Loading...
Impexmetal S.A. produces, sells, and trades in non-ferrous metals, semi-finished products, and bearings in Poland, other European countries, and internationally. The last earnings update was 102 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Impexmetal (IPX) | -1.1% | 2.7% | 4.8% | -20.5% | 55.9% | -2.8% |
PL Metals and Mining | -0.3% | 1.4% | -0.8% | -21.6% | 57.5% | -3.2% |
PL Market | -0.6% | -0.1% | 7.1% | -6.8% | 18.7% | -6.4% |
Is Impexmetal 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 Impexmetal.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Average of 2 Analyst Estimates (S&P Global) | See below |
Discount Rate (Cost of Equity) | See below | 12.3% |
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%) (72.35%)) |
1.323 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.32 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.323 * 7.15%) |
12.31% |
Discounted Cash Flow Calculation for WSE:IPX using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Impexmetal 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) | 47.20 | 92.10 | 96.02 | 100.11 | 104.38 |
Source | Analyst x1 | Analyst x1 | Est @ 4.26% | Est @ 4.26% | Est @ 4.26% |
Present Value Discounted (@ 12.31%) |
42.03 | 73.02 | 67.78 | 62.93 | 58.42 |
Present value of next 5 years cash flows | PLN304.17 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= PLN104.38 × (1 + 2.85%) ÷ (12.31% – 2.85%) |
PLN1,134.93 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= PLN1,134.93 ÷ (1 + 12.31%)5 |
PLN635.18 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= PLN304.17 + PLN635.18 |
PLN939.35 |
Equity Value per Share (PLN) |
= Total value / Shares Outstanding
= PLN939.35 / 189.40 |
PLN4.96 |
Calculation | Result | |
---|---|---|
Value per share (PLN) | From above. | PLN4.96 |
Current discount | Discount to share price of
PLN3.46
= -1 x (PLN3.46 - PLN4.96) / PLN4.96 |
30.2% |
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 | PLN0.56 |
WSE:IPX Share Price ** | WSE (2019-02-18) in PLN | PLN3.46 |
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 | 10.57x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Impexmetal.
Calculation | Outcome | |
---|---|---|
PE Ratio | = WSE:IPX Share Price ÷ EPS (both in PLN) = 3.46 ÷ 0.56 |
6.2x |
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 | 6.2x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts |
5.7%per year |
Poland Metals and Mining Industry PEG Ratio | Median Figure of 7 Publicly-Listed Metals and Mining Companies | 1.12x |
Poland Market PEG Ratio | Median Figure of 100 Publicly-Listed Companies | 1.11x |
*Line of best fit is calculated by linear regression .
Calculation | Outcome | |
---|---|---|
PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 6.2x ÷ 5.7% |
1.08x |
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 | PLN8.44 |
WSE:IPX Share Price * | WSE (2019-02-18) in PLN | PLN3.46 |
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 | 1.03x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = WSE:IPX Share Price ÷ Book Value per Share (both in PLN) = 3.46 ÷ 8.44 |
0.41x |
* Primary Listing of Impexmetal.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
How is Impexmetal expected to perform in the next 1 to 3 years based on estimates from 2 analysts?
Data Point | Source | Value (per year) |
---|---|---|
WSE:IPX Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts | 5.7% |
WSE:IPX Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts | -0.6% |
Poland Metals and Mining Industry Earnings Growth Rate | Market Cap Weighted Average | 6.1% |
Poland Metals and Mining Industry Revenue Growth Rate | Market Cap Weighted Average | 1.3% |
Poland Market Earnings Growth Rate | Market Cap Weighted Average | 10.1% |
Poland Market Revenue Growth Rate | Market Cap Weighted Average | 6.5% |
*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 2 Analyst Estimates (S&P Global) | See Below |
Date (Data in PLN Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2020-12-31 | 3,321 | 242 | 166 | 1 |
2019-12-31 | 3,305 | 217 | 161 | 2 |
2018-12-31 | 3,330 | 182 | 179 | 2 |
Date (Data in PLN Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-09-30 | 3,375 | 191 | 106 |
2018-06-30 | 3,384 | 200 | 92 |
2018-03-31 | 3,383 | 205 | 82 |
2017-12-31 | 3,353 | 160 | 74 |
2017-09-30 | 3,230 | 176 | 136 |
2017-06-30 | 3,115 | 94 | 141 |
2017-03-31 | 3,004 | 100 | 133 |
2016-12-31 | 2,893 | 125 | 130 |
2016-09-30 | 2,871 | 114 | 186 |
2016-06-30 | 2,881 | 273 | 158 |
2016-03-31 | 3,023 | 231 | 148 |
2015-12-31 | 3,154 | 226 | 140 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
All data from Impexmetal Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in PLN Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2020-12-31 | ||||
2019-12-31 | ||||
2018-12-31 |
Date (Data in PLN Millions) | EPS * |
---|---|
2018-09-30 | 0.56 |
2018-06-30 | 0.48 |
2018-03-31 | 0.43 |
2017-12-31 | 0.39 |
2017-09-30 | 0.71 |
2017-06-30 | 0.74 |
2017-03-31 | 0.69 |
2016-12-31 | 0.68 |
2016-09-30 | 0.97 |
2016-06-30 | 0.82 |
2016-03-31 | 0.77 |
2015-12-31 | 0.72 |
*GAAP earnings excluding extraordinary items.
