Loading...

Zaklady Azotowe Pulawy

WSE:ZAP
Snowflake Description

Flawless balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ZAP
WSE
PLN2B
Market Cap
  1. Home
  2. PL
  3. Materials
Company description

Zaklady Azotowe Pulawy SA manufactures and sells mineral and nitrogen fertilizers worldwide. The last earnings update was 102 days ago. More info.


Add to Portfolio Compare Print
  • Zaklady Azotowe Pulawy has significant price volatility in the past 3 months.
ZAP Share Price and Events
7 Day Returns
19.4%
WSE:ZAP
4.7%
PL Chemicals
-0.6%
PL Market
1 Year Returns
-26.9%
WSE:ZAP
-21.6%
PL Chemicals
-6.8%
PL Market
ZAP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Zaklady Azotowe Pulawy (ZAP) 19.4% 43.9% 48% -26.9% -52.5% -25.1%
PL Chemicals 4.7% 18.1% 35.2% -21.6% -37.4% -13.3%
PL Market -0.6% -0.1% 7.1% -6.8% 18.7% -6.4%
1 Year Return vs Industry and Market
  • ZAP underperformed the Chemicals industry which returned -21.6% over the past year.
  • ZAP underperformed the Market in Poland which returned -6.8% over the past year.
Price Volatility
ZAP
Industry
5yr Volatility vs Market

Value

 Is Zaklady Azotowe Pulawy 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 Zaklady Azotowe Pulawy 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 Zaklady Azotowe Pulawy.

WSE:ZAP 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 8.6%
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:ZAP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.2%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.479 (1 + (1- 19%) (3.08%))
0.491
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.8 * 7.15%)
8.57%

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

The calculations below outline how an intrinsic value for Zaklady Azotowe Pulawy 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:ZAP DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (PLN, Millions) 5.70 144.20 141.04 137.94 134.92
Source Analyst x1 Analyst x1 Est @ -2.19% Est @ -2.19% Est @ -2.19%
Present Value
Discounted (@ 8.57%)
5.25 122.33 110.21 99.28 89.44
Present value of next 5 years cash flows PLN426.51
WSE:ZAP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= PLN134.92 × (1 + 2.85%) ÷ (8.57% – 2.85%)
PLN2,425.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= PLN2,425.96 ÷ (1 + 8.57%)5
PLN1,608.18
WSE:ZAP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= PLN426.51 + PLN1,608.18
PLN2,034.69
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN2,034.69 / 19.11
PLN106.44
WSE:ZAP Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN106.44
Current discount Discount to share price of PLN112.50
= -1 x (PLN112.50 - PLN106.44) / PLN106.44
-5.7%

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

  • The current share price of Zaklady Azotowe Pulawy is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Zaklady Azotowe Pulawy's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Zaklady Azotowe Pulawy's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:ZAP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN6.32
WSE:ZAP Share Price ** WSE (2019-02-18) in PLN PLN112.5
Poland Chemicals Industry PE Ratio Median Figure of 12 Publicly-Listed Chemicals Companies 12.9x
Poland Market PE Ratio Median Figure of 451 Publicly-Listed Companies 10.57x

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

** Primary Listing of Zaklady Azotowe Pulawy.

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

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

= 112.5 ÷ 6.32

17.81x

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

  • Zaklady Azotowe Pulawy is overvalued based on earnings compared to the PL Chemicals industry average.
  • Zaklady Azotowe Pulawy is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does Zaklady Azotowe Pulawy's expected growth come at a high price?
Raw Data
WSE:ZAP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.81x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
26.4%per year
Europe Chemicals Industry PEG Ratio Median Figure of 61 Publicly-Listed Chemicals Companies 2.03x
Poland Market PEG Ratio Median Figure of 100 Publicly-Listed Companies 1.11x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.81x ÷ 26.4%

0.67x

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

  • Zaklady Azotowe Pulawy is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Zaklady Azotowe Pulawy's assets?
Raw Data
WSE:ZAP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN165.36
WSE:ZAP Share Price * WSE (2019-02-18) in PLN PLN112.5
Poland Chemicals Industry PB Ratio Median Figure of 17 Publicly-Listed Chemicals Companies 0.66x
Poland Market PB Ratio Median Figure of 691 Publicly-Listed Companies 1.03x
WSE:ZAP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 112.5 ÷ 165.36

0.68x

* Primary Listing of Zaklady Azotowe Pulawy.

