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Przedsiebiorstwo Produkcyjno Handlowe WADEX

WSE:WAX
Snowflake Description

Excellent balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WAX
WSE
PLN18M
Market Cap
  1. Home
  2. PL
  3. Materials
Company description

Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A. The last earnings update was 88 days ago. More info.


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WAX Share Price and Events
7 Day Returns
1.1%
WSE:WAX
0.7%
PL Metals and Mining
0.7%
PL Market
1 Year Returns
-16.1%
WSE:WAX
-19.8%
PL Metals and Mining
-5.7%
PL Market
WAX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Przedsiebiorstwo Produkcyjno Handlowe WADEX (WAX) 1.1% 3.8% 13.9% -16.1% 31.7% -56.3%
PL Metals and Mining 0.7% 3.7% 1.8% -19.8% 55.1% -3%
PL Market 0.7% -0.2% 6.3% -5.7% 19% -6.6%
1 Year Return vs Industry and Market
  • WAX outperformed the Metals and Mining industry which returned -19.8% over the past year.
  • WAX underperformed the Market in Poland which returned -5.7% over the past year.
Price Volatility
WAX
Industry
5yr Volatility vs Market

Value

 Is Przedsiebiorstwo Produkcyjno Handlowe WADEX 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 Przedsiebiorstwo Produkcyjno Handlowe WADEX 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    Our calculation method for this is changing soon.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Przedsiebiorstwo Produkcyjno Handlowe WADEX.

WSE:WAX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.9%
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:WAX
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 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.84 (1 + (1- 19%) (1.22%))
0.849
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.849 * 7.15%)
8.92%

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

The calculations below outline how an intrinsic value for Przedsiebiorstwo Produkcyjno Handlowe WADEX 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:WAX DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (PLN, Millions) 2.23 2.35 2.48 2.61 2.76
Source Est @ 5.51% Est @ 5.51% Est @ 5.51% Est @ 5.51% Est @ 5.51%
Present Value
Discounted (@ 8.92%)
2.04 1.98 1.92 1.86 1.80
Present value of next 5 years cash flows PLN9.59
WSE:WAX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= PLN2.76 × (1 + 2.85%) ÷ (8.92% – 2.85%)
PLN46.74
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= PLN46.74 ÷ (1 + 8.92%)5
PLN30.49
WSE:WAX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= PLN9.59 + PLN30.49
PLN40.09
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN40.09 / 3.31
PLN12.12
WSE:WAX Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN12.12
Current discount Discount to share price of PLN5.40
= -1 x (PLN5.40 - PLN12.12) / PLN12.12
55.4%

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

Current Discount
Amount off the current price Przedsiebiorstwo Produkcyjno Handlowe WADEX is available for.
Intrinsic value
>50%
Share price is PLN5.4 vs Future cash flow value of PLN12.12
Current Discount Checks
For Przedsiebiorstwo Produkcyjno Handlowe WADEX to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX'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 Przedsiebiorstwo Produkcyjno Handlowe WADEX's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Przedsiebiorstwo Produkcyjno Handlowe WADEX's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:WAX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN0.36
WSE:WAX Share Price ** WSE (2019-02-22) in PLN PLN5.4
Poland Metals and Mining Industry PE Ratio Median Figure of 15 Publicly-Listed Metals and Mining Companies 6.56x
Poland Market PE Ratio Median Figure of 464 Publicly-Listed Companies 10.71x

