Ciech
Ciech S.A. manufactures, distributes, and trades in chemical products worldwide. The last earnings update was 93 days ago. More info.
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- Ciech has significant price volatility in the past 3 months.
CIE Share Price and Events
7 Day Returns
1 Year Returns
CIE Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Ciech (CIE) | 7.1% | 14.8% | 41.1% | -0.8% | -19.9% | 74.5% |
| PL Chemicals | 6.7% | 22.2% | 31.5% | -16.5% | -34.8% | -11.8% |
| PL Market | 0.9% | 0.7% | 5.7% | -6.4% | 18.9% | -5.8% |
1 Year Return vs Industry and Market
- CIE outperformed the Chemicals industry which returned -16.5% over the past year.
- CIE outperformed the Market in Poland which returned -6.4% over the past year.
CIE Value
Is Ciech 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
Ciech
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Ciech.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 8 Analyst Estimates (S&P Global) | See below |
| 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.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year PL Govt Bond Rate | 2.9% |
| Equity Risk Premium | S&P Global | 7.2% |
| Chemicals Unlevered Beta | Simply Wall St/ S&P Global | 0.48 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.48 (1 + (1- 19%) (52.36%)) |
0.684 |
| 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:CIE using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Ciech is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Levered FCF (PLN, Millions) | 206.92 | 215.97 | 354.60 | 383.40 | 383.00 |
| Source | Analyst x5 | Analyst x7 | Analyst x5 | Analyst x5 | Analyst x5 |
|
Present Value Discounted (@ 8.57%) |
190.59 | 183.22 | 277.08 | 275.94 | 253.89 |
| Present value of next 5 years cash flows | PLN1,180.72 |
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= PLN383.00 × (1 + 2.85%) ÷ (8.57% – 2.85%) |
PLN6,886.63 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= PLN6,886.63 ÷ (1 + 8.57%)5 |
PLN4,565.18 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= PLN1,180.72 + PLN4,565.18 |
PLN5,745.90 |
| Equity Value per Share (PLN) |
= Total value / Shares Outstanding
= PLN5,745.90 / 52.70 |
PLN109.03 |
| Calculation | Result | |
|---|---|---|
| Value per share (PLN) | From above. | PLN109.03 |
| Current discount | Discount to share price of
PLN58.90
= -1 x (PLN58.90 - PLN109.03) / PLN109.03 |
46% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Ciech's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Ciech's share price is below the future cash flow value, and 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 Ciech's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Ciech's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-09-30) in PLN | PLN6.38 |
| WSE:CIE Share Price ** | WSE (2019-02-22) in PLN | PLN58.9 |
| Poland Chemicals Industry PE Ratio | Median Figure of 12 Publicly-Listed Chemicals Companies | 12.76x |
| Poland Market PE Ratio | Median Figure of 462 Publicly-Listed Companies | 10.57x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Ciech.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = WSE:CIE Share Price ÷ EPS (both in PLN) = 58.9 ÷ 6.38 |
9.23x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Ciech is good value based on earnings compared to the PL Chemicals industry average.
- Ciech is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does
Ciech's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 9.23x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts |
4.8%per year |
| Europe Chemicals Industry PEG Ratio | Median Figure of 61 Publicly-Listed Chemicals Companies | 1.99x |
| Poland Market PEG Ratio | Median Figure of 100 Publicly-Listed Companies | 1.15x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 9.23x ÷ 4.8% |
1.93x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Ciech is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Ciech's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-09-30) in PLN | PLN38.03 |
| WSE:CIE Share Price * | WSE (2019-02-22) in PLN | PLN58.9 |
| Poland Chemicals Industry PB Ratio | Median Figure of 17 Publicly-Listed Chemicals Companies | 0.71x |
| Poland Market PB Ratio | Median Figure of 689 Publicly-Listed Companies | 1.01x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = WSE:CIE Share Price ÷ Book Value per Share (both in PLN) = 58.9 ÷ 38.03 |
1.55x |
* Primary Listing of Ciech.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Ciech is overvalued based on assets compared to the PL Chemicals industry average.
Value checks
We assess Ciech's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check) Ciech 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.
CIE Future Performance
How is Ciech expected to perform in the next 1 to 3 years based on estimates from 8 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!
