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Grupa Azoty Zaklady Chemiczne Police

WSE:PCE
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PCE
WSE
PLN1B
Market Cap
  1. Home
  2. PL
  3. Materials
Company description

Grupa Azoty Zaklady Chemiczne Police S.A. The last earnings update was 166 days ago. More info.


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PCE Share Price and Events
7 Day Returns
3.5%
WSE:PCE
0.1%
PL Chemicals
0.2%
PL Market
1 Year Returns
-24.1%
WSE:PCE
-17%
PL Chemicals
-2.1%
PL Market
PCE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Grupa Azoty Zaklady Chemiczne Police (PCE) 3.5% 7.2% 7.6% -24.1% -40.8% -26.7%
PL Chemicals 0.1% -3.5% 12.8% -17% -39.4% -16.5%
PL Market 0.2% 0.5% 1.3% -2.1% 12.5% -3.5%
1 Year Return vs Industry and Market
  • PCE underperformed the Chemicals industry which returned -17% over the past year.
  • PCE underperformed the Market in Poland which returned -2.1% over the past year.
Price Volatility
PCE
Industry
5yr Volatility vs Market

PCE Value

 Is Grupa Azoty Zaklady Chemiczne Police 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 Grupa Azoty Zaklady Chemiczne Police 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 Grupa Azoty Zaklady Chemiczne Police.

WSE:PCE 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 11%
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:PCE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.928 (1 + (1- 19%) (37.58%))
1.141
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.141 * 7.14%)
10.99%

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

The calculations below outline how an intrinsic value for Grupa Azoty Zaklady Chemiczne Police is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WSE:PCE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 10.99%)
2019 89.50 Analyst x1 80.63
2020 139.40 Analyst x1 113.15
2021 183.05 Est @ 31.31% 133.86
2022 224.73 Est @ 22.77% 148.07
2023 262.48 Est @ 16.8% 155.81
2024 295.59 Est @ 12.61% 158.08
2025 324.21 Est @ 9.68% 156.21
2026 348.96 Est @ 7.63% 151.48
2027 370.59 Est @ 6.2% 144.94
2028 389.84 Est @ 5.19% 137.36
Present value of next 10 years cash flows PLN1,379.60
WSE:PCE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN389.84 × (1 + 2.85%) ÷ (10.99% – 2.85%)
PLN4,922.94
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN4,922.94 ÷ (1 + 10.99%)10
PLN1,734.64
WSE:PCE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN1,379.60 + PLN1,734.64
PLN3,114.25
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN3,114.25 / 75.00
PLN41.52
WSE:PCE Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN41.52
Current discount Discount to share price of PLN14.80
= -1 x (PLN14.80 - PLN41.52) / PLN41.52
64.4%

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

Current Discount
Amount off the current price Grupa Azoty Zaklady Chemiczne Police is available for.
Intrinsic value
>50%
Share price is PLN14.8 vs Future cash flow value of PLN41.52
Current Discount Checks
For Grupa Azoty Zaklady Chemiczne Police to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Grupa Azoty Zaklady Chemiczne Police's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Grupa Azoty Zaklady Chemiczne Police's share price is below the future cash flow value, and 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 Grupa Azoty Zaklady Chemiczne Police's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Grupa Azoty Zaklady Chemiczne Police's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:PCE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN-0.59
WSE:PCE Share Price ** WSE (2019-04-18) in PLN PLN14.8
Poland Chemicals Industry PE Ratio Median Figure of 12 Publicly-Listed Chemicals Companies 13.97x
Poland Market PE Ratio Median Figure of 459 Publicly-Listed Companies 11.13x

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

** Primary Listing of Grupa Azoty Zaklady Chemiczne Police.

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

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

= 14.8 ÷ -0.59

-24.96x

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

  • Grupa Azoty Zaklady Chemiczne Police is loss making, we can't compare its value to the PL Chemicals industry average.
  • Grupa Azoty Zaklady Chemiczne Police is loss making, we can't compare the value of its earnings to the Poland market.
Price based on expected Growth
Does Grupa Azoty Zaklady Chemiczne Police's expected growth come at a high price?
Raw Data
WSE:PCE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -24.96x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
107.7%per year
Poland Chemicals Industry PEG Ratio Median Figure of 6 Publicly-Listed Chemicals Companies 0.74x
Poland Market PEG Ratio Median Figure of 114 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 Grupa Azoty Zaklady Chemiczne Police, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Grupa Azoty Zaklady Chemiczne Police's assets?
Raw Data
WSE:PCE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN14.44
WSE:PCE Share Price * WSE (2019-04-18) in PLN PLN14.8
Poland Chemicals Industry PB Ratio Median Figure of 17 Publicly-Listed Chemicals Companies 0.64x
Poland Market PB Ratio Median Figure of 687 Publicly-Listed Companies 0.99x
WSE:PCE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 14.8 ÷ 14.44

1.03x

* Primary Listing of Grupa Azoty Zaklady Chemiczne Police.

