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Comarch

WSE:CMR
Snowflake Description

Excellent balance sheet with limited growth.

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

Comarch S.A. designs, implements, and integrates IT solutions worldwide. The last earnings update was 7 days ago. More info.


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CMR Share Price and Events
7 Day Returns
3.7%
WSE:CMR
1.5%
PL IT
0.3%
PL Market
1 Year Returns
30.3%
WSE:CMR
18.9%
PL IT
-6.1%
PL Market
CMR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Comarch (CMR) 3.7% 3.7% 30.8% 30.3% 45.3% 122.3%
PL IT 1.5% 2.2% 14.8% 18.9% 34.7% 47.3%
PL Market 0.3% -6.8% -6.9% -6.1% 7.5% -10.5%
1 Year Return vs Industry and Market
  • CMR outperformed the IT industry which returned 18.9% over the past year.
  • CMR outperformed the Market in Poland which returned -6.1% over the past year.
Price Volatility
CMR
Industry
5yr Volatility vs Market

CMR Value

 Is Comarch 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 Comarch 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 Comarch.

WSE:CMR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.9%
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:CMR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
IT Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.048 (1 + (1- 19%) (17.34%))
1.131
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.131 * 7.14%)
10.92%

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

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

WSE:CMR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 10.92%)
2019 57.70 Analyst x3 52.02
2020 76.07 Analyst x3 61.82
2021 90.87 Analyst x3 66.58
2022 111.33 Analyst x3 73.54
2023 105.10 Analyst x1 62.59
2024 101.76 Est @ -3.18% 54.63
2025 100.36 Est @ -1.37% 48.58
2026 100.26 Est @ -0.1% 43.75
2027 101.04 Est @ 0.78% 39.75
2028 102.46 Est @ 1.4% 36.34
Present value of next 10 years cash flows PLN539.60
WSE:CMR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN102.46 × (1 + 2.85%) ÷ (10.92% – 2.85%)
PLN1,305.43
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN1,305.43 ÷ (1 + 10.92%)10
PLN462.98
WSE:CMR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN539.60 + PLN462.98
PLN1,002.58
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN1,002.58 / 8.13
PLN123.27
WSE:CMR Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN123.27
Current discount Discount to share price of PLN195.50
= -1 x (PLN195.50 - PLN123.27) / PLN123.27
-58.6%

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

  • The current share price of Comarch 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 Comarch's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Comarch's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:CMR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in PLN PLN5.39
WSE:CMR Share Price ** WSE (2019-05-24) in PLN PLN195.5
Poland IT Industry PE Ratio Median Figure of 21 Publicly-Listed IT Companies 8.82x
Poland Market PE Ratio Median Figure of 463 Publicly-Listed Companies 10.57x

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

** Primary Listing of Comarch.

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

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

= 195.5 ÷ 5.39

36.29x

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

  • Comarch is overvalued based on earnings compared to the PL IT industry average.
  • Comarch is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does Comarch's expected growth come at a high price?
Raw Data
WSE:CMR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 36.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
11.9%per year
Europe IT Industry PEG Ratio Median Figure of 84 Publicly-Listed IT Companies 1.53x
Poland Market PEG Ratio Median Figure of 112 Publicly-Listed Companies 0.99x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 36.29x ÷ 11.9%

3.05x

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

  • Comarch is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Comarch's assets?
Raw Data
WSE:CMR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in PLN PLN106.50
WSE:CMR Share Price * WSE (2019-05-24) in PLN PLN195.5
Poland IT Industry PB Ratio Median Figure of 30 Publicly-Listed IT Companies 1.22x
Poland Market PB Ratio Median Figure of 689 Publicly-Listed Companies 0.97x
WSE:CMR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 195.5 ÷ 106.50

1.84x

* Primary Listing of Comarch.