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

  • Zaklady Azotowe Pulawy is overvalued based on assets compared to the PL Chemicals industry average.
X
Value checks
We assess Zaklady Azotowe Pulawy'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. Zaklady Azotowe Pulawy has a total score of 1/6, 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 Zaklady Azotowe Pulawy 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
26.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Zaklady Azotowe Pulawy expected to grow at an attractive rate?
  • Zaklady Azotowe Pulawy's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Zaklady Azotowe Pulawy's earnings growth is expected to exceed the Poland market average.
  • Zaklady Azotowe Pulawy's revenue growth is positive but not above the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:ZAP Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:ZAP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 26.4%
WSE:ZAP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 6.5%
Poland Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 11.6%
Poland Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 4.9%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.1%
Poland Market Revenue Growth Rate Market Cap Weighted Average 6.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
WSE:ZAP Analysts Growth Expectations Data Sources
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 numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:ZAP Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 4,026 211 1
2019-12-31 3,885 142 1
2018-12-31 3,562 121 1
WSE:ZAP Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 3,500 479 121
2018-06-30 3,459 508 186
2018-03-31 3,398 435 214
2017-12-31 3,491 519 260
2017-09-30 3,464 411 224
2017-06-30 3,377 350 210
2017-03-31 3,397 258 249
2016-12-31 3,345 540 272
2016-09-30 3,430 479 360
2016-06-30 3,655 597 408
2016-03-31 3,695 621 437
2015-12-31 3,814 689 451

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Zaklady Azotowe Pulawy's earnings are expected to grow significantly at over 20% yearly.
  • Zaklady Azotowe Pulawy's revenue is expected to grow by 6.5% 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:ZAP 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 1 Analyst Estimates (S&P Global) See Below

All data from Zaklady Azotowe Pulawy Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:ZAP Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 11.02 11.02 11.02 1.00
2019-12-31 7.42 7.42 7.42 1.00
2018-12-31 6.32 6.32 6.32 1.00
WSE:ZAP Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 6.32
2018-06-30 9.75
2018-03-31 11.21
2017-12-31 13.59
2017-09-30 11.70
2017-06-30 10.97
2017-03-31 13.02
2016-12-31 14.24
2016-09-30 18.82
2016-06-30 21.37
2016-03-31 22.87
2015-12-31 23.59

*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 Zaklady Azotowe Pulawy will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Zaklady Azotowe Pulawy'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.
Zaklady Azotowe Pulawy 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.

Past Performance

  How has Zaklady Azotowe Pulawy 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 Zaklady Azotowe Pulawy'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.
  • Zaklady Azotowe Pulawy's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Zaklady Azotowe Pulawy's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Zaklady Azotowe Pulawy's 1-year earnings growth is negative, it can't be compared to the PL Chemicals industry average.
Earnings and Revenue History
Zaklady Azotowe Pulawy'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 Zaklady Azotowe Pulawy Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:ZAP 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 3,499.80 120.75 481.91
2018-06-30 3,459.36 186.34 486.22
2018-03-31 3,398.34 214.34 483.86
2017-12-31 3,490.90 259.76 495.49
2017-09-30 3,464.40 223.56 502.98
2017-06-30 3,376.70 209.69 493.12
2017-03-31 3,397.13 248.84 489.79
2016-12-31 3,345.12 272.13 489.11
2016-09-30 3,430.04 359.80 480.43
2016-06-30 3,654.90 408.43 488.27
2016-03-31 3,694.67 437.19 485.12
2015-12-31 3,814.04 450.91 472.39
2015-09-30 3,762.34 335.80 465.00
2015-06-30 3,673.23 273.76 461.55
2015-03-31 3,756.76 264.38 450.55
2015-01-01 3,618.00 175.01 450.70
2014-09-30 3,632.27 193.30 444.95
2014-06-30 3,625.86 208.53 434.90
2014-03-31 3,676.14 235.23 435.35
2013-12-31 3,797.87 300.31 455.25
2013-09-30 3,848.08 368.35 451.89
2013-06-30 3,885.96 385.06 458.23
2013-03-31 3,971.81 406.45 446.20
2012-12-31 3,981.80 487.48 422.94
2012-09-30 4,005.00 536.59 416.15
2012-06-30 3,948.33 601.74 396.58
2012-03-31 3,819.90 593.74 397.45

*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.
  • Zaklady Azotowe Pulawy has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Zaklady Azotowe Pulawy used its assets less efficiently than the PL Chemicals industry average last year based on Return on Assets.
  • Zaklady Azotowe Pulawy's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Zaklady Azotowe Pulawy'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.
Zaklady Azotowe Pulawy has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Zaklady Azotowe Pulawy'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 Zaklady Azotowe Pulawy's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Zaklady Azotowe Pulawy is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Zaklady Azotowe Pulawy's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Zaklady Azotowe Pulawy'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 23.3x 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 Zaklady Azotowe Pulawy Company Filings, last reported 4 months ago.