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

  • Grupa Azoty Zaklady Chemiczne Police is overvalued based on assets compared to the PL Chemicals industry average.
X
Value checks
We assess Grupa Azoty Zaklady Chemiczne Police'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 Chemicals 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 Chemicals industry average (and greater than 0)? (1 check)
  5. Grupa Azoty Zaklady Chemiczne Police has a total score of 2/6, 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.

PCE Future Performance

 How is Grupa Azoty Zaklady Chemiczne Police expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
107.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Grupa Azoty Zaklady Chemiczne Police expected to grow at an attractive rate?
  • Grupa Azoty Zaklady Chemiczne Police's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Grupa Azoty Zaklady Chemiczne Police's earnings growth is expected to exceed the Poland market average.
  • Grupa Azoty Zaklady Chemiczne Police's revenue growth is positive but not above the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:PCE Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:PCE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 107.7%
WSE:PCE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 5.5%
Poland Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 45.1%
Poland Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 5.1%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.3%
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:PCE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 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:PCE Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 2,796 144 1
2019-12-31 2,699 125 1
2018-12-31 2,478 -12 1
WSE:PCE Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 2,508 301 -44
2018-06-30 2,488 252 -6
2018-03-31 2,508 213 96
2017-12-31 2,592 267 109
2017-09-30 2,449 182 99
2017-06-30 2,467 248 89
2017-03-31 2,421 297 51
2016-12-31 2,409 260 71
2016-09-30 2,534 280 130
2016-06-30 2,585 287 135
2016-03-31 2,674 272 174
2015-12-31 2,732 359 158

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Grupa Azoty Zaklady Chemiczne Police's earnings are expected to grow significantly at over 20% yearly.
  • Grupa Azoty Zaklady Chemiczne Police's revenue is expected to grow by 5.5% 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:PCE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Grupa Azoty Zaklady Chemiczne Police Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:PCE Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 1.92 1.92 1.92 1.00
2019-12-31 1.67 1.67 1.67 1.00
2018-12-31
WSE:PCE Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 -0.59
2018-06-30 -0.08
2018-03-31 1.28
2017-12-31 1.45
2017-09-30 1.32
2017-06-30 1.19
2017-03-31 0.68
2016-12-31 0.95
2016-09-30 1.73
2016-06-30 1.80
2016-03-31 2.32
2015-12-31 2.11

*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 Grupa Azoty Zaklady Chemiczne Police will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Grupa Azoty Zaklady Chemiczne Police'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.
Grupa Azoty Zaklady Chemiczne Police has a total score of 3/6, 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.

PCE Past Performance

  How has Grupa Azoty Zaklady Chemiczne Police 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 Grupa Azoty Zaklady Chemiczne Police's growth in the last year to its industry (Chemicals).
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.
  • Grupa Azoty Zaklady Chemiczne Police does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Grupa Azoty Zaklady Chemiczne Police's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Grupa Azoty Zaklady Chemiczne Police's 1-year growth to the PL Chemicals industry average as it is not currently profitable.
Earnings and Revenue History
Grupa Azoty Zaklady Chemiczne Police'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 Grupa Azoty Zaklady Chemiczne Police Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:PCE 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 2,508.42 -44.47 283.87
2018-06-30 2,487.61 -5.78 280.41
2018-03-31 2,508.21 95.74 276.36
2017-12-31 2,592.21 108.98 280.74
2017-09-30 2,449.34 98.88 272.03
2017-06-30 2,466.74 89.44 270.77
2017-03-31 2,420.75 51.00 295.68
2016-12-31 2,408.66 70.92 296.78
2016-09-30 2,534.45 129.94 298.11
2016-06-30 2,585.27 135.44 305.34
2016-03-31 2,673.83 173.65 284.30
2015-12-31 2,732.08 158.46 282.23
2015-09-30 2,688.26 131.85 284.97
2015-06-30 2,593.73 122.72 279.09
2015-03-31 2,517.60 98.57 273.53
2014-12-31 2,403.77 63.54 259.26
2014-09-30 2,245.61 39.48 247.55
2014-06-30 2,251.05 39.34 235.75
2014-03-31 2,360.10 32.23 227.32
2013-12-31 2,456.18 47.47 223.03
2013-09-30 2,527.11 62.98 213.71
2013-06-30 2,776.34 84.77 203.18
2013-03-31 2,971.33 86.78 193.17
2012-12-31 2,972.20 104.18 185.42
2012-09-30 3,293.18 253.74 180.83
2012-06-30 3,125.42 271.43 171.03