How has Impexmetal performed over the past 5 years?
All data from Impexmetal Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in PLN Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-09-30 | 3,374.93 | 105.97 | 156.07 | |
2018-06-30 | 3,384.42 | 91.84 | 158.19 | |
2018-03-31 | 3,383.13 | 81.55 | 158.74 | |
2017-12-31 | 3,353.39 | 74.03 | 158.41 | |
2017-09-30 | 3,230.05 | 135.84 | 155.48 | |
2017-06-30 | 3,114.82 | 141.39 | 149.90 | |
2017-03-31 | 3,004.10 | 133.05 | 147.36 | |
2016-12-31 | 2,893.22 | 130.30 | 147.65 | |
2016-09-30 | 2,870.66 | 186.41 | 140.79 | |
2016-06-30 | 2,880.85 | 157.93 | 137.00 | |
2016-03-31 | 3,022.53 | 147.93 | 131.62 | |
2015-12-31 | 3,154.06 | 139.61 | 123.92 | |
2015-09-30 | 3,198.88 | 105.34 | 120.97 | |
2015-06-30 | 3,215.59 | 115.00 | 116.48 | |
2015-03-31 | 3,046.74 | 113.13 | 113.94 | |
2014-12-31 | 2,819.49 | 104.40 | 111.57 | |
2014-09-30 | 2,725.03 | 62.71 | 110.41 | |
2014-06-30 | 2,709.63 | 53.63 | 111.65 | |
2014-03-31 | 2,686.97 | 49.15 | 113.20 | |
2013-12-31 | 2,728.68 | 59.85 | 113.86 | |
2013-09-30 | 2,734.89 | 70.68 | 114.42 | |
2013-06-30 | 2,646.80 | 63.78 | 113.08 | |
2013-03-31 | 2,587.26 | 67.49 | 111.69 | |
2012-12-31 | 2,596.29 | 70.21 | 112.25 | |
2012-09-30 | 2,624.54 | 77.49 | 112.70 | |
2012-06-30 | 2,675.48 | 84.81 | 114.48 | |
2012-03-31 | 2,781.58 | 98.10 | 112.74 |
*GAAP earnings excluding extraordinary items.
How is Impexmetal's financial health and their level of debt?
All data from Impexmetal Company Filings, last reported 4 months ago.
