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Galvo S.A. provides galvanic coating services. The last earnings update was 94 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Galvo (GAL) | 32.1% | 19.4% | 10.4% | -20.4% | -46.4% | -7.5% |
PL Metals and Mining | -0.3% | 3% | -1% | -21.6% | 57.5% | -3.2% |
PL Market | -0.6% | 0.4% | 8% | -6.8% | 18.7% | -6.4% |
Is Galvo undervalued based on future cash flows and its price relative to the stock market?
Below are the data sources, inputs and calculation used to determine the intrinsic value for Galvo.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Extrapolated from most recent financials. | See below |
Discount Rate (Cost of Equity) | See below | 12% |
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% |
Metals and Mining Unlevered Beta | Simply Wall St/ S&P Global | 0.83 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.834 (1 + (1- 19%) (66.51%)) |
1.284 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.28 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.284 * 7.15%) |
12.03% |
Discounted Cash Flow Calculation for WSE:GAL using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Galvo 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) | 0.62 | 0.65 | 0.67 | 0.70 | 0.73 |
Source | Est @ 3.83% | Est @ 3.83% | Est @ 3.83% | Est @ 3.83% | Est @ 3.83% |
Present Value Discounted (@ 12.03%) |
0.56 | 0.52 | 0.48 | 0.44 | 0.41 |
Present value of next 5 years cash flows | PLN2.41 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= PLN0.73 × (1 + 2.85%) ÷ (12.03% – 2.85%) |
PLN8.13 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= PLN8.13 ÷ (1 + 12.03%)5 |
PLN4.61 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= PLN2.41 + PLN4.61 |
PLN7.01 |
Equity Value per Share (PLN) |
= Total value / Shares Outstanding
= PLN7.01 / 4.00 |
PLN1.75 |
Calculation | Result | |
---|---|---|
Value per share (PLN) | From above. | PLN1.75 |
Current discount | Discount to share price of
PLN0.74
= -1 x (PLN0.74 - PLN1.75) / PLN1.75 |
57.8% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-09-30) in PLN | PLN-0.02 |
WSE:GAL Share Price ** | WSE (2019-02-14) in PLN | PLN0.74 |
Poland Metals and Mining Industry PE Ratio | Median Figure of 15 Publicly-Listed Metals and Mining Companies | 6.85x |
Poland Market PE Ratio | Median Figure of 451 Publicly-Listed Companies | 10.52x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Galvo.
Calculation | Outcome | |
---|---|---|
PE Ratio | = WSE:GAL Share Price ÷ EPS (both in PLN) = 0.74 ÷ -0.02 |
-31.71x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | -31.71x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts |
Not available |
Poland Metals and Mining Industry PEG Ratio | Median Figure of 7 Publicly-Listed Metals and Mining Companies | 1.14x |
Poland Market PEG Ratio | Median Figure of 100 Publicly-Listed Companies | 1.12x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-09-30) in PLN | PLN2.30 |
WSE:GAL Share Price * | WSE (2019-02-14) in PLN | PLN0.74 |
Poland Metals and Mining Industry PB Ratio | Median Figure of 19 Publicly-Listed Metals and Mining Companies | 0.95x |
Poland Market PB Ratio | Median Figure of 691 Publicly-Listed Companies | 1.02x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = WSE:GAL Share Price ÷ Book Value per Share (both in PLN) = 0.74 ÷ 2.30 |
0.32x |
* Primary Listing of Galvo.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
How is Galvo expected to perform in the next 1 to 3 years based on estimates from 0 analysts?
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Galvo has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.