*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.
  • It is difficult to establish if Grupa Azoty Zaklady Chemiczne Police has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Grupa Azoty Zaklady Chemiczne Police used its assets less efficiently than the PL Chemicals industry average last year based on Return on Assets.
  • It is difficult to establish if Grupa Azoty Zaklady Chemiczne Police improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Grupa Azoty Zaklady Chemiczne Police'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 Chemicals 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.
Grupa Azoty Zaklady Chemiczne Police 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.

PCE Health

 How is Grupa Azoty Zaklady Chemiczne Police'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 Grupa Azoty Zaklady Chemiczne Police's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Grupa Azoty Zaklady Chemiczne Police is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Grupa Azoty Zaklady Chemiczne Police's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Grupa Azoty Zaklady Chemiczne Police'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 Grupa Azoty Zaklady Chemiczne Police Company Filings, last reported 6 months ago.

WSE:PCE Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 1,198.03 417.19 211.84
2018-06-30 1,217.84 360.88 82.43
2018-03-31 1,248.23 423.95 135.74
2017-12-31 1,121.76 386.93 145.00
2017-09-30 1,142.92 476.24 98.81
2017-06-30 1,121.93 427.99 109.21
2017-03-31 1,123.39 437.23 103.69
2016-12-31 1,038.11 374.40 95.80
2016-09-30 1,299.14 391.89 112.76
2016-06-30 1,312.71 338.39 63.22
2016-03-31 1,295.15 327.50 52.21
2015-12-31 1,003.23 309.11 95.14
2015-09-30 1,186.47 292.91 53.79
2015-06-30 1,166.74 249.57 66.56
2015-03-31 1,150.39 259.06 94.57
2014-12-31 1,107.33 257.63 55.03
2014-09-30 1,095.16 234.35 45.40
2014-06-30 1,087.49 244.96 71.32
2014-03-31 1,083.78 277.27 106.09
2013-12-31 1,066.21 258.41 82.16
2013-09-30 1,066.72 208.72 35.78
2013-06-30 984.64 126.77 49.17
2013-03-31 1,011.32 168.36 48.33
2012-12-31 979.10 216.06 50.81
2012-09-30 979.67 114.22 66.31
2012-06-30 951.00 156.60 89.18
  • Grupa Azoty Zaklady Chemiczne Police's level of debt (34.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (19.6% vs 34.8% today).
  • Debt is well covered by operating cash flow (72.1%, greater than 20% of total debt).
  • Grupa Azoty Zaklady Chemiczne Police is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Grupa Azoty Zaklady Chemiczne Police'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. Grupa Azoty Zaklady Chemiczne Police 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.

PCE Dividends

 What is Grupa Azoty Zaklady Chemiczne Police'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
3.58%
Current annual income from Grupa Azoty Zaklady Chemiczne Police dividends. Estimated to be 1.69% next year.
If you bought PLN2,000 of Grupa Azoty Zaklady Chemiczne Police shares you are expected to receive PLN72 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?
  • Grupa Azoty Zaklady Chemiczne Police's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.75%).
  • Grupa Azoty Zaklady Chemiczne Police's dividend is below the markets top 25% of dividend payers in Poland (7.52%).
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:PCE 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 Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 6.5%
Poland Market Average Dividend Yield Market Cap Weighted Average of 205 Stocks 3.3%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.7%
Poland Top 25% Dividend Yield 75th Percentile 7.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WSE:PCE Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.25 1.00
2019-12-31 0.25 1.00
2018-12-31 0.53 1.00
WSE:PCE Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-08-28 0.530 3.666
2018-04-19 0.530 2.980
2016-11-10 0.000 0.000
2016-08-24 0.000 0.000
2016-05-11 0.000 0.000
2016-03-11 0.000 0.000
2015-05-13 0.560 2.338
2015-03-16 0.560 2.407
2014-03-21 0.310 1.446
2013-03-21 0.670 2.931
2009-04-24 0.000 0.000

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

  • Grupa Azoty Zaklady Chemiczne Police has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Grupa Azoty Zaklady Chemiczne Police has only been paying a dividend for 6 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Grupa Azoty Zaklady Chemiczne Police's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (7.4x coverage).
X
Income/ dividend checks
We assess Grupa Azoty Zaklady Chemiczne Police'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 Grupa Azoty Zaklady Chemiczne Police afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Grupa Azoty Zaklady Chemiczne Police 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.

