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Zaklady Azotowe Pulawy WSE:ZAP Stock Report

Last Price


Market Cap







17 Aug, 2022


Company Financials
ZAP fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance4/6
Financial Health5/6

ZAP Stock Overview

Zaklady Azotowe Pulawy S.A. manufactures and sells fertilizer and chemical products worldwide.

Zaklady Azotowe Pulawy Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Zaklady Azotowe Pulawy
Historical stock prices
Current Share Pricezł72.40
52 Week Highzł93.40
52 Week Lowzł65.00
1 Month Change-8.59%
3 Month Change-13.81%
1 Year Change-18.65%
3 Year Change-20.61%
5 Year Change-61.49%
Change since IPO33.83%

Recent News & Updates

Mar 03
Is Zaklady Azotowe Pulawy (WSE:ZAP) A Risky Investment?

Is Zaklady Azotowe Pulawy (WSE:ZAP) A Risky Investment?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Shareholder Returns

ZAPPL ChemicalsPL Market

Return vs Industry: ZAP underperformed the Polish Chemicals industry which returned 1.3% over the past year.

Return vs Market: ZAP exceeded the Polish Market which returned -20.9% over the past year.

Price Volatility

Is ZAP's price volatile compared to industry and market?
ZAP volatility
ZAP Average Weekly Movement4.2%
Chemicals Industry Average Movement5.2%
Market Average Movement6.3%
10% most volatile stocks in PL Market12.1%
10% least volatile stocks in PL Market4.2%

Stable Share Price: ZAP is less volatile than 75% of Polish stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: ZAP's weekly volatility (4%) has been stable over the past year.

About the Company

19604,703Tomasz Hryniewicz

Zaklady Azotowe Pulawy S.A. manufactures and sells fertilizer and chemical products worldwide. Its fertilizers include ammonium nitrate under the PULAN name; Pulan Macro, a white to beige granular fertilizer; urea-ammonium nitrate solution under the UAN name; ammonium sulphate under the PULSAR name; urea-ammonium nitrate solution with sulphur under the UAN+S name; PULASKA, a solution of nitrogen fertilizer containing sulphur; and urea-ammonium sulfate under the PULGRAN S name. The company also offers chemical products, such as COOLANT, a dry ice; hydrogen peroxide; anhydrous ammonia, compressed hydrogen, liquefied carbon dioxide, and nitric acid that are used for various applications in the chemical industry; caprolactam used for industrial production of solid and liquid formulations; melamine for manufacturing a range of synthetic resins; LIKAM, an ammonia water solution that are used in power generation, tanning, agricultural, rubber, dye, organic, and glass industries, as well as for use in as pH control agent; NOXy, a urea water solution used in automotive industry; and PULNOx that is used as a reducing agent in vehicle emissions control technologies.

Zaklady Azotowe Pulawy Fundamentals Summary

How do Zaklady Azotowe Pulawy's earnings and revenue compare to its market cap?
ZAP fundamental statistics
Market Capzł1.38b
Earnings (TTM)zł631.89m
Revenue (TTM)zł7.17b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ZAP income statement (TTM)
Cost of Revenuezł5.70b
Gross Profitzł1.47b
Other Expenseszł838.98m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Sep 07, 2022

Earnings per share (EPS)33.06
Gross Margin20.52%
Net Profit Margin8.81%
Debt/Equity Ratio2.5%

How did ZAP perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is ZAP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ZAP?

Other financial metrics that can be useful for relative valuation.

ZAP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.2x
Enterprise Value/EBITDA1.2x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does ZAP's PE Ratio compare to its peers?

ZAP PE Ratio vs Peers
The above table shows the PE ratio for ZAP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average9x
ATT Grupa Azoty
PCE Grupa Azoty Zaklady Chemiczne Police
PCR PCC Rokita
SKA Fabryka Farb i Lakierów Sniezka
ZAP Zaklady Azotowe Pulawy

Price-To-Earnings vs Peers: ZAP is good value based on its Price-To-Earnings Ratio (2.2x) compared to the peer average (9x).