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

** Primary Listing of Przedsiebiorstwo Produkcyjno Handlowe WADEX.

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

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

= 5.4 ÷ 0.36

15.15x

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

  • Przedsiebiorstwo Produkcyjno Handlowe WADEX is overvalued based on earnings compared to the PL Metals and Mining industry average.
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does Przedsiebiorstwo Produkcyjno Handlowe WADEX's expected growth come at a high price?
Raw Data
WSE:WAX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.15x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
3.1%per year
Poland Metals and Mining Industry PEG Ratio Median Figure of 7 Publicly-Listed Metals and Mining Companies 1.16x
Poland Market PEG Ratio Median Figure of 101 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 Przedsiebiorstwo Produkcyjno Handlowe WADEX, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Przedsiebiorstwo Produkcyjno Handlowe WADEX's assets?
Raw Data
WSE:WAX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN3.38
WSE:WAX Share Price * WSE (2019-02-22) in PLN PLN5.4
Poland Metals and Mining Industry PB Ratio Median Figure of 19 Publicly-Listed Metals and Mining Companies 0.93x
Poland Market PB Ratio Median Figure of 689 Publicly-Listed Companies 1.01x
WSE:WAX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 5.4 ÷ 3.38

1.6x

* Primary Listing of Przedsiebiorstwo Produkcyjno Handlowe WADEX.

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

  • Przedsiebiorstwo Produkcyjno Handlowe WADEX is overvalued based on assets compared to the PL Metals and Mining industry average.
X
Value checks
We assess Przedsiebiorstwo Produkcyjno Handlowe WADEX'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. Przedsiebiorstwo Produkcyjno Handlowe WADEX 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.

Future Performance

 How is Przedsiebiorstwo Produkcyjno Handlowe WADEX expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Przedsiebiorstwo Produkcyjno Handlowe WADEX, future earnings growth has been estimated based on fundamentals.
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
3.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Przedsiebiorstwo Produkcyjno Handlowe WADEX expected to grow at an attractive rate?
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's earnings growth is positive but not above the Poland market average.
  • Unable to compare Przedsiebiorstwo Produkcyjno Handlowe WADEX's revenue growth to the Poland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
WSE:WAX Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:WAX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 3.1%
Poland Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 6.5%
Poland Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 1.4%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10%
Poland Market Revenue Growth Rate Market Cap Weighted Average 6.7%

*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:WAX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:WAX Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 25 3 1
2018-06-30 26 3 1
2018-03-31 26 2 2
2017-12-31 24 2 1
2017-09-30 24 2 1
2017-06-30 22 2 1
2017-03-31 21 2 1
2016-12-31 20 3 1
2016-09-30 20 0 1
2016-06-30 20 9 1
2016-03-31 20 10 1
2015-12-31 20 14 1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's earnings are expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Przedsiebiorstwo Produkcyjno Handlowe WADEX is high growth as no revenue estimate data is available.
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:WAX 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 0 Analyst Estimates (S&P Global) See Below

All data from Przedsiebiorstwo Produkcyjno Handlowe WADEX Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:WAX Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 0.36
2018-06-30 0.33
2018-03-31 0.47
2017-12-31 0.39
2017-09-30 0.38
2017-06-30 0.27
2017-03-31 0.23
2016-12-31 0.16
2016-09-30 0.22
2016-06-30 0.26
2016-03-31 0.31
2015-12-31 0.16

*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 Przedsiebiorstwo Produkcyjno Handlowe WADEX will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Przedsiebiorstwo Produkcyjno Handlowe WADEX'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.
Przedsiebiorstwo Produkcyjno Handlowe WADEX has a total score of 1/6, 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 Przedsiebiorstwo Produkcyjno Handlowe WADEX 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 Przedsiebiorstwo Produkcyjno Handlowe WADEX'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.
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's 1-year earnings growth is negative, it can't be compared to the PL Metals and Mining industry average.
Earnings and Revenue History
Przedsiebiorstwo Produkcyjno Handlowe WADEX'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 Przedsiebiorstwo Produkcyjno Handlowe WADEX Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:WAX 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 25.34 1.18 6.06
2018-06-30 25.61 1.09 6.18
2018-03-31 25.59 1.55 5.95
2017-12-31 24.39 1.29 5.87
2017-09-30 23.58 1.27 6.14
2017-06-30 22.07 0.89 6.23
2017-03-31 21.44 0.77 6.42
2016-12-31 20.46 0.52 6.64
2016-09-30 19.75 0.72 6.34
2016-06-30 20.01 0.87 6.30
2016-03-31 20.21 1.02 6.31
2015-12-31 19.93 0.53 6.46
2015-09-30 19.66 1.99 6.45
2015-06-30 19.70 1.98 6.21
2015-03-31 20.15 1.64 6.01
2014-12-31 20.09 2.25 5.68
2014-09-30 20.13 1.05 5.57
2014-06-30 19.39 1.18 5.53
2014-03-31 18.34 1.46 5.47
2013-12-31 20.12 1.77 5.46
2013-09-30 20.86 1.49 5.50
2013-06-30 21.13 1.60 5.56
2013-03-31 21.70 3.18 5.58
2012-12-31 20.50 3.07 5.41
2012-09-30 21.31 3.02 5.14
2012-06-30 21.76 3.14 4.97
2012-03-31 21.87 1.91 4.83

