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Cognor Holding

WSE:COG
Snowflake Description

Solid track record with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
COG
WSE
PLN237M
Market Cap
  1. Home
  2. PL
  3. Materials
Company description

Cognor Holding S.A. produces and distributes steel products, steel billets, colored scrap products, and other products in Poland. The last earnings update was 115 days ago. More info.


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COG Share Price and Events
7 Day Returns
5.9%
WSE:COG
0.7%
PL Metals and Mining
0.7%
PL Market
1 Year Returns
23.9%
WSE:COG
-19.8%
PL Metals and Mining
-5.7%
PL Market
COG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cognor Holding (COG) 5.9% 10.1% 5.9% 23.9% 103.1% 8.8%
PL Metals and Mining 0.7% 3.7% 1.8% -19.8% 55.1% -3%
PL Market 0.7% -0.2% 6.3% -5.7% 19% -6.6%
1 Year Return vs Industry and Market
  • COG outperformed the Metals and Mining industry which returned -19.8% over the past year.
  • COG outperformed the Market in Poland which returned -5.7% over the past year.
Price Volatility
COG
Industry
5yr Volatility vs Market

Value

 Is Cognor Holding 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 Cognor Holding 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 Cognor Holding.

WSE:COG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 15.7%
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:COG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.2%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.84 (1 + (1- 19%) (139.73%))
1.792
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.79
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.792 * 7.15%)
15.66%

Discounted Cash Flow Calculation for WSE:COG using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cognor Holding 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:COG DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (PLN, Millions) 24.10 26.05 28.15 30.43 32.88
Source Est @ 8.07% Est @ 8.07% Est @ 8.07% Est @ 8.07% Est @ 8.07%
Present Value
Discounted (@ 15.66%)
20.84 19.47 18.20 17.00 15.89
Present value of next 5 years cash flows PLN91.40
WSE:COG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= PLN32.88 × (1 + 2.85%) ÷ (15.66% – 2.85%)
PLN264.02
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= PLN264.02 ÷ (1 + 15.66%)5
PLN127.56
WSE:COG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= PLN91.40 + PLN127.56
PLN218.96
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN218.96 / 120.42
PLN1.82
WSE:COG Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN1.82
Current discount Discount to share price of PLN1.97
= -1 x (PLN1.97 - PLN1.82) / PLN1.82
-8.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Cognor Holding is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Cognor Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cognor Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:COG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN0.81
WSE:COG Share Price ** WSE (2019-02-22) in PLN PLN1.97
Poland Metals and Mining Industry PE Ratio Median Figure of 15 Publicly-Listed Metals and Mining Companies 6.56x
Poland Market PE Ratio Median Figure of 464 Publicly-Listed Companies 10.71x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cognor Holding.

WSE:COG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:COG Share Price ÷ EPS (both in PLN)

= 1.97 ÷ 0.81

2.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cognor Holding is good value based on earnings compared to the PL Metals and Mining industry average.
  • Cognor Holding is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does Cognor Holding's expected growth come at a high price?
Raw Data
WSE:COG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-9.6%per year
Poland Metals and Mining Industry PEG Ratio Median Figure of 7 Publicly-Listed Metals and Mining Companies 1.16x
Poland Market PEG Ratio Median Figure of 101 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Cognor Holding, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cognor Holding's assets?
Raw Data
WSE:COG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN2.38
WSE:COG Share Price * WSE (2019-02-22) in PLN PLN1.97
Poland Metals and Mining Industry PB Ratio Median Figure of 19 Publicly-Listed Metals and Mining Companies 0.93x
Poland Market PB Ratio Median Figure of 689 Publicly-Listed Companies 1.01x
WSE:COG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:COG Share Price ÷ Book Value per Share (both in PLN)

= 1.97 ÷ 2.38

0.83x

* Primary Listing of Cognor Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cognor Holding is good value based on assets compared to the PL Metals and Mining industry average.
X
Value checks
We assess Cognor Holding'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 Metals and Mining 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 Metals and Mining industry average (and greater than 0)? (1 check)
  5. Cognor Holding has a total score of 3/6, 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.