Earnings growth vs Low Risk Savings
- Ciech's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
- Ciech's earnings growth is positive but not above the Poland market average.
- Ciech's revenue growth is positive but not above the Poland market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| WSE:CIE Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts | 4.8% |
| WSE:CIE Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts | 3% |
| Poland Chemicals Industry Earnings Growth Rate | Market Cap Weighted Average | 21.2% |
| Poland Chemicals Industry Revenue Growth Rate | Market Cap Weighted Average | 4.6% |
| Poland Market Earnings Growth Rate | Market Cap Weighted Average | 10.2% |
| Poland Market Revenue Growth Rate | Market Cap Weighted Average | 6.7% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
| Date (Data in PLN Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 4,160 | 679 | 368 | 4 |
| 2022-12-31 | 4,138 | 676 | 373 | 5 |
| 2021-12-31 | 4,043 | 678 | 316 | 6 |
| 2020-12-31 | 3,914 | 654 | 304 | 8 |
| 2019-12-31 | 3,779 | 607 | 293 | 8 |
| 2018-12-31 | 3,619 | 585 | 273 | 8 |
| Date (Data in PLN Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-09-30 | 3,664 | 615 | 337 |
| 2018-06-30 | 3,617 | 585 | 395 |
| 2018-03-31 | 3,567 | 646 | 389 |
| 2017-12-31 | 3,579 | 629 | 393 |
| 2017-09-30 | 3,525 | 654 | 430 |
| 2017-06-30 | 3,543 | 731 | 500 |
| 2017-03-31 | 3,527 | 750 | 569 |
| 2016-12-31 | 3,455 | 837 | 594 |
| 2016-09-30 | 3,362 | 635 | 507 |
| 2016-06-30 | 3,308 | 616 | 469 |
| 2016-03-31 | 3,282 | 379 | 393 |
| 2015-12-31 | 3,273 | 457 | 343 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
All data from Ciech Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in PLN Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 6.99 | 6.99 | 6.99 | 1.00 |
| 2022-12-31 | 7.08 | 7.08 | 7.08 | 1.00 |
| 2021-12-31 | 6.79 | 6.79 | 6.79 | 1.00 |
| 2020-12-31 | 6.10 | 6.69 | 5.62 | 5.00 |
| 2019-12-31 | 5.64 | 6.27 | 5.11 | 6.00 |
| 2018-12-31 | 5.46 | 5.52 | 5.40 | 2.00 |
| Date (Data in PLN Millions) | EPS * |
|---|---|
| 2018-09-30 | 6.38 |
| 2018-06-30 | 7.50 |
| 2018-03-31 | 7.38 |
| 2017-12-31 | 7.47 |
| 2017-09-30 | 8.16 |
| 2017-06-30 | 9.49 |
| 2017-03-31 | 10.80 |
| 2016-12-31 | 11.26 |
| 2016-09-30 | 9.63 |
| 2016-06-30 | 8.89 |
| 2016-03-31 | 7.46 |
| 2015-12-31 | 6.51 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Ciech's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Poland market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Poland market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Ciech has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
CIE Past Performance
How has Ciech 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
Past Earnings growth analysis
- Ciech has delivered over 20% year on year earnings growth in the past 5 years.
- Ciech's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Ciech's 1-year earnings growth is negative, it can't be compared to the PL Chemicals industry average.
