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KGHM Polska Miedz Spólka Akcyjna

WSE:KGH
Snowflake Description

Mediocre balance sheet with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KGH
WSE
PLN19B
Market Cap
  1. Home
  2. PL
  3. Materials
Company description

KGHM Polska Miedz Spólka Akcyjna produces and sells copper, precious metals, and non-ferrous metals in Poland and internationally. The last earnings update was 96 days ago. More info.


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KGH Share Price and Events
7 Day Returns
3.5%
WSE:KGH
-0.3%
PL Metals and Mining
-0.6%
PL Market
1 Year Returns
-10.9%
WSE:KGH
-21.6%
PL Metals and Mining
-6.8%
PL Market
KGH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
KGHM Polska Miedz Spólka Akcyjna (KGH) 3.5% 3.5% 7.8% -10.9% 38.8% -16.5%
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%
1 Year Return vs Industry and Market
  • KGH outperformed the Metals and Mining industry which returned -21.6% over the past year.
  • KGH underperformed the Market in Poland which returned -6.8% over the past year.
Price Volatility
KGH
Industry
5yr Volatility vs Market

Value

 Is KGHM Polska Miedz Spólka Akcyjna 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 KGHM Polska Miedz Spólka Akcyjna 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

Below are the data sources, inputs and calculation used to determine the intrinsic value for KGHM Polska Miedz Spólka Akcyjna.

WSE:KGH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.9%
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:KGH
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%) (42.93%))
1.124
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.124 * 7.15%)
10.89%

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

The calculations below outline how an intrinsic value for KGHM Polska Miedz Spólka Akcyjna 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:KGH DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (PLN, Millions) 1,727.92 1,281.32 1,631.33 1,818.85 2,269.00
Source Analyst x5 Analyst x5 Analyst x3 Analyst x2 Analyst x1
Present Value
Discounted (@ 10.89%)
1,558.25 1,042.05 1,196.43 1,202.97 1,353.34
Present value of next 5 years cash flows PLN6,353.04
WSE:KGH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= PLN2,269.00 × (1 + 2.85%) ÷ (10.89% – 2.85%)
PLN29,032.14
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= PLN29,032.14 ÷ (1 + 10.89%)5
PLN17,316.17
WSE:KGH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= PLN6,353.04 + PLN17,316.17
PLN23,669.21
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN23,669.21 / 200.00
PLN118.35
WSE:KGH Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN118.35
Current discount Discount to share price of PLN95.74
= -1 x (PLN95.74 - PLN118.35) / PLN118.35
19.1%

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

Current Discount
Amount off the current price KGHM Polska Miedz Spólka Akcyjna is available for.
Intrinsic value
19%
Share price is PLN95.74 vs Future cash flow value of PLN118.35
Current Discount Checks
For KGHM Polska Miedz Spólka Akcyjna to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • KGHM Polska Miedz Spólka Akcyjna's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • KGHM Polska Miedz Spólka Akcyjna's share price is below the future cash flow value, but not 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 KGHM Polska Miedz Spólka Akcyjna's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are KGHM Polska Miedz Spólka Akcyjna's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:KGH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN4.43
WSE:KGH Share Price ** WSE (2019-02-18) in PLN PLN95.74
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 10.57x

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

** Primary Listing of KGHM Polska Miedz Spólka Akcyjna.

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

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

= 95.74 ÷ 4.43

21.61x

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

  • KGHM Polska Miedz Spólka Akcyjna is overvalued based on earnings compared to the PL Metals and Mining industry average.
  • KGHM Polska Miedz Spólka Akcyjna is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does KGHM Polska Miedz Spólka Akcyjna's expected growth come at a high price?
Raw Data
WSE:KGH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
19.2%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 .