Future Performance

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

  • No analysts cover Cognor Holding, future earnings growth has been estimated based on fundamentals.
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
-9.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cognor Holding expected to grow at an attractive rate?
  • Cognor Holding's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Cognor Holding's earnings are expected to decrease over the next 1-3 years, this is below the Poland market average.
  • Cognor Holding's revenues are expected to decrease over the next 1-3 years, this is below the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:COG Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:COG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -9.6%
WSE:COG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -0.8%
Poland Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 6.5%
Poland Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 1.4%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10%
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:COG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:COG Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2019-12-31 2,037 1
2018-12-31 2,057 1
WSE:COG Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 2,055 116 90
2018-06-30 1,999 149 53
2018-03-31 1,875 143 43
2017-12-31 1,789 145 48
2017-09-30 1,688 166 30
2017-06-30 1,502 105 46
2017-03-31 1,460 97 39
2016-12-31 1,377 94 4
2016-09-30 1,334 156 4
2016-06-30 1,366 155 -21
2016-03-31 1,350 134 -28
2015-12-31 1,366 98 -14

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cognor Holding's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Cognor Holding's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:COG 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 1 Analyst Estimates (S&P Global) See Below

All data from Cognor Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:COG Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2019-12-31
2018-12-31
WSE:COG Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 0.81
2018-06-30 0.53
2018-03-31 0.48
2017-12-31 0.60
2017-09-30 0.39
2017-06-30 0.62
2017-03-31 0.54
2016-12-31 0.06
2016-09-30 0.06
2016-06-30 -0.31
2016-03-31 -0.41
2015-12-31 -0.20

*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.
  • Unable to establish if Cognor Holding will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cognor Holding'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.
Cognor Holding has a total score of 0/6, 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.

Past Performance

  How has Cognor Holding 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 Cognor Holding's growth in the last year to its industry (Metals and Mining).
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.
  • Cognor Holding has delivered over 20% year on year earnings growth in the past 5 years.
  • Cognor Holding's 1-year earnings growth exceeds its 5-year average (205% vs 70.9%)
  • Cognor Holding's earnings growth has exceeded the PL Metals and Mining industry average in the past year (205% vs 13.8%).
Earnings and Revenue History
Cognor Holding'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 Cognor Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:COG 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 2,054.80 90.46 124.88
2018-06-30 1,999.27 53.25 123.76
2018-03-31 1,874.79 43.36 119.16
2017-12-31 1,789.28 47.60 117.34
2017-09-30 1,687.51 29.65 109.93
2017-06-30 1,502.11 45.63 101.29
2017-03-31 1,460.41 39.00 97.34
2016-12-31 1,377.35 4.01 91.30
2016-09-30 1,334.01 4.23 84.76
2016-06-30 1,366.05 -21.27 83.26
2016-03-31 1,349.69 -27.71 81.38
2015-12-31 1,365.76 -13.56 84.90
2015-09-30 1,402.02 -15.30 83.98
2015-06-30 1,427.20 -6.34 86.44
2015-03-31 1,441.99 5.32 83.98
2014-12-31 1,422.55 4.08 81.78
2014-09-30 1,415.38 -3.49 81.55
2014-06-30 1,391.45 3.15 77.81
2014-03-31 1,361.20 -17.76 78.08
2013-12-31 1,294.27 -48.57 74.74
2013-09-30 1,225.29 -51.59 63.54
2013-06-30 1,193.59 -51.31 59.73
2013-03-31 1,284.66 -39.51 64.37
2012-12-31 1,399.67 -0.44 68.64
2012-09-30 1,560.81 4.33 83.94
2012-06-30 1,650.97 -10.68 91.33
2012-03-31 1,620.86 41.66 86.04

*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.
  • Whilst Cognor Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Cognor Holding used its assets more efficiently than the PL Metals and Mining industry average last year based on Return on Assets.
  • Cognor Holding has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cognor Holding'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 Metals and Mining 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.
Cognor Holding has a total score of 5/6, 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.

Health

 How is Cognor Holding'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 Cognor Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cognor Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cognor Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cognor Holding'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 covered by short term assets, assets are 1.6x 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 Cognor Holding Company Filings, last reported 4 months ago.