Earnings and Revenue History
All data from Ciech Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in PLN Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-09-30 | 3,663.65 | 336.80 | 439.30 | |
| 2018-06-30 | 3,617.21 | 394.96 | 427.47 | |
| 2018-03-31 | 3,566.69 | 389.31 | 417.03 | |
| 2017-12-31 | 3,579.39 | 393.41 | 408.64 | |
| 2017-09-30 | 3,525.45 | 429.96 | 403.54 | |
| 2017-06-30 | 3,543.10 | 500.46 | 404.36 | |
| 2017-03-31 | 3,527.24 | 569.45 | 402.46 | |
| 2016-12-31 | 3,455.34 | 593.51 | 391.64 | |
| 2016-09-30 | 3,361.70 | 507.23 | 358.60 | |
| 2016-06-30 | 3,308.49 | 468.52 | 353.81 | |
| 2016-03-31 | 3,282.12 | 392.85 | 348.54 | |
| 2015-12-31 | 3,273.01 | 342.99 | 340.94 | |
| 2015-09-30 | 3,245.00 | 316.54 | 360.28 | |
| 2015-06-30 | 3,242.99 | 237.74 | 360.42 | |
| 2015-03-31 | 3,216.30 | 172.89 | 360.91 | |
| 2014-12-31 | 3,243.90 | 134.55 | 371.99 | |
| 2014-09-30 | 3,234.12 | 121.58 | 359.66 | |
| 2014-06-30 | 3,221.71 | 95.15 | 355.93 | |
| 2014-03-31 | 3,223.30 | 85.43 | 345.57 | |
| 2013-12-31 | 3,229.70 | 151.13 | 349.76 | |
| 2013-09-30 | 3,254.04 | -19.57 | 361.08 | |
| 2013-06-30 | 3,292.74 | -45.36 | 360.18 | |
| 2013-03-31 | 3,315.78 | -144.20 | 374.97 | |
| 2012-12-31 | 3,386.91 | -210.58 | 376.53 | |
| 2012-09-30 | 2,500.33 | -17.92 | 311.48 | |
| 2012-06-30 | 2,672.67 | -7.89 | 334.22 | |
| 2012-03-31 | 2,814.43 | 89.48 | 356.84 |
*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.
- Ciech has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Ciech used its assets more efficiently than the PL Chemicals industry average last year based on Return on Assets.
- Ciech's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Ciech's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Ciech has a total score of 2/6, 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.
CIE Health
How is Ciech'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 Ciech's finances.
The net worth of a company is the difference between its assets and liabilities.
- Ciech is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Ciech's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.8x 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.
All data from Ciech Company Filings, last reported 4 months ago.
| Date (Data in PLN Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-09-30 | 2,001.57 | 1,625.15 | 207.77 |
| 2018-06-30 | 1,945.94 | 1,435.68 | 523.67 |
| 2018-03-31 | 2,257.63 | 1,408.30 | 409.82 |
| 2017-12-31 | 2,184.65 | 1,426.64 | 508.41 |
| 2017-09-30 | 2,033.63 | 1,619.81 | 566.11 |
| 2017-06-30 | 1,949.00 | 1,587.93 | 534.38 |
| 2017-03-31 | 1,861.12 | 1,605.98 | 342.28 |
| 2016-12-31 | 1,763.49 | 1,681.09 | 432.82 |
| 2016-09-30 | 1,592.10 | 1,652.59 | 311.11 |
| 2016-06-30 | 1,426.21 | 1,676.44 | 380.76 |
| 2016-03-31 | 1,445.29 | 1,649.72 | 191.94 |
| 2015-12-31 | 1,341.50 | 1,560.47 | 219.72 |
| 2015-09-30 | 1,251.93 | 1,286.17 | 85.77 |
| 2015-06-30 | 1,135.00 | 1,260.71 | 52.69 |
| 2015-03-31 | 1,068.66 | 1,227.30 | 38.17 |
| 2014-12-31 | 985.47 | 1,224.85 | 49.16 |
| 2014-09-30 | 886.19 | 1,197.04 | 96.54 |
| 2014-06-30 | 861.48 | 1,164.19 | 107.32 |
| 2014-03-31 | 902.30 | 1,355.52 | 184.23 |
| 2013-12-31 | 897.29 | 1,327.12 | 106.21 |
| 2013-09-30 | 925.00 | 1,598.29 | 335.97 |
| 2013-06-30 | 905.43 | 1,607.95 | 256.05 |
| 2013-03-31 | 925.19 | 1,609.85 | 338.21 |
| 2012-12-31 | 880.19 | 1,593.39 | 82.12 |
| 2012-09-30 | 933.69 | 1,203.46 | 161.51 |
| 2012-06-30 | 960.83 | 1,236.82 | 208.58 |
| 2012-03-31 | 1,317.57 | 1,251.39 | 209.62 |
- Ciech's level of debt (81.2%) 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 (172.5% vs 81.2% today).
- Debt is well covered by operating cash flow (37.8%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 52.1x coverage).
Financial health checks
We assess Ciech's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Ciech has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
CIE Dividends
What is Ciech'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
If you bought
PLN2,000 of
Ciech
shares you are expected to receive
PLN255
in your first year as a dividend.
