Loading...

Ciech

WSE:CIE
Snowflake Description

Established dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CIE
WSE
PLN3B
Market Cap
  1. Home
  2. PL
  3. Materials
Company description

Ciech S.A. manufactures, distributes, and trades in chemical products worldwide. The last earnings update was 93 days ago. More info.


Add to Portfolio Compare Print
  • Ciech has significant price volatility in the past 3 months.
CIE Share Price and Events
7 Day Returns
7.1%
WSE:CIE
6.7%
PL Chemicals
0.9%
PL Market
1 Year Returns
-0.8%
WSE:CIE
-16.5%
PL Chemicals
-6.4%
PL Market
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.
Price Volatility
CIE
Industry
5yr Volatility vs Market
Related Companies

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.
Raw Data    Our calculation method for this is changing soon.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ciech.

WSE:CIE Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for WSE:CIE
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.

WSE:CIE DCF 1st Stage: Next 5 year cash flow forecast
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
WSE:CIE DCF 2nd Stage: Terminal Value
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
WSE:CIE Total Equity Value
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
WSE:CIE Discount to Share Price
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
Amount off the current price Ciech is available for.
Intrinsic value
46%
Share price is PLN58.9 vs Future cash flow value of PLN109.03
Current Discount Checks
For Ciech to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
WSE:CIE PE (Price to Earnings) Ratio Data Sources
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.

WSE:CIE PE (Price to Earnings) Ratio Calculation
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?
Raw Data
WSE:CIE PEG (Price to Earnings to Growth) Ratio Data Sources
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 .

WSE:CIE PEG (Price to Earnings to Growth) Ratio Calculation
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?
Raw Data
WSE:CIE PB (Price to Book) Ratio Data Sources
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
WSE:CIE PB (Price to Book) Ratio Calculation
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.
X
Value checks
We assess Ciech'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 Chemicals 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 Chemicals industry average (and greater than 0)? (1 check)
  5. 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!
Annual Growth Rate
4.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ciech expected to grow at an attractive rate?
  • 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
Raw Data
WSE:CIE Future Growth Rates Data Sources
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
Raw Data
WSE:CIE Analysts Growth Expectations Data Sources
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 numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:CIE Future Estimates Data
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
WSE:CIE Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Ciech's earnings are expected to grow by 4.8% yearly, however this is not considered high growth (20% yearly).
  • Ciech's revenue is expected to grow by 3% 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:CIE 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.

WSE:CIE Future Estimates Data
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
WSE:CIE Past Financials Data
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.

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.
  • Ciech is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Ciech'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.
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
Below we compare Ciech's growth in the last year to its industry (Chemicals).
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.
  • 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
Ciech'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 Ciech Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:CIE Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 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).
X
Past performance checks
We assess Ciech'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 Chemicals 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.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Ciech'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 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.
Raw Data

All data from Ciech Company Filings, last reported 4 months ago.

WSE:CIE Past Debt and Equity Data
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).
X
Financial health checks
We assess Ciech'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. Ciech has a total score of 4/6, 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.

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
Dividend payments
12.73%
Current annual income from Ciech dividends. Estimated to be 4.77% next year.
If you bought PLN2,000 of Ciech shares you are expected to receive PLN255 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?
  • 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.
Raw Data
WSE:CIE 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 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.

WSE:CIE Future Dividends Estimate Data
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
WSE:CIE Past Annualized Dividends Data
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).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Ciech'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 Ciech afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. 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

 What is the CEO of Ciech'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
Dawid Jakubowicz
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:

0.9
Average Tenure
  • The average tenure for the Ciech management team is less than 2 years, this suggests a new team.
Management Team

Artur Osuchowski

TITLE
Member of the Management Board
COMPENSATION
PLN3M
TENURE
10.8 yrs

Artur Król

TITLE
Member of the Management Board
COMPENSATION
PLN1M
TENURE
3.3 yrs

Dawid Jakubowicz

TITLE
President of Management Board & Member of Supervisory Board
TENURE
0.4 yrs

Krzysztof Szlaga

TITLE
Member of the Management Board
AGE
41
TENURE
0.9 yrs

Miroslaw Skowron

TITLE
Member of Management Board
TENURE
0.4 yrs

Katarzyna Rybacka

TITLE
Chief Accountant
Board of Directors Tenure

Average tenure of the Ciech board of directors in years:

4.6
Average Tenure
  • The tenure for the Ciech board of directors is about average.
Board of Directors

Sebastian Kulczyk

TITLE
Chairman of the Supervisory Board
COMPENSATION
PLN38K
TENURE
3.3 yrs

Dawid Jakubowicz

TITLE
President of Management Board & Member of Supervisory Board

Tomasz Mikolajczak

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
PLN128K
TENURE
4.6 yrs

Mariusz Nowak

TITLE
Member of Supervisory Board
COMPENSATION
PLN102K
TENURE
4.6 yrs

Piotr Augustyniak

TITLE
Member of Supervisory Board
COMPENSATION
PLN102K
AGE
53
TENURE
4.6 yrs

Artur Olech

TITLE
Member of Supervisory Board
COMPENSATION
PLN102K
TENURE
4.6 yrs

Dominik Libicki

TITLE
Member of Supervisory Board
COMPENSATION
PLN83K
TENURE
2.9 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 Ciech'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. 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 -

What 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 -

With 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 -

Who 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 -

What 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 -

Investors 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 -

What 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 -

Should 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 -

Is 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 -

An 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 -

CIE 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
Staff numbers
3,863
Ciech employees.
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.