PCE Management

 What is the CEO of Grupa Azoty Zaklady Chemiczne Police'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
Wojciech Wardacki
COMPENSATION PLN74,700
TENURE AS CEO 3 years
CEO Bio

Dr. Wojciech Piotr Wardacki has served as the President of the Management Board and Chief Executive Officer at Grupa Azoty Zaklady Chemiczne Police S.A. since April 7, 2016. He has been President of Management Board at Grupa Azoty S.A. December 16, 2016. He has been a Supervisory Board Chairman at Bank Ochrony Srodowiska SA since 2016. Dr. Wardacki Education: PhD degree in economics. Career path: • 1983 to 1995: Assistant, later Assistant lecturer, with Institute of Transport Economics, initially with Szczecin Technical University, and as of Sep 1985, with Szczecin University. • 1989 to 1990: Research Worker, on a DAAD grant with University of Cologne Institute of Transport (Germany). • 1994 to 1996: own business, owned a Marketing Analysis and Study centre in Szczecin. • 1995 to 1996: Lecturer, with Higher School of Public Administration in Szczecin. • 1996 to Apr. 2005: Administration & Economics Head, Administration & Finance Director and eventually Management Board Member, with Goleniowskie Fabryki Mebli Kollektion WIM Sp. z o.o. in Golenis. • May 2005 to Aug 2006: Management Board Member in charge of restructuring with Zaklady Chemiczne Zachem S.A. in Bydgoszcz, and as of Oct 2005, Management Board President Director General. • Aug 2006 to Oct 2008: Management Board Member with Ciech S.A. in Warsaw. • Nov 2008 to Oct 2009: No professional engagement following no-competition clause in contract of employment with Ciech S.A. • 2010 to Dec 2014: own business, business counselling and lobbying. Further: • 1997 to 1998: Secretary to Advisory Group on Polish Rail company [PKP] restructuring programme evaluation to Management Board President of PKP. • 1998: Chairman, PKP Council. • 1999 to 2000: Member, PKP Council. • 2005 to 2008: Supervisory Board Member, later Supervisory Board Chairman, with “Transclean” Sp. z o.o. in Bydgoszcz. • 2006 to 2008: Supervisory Board Chairman, with “Janikosoda” S.A. in Janikowo. • 2006 to 2008: Supervisory Board Deputy Chairman, with “Soda Matwy” S.A. in Inowroclaw. • 2006 to 2008: Supervisory Board Member, with Gdanskie Zaklady Nawozs Fosforowych Sp. z o.o. in Gdansk. • 2007 to 2008: Supervisory Board Chairman, with Zachem S.A. in Bydgoszcz.

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

Average tenure of the Grupa Azoty Zaklady Chemiczne Police management team in years:

2.8
Average Tenure
  • The tenure for the Grupa Azoty Zaklady Chemiczne Police management team is about average.
Management Team

Wojciech Wardacki

TITLE
President of the Management Board & CEO
COMPENSATION
PLN75K
TENURE
3 yrs

Tomasz Panas

TITLE
Vice President of the Management Board
COMPENSATION
PLN1M
TENURE
3 yrs

Wlodzimierz Zasadzki

TITLE
Vice President of the Management Board
COMPENSATION
PLN1M
TENURE
2.8 yrs

Anna Tarocinska

TITLE
Member of Management Board
COMPENSATION
PLN655K
TENURE
2.1 yrs

Bozena Licht

TITLE
Secretary & Member of Supervisory Board
COMPENSATION
PLN75K
TENURE
2.8 yrs

Józefa Zurawska

TITLE
Chief Accountant

Wojciech Królak

TITLE
Technical Director
Board of Directors Tenure

Average tenure of the Grupa Azoty Zaklady Chemiczne Police board of directors in years:

