Loading...
Stelmet S.A. produces and distributes wooden garden architecture in Great Britain, France, Germany, and internationally. The last earnings update was 22 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Stelmet (STL) | -1.1% | 18.7% | 18.7% | -53.9% | - | - |
PL Forestry | -3.7% | -8% | -3.4% | -27.3% | 7% | 11.9% |
PL Market | -0.8% | -0.4% | 8.1% | -7% | 17.3% | -7.9% |
Is Stelmet 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 Stelmet.
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 | 14.2% |
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% |
Forestry Unlevered Beta | Simply Wall St/ S&P Global | 0.9 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.9 (1 + (1- 19%) (94.23%)) |
1.587 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.59 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.587 * 7.15%) |
14.2% |
Discounted Cash Flow Calculation for WSE:STL using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Stelmet 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) | 19.00 | 35.00 | 30.00 | 30.00 | 31.00 |
Source | Analyst x1 | Analyst x1 | Analyst x1 | Analyst x1 | Analyst x1 |
Present Value Discounted (@ 14.2%) |
16.64 | 26.84 | 20.14 | 17.64 | 15.96 |
Present value of next 5 years cash flows | PLN97.22 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= PLN31.00 × (1 + 2.85%) ÷ (14.2% – 2.85%) |
PLN280.95 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= PLN280.95 ÷ (1 + 14.2%)5 |
PLN144.65 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= PLN97.22 + PLN144.65 |
PLN241.87 |
Equity Value per Share (PLN) |
= Total value / Shares Outstanding
= PLN241.87 / 29.36 |
PLN8.24 |
Calculation | Result | |
---|---|---|
Value per share (PLN) | From above. | PLN8.24 |
Current discount | Discount to share price of
PLN8.90
= -1 x (PLN8.90 - PLN8.24) / PLN8.24 |
-8.1% |
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 | PLN0.33 |
WSE:STL Share Price ** | WSE (2019-02-19) in PLN | PLN8.9 |
Poland Forestry Industry PE Ratio | Median Figure of 8 Publicly-Listed Forestry Companies | 18.54x |
Poland Market PE Ratio | Median Figure of 451 Publicly-Listed Companies | 10.56x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Stelmet.
Calculation | Outcome | |
---|---|---|
PE Ratio | = WSE:STL Share Price ÷ EPS (both in PLN) = 8.9 ÷ 0.33 |
27.29x |
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 | 27.29x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts |
19%per year |
Europe Forestry Industry PEG Ratio | Median Figure of 22 Publicly-Listed Forestry Companies | 1.07x |
Poland Market PEG Ratio | Median Figure of 100 Publicly-Listed Companies | 1.12x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-09-30) in PLN | PLN15.71 |
WSE:STL Share Price * | WSE (2019-02-19) in PLN | PLN8.9 |
Poland Forestry Industry PB Ratio | Median Figure of 8 Publicly-Listed Forestry Companies | 0.75x |
Poland Market PB Ratio | Median Figure of 691 Publicly-Listed Companies | 1.02x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = WSE:STL Share Price ÷ Book Value per Share (both in PLN) = 8.9 ÷ 15.71 |
0.57x |
* Primary Listing of Stelmet.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
How is Stelmet expected to perform in the next 1 to 3 years based on estimates from 1 analyst?
Data Point | Source | Value (per year) |
---|---|---|
WSE:STL Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts | 19% |
WSE:STL Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts | 3.5% |
Poland Forestry Industry Earnings Growth Rate | Market Cap Weighted Average | 16.6% |
Europe Forestry Industry Revenue Growth Rate | Market Cap Weighted Average | 2.1% |
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 1 Analyst Estimates (S&P Global) | See Below |
Date (Data in PLN Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2023-09-30 | 658 | 1 | ||
2022-09-30 | 641 | 1 | ||
2021-09-30 | 625 | 57 | 1 | |
2020-09-30 | 605 | 53 | 1 | |
2019-09-30 | 582 | 49 | 1 |
Date (Data in PLN Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-09-30 | 553 | 32 | 10 |
2018-06-30 | 548 | 39 | 12 |
2018-03-31 | 522 | 39 | 13 |
2017-12-31 | 534 | 41 | 35 |
2017-09-30 | 536 | 39 | 18 |
2017-06-30 | 536 | 39 | 44 |
2017-03-31 | 557 | 69 | 64 |
2016-12-31 | 558 | 85 | 59 |
2016-09-30 | 567 | 114 | 68 |
2016-06-30 | 535 | 130 | 42 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 1 Analyst Estimates (S&P Global) | See Below |
All data from Stelmet 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 |
---|---|---|---|---|
2023-09-30 | ||||
2022-09-30 | ||||
2021-09-30 | ||||
2020-09-30 | ||||
2019-09-30 |
Date (Data in PLN Millions) | EPS * |
---|---|
2018-09-30 | 0.33 |
2018-06-30 | 0.41 |
2018-03-31 | 0.44 |
2017-12-31 | 1.18 |
2017-09-30 | 0.60 |
2017-06-30 | 1.52 |
2017-03-31 | 2.23 |
2016-12-31 | 2.11 |
2016-09-30 | 2.44 |
2016-06-30 | 1.54 |
*GAAP earnings excluding extraordinary items.
How has Stelmet performed over the past 5 years?