WSE:KGH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.61x ÷ 19.2%

1.13x

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

  • KGHM Polska Miedz Spólka Akcyjna is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on KGHM Polska Miedz Spólka Akcyjna's assets?
Raw Data
WSE:KGH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN92.62
WSE:KGH Share Price * WSE (2019-02-18) in PLN PLN95.74
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 1.03x
WSE:KGH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 95.74 ÷ 92.62

1.03x

* Primary Listing of KGHM Polska Miedz Spólka Akcyjna.

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

  • KGHM Polska Miedz Spólka Akcyjna is overvalued based on assets compared to the PL Metals and Mining industry average.
X
Value checks
We assess KGHM Polska Miedz Spólka Akcyjna'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. KGHM Polska Miedz Spólka Akcyjna has a total score of 0/6, 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 KGHM Polska Miedz Spólka Akcyjna expected to perform in the next 1 to 3 years based on estimates from 13 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
19.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is KGHM Polska Miedz Spólka Akcyjna expected to grow at an attractive rate?
  • KGHM Polska Miedz Spólka Akcyjna's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • KGHM Polska Miedz Spólka Akcyjna's earnings growth is expected to exceed the Poland market average.
  • KGHM Polska Miedz Spólka Akcyjna's revenue growth is positive but not above the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:KGH Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:KGH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 19.2%
WSE:KGH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 1.8%
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.

Analysts growth expectations
Raw Data
WSE:KGH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:KGH Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 22,193 2
2022-12-31 22,211 2
2021-12-31 22,121 3,728 2,363 4
2020-12-31 22,785 4,164 2,649 11
2019-12-31 22,195 4,596 2,420 13
2018-12-31 20,591 3,209 1,718 11
WSE:KGH Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 20,617 3,138 886
2018-06-30 20,027 2,566 1,127
2018-03-31 19,672 2,585 1,297
2017-12-31 20,317 3,054 1,568
2017-09-30 20,462 3,670 -3,341
2017-06-30 20,373 4,073 -3,616
2017-03-31 20,115 4,086 -3,822
2016-12-31 19,116 4,212 -4,371
2016-09-30 18,241 3,050 -5,612
2016-06-30 18,356 3,065 -5,908
2016-03-31 19,141 3,539 -5,248
2015-12-31 19,960 4,163 -5,012

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • KGHM Polska Miedz Spólka Akcyjna's earnings are expected to grow by 19.2% yearly, however this is not considered high growth (20% yearly).
  • KGHM Polska Miedz Spólka Akcyjna's revenue is expected to grow by 1.8% 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:KGH 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 13 Analyst Estimates (S&P Global) See Below

All data from KGHM Polska Miedz Spólka Akcyjna Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:KGH Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 13.40 13.40 13.40 1.00
2020-12-31 13.70 20.20 9.68 7.00
2019-12-31 11.84 16.20 6.66 9.00
2018-12-31 8.98 11.00 7.01 10.00
WSE:KGH Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 4.43
2018-06-30 5.64
2018-03-31 6.49
2017-12-31 7.84
2017-09-30 -16.71
2017-06-30 -18.08
2017-03-31 -19.11
2016-12-31 -21.86
2016-09-30 -28.06
2016-06-30 -29.54
2016-03-31 -26.24
2015-12-31 -25.06