WSE:COG Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 303.05 331.48 40.67
2018-06-30 270.94 438.62 101.46
2018-03-31 254.23 414.20 96.89
2017-12-31 241.83 427.13 102.06
2017-09-30 179.29 453.77 87.43
2017-06-30 186.21 459.88 41.62
2017-03-31 184.04 448.97 27.23
2016-12-31 160.30 478.31 25.19
2016-09-30 169.21 456.10 29.26
2016-06-30 159.97 450.37 25.10
2016-03-31 159.68 436.42 27.42
2015-12-31 170.54 454.68 37.43
2015-09-30 169.36 515.88 18.77
2015-06-30 186.56 508.26 25.39
2015-03-31 193.71 492.87 26.10
2014-12-31 187.29 503.27 39.74
2014-09-30 223.12 485.08 56.52
2014-06-30 228.81 495.83 50.15
2014-03-31 215.91 474.94 24.32
2013-12-31 129.13 569.58 19.97
2013-09-30 137.77 544.50 36.20
2013-06-30 136.27 585.85 53.05
2013-03-31 152.21 575.28 49.19
2012-12-31 176.84 577.85 69.28
2012-09-30 188.49 571.64 52.61
2012-06-30 187.14 587.79 88.21
2012-03-31 190.71 577.57 57.51
  • Cognor Holding's level of debt (109.4%) 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 (395.7% vs 109.4% today).
  • Debt is well covered by operating cash flow (35.1%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Cognor Holding'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. Cognor Holding 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.

Dividends

 What is Cognor Holding'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
5.08%
Current annual income from Cognor Holding dividends.
If you bought PLN2,000 of Cognor Holding shares you are expected to receive PLN102 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?
  • Cognor Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.55%).
  • Cognor Holding's dividend is below the markets top 25% of dividend payers in Poland (7.77%).
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:COG 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 1 Analyst Estimates (S&P Global) See Below
Poland Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 2%
Poland Market Average Dividend Yield Market Cap Weighted Average of 209 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:COG Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2019-12-31
2018-12-31
WSE:COG Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-03-19 0.100 5.656

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether Cognor Holding has stable dividend payments.
  • Cognor Holding only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Cognor Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (8.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cognor Holding'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 Cognor Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cognor Holding has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Cognor Holding'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
Przemyslaw Sztuczkowski
COMPENSATION PLN2,580,000
TENURE AS CEO 8 years
CEO Bio

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 been the President and Member of Management Board at Zlomrex S.A since 2002. Mr. Sztuczkowski serves as General Director of Zlomrex International Finance S.A. He has been a Private entrepreneur, operated "Zlomrex" Secondary Materials Turnover (at present: "Knowledge and Work" Company) since 1990. He serves as the Chairman of Supervisory Board at Huta Stali Jakosciowych Spólka Akcyjna. He has been a Member of the Board at Zlomrex Finance Ltd. since 2003. He serves as a Director at Zlomrex International Finance S.A. and Zlomrex Steel Services S.A. He serves as a Member of Supervisory Board at Zlomrex Metal sp. z o.o. He served as the Chairman of Supervisory Board of Cognor SA until March 2011. Mr. Sztuczkowski has got secondary education, he graduated from the Tourism Management College and specialized as a tourism management technician.

CEO Compensation
  • Przemyslaw's compensation has been consistent with company performance over the past year.
  • Przemyslaw's remuneration is higher than average for companies of similar size in Poland.
Management Team

Przemyslaw Sztuczkowski

TITLE
President of Management Board & CEO
COMPENSATION
PLN3M
TENURE
8 yrs

Przemyslaw Grzesiak

TITLE
Vice President of Management Board
COMPENSATION
PLN2M
TENURE
7.1 yrs

Krzysztof Zola

TITLE
CFO & Member of Management Board
COMPENSATION
PLN456K
AGE
46

Dominik Barszcz

TITLE
Chief Accounting Officer & Member of Management Board
COMPENSATION
PLN374K
AGE
42

Zbigniew Lapinski

TITLE
Secretary of the Supervisory Board & Member of Supervisory Board
COMPENSATION
PLN72K
AGE
51
Board of Directors Tenure

Average tenure and age of the Cognor Holding board of directors in years:

7.9
Average Tenure
68.5
Average Age
  • The tenure for the Cognor Holding board of directors is about average.
Board of Directors

Hubert Janiszewski

TITLE
Chairman of the Supervisory Board
COMPENSATION
PLN90K
AGE
74

Piotr Freyberg

TITLE
Vice Chairman of the Supervisory Board
COMPENSATION
PLN72K
AGE
76

Zbigniew Lapinski

TITLE
Secretary of the Supervisory Board & Member of Supervisory Board
COMPENSATION
PLN72K
AGE
51
TENURE
13.7 yrs

Marek Rocki

TITLE
Member of Supervisory Board
COMPENSATION
PLN72K
AGE
63
TENURE
7.9 yrs

Jerzy Kak

TITLE
Member of Supervisory Board
COMPENSATION
PLN72K
TENURE
7.9 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 Cognor Holding'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. Cognor Holding 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.