All data from Stelmet 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 | 553.02 | 9.58 | 128.97 | |
2018-06-30 | 547.77 | 12.12 | 115.59 | |
2018-03-31 | 522.46 | 13.04 | 114.61 | |
2017-12-31 | 534.13 | 34.51 | 115.77 | |
2017-09-30 | 536.31 | 17.63 | 130.62 | |
2017-06-30 | 535.81 | 44.05 | 119.04 | |
2017-03-31 | 556.72 | 63.59 | 125.96 | |
2016-12-31 | 558.00 | 59.47 | 125.29 | |
2016-09-30 | 567.30 | 68.20 | 123.67 | |
2016-06-30 | 535.03 | 41.76 | 120.70 | |
2015-09-30 | 509.14 | 64.67 | 99.88 | |
2014-06-30 | 408.59 | 82.31 | 74.00 | |
2013-06-30 | 358.29 | 53.34 | 64.25 |
*GAAP earnings excluding extraordinary items.
How is Stelmet's financial health and their level of debt?
All data from Stelmet Company Filings, last reported 4 months ago.
Date (Data in PLN Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-09-30 | 461.43 | 246.26 | 71.97 |
2018-06-30 | 469.99 | 283.21 | 28.41 |
2018-03-31 | 457.67 | 300.16 | 7.17 |
2017-12-31 | 453.56 | 251.41 | 13.50 |
2017-09-30 | 451.97 | 253.16 | 72.56 |
2017-06-30 | 458.08 | 284.66 | 32.87 |
2017-03-31 | 445.09 | 302.70 | 6.65 |
2016-12-31 | 419.98 | 270.54 | 21.79 |
2016-09-30 | 390.16 | 232.70 | 29.31 |
2016-06-30 | 370.12 | 251.24 | 7.59 |
2015-09-30 | 332.35 | 180.39 | 33.07 |
2014-06-30 | 244.89 | 123.78 | 8.67 |
2013-06-30 | 194.46 | 160.52 | 12.92 |
What is Stelmet'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 1 Analyst Estimates (S&P Global) | See Below |
Europe Forestry Industry Average Dividend Yield | Market Cap Weighted Average of 23 Stocks | 3.7% |
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 | 7.7% |
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 |
---|---|---|
2023-09-30 | ||
2022-09-30 | ||
2021-09-30 | ||
2020-09-30 | 0.21 | 1.00 |
2019-09-30 | 0.08 | 1.00 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Mr. Stanislaw Bienkowski serves as the President of the Management Board at Stelmet S.A. Mr. Bienkowski founded Stelmet company (which works as a Joint Stock Company since 2006) in 1985 and serves as its Longtime President. Mr. Bienkowski graduated from the Engineer University in Zielona Góra.
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. … Return On Capital Employed (ROCE): What is it? … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.
Simply Wall St - – Full articleThough STL's recent performance is underwhelming, it is useful to understand what ROE is made up of and how it should be interpreted. … Knowing these components can change your views on STL's below-average returns. … Today I will look at how components such as financial leverage can influence ROE which may impact the sustainability of STL's returns
Simply Wall St - – Full articleWhile investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Evaluating financial health as part of your investment thesis is. … Here are few basic financial health checks you should consider before taking the plunge.
Simply Wall St - – Full articleThe content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to better understand how you can grow your money by investing in Stelmet SA (WSE:STL). … Stelmet SA (WSE:STL) is currently trading at a trailing P/E of 10.5x, which is lower than the industry average of 12.3x.
Simply Wall St - – Full articleBy comparing a stock’s price per share to its earnings per share, we are able to see how much investors are paying for each dollar of the company’s earnings. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for STL Price per share = PLN14.15 Earnings per share = PLN1.175 ∴ Price-Earnings Ratio = PLN14.15 ÷ PLN1.175 = 12x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … For example, if you inadvertently compared lower risk firms with STL, then investors would naturally value STL at a lower price since it is a riskier investment.
Simply Wall St - – Full articleReturn on Equity = Net Profit ÷ Shareholders Equity Returns are usually compared to costs to measure the efficiency of capital. … ROE can be broken down into three different 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:STL Last Perf May 28th 18 The first component is profit margin, which measures how much of sales is retained after the company pays for all its expenses.
Simply Wall St - – Full articleOn top of this, STL has generated ZŁ39.28M in operating cash flow during the same period of time, leading to an operating cash to total debt ratio of 15.52%, indicating that STL’s operating cash is not sufficient to cover its debt. … In STL’s case, it is able to generate 0.16x cash from its debt capital. … In STL's case, the ratio of 7.23x suggests that interest is appropriately covered, which means that lenders may be inclined to lend more money to the company, as it is seen as safe in terms of payback.Next Steps: STL’s cash flow coverage indicates it could improve its operating efficiency in order to meet demand for debt repayments should unforeseen events arise.
Simply Wall St - – Full article
Stelmet S.A. produces and distributes wooden garden architecture in Great Britain, France, Germany, and internationally. The company manufactures goods made of pine and spruce wood, which include fences, grids, boards, platforms, pergolas, flowerbeds, gazebos, and tool sheds for fencing, furnishing, and decorating gardens, parks, terraces, and various recreational spaces. It also offers products that use in their structure arcs, which are made of glued laminated timber. Stelmet S.A. was founded in 1985 and is based in Zielona Gora, Poland.
Name: | Stelmet S.A. |
STL | |
Exchange: | WSE |
Founded: | 1985 |
PLN261,341,513 | |
29,364,215 | |
Website: | http://www.stelmet.com |
Address: |
Stelmet S.A. ul. Gorzowska 20, Zielona Gora, 65-127, Poland |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
WSE | STL | Ordinary Shares | Warsaw Stock Exchange | PL | PLN | 25. Oct 2016 | |
LSE | 0RKA | Ordinary Shares | London Stock Exchange | GB | PLN | 25. Oct 2016 |
Forest Products | |
Materials |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/20 00:24 |
End of day share price update: | 2019/02/19 00:00 |
Last estimates confirmation: | 2019/02/04 |
Last earnings filing: | 2019/01/29 |
Last earnings reported: | 2018/09/30 |
Last annual earnings reported: | 2018/09/30 |
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.