*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.
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX used its assets less efficiently than the PL Metals and Mining industry average last year based on Return on Assets.
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Przedsiebiorstwo Produkcyjno Handlowe WADEX'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.
Przedsiebiorstwo Produkcyjno Handlowe WADEX has a total score of 1/6, 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 Przedsiebiorstwo Produkcyjno Handlowe WADEX'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 Przedsiebiorstwo Produkcyjno Handlowe WADEX's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Przedsiebiorstwo Produkcyjno Handlowe WADEX'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 59.2x 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 Przedsiebiorstwo Produkcyjno Handlowe WADEX Company Filings, last reported 4 months ago.

WSE:WAX Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 11.17 0.22 5.54
2018-06-30 10.44 0.16 4.80
2018-03-31 11.85 0.30 5.37
2017-12-31 11.26 1.19 5.76
2017-09-30 11.25 0.62 5.40
2017-06-30 10.61 0.86 4.46
2017-03-31 12.72 1.02 6.81
2016-12-31 12.38 1.86 7.61
2016-09-30 12.30 1.36 6.00
2016-06-30 12.03 1.52 5.96
2016-03-31 15.26 1.69 9.89
2015-12-31 15.17 2.33 10.23
2015-09-30 14.88 1.68 8.74
2015-06-30 14.47 7.15 8.18
2015-03-31 16.46 7.57 9.39
2014-12-31 16.86 8.39 6.70
2014-09-30 15.14 5.20 7.50
2014-06-30 14.70 2.56 6.11
2014-03-31 15.81 0.08 6.87
2013-12-31 15.60 0.19 7.56
2013-09-30 15.05 0.12 6.88
2013-06-30 14.52 0.14 5.19
2013-03-31 14.81 0.17 5.04
2012-12-31 14.28 0.24 4.96
2012-09-30 14.31 0.10 3.97
2012-06-30 15.00 0.12 4.75
2012-03-31 13.38 0.13 5.74
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's level of debt (1.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0.8% vs 1.9% today).
  • Debt is well covered by operating cash flow (1453.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 26.2x coverage).
X
Financial health checks
We assess Przedsiebiorstwo Produkcyjno Handlowe WADEX'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. Przedsiebiorstwo Produkcyjno Handlowe WADEX has a total score of 5/6, 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 Przedsiebiorstwo Produkcyjno Handlowe WADEX'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
6.48%
Current annual income from Przedsiebiorstwo Produkcyjno Handlowe WADEX dividends.
If you bought PLN2,000 of Przedsiebiorstwo Produkcyjno Handlowe WADEX shares you are expected to receive PLN130 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?
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.55%).
  • Przedsiebiorstwo Produkcyjno Handlowe WADEX's dividend is below the markets top 25% of dividend payers in Poland (7.77%).
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:WAX 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 0 Analyst Estimates (S&P Global) See Below
Poland Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 2%
Poland Market Average Dividend Yield Market Cap Weighted Average of 209 Stocks 3.3%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.6%
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:WAX Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-05-29 0.350 7.167
2018-04-10 0.350 6.178
2017-05-16 0.700 12.246
2017-03-28 0.700 10.651
2016-05-13 1.000 18.568
2016-03-21 1.000 14.303
2015-05-15 0.670 15.036
2015-03-23 0.670 10.033
2014-11-14 0.300 7.000
2014-09-01 0.300 5.079
2014-05-15 0.300 4.226
2014-03-24 0.300 3.264
2013-11-14 0.440 3.432
2013-08-30 0.440 3.640
2013-05-15 0.440 3.823
2013-03-15 0.440 4.421
2013-01-15 0.440 4.301
2012-11-14 0.300 3.023
2012-08-31 0.300 3.413
2012-05-15 0.300 4.402
2012-02-29 0.300 3.892
2011-04-29 0.500 5.979
2011-01-17 0.500 4.231
2010-03-01 3.000 22.231
2009-03-05 0.250 2.482

