WSE:COG

Stock Analysis Report

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Executive Summary

Cognor Holding S.A. produces and distributes steel products. More Details


Snowflake Analysis

Very undervalued with proven track record.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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

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


Market Performance


7 Day Return

-1.7%

COG

-5.4%

PL Metals and Mining

-3.0%

PL Market


1 Year Return

37.2%

COG

73.5%

PL Metals and Mining

-0.3%

PL Market

Return vs Industry: COG underperformed the Polish Metals and Mining industry which returned 74.2% over the past year.

Return vs Market: COG exceeded the Polish Market which returned -0.4% over the past year.


Shareholder returns

COGIndustryMarket
7 Day-1.7%-5.4%-3.0%
30 Day15.7%6.8%2.7%
90 Day55.3%47.5%16.8%
1 Year37.2%37.2%75.1%73.5%0.7%-0.3%
3 Year37.0%9.3%17.5%13.0%-13.3%-18.5%
5 Year241.4%172.3%195.1%172.3%26.2%11.9%

Long-Term Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Cognor Holding 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: COG (PLN1.77) is trading below our estimate of fair value (PLN3.85)

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


Price To Earnings Ratio

PE vs Industry: COG is good value based on its PE Ratio (10.7x) compared to the PL Metals and Mining industry average (11.3x).

PE vs Market: COG is good value based on its PE Ratio (10.7x) compared to the Polish market (13.8x).


Price to Earnings Growth Ratio

PEG Ratio: COG is good value based on its PEG Ratio (0.2x)


Price to Book Ratio

PB vs Industry: COG is good value based on its PB Ratio (0.8x) compared to the PL Metals and Mining industry average (1.1x).


Next Steps

Future Growth

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

52.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COG's forecast earnings growth (52% per year) is above the savings rate (2.7%).

Earnings vs Market: COG's earnings (52% per year) are forecast to grow faster than the Polish market (17.9% per year).

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

Revenue vs Market: COG's revenue (2.2% per year) is forecast to grow slower than the Polish market (6% per year).

High Growth Revenue: COG's revenue (2.2% 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 COG's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Cognor Holding performed over the past 5 years?

28.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: COG has high quality earnings.

Growing Profit Margin: COG's current net profit margins (1.2%) are higher than last year (1%).


Past Earnings Growth Analysis

Earnings Trend: COG has become profitable over the past 5 years, growing earnings by 28.6% per year.

Accelerating Growth: COG's earnings growth over the past year (6.5%) is below its 5-year average (28.6% per year).

Earnings vs Industry: COG earnings growth over the past year (6.5%) exceeded the Metals and Mining industry -3.8%.


Return on Equity

High ROE: COG's Return on Equity (6.9%) is considered low.


Next Steps

Financial Health

How is Cognor Holding's financial position?


Financial Position Analysis

Short Term Liabilities: COG's short term assets (PLN488.5M) exceed its short term liabilities (PLN439.7M).

Long Term Liabilities: COG's short term assets (PLN488.5M) exceed its long term liabilities (PLN241.7M).


Debt to Equity History and Analysis

Debt Level: COG's debt to equity ratio (66.7%) is considered high.

Reducing Debt: COG's debt to equity ratio has reduced from 293.9% to 66.7% over the past 5 years.

Debt Coverage: COG's debt is well covered by operating cash flow (101.3%).

Interest Coverage: COG's interest payments on its debt are not well covered by EBIT (2.2x coverage).


Balance Sheet


Next Steps

Dividend

What is Cognor Holding current dividend yield, its reliability and sustainability?

6.78%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate COG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate COG's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if COG's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if COG's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: COG is not paying a notable dividend for the Polish market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of COG's dividend in 3 years as they are not forecast to pay a notable one for the Polish market.


Next Steps

Management

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

9.8yrs

Average board tenure


CEO

Przemyslaw Sztuczkowski

9.92yrs

Tenure

zł3,140,000

Compensation

Mr. Przemyslaw Sztuczkowski has been the Chief Executive Officer at Cognor Holding S.A. since February 18, 2011 and has been its President of Management Board since March 13, 2011. Mr. Sztuczkowski has bee...


Board Members

NamePositionTenureCompensationOwnership
Jerzy Kak
Independent Member of Supervisory Board9.83yrszł72.00kno data
Zbigniew Lapinski
Secretary of the Supervisory Board & Independent Member of Supervisory Board15.58yrszł72.00kno data
Marek Rocki
Independent Member of Supervisory Board9.83yrszł72.00kno data
Hubert Janiszewski
Independent Chairman of the Supervisory Boardno datazł90.00kno data
Piotr Freyberg
Independent Vice Chairman of the Supervisory Boardno datazł72.00kno data

9.8yrs

Average Tenure

71yo

Average Age

Experienced Board: COG's board of directors are considered experienced (9.8 years average tenure).


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

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


Key Information

  • Name: Cognor Holding S.A.
  • Ticker: COG
  • Exchange: WSE
  • Founded: 1946
  • Industry: Steel
  • Sector: Materials
  • Market Cap: zł219.375m
  • Shares outstanding: 123.94m
  • Website: https://www.cognor.eu

Number of Employees


Location

  • Cognor Holding S.A.
  • ul. Zielona 26
  • Poraj
  • 42-360
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COGWSE (Warsaw Stock Exchange)YesOrdinary SharesPLPLNApr 1997
0LSALSE (London Stock Exchange)YesOrdinary SharesGBPLNApr 1997

Biography

Cognor Holding S.A. produces and distributes steel products. The company offers flat plates and bars, slabs, round and square bars, reinforcing bars, T-profiles, equal and unequal side angles, billets with...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/16 18:01
End of Day Share Price2021/01/15 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.