Data Point | Source | Value (per year) |
---|---|---|
Poland Metals and Mining Industry Earnings Growth Rate | Market Cap Weighted Average | 5.9% |
Poland Metals and Mining Industry Revenue Growth Rate | Market Cap Weighted Average | 1.4% |
Poland Market Earnings Growth Rate | Market Cap Weighted Average | 10.1% |
Poland Market Revenue Growth Rate | Market Cap Weighted Average | 6.4% |
*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.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 0 Analyst Estimates (S&P Global) | See Below |
Date (Data in PLN Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-09-30 | 11 | 3 | -0 |
2018-06-30 | 11 | 3 | -0 |
2018-03-31 | 11 | 1 | 0 |
2017-12-31 | 11 | 1 | -0 |
2017-09-30 | 11 | 1 | -0 |
2017-06-30 | 10 | 0 | -1 |
2017-03-31 | 10 | 1 | -1 |
2016-12-31 | 11 | 1 | -0 |
2016-09-30 | 10 | 2 | -0 |
2016-06-30 | 11 | 1 | -0 |
2016-03-31 | 11 | 1 | 0 |
2015-12-31 | 10 | 0 | 0 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 0 Analyst Estimates (S&P Global) | See Below |
All data from Galvo Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in PLN Millions) | EPS * |
---|---|
2018-09-30 | -0.02 |
2018-06-30 | -0.00 |
2018-03-31 | 0.04 |
2017-12-31 | -0.01 |
2017-09-30 | -0.09 |
2017-06-30 | -0.16 |
2017-03-31 | -0.17 |
2016-12-31 | -0.07 |
2016-09-30 | -0.12 |
2016-06-30 | -0.02 |
2016-03-31 | 0.03 |
2015-12-31 | 0.07 |
*GAAP earnings excluding extraordinary items.
How has Galvo performed over the past 5 years?
All data from Galvo 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 | 11.20 | -0.09 | 5.04 | |
2018-06-30 | 11.09 | -0.02 | 4.98 | |
2018-03-31 | 11.25 | 0.15 | 4.93 | |
2017-12-31 | 10.85 | -0.02 | 4.82 | |
2017-09-30 | 10.66 | -0.37 | 4.79 | |
2017-06-30 | 10.21 | -0.63 | 4.84 | |
2017-03-31 | 10.14 | -0.69 | 5.00 | |
2016-12-31 | 10.52 | -0.29 | 5.05 | |
2016-09-30 | 10.44 | -0.49 | 5.13 | |
2016-06-30 | 10.81 | -0.06 | 5.08 | |
2016-03-31 | 10.64 | 0.14 | 4.88 | |
2015-12-31 | 10.47 | 0.27 | 4.79 | |
2015-09-30 | 12.99 | -2.50 | 5.97 | |
2015-06-30 | 13.13 | -2.21 | 5.70 | |
2015-03-31 | 12.74 | -2.24 | 5.74 | |
2014-12-31 | 11.94 | -2.55 | 5.54 | |
2014-09-30 | 9.04 | 0.78 | 4.16 | |
2014-06-30 | 8.33 | 0.36 | 4.17 | |
2014-03-31 | 8.11 | 0.30 | 3.87 | |
2013-12-31 | 8.19 | 0.26 | 3.84 | |
2013-09-30 | 8.12 | 0.13 | 3.90 | |
2013-06-30 | 8.11 | 0.17 | 3.93 | |
2013-03-31 | 8.34 | 0.07 | 3.93 | |
2012-12-31 | 8.63 | 0.17 | 3.93 | |
2012-09-30 | 9.01 | 0.56 | 3.76 | |
2012-06-30 | 8.91 | 0.17 | 3.65 | |
2012-03-31 | 8.55 | -0.31 | 0.02 |
*GAAP earnings excluding extraordinary items.
How is Galvo's financial health and their level of debt?
All data from Galvo Company Filings, last reported 4 months ago.
Date (Data in PLN Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-09-30 | 9.22 | 1.97 | 4.65 |
2018-06-30 | 9.27 | 1.57 | 4.24 |
2018-03-31 | 9.28 | 1.07 | 1.46 |
2017-12-31 | 9.14 | 0.94 | 1.61 |
2017-09-30 | 9.31 | 1.11 | 0.43 |
2017-06-30 | 9.28 | 1.72 | 0.71 |
2017-03-31 | 9.14 | 2.05 | 0.99 |
2016-12-31 | 9.17 | 2.42 | 1.42 |
2016-09-30 | 10.07 | 2.41 | 1.58 |
2016-06-30 | 10.30 | 1.08 | 0.38 |
2016-03-31 | 10.21 | 1.19 | 0.37 |
2015-12-31 | 9.46 | 1.45 | 0.40 |
2015-09-30 | 10.17 | 1.82 | 0.39 |
2015-06-30 | 9.98 | 1.89 | 0.38 |
2015-03-31 | 6.62 | 3.64 | 1.16 |
2014-12-31 | 6.62 | 3.64 | 1.16 |
2014-09-30 | 9.94 | 0.00 | 1.57 |
2014-06-30 | 9.46 | 0.00 | 1.60 |
2014-03-31 | 9.19 | 0.00 | 1.32 |
2013-12-31 | 9.01 | 0.00 | 1.40 |
2013-09-30 | 9.16 | 0.00 | 1.19 |
2013-06-30 | 9.10 | 0.00 | 0.92 |
2013-03-31 | 8.88 | 0.00 | 0.89 |
2012-12-31 | 8.75 | 0.00 | 0.82 |
2012-09-30 | 9.03 | 0.00 | 0.99 |
2012-06-30 | 8.93 | 0.00 | 1.07 |
2012-03-31 | 8.81 | 0.00 | 0.95 |
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
What is Galvo's current dividend yield, its reliability and sustainability?