WSE:ZAP Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 3,160.53 66.25 581.38
2018-06-30 3,196.41 77.39 574.35
2018-03-31 3,282.62 83.03 582.34
2017-12-31 3,193.63 50.70 762.67
2017-09-30 3,130.77 53.43 650.28
2017-06-30 3,101.15 54.97 569.75
2017-03-31 3,241.06 55.57 720.01
2016-12-31 3,103.12 43.38 802.41
2016-09-30 3,082.08 54.31 764.73
2016-06-30 3,066.27 51.73 735.96
2016-03-31 3,201.06 34.49 910.41
2015-12-31 3,040.11 33.42 712.18
2015-09-30 2,926.86 24.22 679.78
2015-06-30 2,862.24 12.76 514.15
2015-03-31 2,903.53 12.37 638.88
2015-01-01 2,728.84 11.10 391.96
2014-09-30 2,679.65 10.94 392.26
2014-06-30 2,677.14 10.09 326.33
2014-03-31 2,609.69 54.34 318.19
2013-12-31 2,511.03 55.08 540.64
2013-09-30 2,688.77 58.50 532.78
2013-06-30 2,671.17 60.24 521.13
2013-03-31 2,565.79 61.28 444.95
2012-12-31 2,402.39 52.35 517.97
2012-09-30 2,493.73 39.39 575.57
2012-06-30 2,459.65 39.74 570.69
2012-03-31 2,349.72 23.99 412.19
  • Zaklady Azotowe Pulawy's level of debt (2.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (2.2% vs 2.1% today).
  • Debt is well covered by operating cash flow (723.3%, greater than 20% of total debt).
  • Zaklady Azotowe Pulawy earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Zaklady Azotowe Pulawy'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. Zaklady Azotowe Pulawy has a total score of 6/6, 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 Zaklady Azotowe Pulawy'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
3.96%
Current annual income from Zaklady Azotowe Pulawy dividends. Estimated to be 4.44% next year.
If you bought PLN2,000 of Zaklady Azotowe Pulawy shares you are expected to receive PLN79 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?
  • Zaklady Azotowe Pulawy's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.49%).
  • Zaklady Azotowe Pulawy's dividend is below the markets top 25% of dividend payers in Poland (7.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WSE:ZAP 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 6.1%
Poland Market Average Dividend Yield Market Cap Weighted Average of 208 Stocks 3.3%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.5%
Poland Top 25% Dividend Yield 75th Percentile 7.8%

Industry and Market average data is calculated daily.

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

WSE:ZAP Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 5.00 1.00
2019-12-31 5.00 1.00
2018-12-31 5.94 1.00
WSE:ZAP Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-04-27 4.460 4.890
2017-06-01 8.580 5.231
2016-05-11 10.500 5.529
2016-03-11 10.500 4.432
2015-05-13 7.030 3.711
2015-03-16 7.030 4.368
2015-01-15 7.030 4.860
2014-05-15 10.380 7.341
2013-08-23 10.380 6.583
2013-07-15 10.380 7.111
2013-05-09 9.400 7.072
2013-02-28 9.400 7.172
2012-11-14 5.240 3.960
2012-09-18 9.400 7.633
2012-02-29 3.660 3.561
2011-10-31 3.660 4.218
2011-08-29 3.660 4.150
2010-11-15 1.000 0.976
2010-02-26 8.150 11.472
2009-09-03 8.150 10.598
2009-02-19 4.300 5.924

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 Zaklady Azotowe Pulawy's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Zaklady Azotowe Pulawy'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 Zaklady Azotowe Pulawy afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Zaklady Azotowe Pulawy has a total score of 4/6, 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 Zaklady Azotowe Pulawy'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
Jacek Janiszek
COMPENSATION PLN860,000
TENURE AS CEO 2.1 years
CEO Bio

Mr. Jacek Janiszek has been President of the Management Board at Zaklady Azotowe Pulawy S.A. since March 9, 2017 and has been its Chief Executive Officer since January 2017. Mr. Janiszek has been Vice President of the Management Board at Grupa Azoty Zaklady Azotowe Pulawy S.A. since April 2016. Mr. Janiszek has been Member of Management Board at Zaklady Azotowe Pulawy S.A. since January 2017, who served in managerial positions at state-controlled ZAP for 12 years. His previous management positions at ZAP included posts as corporate organization director and deputy director of energy affairs. Between 2008 and 2016, he worked at firms including the SIM Engineers Company, ZAP.