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Przedsiebiorstwo Produkcyjno Handlowe WADEX's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Przedsiebiorstwo Produkcyjno Handlowe WADEX'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 Przedsiebiorstwo Produkcyjno Handlowe WADEX afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Przedsiebiorstwo Produkcyjno Handlowe WADEX 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.

Management

 What is the CEO of Przedsiebiorstwo Produkcyjno Handlowe WADEX'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
Zbigniew Piechocinski
COMPENSATION PLN490,000
TENURE AS CEO 29.1 years
CEO Bio

Mr. Zbigniew Piechocinski has been President of the Management Board at PPH Wadex SA since 1990 and serves as its Executive Director.

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

Zbigniew Piechocinski

TITLE
President of the Management Board & Executive Director
COMPENSATION
PLN490K
TENURE
29.1 yrs

Ryszard Sebastian

TITLE
Trade Director & Member of the Management Board
COMPENSATION
PLN358K
TENURE
11.1 yrs
Board of Directors

Janusz Rybka

TITLE
Chairman of the Supervisory Board

Tomasz Skrzypczak

TITLE
Vice-Chairman of the Supervisory Board

Bozena Jarzyna

TITLE
Secretary of the Supervisory Board

Krystyna Piechocinska

TITLE
Member of Supervisory Board

Joanna Kolanek

TITLE
Member of the Supervisory Board
TENURE
2.1 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 Przedsiebiorstwo Produkcyjno Handlowe WADEX'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. Przedsiebiorstwo Produkcyjno Handlowe WADEX 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 Should Investors React To Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A.'s (WSE:WAX) CEO Pay?

In 1990 Zbigniew Piechocinski was appointed CEO of Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A. … Check out our latest analysis for Przedsiebiorstwo Produkcyjno Handlowe WADEX … How Does Zbigniew Piechocinski's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Is There More To Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A. (WSE:WAX) Than Its 11%Returns On Capital?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Does Market Volatility Impact Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A.'s (WSE:WAX) Share Price?

(WSE:WAX), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Can We See Significant Insider Ownership On The Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A. (WSE:WAX) Share Register?

Every investor in Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A. … Przedsiebiorstwo Produkcyjno Handlowe WADEX is a smaller company with a market capitalization of zł16m, so it may still be flying under the radar of many institutional investors. … View our latest analysis for Przedsiebiorstwo Produkcyjno Handlowe WADEX

Simply Wall St -

What Did Przedsiebiorstwo Produkcyjno Handlowe WADEX SA's (WSE:WAX) CEO Take Home Last Year?

In 1990 Zbigniew Piechocinski was appointed CEO of Przedsiebiorstwo Produkcyjno Handlowe WADEX SA (WSE:WAX). … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … According to our data, Przedsiebiorstwo Produkcyjno Handlowe WADEX SA has a market capitalization of zł16m, and pays its CEO total annual compensation worth zł430k.

Simply Wall St -

Is Przedsiebiorstwo Produkcyjno Handlowe WADEX SA's (WSE:WAX) 10% Better Than Average?

By way of learning-by-doing, we'll look at ROE to gain a better understanding Przedsiebiorstwo Produkcyjno Handlowe WADEX SA (WSE:WAX). … Over the last twelve months Przedsiebiorstwo Produkcyjno Handlowe WADEX has recorded a ROE of 10%. … See our latest analysis for Przedsiebiorstwo Produkcyjno Handlowe WADEX?