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

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

CMR Future Performance

 How is Comarch expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

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
11.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Comarch expected to grow at an attractive rate?
  • Comarch's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Comarch's earnings growth is expected to exceed the Poland market average.
  • Comarch's revenue growth is positive but not above the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:CMR Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:CMR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 11.9%
WSE:CMR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 5%
Poland IT Industry Earnings Growth Rate Market Cap Weighted Average 11.9%
Europe IT Industry Revenue Growth Rate Market Cap Weighted Average 5.6%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.4%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.8%

*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:CMR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:CMR Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,843 200 127 1
2022-12-31 1,751 201 126 3
2021-12-31 1,693 186 121 4
2020-12-31 1,610 175 110 4
2019-12-31 1,514 152 98 4
WSE:CMR Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-03-31 1,436 207 44
2018-12-31 1,370 139 31
2018-09-30 1,281 52 38
2018-06-30 1,199 16 19
2018-03-31 1,119 12 18
2017-12-31 1,125 63 65
2017-09-30 1,144 94 79
2017-06-30 1,104 118 87
2017-03-31 1,125 143 84
2016-12-31 1,113 94 73
2016-09-30 1,143 129 65
2016-06-30 1,143 124 57

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Comarch's earnings are expected to grow by 11.9% yearly, however this is not considered high growth (20% yearly).
  • Comarch's revenue is expected to grow by 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:CMR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Comarch Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:CMR Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 15.63 15.63 15.63 1.00
2022-12-31 15.48 15.90 15.05 2.00
2021-12-31 14.85 15.15 14.42 4.00
2020-12-31 13.51 13.80 13.03 4.00
2019-12-31 12.04 14.80 10.09 4.00
WSE:CMR Past Financials Data
Date (Data in PLN Millions) EPS *
2019-03-31 5.39
2018-12-31 3.76
2018-09-30 4.64
2018-06-30 2.39
2018-03-31 2.16
2017-12-31 7.95
2017-09-30 9.68
2017-06-30 10.72
2017-03-31 10.34
2016-12-31 8.98
2016-09-30 7.93
2016-06-30 6.96

*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.
  • Comarch is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Comarch'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 Europe 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.
Comarch has a total score of 2/6, 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.

CMR Past Performance

  How has Comarch 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 Comarch's growth in the last year to its industry (IT).
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.
  • Comarch's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Comarch's 1-year earnings growth exceeds its 5-year average (149% vs -7%)
  • Comarch's earnings growth has exceeded the PL IT industry average in the past year (149% vs 10.7%).
Earnings and Revenue History
Comarch'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 Comarch Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:CMR Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,436.32 43.81 251.06
2018-12-31 1,369.62 30.62 245.54
2018-09-30 1,280.74 37.73 244.97
2018-06-30 1,199.37 19.47 236.22
2018-03-31 1,118.89 17.59 236.30
2017-12-31 1,125.11 64.63 232.61
2017-09-30 1,143.53 78.76 268.06
2017-06-30 1,103.55 87.15 268.45
2017-03-31 1,125.28 84.06 269.79
2016-12-31 1,112.81 73.03 264.67
2016-09-30 1,143.11 64.50 225.27
2016-06-30 1,142.56 56.63 229.60
2016-03-31 1,128.40 68.06 227.00
2015-12-31 1,131.58 79.65 222.77
2015-09-30 1,092.77 69.30 219.56
2015-06-30 1,114.12 90.32 206.90
2015-03-31 1,075.97 81.24 192.88
2014-12-31 1,038.35 67.89 186.91
2014-09-30 988.23 57.24 173.58
2014-06-30 976.95 36.03 170.68
2014-03-31 959.55 29.11 172.29
2013-12-31 938.98 25.08 171.02
2013-09-30 987.74 32.41 170.83
2013-06-30 920.70 30.79 165.18
2013-03-31 906.75 37.05 161.47
2012-12-31 883.88 40.66 158.69
2012-09-30 804.38 50.56 155.60
2012-06-30 841.15 68.58 157.47

*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.
  • Comarch has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Comarch used its assets less efficiently than the PL IT industry average last year based on Return on Assets.
  • Comarch's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Comarch'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 IT 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.
Comarch has a total score of 2/6, 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.