CEO Compensation
  • Jacek's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Jacek's remuneration is higher than average for companies of similar size in Poland.
Management Team Tenure

Average tenure of the Zaklady Azotowe Pulawy management team in years:

2.4
Average Tenure
  • The tenure for the Zaklady Azotowe Pulawy management team is about average.
Management Team

Jacek Janiszek

TITLE
President of the Management Board & CEO
COMPENSATION
PLN860K
TENURE
2.1 yrs

Krzysztof Homenda

TITLE
Vice-President of Management Board
COMPENSATION
PLN727K
AGE
55
TENURE
2.7 yrs

Izabela Swiderek

TITLE
Vice-President of Management Board
COMPENSATION
PLN307K
TENURE
1.7 yrs

Pawel Owczarski

TITLE
Vice-President of Management Board
COMPENSATION
PLN319K
TENURE
1.7 yrs

Andrzej Skwarek

TITLE
Member of Management Board
COMPENSATION
PLN471K
TENURE
2.8 yrs

Jacek Wójtowicz

TITLE
Secretary & Member of the Supervisory Board

Zenon Pokojski

TITLE
Vice-President of the Management Board
COMPENSATION
PLN611K

Marian Rybak

TITLE
Member of Management Board
COMPENSATION
PLN1M
TENURE
11.1 yrs
Board of Directors Tenure

Average tenure of the Zaklady Azotowe Pulawy board of directors in years:

2
Average Tenure
  • The average tenure for the Zaklady Azotowe Pulawy board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jacek Niescior

TITLE
Chairman of the Supervisory Board
TENURE
2 yrs

Jerzy Koziara

TITLE
Deputy Chairman of the Supervisory Board
COMPENSATION
PLN18K
TENURE
5.8 yrs

Jacek Wójtowicz

TITLE
Secretary & Member of the Supervisory Board
TENURE
15.2 yrs

Andrzej Skolmowski

TITLE
Member of the Supervisory Board
COMPENSATION
PLN17K
TENURE
5.5 yrs

Wiktor Cwynar

TITLE
Member of Supervisory Board
TENURE
1.7 yrs

Krzysztof Bednarz

TITLE
Member of Supervisory Board
TENURE
1.7 yrs

Grzegorz Mandziarz

TITLE
Member of Supervisory Board
TENURE
1.7 yrs

Maciej Marzec

TITLE
Member of Supervisory Board
TENURE
1.7 yrs

Leszek Lewicki

TITLE
Member of Supervisory Board
TENURE
2 yrs

Ignacy Chwesiuk

TITLE
Member of Supervisory Board
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 Zaklady Azotowe Pulawy'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. Zaklady Azotowe Pulawy 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

Shareholders Should Look Hard At Zaklady Azotowe Pulawy S.A.’s (WSE:ZAP) 3.8% Return On Capital

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 measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Should You Buy Zaklady Azotowe Pulawy S.A. (WSE:ZAP) For Its Dividend?

Historically, Zaklady Azotowe Pulawy S.A. … Does Zaklady Azotowe Pulawy tick all the boxes of a great dividend stock? … Check out our latest analysis for Zaklady Azotowe Pulawy

Simply Wall St -

A Look At Zaklady Azotowe Pulawy SA's (WSE:ZAP) Exceptional Fundamentals

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Zaklady Azotowe Pulawy SA (WSE:ZAP), it

Simply Wall St -

Zaklady Azotowe Pulawy SA (WSE:ZAP): The Return Story

Therefore, looking at how efficiently Zaklady Azotowe Pulawy is able to use capital to create earnings will help us understand your potential return. … Investors use many different metrics but the analysis below focuses on return on capital employed (ROCE). … View our latest analysis for Zaklady Azotowe Pulawy

Simply Wall St -

Is Zaklady Azotowe Pulawy SA (WSE:ZAP) Attractive At Its Current PE Ratio?