Dividend Amount
- Ciech's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.55%).
- Ciech's dividend is above the markets top 25% of dividend payers in Poland (7.79%).
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.
| 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 8 Analyst Estimates (S&P Global) | See Below |
| Poland Chemicals Industry Average Dividend Yield | Market Cap Weighted Average of 9 Stocks | 5.9% |
| Poland Market Average Dividend Yield | Market Cap Weighted Average of 208 Stocks | 3.3% |
| Poland Minimum Threshold Dividend Yield | 10th Percentile | 1.4% |
| Poland Bottom 25% Dividend Yield | 25th Percentile | 2.6% |
| Poland Top 25% Dividend Yield | 75th Percentile | 7.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in PLN) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 3.50 | 1.00 |
| 2022-12-31 | 3.40 | 1.00 |
| 2021-12-31 | 3.10 | 1.00 |
| 2020-12-31 | 3.06 | 5.00 |
| 2019-12-31 | 2.40 | 7.00 |
| 2018-12-31 | 7.50 | 4.00 |
| Date (Data in PLN) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-07-31 | 7.500 | 15.781 |
| 2017-11-13 | 0.000 | 0.000 |
| 2017-08-24 | 0.000 | 0.000 |
| 2017-05-16 | 0.000 | 0.000 |
| 2017-03-20 | 0.000 | 0.000 |
| 2016-08-31 | 2.850 | 4.408 |
| 2016-03-21 | 2.850 | 4.607 |
| 2015-11-16 | 0.000 | 0.000 |
| 2015-08-24 | 0.000 | 0.000 |
| 2015-05-15 | 0.000 | 0.000 |
| 2015-03-23 | 0.000 | 0.000 |
| 2014-08-29 | 1.130 | 2.565 |
| 2014-03-21 | 1.130 | 3.352 |
| 2009-11-16 | 0.000 | 0.000 |
| 2009-09-30 | 0.000 | 0.000 |
| 2009-08-31 | 0.000 | 0.000 |
| 2009-06-30 | 0.000 | 0.000 |
| 2009-05-13 | 0.000 | 0.000 |
| 2009-03-31 | 0.000 | 0.000 |
| 2009-03-02 | 0.000 | 0.000 |
| 2009-02-23 | 2.070 | 12.016 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Ciech's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are not well covered by earnings (0.9x coverage).
- Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
Income/ dividend checks
We assess Ciech's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Ciech afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Ciech has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
CIE Management
CEO
| TENURE AS CEO | 0.4 years |
CEO Bio
Mr. Dawid Jakubowicz has been President of Management Board at CIECH S.A. December 5, 2018. He serves as Member of the Supervisory Board of CIECH S.A. and was its Interim CEO since September 2018 until December 5, 2018. Mr. Jakubowicz has been a Manager in the Portfolio Management Department of Kulczyk Holding SA since 2013 and is responsible for the supervision of the energy, chemicals and new technologies sectors. He is Director of Portfolio Management of Kulczyk Investments SA. Mr. Dawid Jakubowicz is responsible for the general oversight of existing business investments of the Kulczyk Investments Group and pushing for asset value creation and/or protection. From 2010 to 2012, Mr. Jakubowicz was associated with the portfolio companies of Kulczyk Investments Group - KPI Business Services and Magro International where he performed duties of the Group Controller and Manager of Controlling. From 2005 to 2010 in KPMG Audyt he was involved in studies of standalone and consolidated financial statements of companies from various industries. Mr. Jakubowicz has been Member of the Supervisory Board at Polenergia SA since December 24, 2015. He is a Non-Independent Director at Serinus Energy Inc. since March 07, 2018. He serves as a Member of the Supervisory Boards of Polsin Overseas Shipping Ltd, Ciech Soda Polska S.A., Ciech Vitrosilicon S.A., Ciech Cargo Sp. z o.o., Ciech Pianki Sp. z o.o., Beyond.pl Sp. z o.o., Stanusch Technologies S.A., Ciech Cargo oraz Fibar Group. He sits in a Board of Directors at QKR Namibia Navachab Gold Mine (PTY) Ltd. From Mr. Jakubowicz graduated from the University of Economics in PoznaÅ. He also has an MBA title from the University of Economics in PoznaÅ and Georgia State University.