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 0 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 | 2.5% |
Poland Top 25% Dividend Yield | 75th Percentile | 7.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Mr. Ryszard Boguslaw Szczepaniak serves as the President of the Management Board at Galvo Spólka Akcyjna (Also known as Galvo SA).
Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Galvo is a smaller company with a market capitalization of zł2.3m, so it may still be flying under the radar of many institutional investors. … Our analysis of the ownership of the company, below, shows that.
Simply Wall St - – Full articleInvestors are always looking for growth in small-cap stocks like Galvo SA (WSE:GAL), with a market cap of zł2.8m. … However, an important fact which most ignore is: how financially healthy is the business? … the current state of its operations and pathway to profitability.
Simply Wall St - – Full articleand want to start learning about core concepts of fundamental analysis on practical examples from today's market. … Galvo SA (WSE:GAL) generated a below-average return on equity of 1.58% in the past 12 months, while its industry returned 11.75%. … An investor may attribute an inferior ROE to a relatively inefficient performance, and whilst this can often be the case, knowing the nuts and bolts of the ROE calculation may change that perspective and give you a deeper insight into GAL's past performance.
Simply Wall St - – Full articleGalvo SA (WSE:GAL) is a small-cap stock with a market capitalization of zł3.28m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … So, understanding the company's financial health becomes
Simply Wall St - – Full articleGenerally, an investor should consider two types of risk that impact the market value of GAL. … See our latest analysis for Galvo An interpretation of GAL's beta Galvo's beta of 0.09 indicates that the stock value will be less variable compared to the whole stock market. … Based on this beta value, GAL appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market.
Simply Wall St - – Full article(WSE:GAL) announced its most recent earnings (30 September 2017), I did two things: looked at its past earnings track record, then look at what is happening in the industry. … Check out our latest analysis for Galvo Commentary On GAL's Past Performance For the most up-to-date info, I use the ‘latest twelve-month’ data, which annualizes the most recent half-year data, or in some cases, the latest annual report is already the most recent financial year data. … For Galvo, its most recent earnings (trailing twelve month) is -ZŁ370.05K, which, relative to last year’s level, has become less negative.
Simply Wall St - – Full articleWith this growth in debt, the current cash and short-term investment levels stands at ZŁ1.31M , ready to deploy into the business. … On top of this, GAL has generated cash from operations of ZŁ1.10M during the same period of time, resulting in an operating cash to total debt ratio of 45.38%, indicating that GAL’s debt is appropriately covered by operating cash. … GAL's risk around capital structure is low, and the company has the headroom and ability to raise debt should it need to in the future.Next Steps: GAL’s high cash coverage and low debt levels indicate its ability to utilise its borrowings efficiently in order to generate ample cash flow.
Simply Wall St - – Full article
Galvo S.A. provides galvanic coating services. It provides decorative chromium plating services, including zinc-nickel alloy coatings, and acid and alkali galvanizing services for automotive, furniture, and construction industries, as well as household articles, accessories, and sanitary fittings. The company was founded in 1959 and is based in Lódz, Poland.
Name: | Galvo S.A. |
GAL | |
Exchange: | WSE |
Founded: | 1959 |
PLN2,960,000 | |
4,000,000 | |
Website: | http://www.galvo.pl |
Address: |
Galvo S.A. ul. Aleksandrowska 67/93, Lódz, 91-205, Poland |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
WSE | GAL | Common Bearer Shares | Warsaw Stock Exchange | PL | PLN | 21. Oct 2010 |
Diversified Metals and Mining | |
Materials |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/16 22:09 |
End of day share price update: | 2019/02/14 00:00 |
Last earnings filing: | 2018/11/14 |
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.