CMR Health

 How is Comarch'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 Comarch's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Comarch is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Comarch's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Comarch'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 3.5x 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 Comarch Company Filings, last reported 1 month ago.

WSE:CMR Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 886.15 275.79 331.76
2018-12-31 876.11 216.02 249.18
2018-09-30 869.43 231.66 163.11
2018-06-30 853.72 254.44 172.23
2018-03-31 845.52 239.64 236.56
2017-12-31 851.19 225.32 216.45
2017-09-30 851.21 225.32 206.55
2017-06-30 852.78 209.39 238.50
2017-03-31 856.75 182.13 303.22
2016-12-31 862.06 175.62 236.98
2016-09-30 808.19 156.33 186.43
2016-06-30 803.93 141.04 189.36
2016-03-31 788.57 136.41 244.31
2015-12-31 780.58 137.86 222.46
2015-09-30 735.94 139.39 168.75
2015-06-30 736.48 139.58 200.82
2015-03-31 718.11 137.49 227.00
2014-12-31 700.69 142.63 232.48
2014-09-30 662.68 168.22 166.99
2014-06-30 640.72 136.62 194.86
2014-03-31 644.63 133.30 206.17
2013-12-31 637.71 132.38 176.13
2013-09-30 614.41 144.27 147.32
2013-06-30 615.64 142.08 135.89
2013-03-31 627.82 149.86 179.90
2012-12-31 624.94 131.22 145.02
2012-09-30 600.68 113.04 135.33
2012-06-30 604.20 108.20 169.39
  • Comarch's level of debt (31.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (20.7% vs 31.1% today).
  • Debt is well covered by operating cash flow (75.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 46.3x coverage).
X
Financial health checks
We assess Comarch'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. Comarch 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.

CMR Dividends

 What is Comarch'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
0.77%
Current annual income from Comarch dividends. Estimated to be 2.15% next year.
If you bought PLN2,000 of Comarch shares you are expected to receive PLN15 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?
  • Comarch's pays a lower dividend yield than the bottom 25% of dividend payers in Poland (2.91%).
  • Comarch's dividend is below the markets top 25% of dividend payers in Poland (7.65%).
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:CMR 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 4 Analyst Estimates (S&P Global) See Below
Poland IT Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2%
Poland Market Average Dividend Yield Market Cap Weighted Average of 201 Stocks 4.2%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.9%
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.

WSE:CMR Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 5.00 1.00
2022-12-31 4.00 2.00
2021-12-31 6.97 3.00
2020-12-31 4.94 3.00
2019-12-31 1.50 4.00
WSE:CMR Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-05-21 1.500 0.919
2017-05-22 1.500 0.854
2016-11-14 0.000 0.000
2016-02-29 0.000 0.000
2015-03-02 1.500 1.219
2014-11-14 1.500 1.358
2014-08-29 1.500 1.596
2014-05-02 1.500 1.829
2013-05-15 1.500 1.711
2013-05-02 1.500 1.746
2012-04-30 1.500 2.099
2012-02-29 1.500 2.321

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

  • Comarch is not paying a notable dividend for Poland, therefore no need to check if the payments are stable.
  • Comarch is not paying a notable dividend for Poland, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Comarch's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Comarch's dividends as it is not paying a notable one for Poland.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Comarch'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 Comarch afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Comarch has a total score of 1/6, see the detailed checks below.