*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.
  • KGHM Polska Miedz Spólka Akcyjna is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess KGHM Polska Miedz Spólka Akcyjna'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.
KGHM Polska Miedz Spólka Akcyjna has a total score of 2/6, 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 KGHM Polska Miedz Spólka Akcyjna 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 KGHM Polska Miedz Spólka Akcyjna'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.
  • KGHM Polska Miedz Spólka Akcyjna's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • KGHM Polska Miedz Spólka Akcyjna has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • KGHM Polska Miedz Spólka Akcyjna has become profitable in the last year making it difficult to compare the PL Metals and Mining industry average.
Earnings and Revenue History
KGHM Polska Miedz Spólka Akcyjna'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 KGHM Polska Miedz Spólka Akcyjna Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:KGH 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 20,617.00 886.00 1,372.00
2018-06-30 20,027.00 1,127.00 1,362.00
2018-03-31 19,672.00 1,297.00 1,343.00
2017-12-31 20,317.00 1,568.00 1,343.00
2017-09-30 20,462.00 -3,341.00 1,354.00
2017-06-30 20,373.00 -3,616.00 1,357.00
2017-03-31 20,115.00 -3,822.00 1,375.00
2016-12-31 19,116.00 -4,371.00 1,370.00
2016-09-30 18,241.00 -5,612.00 1,339.00
2016-06-30 18,356.00 -5,908.00 1,364.00
2016-03-31 19,141.00 -5,248.00 1,328.00
2015-12-31 19,960.00 -5,012.00 1,343.00
2015-09-30 20,584.00 1,897.00 1,363.00
2015-06-30 20,972.00 2,542.00 1,339.00
2015-03-31 20,521.00 2,430.00 1,362.00
2014-12-31 20,440.00 2,450.00 1,388.00
2014-09-30 20,787.00 2,475.00 1,385.00
2014-06-30 21,067.00 2,315.00 1,380.00
2014-03-31 22,187.00 2,349.00 1,405.00
2013-12-31 24,057.00 3,035.00 1,415.00
2013-09-30 24,738.00 3,108.00 1,365.00
2013-06-30 26,058.00 3,797.00 1,388.00
2013-03-31 27,063.00 4,439.00 1,409.00
2012-12-31 26,651.00 4,752.00 1,409.00
2012-09-30 25,264.26 7,574.32 1,355.71
2012-06-30 24,251.94 9,551.31 1,265.71
2012-03-31 22,868.46 10,451.68 1,106.48

*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.
  • KGHM Polska Miedz Spólka Akcyjna has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • KGHM Polska Miedz Spólka Akcyjna used its assets less efficiently than the PL Metals and Mining industry average last year based on Return on Assets.
  • KGHM Polska Miedz Spólka Akcyjna's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess KGHM Polska Miedz Spólka Akcyjna'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.
KGHM Polska Miedz Spólka Akcyjna has a total score of 0/6, 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 KGHM Polska Miedz Spólka Akcyjna'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 KGHM Polska Miedz Spólka Akcyjna's finances.

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

WSE:KGH Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 18,617.00 8,221.00 1,064.00
2018-06-30 18,074.00 8,623.00 911.00
2018-03-31 18,201.00 7,659.00 765.00
2017-12-31 17,785.00 7,156.00 809.00
2017-09-30 17,850.00 7,225.00 407.00
2017-06-30 17,099.00 7,134.00 446.00
2017-03-31 16,771.00 7,674.00 624.00
2016-12-31 15,911.00 8,098.00 1,011.00
2016-09-30 20,744.00 7,929.00 731.00
2016-06-30 20,476.00 8,111.00 698.00
2016-03-31 20,539.00 7,418.00 589.00
2015-12-31 20,414.00 7,015.00 662.00
2015-09-30 26,353.00 6,185.00 1,024.00
2015-06-30 26,557.00 5,753.00 866.00
2015-03-31 26,402.00 5,556.00 952.00
2014-12-31 25,530.00 4,810.00 532.00
2014-09-30 24,464.00 4,341.00 844.00
2014-06-30 23,161.00 3,217.00 1,080.00
2014-03-31 23,742.00 2,981.00 1,360.00
2013-12-31 23,064.00 2,929.00 932.00
2013-09-30 22,682.00 2,536.00 1,526.00
2013-06-30 22,743.00 1,991.00 2,609.00
2013-03-31 23,460.00 1,959.00 2,425.00
2012-12-31 21,914.00 2,858.00 2,826.00
2012-09-30 21,017.88 1,917.12 3,758.84
2012-06-30 20,625.73 2,011.24 6,953.43
2012-03-31 24,124.76 1,898.62 7,734.00
  • KGHM Polska Miedz Spólka Akcyjna's level of debt (44.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (11.2% vs 44.2% today).
  • Debt is well covered by operating cash flow (38.2%, greater than 20% of total debt).
  • KGHM Polska Miedz Spólka Akcyjna earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess KGHM Polska Miedz Spólka Akcyjna'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. KGHM Polska Miedz Spólka Akcyjna has a total score of 3/6, 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 KGHM Polska Miedz Spólka Akcyjna'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
1.04%
Current annual income from KGHM Polska Miedz Spólka Akcyjna dividends. Estimated to be 3.04% next year.
If you bought PLN2,000 of KGHM Polska Miedz Spólka Akcyjna shares you are expected to receive PLN21 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?
  • KGHM Polska Miedz Spólka Akcyjna's pays a lower dividend yield than the bottom 25% of dividend payers in Poland (2.49%).
  • KGHM Polska Miedz Spólka Akcyjna's dividend is below the markets top 25% of dividend payers in Poland (7.76%).
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:KGH 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 13 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.

