsey & Company and internal senior management development programs at Deutsche Bank AG. He had internships at Deloitte & Touche and MARSH.

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

Average tenure of the Grupa LOTOS management team in years:

1.5
Average Tenure
  • The average tenure for the Grupa LOTOS management team is less than 2 years, this suggests a new team.
Management Team

Mateusz Bonca

TITLE
President of the Management Board & CEO
COMPENSATION
PLN710K
TENURE
1.2 yrs

Jaroslaw Kawula

TITLE
Vice President of the Management Board and Chief Refining & Marketing Officer
COMPENSATION
PLN690K
TENURE
2.3 yrs

Patryk Demski

TITLE
Vice President of the Management Board and Chief Investment & Innovation Officer
COMPENSATION
PLN606K

Robert Sobków

TITLE
Vice President of the Management Board & CFO
COMPENSATION
PLN630K

Jarosaw Wittstock

TITLE
VP of the Management Board & Corporate Affairs
COMPENSATION
PLN480K
AGE
50
TENURE
0.7 yrs

Katarzyna Lewandowska

TITLE
Secretary of Supervisory Board & Member of Supervisory Board
COMPENSATION
PLN80K
TENURE
1.9 yrs

Tomasz Poludniewski

TITLE
Chief Accountant

Marcin Zachowicz

TITLE
Head of Information Office

Pawel Bujnowski

TITLE
Director of the Investor Relations Office

Piotr Dabek

TITLE
Head of Business Development
Board of Directors Tenure

Average tenure of the Grupa LOTOS board of directors in years:

2.9
Average Tenure
  • The average tenure for the Grupa LOTOS board of directors is less than 3 years, this suggests a new board.
Board of Directors

Beata Kozlowska-Chyla

TITLE
Chairman of Supervisory Board
COMPENSATION
PLN100K
TENURE
2.9 yrs

Piotr Ciach

TITLE
Deputy Chairperson of Supervisory Board
COMPENSATION
PLN190K
TENURE
1.9 yrs

Katarzyna Lewandowska

TITLE
Secretary of Supervisory Board & Member of Supervisory Board
COMPENSATION
PLN80K
TENURE
3.3 yrs

Dariusz Figura

TITLE
Member of Supervisory Board
COMPENSATION
PLN80K
TENURE
3.3 yrs

Agnieszka Szklarczyk-Mierzwa

TITLE
Member of Supervisory Board
COMPENSATION
PLN80K
TENURE
2.9 yrs

Mariusz Golecki

TITLE
Member of Supervisory Board
COMPENSATION
PLN80K
TENURE
2.9 yrs

Adam Lewandowski

TITLE
Member of Supervisory Board
COMPENSATION
PLN80K
TENURE
2.4 yrs

Grzegorz Rybicki

TITLE
Member of the Supervisory Board
COMPENSATION
PLN30K
TENURE
0.9 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 Grupa LOTOS'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. Grupa LOTOS 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

How Good Is Grupa LOTOS SA (WSE:LTS), When It Comes To ROE?

This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each PLN1 of shareholders' equity it has, the company made PLN0.16 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Why Grupa LOTOS Spólka Akcyjna (WSE:LTS) Could Have A Place In Your Portfolio

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Grupa LOTOS Spólka Akcyjna (WSE:LTS), it

Simply Wall St -

Should You Be Concerned About Grupa LOTOS Spólka Akcyjna's (WSE:LTS) Investors?

In this article, I'm going to take a look at Grupa LOTOS Spólka Akcyjna’s (WSE:LTS) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … Therefore, it is beneficial for us to examine LTS's ownership structure in more detail. … See our latest analysis for Grupa LOTOS Spólka Akcyjna

Simply Wall St -

Is Grupa LOTOS Spólka Akcyjna (WSE:LTS) A Financially Strong Company?

Small-caps and large-caps are wildly popular among investors, however, mid-cap stocks, such as Grupa LOTOS Spólka Akcyjna (WSE:LTS), with a market capitalization of zł13.50b, rarely draw their attention from the investing community. … Don’t forget that this is a general and concentrated examination of Grupa LOTOS Spólka Akcyjna's financial health, so you should conduct further analysis. … View out our latest analysis for Grupa LOTOS Spólka Akcyjna

Simply Wall St -

Want To Invest In Grupa LOTOS Spólka Akcyjna (WSE:LTS) Today? Read This First

Grupa LOTOS Spólka Akcyjna (WSE:LTS) closed yesterday at PLN55.4, which left some investors asking whether the high earnings potential can still be justified at this price. … View out our latest analysis for Grupa LOTOS Spólka Akcyjna? … According to the analysts covering the company, the following few years should bring about good growth prospects for Grupa LOTOS Spólka Akcyjna

Simply Wall St -

Grupa LOTOS Spólka Akcyjna (WSE:LTS): How Does It Impact Your Portfolio?