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

CMR Management

 What is the CEO of Comarch'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
Janusz Filipiak
COMPENSATION PLN13,590,676
AGE 66
TENURE AS CEO 21.3 years
CEO Bio

Prof. Janusz Filipiak is the Founder of Comarch Spólka Akcyjna and has been its Chief Executive Officer since 1998. Prof. Filipiak serves as the President of Management Board at Comarch Spólka Akcyjna. He serves as the Chief Executive Officer of Comarch Software und Beratung AG and has been its Member of Management Board since November 2010. He served as the Chairman of the Management Board at Comarch Software und Beratung AG from November 2010 to September 1, 2011. He has over 20 years of experience in hi-tech industry. In the eighties, he worked for France Telecom Laboratories (Paris) and held Scientist and Manager positions at Universities in Australia and the U.S. From 1991 to 1998, he served as the Head of the Telecommunication Department at the AGH University of Science and Technology (Kraków). He served as the Vice Chairman of Supervisory Board of Comarch Software und Beratung AG (also known as SoftM Software & Beratung AG) and also served as its Member of Supervisory Board since June 2009. He served as a Member of Supervisory Board at Bank DnB Nord Polska S.A until April 27, 2009. He has written six books on teleinformatics (two of which were published in the U.S. and Western Europe) and still contributes to many specialist IT publications. He is the author of over one hundred publications in the domains of telecommunications and teleinformatics. In 1991, Prof. Filipiak earned Professor's degree in telecommunications which enables him to give his organization unique competitive features from functioning on the convergence of the academic and business world.

CEO Compensation
  • Janusz's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Janusz's remuneration is higher than average for companies of similar size in Poland.
Management Team Tenure

Average tenure of the Comarch management team in years:

7.9
Average Tenure
  • The average tenure for the Comarch management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Janusz Filipiak

TITLE
Founder
COMPENSATION
PLN14M
AGE
66
TENURE
21.3 yrs

Pawel Prokop

TITLE
VP of the Mgmt Board & Director of the Public Administration Business Division
COMPENSATION
PLN489K

Zbigniew Rymarczyk

TITLE
VP of the Management Board & Director of ERP Business Unit
COMPENSATION
PLN2M

Marcin Warwas

TITLE
VP of the Management Board & Director of the Services Business Unit
COMPENSATION
PLN3M
TENURE
11.9 yrs

Konrad Taraski

TITLE
VP of the Management Board & CFO
COMPENSATION
PLN942K

Marcin Dabrowski

TITLE
VP of the Management Board & Director of the Telecommunications Division
COMPENSATION
PLN2M
TENURE
3.9 yrs

Andrzej Przewilikowski

TITLE
VP of Management Board & Director of Financial Services Division
COMPENSATION
PLN796K
TENURE
3.8 yrs

Maria Smolinska

TITLE
Head of Accountant

Piotr Pitosa

TITLE
Director of Medicine Division
COMPENSATION
PLN1M
Board of Directors Tenure

Average tenure of the Comarch board of directors in years:

5.9
Average Tenure
  • The tenure for the Comarch board of directors is about average.
Board of Directors

Elzbieta Filipiak

TITLE
Chairperson of Supervisory Board
COMPENSATION
PLN1M
TENURE
5.9 yrs

Maciej Brzezinski

TITLE
Vice-Chairman of Supervisory Board
COMPENSATION
PLN55K
TENURE
5.9 yrs

Danuta Drobniak

TITLE
Member of Supervisory Board
COMPENSATION
PLN55K

Wojciech Kucharzyk

TITLE
Member of Supervisory Board
COMPENSATION
PLN55K

Anna Lawrynowicz

TITLE
Member of Supervisory Board
COMPENSATION
PLN55K

Anna Pruska

TITLE
Member of Supervisory Board
COMPENSATION
PLN440K
TENURE
5.9 yrs

Robert Bednarski

TITLE
Member of Supervisory Board
COMPENSATION
PLN56K
AGE
44
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 Comarch'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. Comarch 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.

CMR News

Simply Wall St News

Should We Worry About Comarch S.A.'s (WSE:CMR) P/E Ratio?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll look at Comarch S.A.'s (WSE:CMR) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Is Comarch S.A. (WSE:CMR) Investing Effectively In Its Business?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Will Comarch S.A.'s (WSE:CMR) Earnings Grow In The Next Couple Of Years?