WSE:KGH Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.00 1.00
2020-12-31 3.37 8.00
2019-12-31 2.80 8.00
2018-12-31 0.00 8.00
WSE:KGH Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2017-05-11 1.000 0.979
2016-08-17 1.500 1.597
2016-03-17 1.500 2.166
2015-03-16 4.000 4.772
2014-11-13 5.000 4.388
2014-08-13 5.000 3.876
2014-03-28 5.000 4.187
2014-02-28 5.000 4.663
2013-11-14 9.800 8.593
2013-08-30 9.800 7.980
2013-08-14 9.800 7.841
2013-04-02 9.800 7.296
2013-03-01 9.800 5.898
2012-11-12 28.340 15.364
2012-08-13 28.340 19.069
2012-03-30 28.340 21.470
2012-02-29 28.340 19.257
2011-08-12 14.900 10.815
2011-03-31 14.900 7.990
2010-04-16 3.000 2.421
2009-08-14 11.680 11.979
2009-04-02 11.680 16.380
2009-02-19 9.000 21.773

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

  • KGHM Polska Miedz Spólka Akcyjna is not paying a notable dividend for Poland, therefore no need to check if the payments are stable.
  • KGHM Polska Miedz Spólka Akcyjna is not paying a notable dividend for Poland, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of KGHM Polska Miedz Spólka Akcyjna's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of KGHM Polska Miedz Spólka Akcyjna's dividends as it is not paying a notable one for Poland.
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (15.6x coverage).
X
Income/ dividend checks
We assess KGHM Polska Miedz Spólka Akcyjna'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 KGHM Polska Miedz Spólka Akcyjna afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. KGHM Polska Miedz Spólka Akcyjna has a total score of 1/6, 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 KGHM Polska Miedz Spólka Akcyjna'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
Marcin Chludzinski
TENURE AS CEO 0.7 years
CEO Bio

Marcin Chludzinski has been Chief Executive Officer & President of the Management Board at KGHM Polska Miedz Spólka Akcyjna since June 22, 2018 and its President since 2018.

CEO Compensation
  • Insufficient data for Marcin to compare compensation growth.
  • Insufficient data for Marcin to establish whether their remuneration is reasonable compared to companies of similar size in Poland.
Management Team Tenure

Average tenure of the KGHM Polska Miedz Spólka Akcyjna management team in years:

0.7
Average Tenure
  • The average tenure for the KGHM Polska Miedz Spólka Akcyjna management team is less than 2 years, this suggests a new team.
Management Team

Marcin Chludzinski

TITLE
President
TENURE
0.7 yrs

Katarzyna Kreczmanska-Gigol

TITLE
Vice President of the Management Board- Finance & CFO
TENURE
0.7 yrs

Radoslaw Stach

TITLE
Vice President of the Management Board - Production
TENURE
0.7 yrs

Pawel Gruza

TITLE
Vice President of the Management Board (International Assets)
TENURE
0.4 yrs

