WSE:APT

Stock Analysis Report

Executive Summary

Apator S.A. manufactures and sells metering and switchgear equipment in Poland and internationally.


Snowflake Analysis

Flawless balance sheet and good value.


Similar Companies

Share Price & News

How has Apator's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: APT has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.2%

APT

-3.5%

PL Electronic

-7.4%

PL Market


1 Year Return

-18.6%

APT

12.2%

PL Electronic

-14.4%

PL Market

Return vs Industry: APT underperformed the Polish Electronic industry which returned 13% over the past year.

Return vs Market: APT underperformed the Polish Market which returned -14.8% over the past year.


Shareholder returns

APTIndustryMarket
7 Day-3.2%-3.5%-7.4%
30 Day1.4%2.6%-5.8%
90 Day-1.4%9.7%-6.5%
1 Year-13.9%-18.6%16.4%12.2%-11.9%-14.4%
3 Year-32.0%-40.8%-21.4%-28.2%-14.3%-20.3%
5 Year-41.9%-52.3%-33.1%-44.1%-5.5%-17.6%

Price Volatility Vs. Market

How volatile is Apator's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Apator undervalued compared to its fair value and its price relative to the market?

2.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: APT (PLN21.4) is trading below our estimate of fair value (PLN21.58)

Significantly Below Fair Value: APT is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: APT is good value based on its PE Ratio (10.4x) compared to the Electronic industry average (13.8x).

PE vs Market: APT is good value based on its PE Ratio (10.4x) compared to the Polish market (11.3x).


Price to Earnings Growth Ratio

PEG Ratio: APT's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: APT is good value based on its PB Ratio (1.3x) compared to the PL Electronic industry average (1.4x).


Next Steps

Future Growth

How is Apator forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-0.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: APT's earnings are forecast to decline over the next 3 years (-0.3% per year).

Earnings vs Market: APT's earnings are forecast to decline over the next 3 years (-0.3% per year).

High Growth Earnings: APT's earnings are forecast to decline over the next 3 years.

Revenue vs Market: APT's revenue (2% per year) is forecast to grow slower than the Polish market (6.2% per year).

High Growth Revenue: APT's revenue (2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: APT's Return on Equity is forecast to be low in 3 years time (11.9%).


Next Steps

Past Performance

How has Apator performed over the past 5 years?

-6.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: APT has high quality earnings.

Growing Profit Margin: APT's current net profit margins (6.8%) are higher than last year (6%).


Past Earnings Growth Analysis

Earnings Trend: APT's earnings have declined by -6.8% per year over the past 5 years.

Accelerating Growth: APT's earnings growth over the past year (26.2%) exceeds its 5-year average (-6.8% per year).

Earnings vs Industry: APT earnings growth over the past year (26.2%) exceeded the Electronic industry 10.3%.


Return on Equity

High ROE: APT's Return on Equity (12.4%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Apator's financial position?


Financial Position Analysis

Short Term Liabilities: APT's short term assets (PLN383.4M) exceed its short term liabilities (PLN307.1M).

Long Term Liabilities: APT's short term assets (PLN383.4M) exceed its long term liabilities (PLN69.7M).


Debt to Equity History and Analysis

Debt Level: APT's debt to equity ratio (31.4%) is considered satisfactory.

Reducing Debt: APT's debt to equity ratio has reduced from 43.2% to 31.4% over the past 5 years.

Debt Coverage: APT's debt is well covered by operating cash flow (65.2%).

Interest Coverage: APT's interest payments on its debt are well covered by EBIT (16.1x coverage).


Balance Sheet

Inventory Level: APT has a high level of physical assets or inventory.

Debt Coverage by Assets: APT's debt is covered by short term assets (assets are 2.5x debt).


Next Steps

Dividend

What is Apator's current dividend yield, its reliability and sustainability?