2.5
Average Tenure
  • The average tenure for the Grupa Azoty Zaklady Chemiczne Police board of directors is less than 3 years, this suggests a new board.
Board of Directors

Joanna Habelman

TITLE
Chairwoman of the Supervisory Board
COMPENSATION
PLN83K
TENURE
2.3 yrs

Miroslaw Kozlowski

TITLE
Deputy Chairman of the Supervisory Board
COMPENSATION
PLN78K
TENURE
2.2 yrs

Bozena Licht

TITLE
Secretary & Member of Supervisory Board
COMPENSATION
PLN75K
TENURE
2.8 yrs

Agnieszka Dabrowska

TITLE
Member of the Supervisory Board
COMPENSATION
PLN68K
TENURE
2.8 yrs

Andrzej Malicki

TITLE
Member of the Supervisory Board
COMPENSATION
PLN73K
TENURE
2.8 yrs

Maria Wiecek

TITLE
Member of Supervisory Board
COMPENSATION
PLN71K
TENURE
2.3 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 Grupa Azoty Zaklady Chemiczne Police'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. Grupa Azoty Zaklady Chemiczne Police 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.

PCE News

Simply Wall St News

Is Grupa Azoty Zaklady Chemiczne Police S.A.'s (WSE:PCE) Balance Sheet Strong Enough To Weather A Storm?

Investors are always looking for growth in small-cap stocks like Grupa Azoty Zaklady Chemiczne Police S.A. … 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 -

What Should Investors Know About Grupa Azoty Zaklady Chemiczne Police SA's (WSE:PCE) Capital Returns?

and want a simplistic look at the return on Grupa Azoty Zaklady Chemiczne Police SA (WSE:PCE) stock. … Grupa Azoty Zaklady Chemiczne Police stock represents an ownership share in the company. … Thus, to understand how your money can grow by investing in Grupa Azoty Zaklady Chemiczne Police, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

With An ROE Of 6.0%, Can Grupa Azoty Zaklady Chemiczne Police SA (WSE:PCE) Catch Up To The Industry?

Grupa Azoty Zaklady Chemiczne Police SA (WSE:PCE) delivered an ROE of 6.0% over the past 12 months, which is relatively in-line with its industry average of 6.5% during the same period. … But what is more interesting is whether PCE can sustain or improve on this level of return. … View our latest analysis for Grupa Azoty Zaklady Chemiczne Police

Simply Wall St -

What Does Grupa Azoty Zaklady Chemiczne Police SA's (WSE:PCE) PE Ratio Tell You?

Grupa Azoty Zaklady Chemiczne Police SA (WSE:PCE) is currently trading at a trailing P/E of 13.5x, which is higher than the industry average of 13.5x. … Although some investors may jump to the conclusion that you should avoid the stock or sell if you own it, understanding the assumptions behind the P/E ratio might change your mind. … See our latest analysis for Grupa Azoty Zaklady Chemiczne Police

Simply Wall St -

Should You Be Tempted To Sell Grupa Azoty Zaklady Chemiczne Police SA (WSE:PCE) At Its Current PE Ratio?

However, a static multiple such as PE is never conclusive on its own. … This is because there are many company-specific factors like future prospects and capital structure, which are unaccounted for … This article will cover some key aspects we should consider in order to determine the best multiple to be used for

Simply Wall St -

Is It Time To Buy Grupa Azoty Zaklady Chemiczne Police SA (WSE:PCE)?

Grupa Azoty Zaklady Chemiczne Police SA (WSE:PCE), a chemicals company based in Poland,. … A question to answer is whether Grupa Azoty Zaklady Chemiczne Police's current trading price of PLN17.7 reflective of the actual value of the? … Let’s take a look at Grupa Azoty Zaklady Chemiczne Police’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Does Grupa Azoty Zaklady Chemiczne Police SA. (WSE:PCE)'s Capital Return Make The Cut?

To understand Grupa Azoty Zaklady Chemiczne Police’s capital returns we will look at a useful metric called return on capital employed. … To determine Grupa Azoty Zaklady Chemiczne Police's capital return we will use ROCE, which tells us how much the company makes from the capital employed in their operations (for things like machinery, wages etc). … Comparing this to a healthy 15% benchmark shows Grupa Azoty Zaklady Chemiczne Police is currently unable to return a satisfactory amount to owners for the use of their capital, which isn't good for investors who have forgone other potentially solid companies.