Adam Bugajczuk

TITLE
Deputy CEO of Development & Vice President of Management Board
TENURE
0.5 yrs

Lukasz Stelmach

TITLE
Executive Director of Accounting Services Center & Chief Accountant

Danuta Tuchorska

TITLE
Managing Director of Trade and Logistics

Jaroslaw Janas

TITLE
Secretary of the Supervisory Board

Pawel Markowski

TITLE
Executive Director of Production Infrastructure and Hazards
COMPENSATION
PLN169K

Aneta Bielecka-Laskownicka

TITLE
Executive Director of Development management
Board of Directors Tenure

Average tenure of the KGHM Polska Miedz Spólka Akcyjna board of directors in years:

1.4
Average Tenure
  • The average tenure for the KGHM Polska Miedz Spólka Akcyjna board of directors is less than 3 years, this suggests a new board.
Board of Directors

Andrzej Kisielewicz

TITLE
Chairman of Supervisory Board
TENURE
1.1 yrs

Leszek Banaszak

TITLE
Vice Chairman of Supervisory Board
TENURE
1.1 yrs

Jaroslaw Janas

TITLE
Secretary of the Supervisory Board
TENURE
0.6 yrs

Marek Pietrzak

TITLE
Member of the Supervisory Board
COMPENSATION
PLN129K
TENURE
3.1 yrs

Józef Czyczerski

TITLE
Member of the Supervisory Board
COMPENSATION
PLN254K
AGE
60
TENURE
3.1 yrs

Boguslaw Szarek

TITLE
Supervisory Board Member
COMPENSATION
PLN422K
TENURE
7.1 yrs

Agnieszka Winnik-Kalemba

TITLE
Member of the Supervisory Board
COMPENSATION
PLN126K
TENURE
3.1 yrs

Janusz Kowalski

TITLE
Member of the Supervisory Board
COMPENSATION
PLN56K
TENURE
1.7 yrs

Bartosz Piechota

TITLE
Member of Supervisory Board
TENURE
0.6 yrs

Ireneusz Pasis

TITLE
Member of Supervisory Board
TENURE
0.6 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 KGHM Polska Miedz Spólka Akcyjna'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. KGHM Polska Miedz Spólka Akcyjna 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

How Do KGHM Polska Miedz Spólka Akcyjna’s (WSE:KGH) Returns Compare To Its Industry?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Is KGHM Polska Miedz Spólka Akcyjna's (WSE:KGH) 4.5% ROE Worse Than Average?

We'll use ROE to examine KGHM Polska Miedz Spólka Akcyjna (WSE:KGH), by way of a worked example. … Our data shows KGHM Polska Miedz Spólka Akcyjna has a return on equity of 4.5% for the last year. … See our latest analysis for KGHM Polska Miedz Spólka Akcyjna?

Simply Wall St -

Can We See Significant Institutional Ownership On The KGHM Polska Miedz Spólka Akcyjna (WSE:KGH) Share Register?

The big shareholder groups in KGHM Polska Miedz Spólka Akcyjna (WSE:KGH) have power over the company. … KGHM Polska Miedz Spólka Akcyjna is a pretty big company. … View our latest analysis for KGHM Polska Miedz Spólka Akcyjna

Simply Wall St -

Does KGHM Polska Miedz Spólka Akcyjna's (WSE:KGH) Debt Level Pose A Problem?

Small-caps and large-caps are wildly popular among investors, however, mid-cap stocks, such as KGHM Polska Miedz Spólka Akcyjna (WSE:KGH), with a market capitalization of zł18b, rarely draw their attention from the investing community. … Let’s take a look at KGH’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … View our latest analysis for KGHM Polska Miedz Spólka Akcyjna

Simply Wall St -

What Are Analysts Saying About KGHM Polska Miedz Spólka Akcyjna's (WSE:KGH) Growth?