I am writing today to help inform people who are new to the stock market. … and want to learn about the link between company’s fundamentals and stock market performance. … While this makes ZAP appear like a good stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio.

Simply Wall St -

Where Zaklady Azotowe Pulawy SA's (WSE:ZAP) Earnings Growth Stands Against Its Industry

Understanding how Zaklady Azotowe Pulawy SA (WSE:ZAP) is performing as a company requires looking at more than just a years' earnings. … Today I will run you through a basic sense check to gain perspective on how Zaklady Azotowe Pulawy is doing by comparing its latest earnings with its long-term trend as well as the performance of its chemicals industry peers. … See our latest analysis for Zaklady Azotowe Pulawy?

Simply Wall St -

Is Zaklady Azotowe Pulawy SA (WSE:ZAP) A Great Dividend Stock?

In the past 10 years Zaklady Azotowe Pulawy SA (WSE:ZAP) has returned an average of 6.00% per year to investors in the form of dividend payouts. … Let's take a look at Zaklady Azotowe Pulawy in more detail. … See our latest analysis for Zaklady Azotowe Pulawy

Simply Wall St -

What Investors Should Know About Zaklady Azotowe Pulawy SA's (WSE:ZAP) Financial Strength

Investors are always looking for growth in small-cap stocks like Zaklady Azotowe Pulawy SA (WSE:ZAP), with a market cap of zł2.11b. … However, an important fact which most ignore is: how financially healthy is the business? … since poor capital management may bring about bankruptcies,

Simply Wall St -

Should Zaklady Azotowe Pulawy SA (WSE:ZAP) Be Your Next Stock Pick?

Today I've chosen to put the spotlight on Zaklady Azotowe Pulawy SA (WSE:ZAP) due to its excellent fundamentals in more than one area. … that has been able to sustain great financial health over the past … Below, I've touched on some key aspects you should know on a high level

Simply Wall St -

Is Buying Zaklady Azotowe Pulawy SA (WSE:ZAP) For Its Upcoming zł05.94 Dividend A Good Choice?

To qualify for the dividend check of PLN5.94 per share, investors must have owned the shares prior to 12 June 2018, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … Let's take a look at Zaklady Azotowe Pulawy's most recent financial data to examine its dividend characteristics in more detail.

Simply Wall St -

Company Info

Map
Description

Zaklady Azotowe Pulawy SA manufactures and sells mineral and nitrogen fertilizers worldwide. The company’s fertilizers include ammonium nitrate under the PULAN name: urea under the PULREA name; ammonium sulphate under the PULSAR name; urea-ammonium nitrate under the UAN name; urea-ammonium nitrate solution with sulphur under the UAN+S name; urea-ammonium sulfate under the PULGRAN S name; PULASKA, a solution of nitrogen fertilizer containing sulphur; and PULGRAN, a nitrogen fertilizer rotoformed into hemispherical pastilles. It also offers chemical products, such as melamine for manufacturing a range of synthetic resins; caprolactam for producing food packaging and medical equipment, and polyamide 6; AdBlue that is used in vehicle emission control applications; PULNOx, which is used in flue gas purification technologies; LIKAM, an ammonia water solution for use in power generation, tannery, agricultural, rubber, dye, organic, and glass industries, as well as for use as pH regulator; COOLANT, hydrogen peroxide, and liquefied carbon dioxide that are primarily used in the food industry; and compressed hydrogen, nitric acid, and anhydrous ammonia, which are used for various applications in the chemical industry. The company was founded in 1961 and is based in Pulawy, Poland. Zaklady Azotowe Pulawy SA is a subsidiary of Grupa Azoty S.A.

Details
Name: Zaklady Azotowe Pulawy S.A.
ZAP
Exchange: WSE
Founded: 1961
PLN2,150,437,387
19,114,999
Website: http://www.pulawy.com
Address: Zaklady Azotowe Pulawy S.A.
Al. Tysiaclecia Panstwa Polskiego 13,
Pulawy,
24-110,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE ZAP Common Bearer Shares Warsaw Stock Exchange PL PLN 22. Nov 2005
LSE 0OII Common Bearer Shares London Stock Exchange GB PLN 22. Nov 2005
Number of employees
Current staff
Staff numbers
0
Zaklady Azotowe Pulawy employees.
Industry
Fertilizers and Agricultural Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/18 20:51
End of day share price update: 2019/02/18 00:00
Last estimates confirmation: 2018/10/07
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.