WSE:VOX

Stock Analysis Report

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Executive Summary

Voxel S.A. operates a network of diagnostic imaging laboratories. More Details


Snowflake Analysis

Fair value with imperfect balance sheet.

Share Price & News

How has Voxel's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: VOX is not significantly more volatile than the rest of Polish stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: VOX's weekly volatility (7%) has been stable over the past year.


Market Performance


7 Day Return

-1.7%

VOX

1.6%

PL Healthcare

-1.2%

PL Market


1 Year Return

23.1%

VOX

48.6%

PL Healthcare

-4.4%

PL Market

Return vs Industry: VOX underperformed the Polish Healthcare industry which returned 50.1% over the past year.

Return vs Market: VOX exceeded the Polish Market which returned -6.5% over the past year.


Shareholder returns

VOXIndustryMarket
7 Day-1.7%1.6%-1.2%
30 Day-8.3%9.8%16.8%
90 Day-2.0%12.4%2.5%
1 Year25.9%23.1%50.2%48.6%-3.5%-4.4%
3 Year189.1%161.6%95.6%87.4%-15.7%-20.9%
5 Year153.0%114.8%83.6%69.7%6.9%-5.1%

Long-Term Price Volatility Vs. Market

How volatile is Voxel's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Voxel undervalued compared to its fair value and its price relative to the market?

17.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VOX (PLN40) is trading below our estimate of fair value (PLN48.32)

Significantly Below Fair Value: VOX is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: VOX is good value based on its PE Ratio (20.4x) compared to the PL Healthcare industry average (41.4x).

PE vs Market: VOX is poor value based on its PE Ratio (20.4x) compared to the Polish market (12.6x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate VOX's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: VOX is good value based on its PB Ratio (2.6x) compared to the PL Healthcare industry average (3.3x).


Next Steps

Future Growth

How is Voxel forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

17.8%

Forecasted Healthcare industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Voxel has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Voxel performed over the past 5 years?

15.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VOX has a large one-off gain of PLN9.1M impacting its September 30 2020 financial results.

Growing Profit Margin: VOX's current net profit margins (8%) are lower than last year (12.1%).


Past Earnings Growth Analysis

Earnings Trend: VOX's earnings have grown by 15.9% per year over the past 5 years.

Accelerating Growth: VOX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: VOX had negative earnings growth (-18.7%) over the past year, making it difficult to compare to the Healthcare industry average (-0.3%).


Return on Equity

High ROE: VOX's Return on Equity (12.7%) is considered low.


Next Steps

Financial Health

How is Voxel's financial position?


Financial Position Analysis

Short Term Liabilities: VOX's short term assets (PLN102.1M) do not cover its short term liabilities (PLN149.6M).

Long Term Liabilities: VOX's short term assets (PLN102.1M) do not cover its long term liabilities (PLN104.1M).


Debt to Equity History and Analysis

Debt Level: VOX's debt to equity ratio (64.8%) is considered high.

Reducing Debt: VOX's debt to equity ratio has increased from 40.3% to 64.8% over the past 5 years.

Debt Coverage: VOX's debt is well covered by operating cash flow (50.1%).

Interest Coverage: VOX's interest payments on its debt are well covered by EBIT (5x coverage).


Balance Sheet


Next Steps

Dividend

What is Voxel current dividend yield, its reliability and sustainability?

2.28%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VOX's dividend (2.28%) is higher than the bottom 25% of dividend payers in the Polish market (1.86%).

High Dividend: VOX's dividend (2.28%) is low compared to the top 25% of dividend payers in the Polish market (5.69%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, VOX has been paying a dividend for less than 10 years.

Growing Dividend: VOX's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.5%), VOX's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

zł721k

CEO Compensation


CEO

Jaroslaw Furdal

no data

Tenure

zł721,000

Compensation

Mr. Jaroslaw Furdal has been Chairman of the Management Board at Voxel S.A.


CEO Compensation Analysis

Compensation vs Market: Jaroslaw's total compensation ($USD192.23K) is about average for companies of similar size in the Polish market ($USD154.91K).

Compensation vs Earnings: Jaroslaw's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Voxel S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Voxel S.A.
  • Ticker: VOX
  • Exchange: WSE
  • Founded: 2005
  • Industry: Health Care Services
  • Sector: Healthcare
  • Market Cap: zł419.054m
  • Shares outstanding: 10.50m
  • Website: https://www.voxel.pl

Location

  • Voxel S.A.
  • ul. Wielicka 265
  • Kraków
  • 30-663
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VOXWSE (Warsaw Stock Exchange)YesCommon Bearer SharesPLPLNOct 2011
0QDBLSE (London Stock Exchange)YesCommon Bearer SharesGBPLNOct 2011

Biography

Voxel S.A. operates a network of diagnostic imaging laboratories. Its diagnostic imaging services include magnetic resonance imaging scans, computed tomography scans, positron emission tomography, and sing...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/12/01 18:01
End of Day Share Price2020/12/01 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.