Price to Earnings Ratio vs Industry

How does ZAP's PE Ratio compare vs other companies in the European Chemicals Industry?

Price-To-Earnings vs Industry: ZAP is good value based on its Price-To-Earnings Ratio (2.2x) compared to the Polish Chemicals industry average (7.4x)

Price to Earnings Ratio vs Fair Ratio

What is ZAP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ZAP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio2.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ZAP's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of ZAP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ZAP (PLN72.4) is trading below our estimate of fair value (PLN9398.06)

Significantly Below Fair Value: ZAP is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Zaklady Azotowe Pulawy forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted Materials industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Zaklady Azotowe Pulawy has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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  • Examine whether Zaklady Azotowe Pulawy is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • Zaklady Azotowe Pulawy competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Zaklady Azotowe Pulawy performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ZAP has a large one-off loss of PLN268.7M impacting its March 31 2022 financial results.

Growing Profit Margin: ZAP's current net profit margins (8.8%) are higher than last year (5.2%).

Past Earnings Growth Analysis

Earnings Trend: ZAP's earnings have grown by 9.3% per year over the past 5 years.

Accelerating Growth: ZAP's earnings growth over the past year (275.3%) exceeds its 5-year average (9.3% per year).

Earnings vs Industry: ZAP earnings growth over the past year (275.3%) exceeded the Chemicals industry 117.8%.

Return on Equity

High ROE: ZAP's Return on Equity (14.9%) is considered low.

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Financial Health

How is Zaklady Azotowe Pulawy's financial position?

Financial Health Score


Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: ZAP's short term assets (PLN3.6B) exceed its short term liabilities (PLN3.0B).

Long Term Liabilities: ZAP's short term assets (PLN3.6B) exceed its long term liabilities (PLN488.2M).

Debt to Equity History and Analysis

Debt Level: ZAP has more cash than its total debt.

Reducing Debt: ZAP's debt to equity ratio has increased from 1.5% to 2.5% over the past 5 years.

Debt Coverage: ZAP's debt is well covered by operating cash flow (2029.6%).

Interest Coverage: ZAP's interest payments on its debt are well covered by EBIT (122.3x coverage).

Balance Sheet

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What is Zaklady Azotowe Pulawy current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ZAP's dividend (9.12%) is higher than the bottom 25% of dividend payers in the Polish market (2.69%).

High Dividend: ZAP's dividend (9.12%) is in the top 25% of dividend payers in the Polish market (8.78%)

Stability and Growth of Payments

Stable Dividend: ZAP's dividend payments have been volatile in the past 10 years.

Growing Dividend: ZAP's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (20%), ZAP's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (9.7%), ZAP's dividend payments are thoroughly covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


CEO Compensation


Tomasz Hryniewicz

no data




Mr. Tomasz Hryniewicz serves as President of the Management Board at Zaklady Azotowe Pulawy S.A. He has been Chairman of the Board at Zaklady Azotowe Pulawy S.A. He has been Member of Management Board at G...

CEO Compensation Analysis

Compensation vs Market: Tomasz's total compensation ($USD6.70K) is below average for companies of similar size in the Polish market ($USD349.10K).

Compensation vs Earnings: Tomasz's compensation has increased by more than 20% in the past year.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Zaklady Azotowe Pulawy S.A.'s employee growth, exchange listings and data sources

Key Information

  • Name: Zaklady Azotowe Pulawy S.A.
  • Ticker: ZAP
  • Exchange: WSE
  • Founded: 1960
  • Industry: Fertilizers and Agricultural Chemicals
  • Sector: Materials
  • Implied Market Cap: zł1.384b
  • Shares outstanding: 19.12m
  • Website:

Number of Employees


  • Zaklady Azotowe Pulawy S.A.
  • Al. Tysiaclecia Panstwa Polskiego 13
  • Pulawy
  • 24-110
  • Poland


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/17 00:00
End of Day Share Price2022/08/17 00:00
Annual Earnings2021/12/31

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.