Simply Wall St -

Why Grupa Azoty Zaklady Chemiczne Police SA.'s (WSE:PCE) Ownership Structure Is Important

Check out our latest analysis for Grupa Azoty Zaklady Chemiczne Police WSE:PCE Ownership_summary May 10th 18 Institutional Ownership In PCE's case, institutional ownership stands at 16.12%, significant enough to cause considerable price moves in the case of large institutional transactions, especially when there is a low level of public shares available on the market to trade. … Public Company Ownership Another group of owners that a potential investor in PCE should consider are other public companies, with a stake of 66.00%. … Thus, potential investors should look into these business relations and check how it can impact long-term shareholder returns.Next Steps: The company's high institutional ownership makes margin of safety a very important consideration to existing investors since long bull and bear trends often emerge when these big-ticket investors see a change in long-term potential of the company.

Simply Wall St -

How Does Investing In Grupa Azoty Zaklady Chemiczne Police SA. (WSE:PCE) Impact Your Portfolio?

A stock with a beta greater than one is considered more sensitive to market-wide shocks compared to a stock that trades below the value of one. … See our latest analysis for Grupa Azoty Zaklady Chemiczne Police An interpretation of PCE's beta Grupa Azoty Zaklady Chemiczne Police's beta of 0.2 indicates that the stock value will be less variable compared to the whole stock market. … Based on this beta value, PCE 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 -

Is Grupa Azoty Zaklady Chemiczne Police SA.'s (WSE:PCE) PE Ratio A Signal To Sell For Investors?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for PCE Price per share = PLN19.5 Earnings per share = PLN1.45 ∴ Price-Earnings Ratio = PLN19.5 ÷ PLN1.45 = 13.4x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … PCE’s P/E of 13.4x is higher than its industry peers (12.6x), which implies that each dollar of PCE’s earnings is being overvalued by investors. … For example, if you inadvertently compared riskier firms with PCE, then investors would naturally value PCE at a higher price since it is a less risky investment.

Simply Wall St -

PCE Company Info

Description

Grupa Azoty Zaklady Chemiczne Police S.A. manufactures and sells mineral fertilizers, engineering plastics, OXO alcohols, plasticizers, and pigments worldwide. It provides compound fertilizers, such as nitrogen, phosphorus, and potassium fertilizers under the POLIFOSK and POLIDAP brand; nitrogen-based fertilizers; and phosphoric and sulfuric acids. The company also manufactures and sells urea solutions for to reducing nitrogen oxide emissions from diesel engines and used as a reducing agent in vehicle emissions control technologies under the NOXy and Pulnox name, as well as liquid ammonia. In addition, it provides pigments comprising titanium white and associated semi-products, including iron sulfate and hydrolytic acid under the TYTANPOL brand. Further, the company produces electricity, hot steam, and heating water, as well as fly ash. Additionally, it offers design services for construction, assembly, mechanical, electrical, automation and measurement, technological, and chemical industries; printing and binding services; logistics, transport, plant and equipment, and workshop services; and sea port operation, port construction, property management, research and development, sea and inland shipping, and coastal water transportation services. The company also engages in the provision of overhauls and services for mechanical industry; project execution, technical, and engineering activities in automation; repairs of instrumentation and control equipment; maintenance of computer control systems; repair, maintenance, and inspection of electrical machinery; provision of measurement and diagnostics services; and inspection and maintenance of medium-and-low voltage electrical equipment and networks. In addition, the company is involved in phosphate rock exploration, wastewater disposal, waste storage, laboratory, and property rental activities. The company is based in Police, Poland. Grupa Azoty Zaklady Chemiczne Police S.A. is a subsidiary of Grupa Azoty Spólka Akcyjna.

Details
Name: Grupa Azoty Zaklady Chemiczne Police S.A.
PCE
Exchange: WSE
Founded:
PLN1,110,000,000
75,000,000
Website: http://zchpolice.grupaazoty.com/en.html
Address: Grupa Azoty Zaklady Chemiczne Police S.A.
ul. Kuznicka 1,
Police,
72-010,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE PCE Ordinary Shares Warsaw Stock Exchange PL PLN 06. Sep 2005
LSE 0OJO Ordinary Shares London Stock Exchange GB PLN 06. Sep 2005
Number of employees
Current staff
Staff numbers
3,444
Grupa Azoty Zaklady Chemiczne Police employees.
Industry
Diversified Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 20:54
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/02/13
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.