See our latest analysis for Grupa LOTOS Spólka Akcyjna An interpretation of LTS's beta With a five-year beta of 0.49, Grupa LOTOS Spólka Akcyjna appears to be a less volatile company compared to the rest of the market. … LTS’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio. … Depending on the composition of your portfolio, low-beta stocks such as LTS is valuable to lower your risk of market exposure, in particular, during times of economic decline.

Simply Wall St -

Grupa LOTOS Spólka Akcyjna (WSE:LTS) Delivered A Better ROE Than The Industry, Here’s Why

Check out our latest analysis for Grupa LOTOS Spólka Akcyjna Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) is a measure of Grupa LOTOS Spólka Akcyjna’s profit relative to its shareholders’ equity. … Since Grupa LOTOS Spólka Akcyjna’s return covers its cost in excess of 5.61%, its use of equity capital is efficient and likely to be sustainable. … Grupa LOTOS Spólka Akcyjna’s ROE is impressive relative to the industry average and also covers its cost of equity.

Simply Wall St -

Is Grupa LOTOS Spólka Akcyjna (WSE:LTS) Undervalued After Accounting For Its Future Growth?

Grupa LOTOS Spólka Akcyjna is available at a price-to-earnings ratio of 6.89x, showing us it is undervalued relative to the current PL market average of 12.9x , and overvalued based on current earnings compared to the oil and gas industry average of 6.61x. … However, since Grupa LOTOS Spólka Akcyjna is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … A PE ratio of 6.89x and expected year-on-year earnings growth of 10.66% give Grupa LOTOS Spólka Akcyjna a very low PEG ratio of 0.65x.

Simply Wall St -

Should You Be Tempted To Buy Grupa LOTOS Spólka Akcyjna (WSE:LTS) Because Of Its PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for LTS Price per share = PLN55.32 Earnings per share = PLN9.042 ∴ Price-Earnings Ratio = PLN55.32 ÷ PLN9.042 = 6.1x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … At 6.1x, LTS’s P/E is lower than its industry peers (6.6x). … For example, if you are inadvertently comparing lower risk firms with LTS, then LTS’s P/E would naturally be lower than its peers, since investors would value those with lower risk with a higher price.

Simply Wall St -

How Do Analysts See Grupa LOTOS Spólka Akcyjna (WSE:LTS) Performing In The Next Couple Of Years?

Grupa LOTOS Spólka Akcyjna's (WSE:LTS) announced its latest earnings update in December 2017, which revealed that the business experienced a strong tailwind, leading to a high double-digit earnings growth of 64.68%. … Below, I've presented key growth figures on how market analysts view Grupa LOTOS Spólka Akcyjna's earnings growth outlook over the next few years and whether the future looks even brighter than the past. … Check out our latest analysis for Grupa LOTOS Spólka Akcyjna Market analysts' consensus outlook for next year seems pessimistic, with earnings reducing by a double-digit -33.17%.

Simply Wall St -

Company Info

Description

Grupa LOTOS S.A. engages in the production, processing, wholesale, and retail of refined petroleum products in Poland and internationally. It engages in oil exploration and production on the Baltic Sea, the Norwegian Continental Shelf, Norway, Poland, and Lithuania. The company offers unleaded petrol, diesel oils, light fuel oils, heavy oils, bitumens, aviation fuel, naphtha, liquefied gas propane-butane, and base oils; and car care products. As of December 31, 2018, it also operated 495 stations operated under the LOTOS and LOTOS Optima brands; and had 89.8 million barrels of oil equivalent proved and probable reserves of hydrocarbon. In addition, the company engages in the acquisition of crude oil and natural gas deposits, and extraction of hydrocarbons; wholesale and retail sale of fuels and light fuel oils; maintenance of mechanical and electric operations and controlling devices, as well as overhaul and repair activities; railway transport activities; manufacture of passenger cars; laboratory testing and fire service activities; purchase and sale of crude oil; provision of support activities for extraction and quarrying operations; storage and distribution of fuels; and renting and operating own or leased real estate properties, as well as the provision of logistics and security services. Further, it produces and distributes electricity, heat, gas, and natural gas condensate; produces fatty acid methyl esters; and provides ship operation advisory, sea transport, ship chartering, and drilling services, as well as related services. The company was founded in 1991 and is headquartered in Gdansk, Poland.

Details
Name: Grupa LOTOS S.A.
LTS
Exchange: WSE
Founded: 1991
PLN15,215,077,692
184,873,362
Website: http://www.lotos.pl
Address: Grupa LOTOS S.A.
ul. Elblaska 135,
Gdansk,
80-718,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE LTS Ordinary Bearer Shares Warsaw Stock Exchange PL PLN 09. Jun 2005
LSE 0F58 Ordinary Bearer Shares London Stock Exchange GB PLN 09. Jun 2005
Number of employees
Current staff
Staff numbers
0
Grupa LOTOS employees.
Industry
Oil and Gas Refining and Marketing
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 20:53
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/24
Last earnings filing: 2019/04/30
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.