WSE:VOX

Stock Analysis Report

Executive Summary

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

Rewards

Trading at 62.6% below its fair value

Revenue is forecast to grow 8.84% per year

Earnings grew by 4.7% over the past year

Risk Analysis

Has a high level of debt

Unstable dividend track record

Does not have a meaningful market cap (PLN356M)



Snowflake Analysis

Good value with adequate 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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.4%

VOX

-2.8%

PL Healthcare

-0.09%

PL Market


1 Year Return

46.8%

VOX

27.6%

PL Healthcare

-7.7%

PL Market

Return vs Industry: VOX exceeded the Polish Healthcare industry which returned 27.6% over the past year.

Return vs Market: VOX exceeded the Polish Market which returned -7.7% over the past year.


Shareholder returns

VOXIndustryMarket
7 Day3.4%-2.8%-0.09%
30 Day5.3%-0.7%-2.0%
90 Day4.3%2.4%-1.1%
1 Year51.8%46.8%29.8%27.6%-4.9%-7.7%
3 Year102.1%80.8%9.8%4.3%-4.4%-11.2%
5 Year312.7%258.4%33.0%24.5%3.0%-10.0%

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?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VOX (PLN33.9) is trading below our estimate of fair value (PLN90.62)

Significantly Below Fair Value: VOX is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: VOX is good value based on its PE Ratio (14x) compared to the Healthcare industry average (14x).

PE vs Market: VOX is poor value based on its PE Ratio (14x) compared to the Polish market (11.9x).


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 (2.4x) compared to the PL Healthcare industry average (2.4x).


Next Steps

Future Growth

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

8.8%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if VOX's forecast earnings growth is above the savings rate (2%).

Earnings vs Market: Insufficient data to determine if VOX's earnings are forecast to grow faster than the Polish market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: VOX's revenue (8.8% per year) is forecast to grow faster than the Polish market (6.2% per year).

High Growth Revenue: VOX's revenue (8.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if VOX's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Voxel performed over the past 5 years?

39.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VOX has high quality earnings.

Growing Profit Margin: VOX's current net profit margins (12.1%) are lower than last year (15.1%).


Past Earnings Growth Analysis

Earnings Trend: VOX has become profitable over the past 5 years, growing earnings by 39.5% per year.

Accelerating Growth: VOX's earnings growth over the past year (4.7%) is below its 5-year average (39.5% per year).

Earnings vs Industry: VOX earnings growth over the past year (4.7%) exceeded the Healthcare industry -8.6%.


Return on Equity

High ROE: VOX's Return on Equity (17%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Voxel's financial position?


Financial Position Analysis

Short Term Liabilities: VOX's short term assets (PLN72.1M) exceed its short term liabilities (PLN56.1M).

Long Term Liabilities: VOX's short term assets (PLN72.1M) do not cover its long term liabilities (PLN110.2M).


Debt to Equity History and Analysis

Debt Level: VOX's debt to equity ratio (53.8%) is considered high.

Reducing Debt: VOX's debt to equity ratio has reduced from 58.9% to 53.8% over the past 5 years.

Debt Coverage: VOX's debt is well covered by operating cash flow (56.4%).

Interest Coverage: VOX's interest payments on its debt are well covered by EBIT (8.7x coverage).


Balance Sheet

Inventory Level: VOX has a high level of physical assets or inventory.

Debt Coverage by Assets: VOX's debt is not covered by short term assets (assets are 0.9x debt).


Next Steps

Dividend

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

2.92%

Current Dividend Yield


Dividend Yield vs Market

company2.9%marketbottom25%2.3%markettop25%6.7%industryaverage1.6%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: VOX's dividend (2.92%) is higher than the bottom 25% of dividend payers in the Polish market (2.33%).

High Dividend: VOX's dividend (2.92%) is low compared to the top 25% of dividend payers in the Polish market (6.74%).


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 4 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (41%), 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?

zł1m

CEO Compensation


CEO

Jacek Liszka 0

zł1,036,100

Compensation

Mr. Jacek Liszka has been the Chairman of Management Board at Voxel S.A. since 2009. Mr. Liszka graduated from the ?l?ski Uniwersytet Medyczny w Katowicach (Medical University of Silesia in Katowice)and Gr ...


CEO Compensation Analysis

Compensation vs Market: Jacek's total compensation ($USD0.00) is below average for companies of similar size in the Polish market ($USD157.18K).

Compensation vs Earnings: Jacek's compensation has increased by 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: zł356.038m
  • 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 single photon emission tomography. The company also provides services in the field of diagnostic imaging, teleradiology, and outsourcing; and information systems for hospitals and diagnostic centers. In addition, it deals with the implementation of projects related to the outfitting of diagnostic laboratories. The company operates through a network of 33 specialized laboratories in 21 cities in Poland. Voxel S.A. was founded in 2005 and is headquartered in Kraków, Poland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/16 21:51
End of Day Share Price2020/02/14 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.