CEO Compensation
- Insufficient data for Dawid to compare compensation growth.
- Insufficient data for Dawid to establish whether their remuneration is reasonable compared to companies of similar size in Poland.
Management Team Tenure
Average tenure of the Ciech management team in years:
- The average tenure for the Ciech management team is less than 2 years, this suggests a new team.
Management Team
Artur Osuchowski
Member of the Management Board
PLN3M
10.8 yrs
Artur Król
Member of the Management Board
PLN1M
3.3 yrs
Dawid Jakubowicz
President of Management Board & Member of Supervisory Board
0.4 yrs
Krzysztof Szlaga
Member of the Management Board
41
0.9 yrs
Miroslaw Skowron
Member of Management Board
0.4 yrs
Katarzyna Rybacka
Chief Accountant
Board of Directors Tenure
Average tenure of the Ciech board of directors in years:
- The tenure for the Ciech board of directors is about average.
Board of Directors
Sebastian Kulczyk
Chairman of the Supervisory Board
PLN38K
3.3 yrs
Dawid Jakubowicz
President of Management Board & Member of Supervisory Board
Tomasz Mikolajczak
Deputy Chairman of Supervisory Board
PLN128K
4.6 yrs
Mariusz Nowak
Member of Supervisory Board
PLN102K
4.6 yrs
Piotr Augustyniak
Member of Supervisory Board
PLN102K
53
4.6 yrs
Artur Olech
Member of Supervisory Board
PLN102K
4.6 yrs
Dominik Libicki
Member of Supervisory Board
PLN83K
2.9 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (PLN) | Value (PLN) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Ciech's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Ciech 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.
CIE News
Simply Wall St News
Is Ciech S.A.'s (WSE:CIE) 17% Better Than Average?
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Another way to think of that is that for every PLN1 worth of equity in the company, it was able to earn PLN0.17. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleWhat Should You Know About Ciech SA's (WSE:CIE) Capital Returns?
This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Therefore, looking at how efficiently Ciech is able to use capital to create earnings will help us understand your potential return. … Investors use many different metrics but the analysis below focuses on return on capital employed (ROCE).
Simply Wall St - – Full articleWith An ROE Of 17.27%, Has Ciech SA's (WSE:CIE) Management Done Well?
and want to learn about Return on Equity using a real-life example. … If CIE borrows debt to invest in its business, its profits will be higher. … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface.
Simply Wall St - – Full articleWho Are The Largest Shareholders In Ciech SA (WSE:CIE)?
I am going to take a deep dive into Ciech SA’s (WSE:CIE) most recent ownership structure, not a frequent subject of discussion among individual investors. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … Therefore, it is beneficial for us to examine CIE's ownership structure in more detail.
Simply Wall St - – Full articleWhat Should Investors Know About Ciech SA's (WSE:CIE) Capital Returns?
As a result, your investment is being put to work to fund operations and if you want to earn an attractive return on your investment, the business needs to be making an adequate amount of money from the funds you provide. … Your return is tied to CIE’s ability to do this because the amount earned is used to invest in opportunities to grow the business or payout dividends, which are the two sources of return on investment. … To understand Ciech’s capital returns we will look at a useful metric called return on capital employed.
Simply Wall St - – Full articleInvestors Are Undervaluing Ciech SA (WSE:CIE) By 46.4%
by taking the expected future cash flows and discounting them to their present value. … Discounted Cash Flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model
Simply Wall St - – Full articleWhat You Must Know About Ciech SA's (WSE:CIE) Financial Strength
Investors are always looking for growth in small-cap stocks like Ciech SA (WSE:CIE), with a market cap of zł3.25b. … However, an important fact which most ignore is: how financially healthy is the business? … since poor capital management may bring about bankruptcies,
Simply Wall St - – Full articleShould You Be Tempted To Buy Ciech SA (WSE:CIE) At Its Current PE Ratio?
I am writing today to help inform people who are new to the stock market. … and want to begin learning the link between Ciech SA (WSE:CIE)’s fundamentals and stock market performance. … While this makes CIE appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio
Simply Wall St - – Full articleIs Ciech SA.'s (WSE:CIE) Balance Sheet A Threat To Its Future?