Date (Data in PLN Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-09-30 | 1,890.93 | 474.10 | 85.55 |
2018-06-30 | 1,830.65 | 476.24 | 75.66 |
2018-03-31 | 1,818.34 | 511.86 | 133.02 |
2017-12-31 | 1,780.21 | 473.20 | 113.63 |
2017-09-30 | 1,834.92 | 516.53 | 111.81 |
2017-06-30 | 1,819.58 | 493.01 | 138.49 |
2017-03-31 | 1,774.46 | 547.57 | 144.09 |
2016-12-31 | 1,700.57 | 496.18 | 152.47 |
2016-09-30 | 1,605.11 | 488.25 | 52.98 |
2016-06-30 | 1,534.25 | 413.09 | 66.19 |
2016-03-31 | 1,503.29 | 437.87 | 74.06 |
2015-12-31 | 1,466.29 | 407.58 | 72.86 |
2015-09-30 | 1,389.99 | 388.61 | 49.15 |
2015-06-30 | 1,392.79 | 425.59 | 51.57 |
2015-03-31 | 1,229.74 | 431.20 | 45.99 |
2014-12-31 | 1,198.39 | 399.31 | 34.45 |
2014-09-30 | 1,159.16 | 426.26 | 27.94 |
2014-06-30 | 1,108.95 | 375.70 | 40.97 |
2014-03-31 | 1,077.25 | 407.75 | 40.79 |
2013-12-31 | 1,071.15 | 411.79 | 36.84 |
2013-09-30 | 1,053.84 | 390.18 | 52.84 |
2013-06-30 | 1,019.41 | 390.02 | 35.16 |
2013-03-31 | 1,001.43 | 363.22 | 34.20 |
2012-12-31 | 986.33 | 340.34 | 36.51 |
2012-09-30 | 979.06 | 354.87 | 64.00 |
2012-06-30 | 972.09 | 398.42 | 52.46 |
2012-03-31 | 967.69 | 374.34 | 40.63 |
What is Impexmetal'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 2 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 208 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 | 7.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Date (Data in PLN) | Dividend per Share (annual) | Avg. No. Analysts |
---|---|---|
2020-12-31 | ||
2019-12-31 | ||
2018-12-31 |
Date (Data in PLN) | Dividend per share (annual) | Avg. Yield (%) |
---|---|---|
2014-11-14 | 0.000 | 0.000 |
2014-08-13 | 0.000 | 0.000 |
2014-05-13 | 0.000 | 0.000 |
2014-04-15 | 0.000 | 0.000 |
2014-02-20 | 0.000 | 0.000 |
2012-04-20 | 0.200 | 6.470 |
2012-02-22 | 0.200 | 4.731 |
2011-08-11 | 0.200 | 5.497 |
2011-04-15 | 0.200 | 4.086 |
2010-02-25 | 0.000 | 0.000 |
2009-11-12 | 0.000 | 0.000 |
2009-09-01 | 0.000 | 0.000 |
2009-05-14 | 0.000 | 0.000 |
2009-05-04 | 0.000 | 0.000 |
2009-02-26 | 0.000 | 0.000 |
2009-02-19 | 0.140 | 11.716 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Mrs. Malgorzata Iwanejko serves as the President of the Management Board and General Director at Impexmetal S.A. Mrs. Iwanejko served as the President and Member of the Management Board at Boryszew S.A since July 1, 2007 until May 2012. She served as the Chairperson of the Management Board of Zaklady Azotowe Pulawy S.A. from April 2006 to November 2006. She served as Adviser of Nafta Polska S.A. in Warsaw, from 2002 to 2006. She served as Marketing Director, Manager of Selling Dept., and manager of Selling Section, export specialist at Zaklady Azotowe Pulawy S.A., from 1984 to 2002. She served as the Chairman of Fertilizers Commission on the Polish Chamber of Chemical Industry – Union of Employers in Warsaw. Mrs. Iwanejko has been the Chairman of Supervisory Board at FLT Polska sp. z o.o. since September 2007. She served as the Chairman of the Supervisory Board of Baltycka Baza Masowa Sp. z o.o. in Gdynia and Representative of Zaklady Azotowe Pulawy S.A. in Agro - Economics Committee IFA France. She serves as a Member of Supervisory Board at Impexmetal SA and Walcownia Metali Dziedzice S.A. She attended International Program of Fertilizer Marketing Challenges (USA, Alabama), organized By IFDC. Mrs. Iwanejko holds MBA in 2003, Diploma in Management from University of Central Lancashire, Preston, Great Britain. She graduated Main School of Planning and Statistics (at present: Main Commerce School) in Warsaw.
Average tenure of the Impexmetal board of directors in years:
Attractive stocks have exceptional fundamentals. … is a company that has been able to sustain great financial health, trading at an attractive share price. … For those interested in understanding where the figures come from and want to see the analysis,
Simply Wall St - – Full article(WSE:IPX) have power over the company. … Impexmetal is a smaller company with a market capitalization of zł619m, 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 articleThis analysis is intended to introduce important early concepts to people who are starting to invest. … While IPX might seem like an attractive stock to buy, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions. … I will break down what the P/E ratio is, how to interpret it and what to watch out for
Simply Wall St - – Full articleToday, I will be analyzing Impexmetal SA’s (WSE:IPX) recent ownership structure, an important but not-so-popular subject 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. … Differences in ownership structure of companies can have a profound effect on how management's incentives are aligned with shareholder returns, and whether they adhere to corporate governance best practices.