Simply Wall St -

Do You Know Who Else Invests In Przedsiebiorstwo Produkcyjno Handlowe WADEX SA (WSE:WAX)?

Every investor in Przedsiebiorstwo Produkcyjno Handlowe WADEX SA (WSE:WAX) should be aware of the most powerful shareholder groups. … With a market capitalization of zł16.2m, Przedsiebiorstwo Produkcyjno Handlowe WADEX is a small cap stock, so it might not be well known by many institutional investors. … Check out our latest analysis for Przedsiebiorstwo Produkcyjno Handlowe WADEX

Simply Wall St -

What Does Przedsiebiorstwo Produkcyjno Handlowe WADEX SA's (WSE:WAX) PE Ratio Tell You?

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … Przedsiebiorstwo Produkcyjno Handlowe WADEX SA (WSE:WAX) trades with a trailing P/E of 10.3x, which is higher than the industry average of 9.9x. … Check out our latest analysis for Przedsiebiorstwo Produkcyjno Handlowe WADEX

Simply Wall St -

Does Przedsiebiorstwo Produkcyjno Handlowe WADEX SA's (WSE:WAX) CEO Salary Compare Well With Others?

Understanding how CEOs are incentivised to run and grow their company is an important aspect of investing in a stock. … Incentives can be in the form of compensation, which should always be structured in a way that promotes value-creation to shareholders. … CEOs leading companies of similar size and profitability

Simply Wall St -

Is Przedsiebiorstwo Produkcyjno Handlowe WADEX SA (WSE:WAX) An Attractive Dividend Stock?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … In the past 9 years Przedsiebiorstwo Produkcyjno Handlowe WADEX SA (WSE:WAX) has returned an average of 7.00% per year to investors in the form of dividend payouts. … Let's take a look at Przedsiebiorstwo Produkcyjno Handlowe WADEX in more detail.

Simply Wall St -

Company Info

Map
Description

Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A. produces and sells combustion systems made of acid resistant steel. Its systems are used for releasing exhaust gases from systems heated by gas or fuel oil, and ecological solid fuel. The company produces single- and double-walled chimney systems, which are used as the way of releasing exhaust gases, ventilation systems, and technological systems. It also provides subsystems, ready-made products made of stainless steel, gas meter boxes, expansion vessels for open heating systems, and other elements made of stainless steel according to client’s requirements. In addition, the company offers appliances that help to enhance chimney systems, including chimney draft controllers, cowls, and roto- and turbowents; and joining elements made of black steel, such as adjustable elbows, fixed elbows, pipes, tees, radiators, and wall transition pipes for fitters installing fireplaces. Its products are used in housing estate; and industry applications as elements of combustion systems or technological systems. Further, the company provides subsystems and final products for motor, building, and cargo industries, as well as home appliance producers. It serves distributors; and assembly companies dealing in heating and sanitation facilities in Poland, Scandinavian countries, Baltic republics, Germany, Austria, the Czech Republic, and Slovakia. The company was founded in 1990 and is based in Wroclaw, Poland.

Details
Name: Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A.
WAX
Exchange: WSE
Founded: 1990
PLN17,859,322
3,307,282
Website: http://www.wadex.pl
Address: Przedsiebiorstwo Produkcyjno Handlowe WADEX S.A.
ul. Jerzmanowska 8,
Wroclaw,
54-519,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE WAX Common Bearer Shares Warsaw Stock Exchange PL PLN 27. Aug 2008
LSE 0P2U Common Bearer Shares London Stock Exchange GB PLN 27. Aug 2008
Number of employees
Current staff
Staff numbers
0
Przedsiebiorstwo Produkcyjno Handlowe WADEX employees.
Industry
Steel
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/23 21:32
End of day share price update: 2019/02/22 00:00
Last earnings filing: 2018/11/27
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.