How does CIE’s operating cash flow stack up against its debt? … On top of this, CIE has produced ZŁ628.83M in operating cash flow in the last twelve months, leading to an operating cash to total debt ratio of 44.08%, meaning that CIE’s debt is appropriately covered by operating cash. … In CIE's case, the ratio of 16.95x suggests that interest is comfortably covered, which means that debtors may be willing to loan the company more money, giving CIE ample headroom to grow its debt facilities.Next Steps: Although CIE’s debt level is towards the higher end of the spectrum, its cash flow coverage seems adequate to meet obligations which means its debt is being efficiently utilised.
Simply Wall St - – Full articleAn Intrinsic Calculation For Ciech SA. (WSE:CIE) Shows It's 49% Undervalued
I then discount the sum of these cash flows to arrive at a present value estimate. … 5-year cash flow forecast 2018 2019 2020 2021 2022 Levered FCF (PLN, Millions) PLN272.83 PLN262.08 PLN326.40 PLN353.00 PLN351.67 Source Analyst x4 Analyst x4 Analyst x4 Analyst x3 Analyst x3 Present Value Discounted @ 8.67% PLN251.07 PLN221.94 PLN254.38 PLN253.17 PLN232.10 Present Value of 5-year Cash Flow (PVCF)= PLN1,213 The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2022 × (1 + g) ÷ (r – g) = PLN352 × (1 + 3.3%) ÷ (8.7% – 3.3%) = PLN6,807 Present Value of Terminal Value (PVTV) = TV / (1 + r)5 = PLN6,807 / ( 1 + 8.7%)5 = PLN4,492 The total value, or equity value, is then the sum of the present value of the cash flows, which in this case is PLN5,705.
Simply Wall St - – Full articleCIE Company Info
Map
Description
Ciech S.A. manufactures, distributes, and trades in chemical products worldwide. The company operates through Soda, Organic, Silicates and Glass, Transport, and Other Activities segments. It offers soda ash for glass, soaps, and detergents, as well as for metal processing, chemical, and other industries; baking soda for animal fodder, food, and cosmetics and pharmaceutical industries, as well as for fuel gas desulphurization, haemodialysis, and cleaning agents; and evaporated salt for food, fodder, water treatment, and chemical industries. The company also provides plant protection chemicals, including fungicides, herbicides, insecticides, and other products; epoxy resins; saturated and unsaturated polyester resins; polyurethane foams; sodium silicate and water glass products; and decorative lanterns and jars. In addition, it offers phenol-formaldehyde resins; gel and top coats; hardeners for epoxy and unsaturated polyester resins; polyols; formulation services; and real property agency and management, freight transportation, financing, and credit granting services, as well as services related to office support and other out-of-school forms of education. Further, the company generates and distributes electricity; manufactures hollow glass and technical glassware products, plastic packaging goods, and other plastic products; and transports liquid chemicals. Additionally, it engages in the wholesale and distribution of solid inorganic and organic chemicals; raw materials for household chemicals, cosmetics, and pharmaceutical products; fillers, pigments, and raw materials for paints and varnishes; feed additives and fodder; and acids, bases, and other liquid chemicals. The company was formerly known as Centrala Handlu Zagranicznego Ciech and changed its name to Ciech S.A. in 1995. Ciech S.A. was founded in 1945 and is based in Warsaw, Poland. Ciech S.A. is a subsidiary of KI Chemistry S. à r. l.
Details
| Name: | Ciech S.A. |
| CIE | |
| Exchange: | WSE |
| Founded: | 1945 |
| PLN3,104,024,640 | |
| 52,699,909 | |
| Website: | http://www.ciechgroup.com |
| Address: |
Ciech S.A. ul. Wspólna 62, Warsaw, 00-684, Poland |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| WSE | CIE | Ordinary Bearer Shares | Warsaw Stock Exchange | PL | PLN | 10. Feb 2005 | |
| DB | CHX | Ordinary Bearer Shares | Deutsche Boerse AG | DE | EUR | 10. Feb 2005 |
Number of employees
Current staff
Industry
| Commodity Chemicals | |
| Materials |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/02/22 21:04 |
| End of day share price update: | 2019/02/22 00:00 |
| Last estimates confirmation: | 2019/02/04 |
| Last earnings filing: | 2018/11/21 |
| 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.