Simply Wall St - – Full articleFormula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for IPX Price per share = PLN4.07 Earnings per share = PLN0.385 ∴ Price-Earnings Ratio = PLN4.07 ÷ PLN0.385 = 10.6x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … Since IPX's P/E of 10.6x is lower than its industry peers (11.7x), it means that investors are paying less than they should for each dollar of IPX's earnings. … For example, if you inadvertently compared lower risk firms with IPX, then investors would naturally value IPX at a lower price since it is a riskier investment.
Simply Wall St - – Full articleToday I will run you through a basic sense check to gain perspective on how Impexmetal is doing by comparing its latest earnings with its long-term trend as well as the performance of its metals and mining industry peers. … For Impexmetal, its latest trailing-twelve-month earnings is ZŁ133.34M, which, against the prior year's level, has dropped by -28.47%. … Inspecting growth from a sector-level, the PL metals and mining industry has been enduring some headwinds over the past twelve months, leading to an average earnings drop of -11.68%.
Simply Wall St - – Full articleReturn on Equity = Net Profit ÷ Shareholders Equity ROE is assessed against cost of equity, which is measured using the Capital Asset Pricing Model (CAPM) – but let’s not dive into the details of that today. … ROE can be split up into three useful ratios: net profit margin, asset turnover, and financial leverage. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity WSE:IPX Last Perf Apr 1st 18 Basically, profit margin measures how much of revenue trickles down into earnings which illustrates how efficient the business is with its cost management.
Simply Wall St - – Full articleHow does IPX’s operating cash flow stack up against its debt? … On top of this, IPX has generated cash from operations of ZŁ111.93M over the same time period, leading to an operating cash to total debt ratio of 22.98%, indicating that IPX’s current level of operating cash is high enough to cover debt. … WSE:IPX Historical Debt Mar 15th 18 Is IPX’s debt level acceptable?
Simply Wall St - – Full article
Impexmetal S.A. produces, sells, and trades in non-ferrous metals, semi-finished products, and bearings in Poland, other European countries, and internationally. It operates through Aluminum, Copper, Zinc and Lead, and Trade segments. The company offers aluminum hot and cold-rolled sheets and strips, fluted sheets, and stucco sheets and strips; copper tubes consisting of installations tubes, copper rods, tellurium copper rods, bronze rods, copper flat bars, copper sections, and casting alloys; brass tubes comprising incondenser tubes; aluminum and brass profiles; brass wires, rods, and profiles; ECO alloy rods; and coins blanks, as well as copper alloy strips. It also provides refined lead and alloys of lead with antimony, tin, selenium, calcium, and silver; rolled and extruded lead and its alloy products, such as sheets, strips, anodes, pipes, rods, and wires; polypropylene; sodium sulphate; zinc-titanium sheets and strips, zinc and zinc-aluminum wires, gutter systems, zinc anodes, and casting alloys; and zinc and lead oxides, red lead exide, and zinc white products, as well as bearings, and balls and needles. In addition, Impexmetal S.A. purchases, processes, and trades in scrap accumulators and non-ferrous metals; and is involved in the lead production, as well as trade business. The company’s products are used in the automotive, constructing, installation, metallurgy and steel processing, trade, power, electrical, coin, chemical, furniture, pharmaceutical, cheramical, fodder, glassmaking, agriculture, mining, and railway engineering industries. The company was founded in 1951 and is headquartered in Warsaw, Poland. Impexmetal S.A. is a subsidiary of Boryszew S.A.
Name: | Impexmetal S.A. |
IPX | |
Exchange: | WSE |
Founded: | 1951 |
PLN655,324,000 | |
189,400,000 | |
Website: | http://www.impexmetal.com.pl |
Address: |
Impexmetal S.A. No. 76, Jagiellonska Street, Warsaw, 03-301, Poland |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
WSE | IPX | Common Bearer Shares | Warsaw Stock Exchange | PL | PLN | 25. Jun 1997 | |
LSE | 0MNT | Common Bearer Shares | London Stock Exchange | GB | PLN | 25. Jun 1997 |
Diversified Metals and Mining | |
Materials |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/18 20:44 |
End of day share price update: | 2019/02/18 00:00 |
Last estimates confirmation: | 2019/01/30 |
Last earnings filing: | 2018/11/08 |
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.