News

Simply Wall St News

Does Cognor Holding S.A. (WSE:COG) Have A Particularly Volatile Share Price?

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Why Cognor Holding S.A. (WSE:COG) Could Have A Place In Your Portfolio

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

Do Institutions Own Cognor Holding S.A. (WSE:COG) Shares?

If you want to know who really controls Cognor Holding S.A. … With a market capitalization of zł193m, Cognor Holding is a small cap stock, so it might not be well known by many institutional investors. … Check out our latest analysis for Cognor Holding

Simply Wall St -

Do You Know What Cognor Holding S.A.'s (WSE:COG) P/E Ratio Means?

We'll look at Cognor Holding S.A.'s (WSE:COG) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, Cognor Holding's P/E ratio is 2.12. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

What does Cognor Holding SA's (WSE:COG) Balance Sheet Tell Us About Its Future?

However, an important fact which most ignore is: how financially healthy is the business? … Assessing first and foremost the financial health is. … Here are few basic financial health checks you should consider before taking the plunge.

Simply Wall St -

Looking At Cognor Holding SA (WSE:COG) From All Angles

By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Cognor Holding SA (WSE:COG), it. … is a company that has been able to sustain great financial health, trading at an attractive share price.

Simply Wall St -

Does Cognor Holding SA (WSE:COG) Go Up With The Market?

If you're interested in Cognor Holding SA (WSE:COG), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Who Are The Major Shareholders In Cognor Holding SA (WSE:COG)?

I am going to take a deep dive into Cognor Holding SA’s (WSE:COG) most recent ownership structure, not a frequent subject of discussion among individual investors. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … WSE:COG Ownership Summary July 30th 18

Simply Wall St -

Is Cognor Holding SA (WSE:COG) A Great Dividend Stock?

Cognor Holding SA (WSE:COG) has returned an average dividend yield of 6.00% annually to shareholders. … Let's dig deeper into whether Cognor Holding should have a place in your portfolio. … View out our latest analysis for Cognor Holding

Simply Wall St -

Should You Be Tempted To Sell Cognor Holding SA (WSE:COG) Because Of Its PE Ratio?

considerably lower than the 9.83x average multiple of the Metals and Mining? … But should the inexpensive multiple be the final verdict of COG’s undervaluation. … In this article, I am going to take you through some key things to consider in order to identify which multiple is the most relevant for

Simply Wall St -

Company Info

Map
Description

Cognor Holding S.A. produces and distributes steel products, steel billets, colored scrap products, and other products in Poland. It offers flat plates and bars, slabs, round and square bars, reinforcing bars, T-profiles, equal and unequal side angles, steel billets with rounded edger for forgings, metal sheets, carbon and medium-alloy steels, and high-alloy and special steels. Cognor Holding S.A. also engages in the purchasing, processing, treatment, and sale of steel scrap; and the processing of steel scrap into billets, as well as billets into steel products. It also exports its products primarily to Germany. The company was formerly known as Cognor S A and changed its name to Cognor Holding S.A. in November 2016. Cognor Holding S.A. was founded in 1946 and is based in Poraj, Poland. Cognor Holding S.A. is a subsidiary of PS HoldCo Sp. z o.o.

Details
Name: Cognor Holding S.A.
COG
Exchange: WSE
Founded: 1946
PLN237,221,769
120,417,142
Website: http://www.cognor.eu
Address: Cognor Holding S.A.
ul. Zielona 26,
Poraj,
42-360,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE COG Ordinary Shares Warsaw Stock Exchange PL PLN 17. Apr 1997
LSE 0LSA Ordinary Shares London Stock Exchange GB PLN 17. Apr 1997
Number of employees
Current staff
Staff numbers
0
Cognor Holding employees.
Industry
Steel
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/23 20:37
End of day share price update: 2019/02/22 00:00
Last estimates confirmation: 2019/01/30
Last earnings filing: 2018/10/31
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.