In June 2018, KGHM Polska Miedz Spólka Akcyjna (WSE:KGH) announced its earnings update. … with earnings expected to grow by a high double-digit of 97% in the upcoming year,

Simply Wall St -

Calculating The Intrinsic Value Of KGHM Polska Miedz Spólka Akcyjna (WSE:KGH)

by estimating the company's 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 -

Is KGHM Polska Miedz Spólka Akcyjna (WSE:KGH) A Good Dividend Stock?

KGHM Polska Miedz Spólka Akcyjna (WSE:KGH) has returned to shareholders over the past 10 years, an average dividend yield of 9.00% annually. … Does KGHM Polska Miedz Spólka Akcyjna tick all the boxes of a great dividend stock? … Check out our latest analysis for KGHM Polska Miedz Spólka Akcyjna

Simply Wall St -

Who Are The Major Shareholders In KGHM Polska Miedz Spólka Akcyjna (WSE:KGH)?

In this article, I will take a quick look at KGHM Polska Miedz Spólka Akcyjna’s (WSE:KGH) recent ownership structure – an unconventional investing subject, but an important one. … 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. … Check out our latest analysis for KGHM Polska Miedz Spólka Akcyjna

Simply Wall St -

Are KGHM Polska Miedz Spólka Akcyjna's (WSE:KGH) Interest Costs Too High?

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as KGHM Polska Miedz Spólka Akcyjna (WSE:KGH) with a market-capitalization of zł18.50b, rarely draw their attention. … Despite this, the two other categories have lagged behind the risk-adjusted returns of commonly ignored mid-cap stocks. … Check out our latest analysis for KGHM Polska Miedz Spólka Akcyjna

Simply Wall St -

Estimating The Fair Value Of KGHM Polska Miedz Spólka Akcyjna (WSE:KGH)

In this article I am going to calculate the intrinsic value of KGHM Polska Miedz Spólka Akcyjna (WSE:KGH). … by taking the expected future cash flows and discounting them to today's value. … If you are reading this and its not June 2018 then I highly recommend you check out the latest calculation for KGHM Polska Miedz Spólka Akcyjna by following the link below.

Simply Wall St -

Company Info

Map
Description

KGHM Polska Miedz Spólka Akcyjna produces and sells copper, precious metals, and non-ferrous metals in Poland and internationally. The company offers copper cathodes, concentrate, ingots, wire rods, Cu-OFE and Cu-Ag wires, round billets, and granule products; silver in bar and granule forms; gold bars; molybdenum; rhenium; and other products, such as lead, sulphuric acid, copper sulphate, nickel sulphate, and selenium products, as well as platinum and palladium. It is also involved in the excavation of salts; casting of light and non-ferrous metals; geological and exploratory activities, research, and technical analysis services; wholesale trading based on direct or contractual payments; and waste management solutions. The company was founded in 1961 and is headquartered in Lubin, Poland.

Details
Name: KGHM Polska Miedz Spólka Akcyjna
KGH
Exchange: WSE
Founded: 1961
PLN19,148,000,000
200,000,000
Website: http://www.kghm.pl
Address: KGHM Polska Miedz Spólka Akcyjna
ul. M. Sklodowskiej-Curie 48,
Lubin,
59-301,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE KGH Ordinary Shares Warsaw Stock Exchange PL PLN 22. Jul 1997
OTCPK KGHP.F Ordinary Shares Pink Sheets LLC US USD 22. Jul 1997
DB KGHA Ordinary Shares Deutsche Boerse AG DE EUR 22. Jul 1997
LSE 0O8D Ordinary Shares London Stock Exchange GB PLN 22. Jul 1997
SEP KGH Ordinary Shares The Stock Exchange Prague Co. Ltd. CZ CZK 22. Jul 1997
Number of employees
Current staff
Staff numbers
33,935
KGHM Polska Miedz Spólka Akcyjna employees.
Industry
Copper
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/18 20:54
End of day share price update: 2019/02/18 00:00
Last estimates confirmation: 2019/02/15
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.