In December 2018, Comarch S.A. … (WSE:CMR) announced its latest earnings update, whicha … confirmed

Simply Wall St -

Where Comarch S.A. (WSE:CMR) Stands In Terms Of Earnings Growth Against Its Industry

After looking at Comarch S.A.'s (WSE:CMR) latest earnings update (31 December 2018), I found it helpful to revisit the company's performance in the past couple of years and compare this against the latest numbers. … As a long-term investor I tend to focus on earnings trend, rather than a single number at one point in time. … Did CMR beat its long-term earnings growth trend and its industry.

Simply Wall St -

What Should We Expect From Comarch S.A.'s (WSE:CMR) Earnings Over The Next Year?

(WSE:CMR) released its earnings update. … it seems that analyst forecasts are substantially optimistic, … with profits predicted to ramp up by an impressive 61% next year,

Simply Wall St -

Does Comarch's Share Price Gain of 99% Match Its Business Performance?

(WSE:CMR) share price is up 99% in the last 5 years, clearly besting than the market return of around 5.5%. … One flawed but reasonable way to assess how sentiment around a company has changed, is to compare the earnings per share (EPS) with the share price. … Comarch's earnings per share are down 1.7% per year, despite strong share price performance over five years.

Simply Wall St -

Do Insiders Own Lots Of Shares In Comarch S.A. (WSE:CMR)?

Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … I generally like to see some degree of insider ownership, even if only a little. … Comarch is a smaller company with a market capitalization of zł1.3b, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

Examining Comarch S.A.’s (WSE:CMR) Weak Return On Capital Employed

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

What Investors Should Know About Comarch S.A.'s (WSE:CMR) Financial Strength

(WSE:CMR) with its market cap of zł1.2b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Evaluating financial health as part of your investment thesis is

Simply Wall St -

Should We Worry About Comarch S.A.'s (WSE:CMR) P/E Ratio?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … How Do I Calculate A Price To Earnings Ratio … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

CMR Company Info

Description

Comarch S.A. designs, implements, and integrates IT solutions worldwide. Its Telecommunications division offers solutions in the areas of IOT Ecosystem, sales and customer management, billing and charging, BSS, future-proof operations, integrated assurance, resource planning and inventory, service design and fulfillment, and professional services. The company’s Finance, Banking and Insurance division provides IT solutions and services for banking, insurance, and capital market sectors. Its Enterprise Resource Planning (ERP) division provides various ERP solutions. The company’s Public division offers ERGO solutions, electronic flow solutions, e-Office platform, ERP class integrated IT system, security platform, smart city platform, smart parking solutions, eRecording solutions, and video terminal solutions. Its Services division designs, implements, and integrates IT solutions for loyalty programs, marketing campaign management, employee motivation management, electronic data interchange and business information, document management, and sales process management support systems and mobile applications; and offers IT infrastructure management for services companies. The company also offers solutions for IT systems for hospitals; software products for radiology; medical record management in medical institutions; Internet of Things, short series manufacturing solutions, mobility solutions, certification tool, embedded systems, and outsourcing systems; and advertising and other services, as well as operates sports activities and sells tickets to sports events. Comarch S.A. was founded in 1993 and is headquartered in Kraków, Poland.

Details
Name: Comarch S.A.
CMR
Exchange: WSE
Founded: 1993
PLN1,590,069,729
8,133,349
Website: http://www.comarch.com
Address: Comarch S.A.
Al. Jana Pawla II 39a,
Kraków,
31-864,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE CMR Ordinary Bearer Shares Warsaw Stock Exchange PL PLN 11. May 1999
Number of employees
Current staff
Staff numbers
6,000
Comarch employees.
Industry
IT Consulting and Other Services
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 20:40
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/20
Last earnings filing: 2019/05/18
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


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.