6.19%

Current Dividend Yield


Dividend Yield vs Market

company6.2%marketbottom25%2.3%markettop25%7.0%industryaverage6.9%forecastin3Years7.0%

Current dividend yield vs market & industry

Notable Dividend: APT's dividend (6.07%) is higher than the bottom 25% of dividend payers in the Polish market (2.33%).

High Dividend: APT's dividend (6.07%) is low compared to the top 25% of dividend payers in the Polish market (6.94%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (65.6%), APT's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

2.3yrs

Average management tenure


CEO

Miroslaw Klepacki 0

2.3yrs

Tenure

zł594,049

Compensation

Mr. Miroslaw Klepacki has been President of the Executive Board at Apator S.A. since November 16, 2017 and General Manager since 2019. Mr. Klepacki served as a Switchgear Equipment Director of Apator S.A.  ...


CEO Compensation Analysis

Compensation vs Market: Miroslaw's total compensation ($USD0.00) is below average for companies of similar size in the Polish market ($USD281.44K).

Compensation vs Earnings: Insufficient data to compare Miroslaw's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Miroslaw Klepacki
President of the Executive Board & GM2.3yrszł594.05k0.016% PLN100.8k
Arkadiusz Chmielewski
Director for Business Development of Grupa Apator & Member of Executive Board0yrszł546.47kno data
Malgorzata Mazurek
Finance Director of Proxy0yrsno datano data
Krzysztof Malec
Chief Operating Officer5.1yrsno datano data
Artur Bratkowski
Director of the Dept. for Metering Equipment & Systems0yrsno datano data
Jolanta Dombrowska
Director of the Office of Management & Investor Relations2.2yrsno datano data

2.3yrs

Average Tenure

Experienced Management: APT's management team is considered experienced (2.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Janusz Niedzwiecki
Chairman of the Supervisory Board6.7yrszł84.00k0.91% PLN5.6m
Janusz Marzyglinski
Member of the Supervisory Board9.7yrszł180.00k2.92% PLN17.9m
Danuta Guzowska
Member of the Supervisory Board20.1yrszł84.00k5.2% PLN31.9m
Mariusz Lewicki
Deputy Chairman of the Supervisory Board0yrszł216.00k7.55% PLN46.4m
Marcin Murawski
Independent Member of the Supervisory Board6.7yrszł84.00kno data
Kazimierz Piotrowski
Member of the Supervisory Board4.7yrszł156.00k2.85% PLN17.5m

6.7yrs

Average Tenure

Experienced Board: APT's board of directors are considered experienced (6.7 years average tenure).


Ownership

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

Apator S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Apator S.A.
  • Ticker: APT
  • Exchange: WSE
  • Founded:
  • Industry: Electronic Equipment and Instruments
  • Sector: Tech
  • Market Cap: zł614.479m
  • Shares outstanding: 29.26m
  • Website: https://www.apator.com

Number of Employees


Location

  • Apator S.A.
  • ul. Gdanska 4a
  • lok C4
  • Torun
  • 87-100
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
APTWSE (Warsaw Stock Exchange)YesBearer SharesPLPLNApr 1997
0LR4LSE (London Stock Exchange)YesBearer SharesGBPLNApr 1997

Biography

Apator S.A. manufactures and sells metering and switchgear equipment in Poland and internationally. Its products include electricity meters, such as smart, electronic, prepayment, and induction meters, as well as smart grid systems comprising remote data read out and prepayment systems; and water meters, volume parts for heat meters, heat meters, heating cost allocators, remote reading systems, installation fittings, test and measurement products, and other products. The company also offers residential, commercial, and smart gas meters; radio telemetry modules; switchgear systems, such as switch disconnectors, fuse rails, surge arresters, accessories, and 4G cam switches, as well as APASYS 60, a modular designed current distribution system; and mining equipment. In addition, it provides IT solutions in the areas of grid assets, utilization of power grid assets, grid assets development, customer service, analyses and reports, process and document management, customer portals, and connectors; and IT services, such as grid passporting, integration, outsourcing, implementation, training, and consulting. Further, the company offers power and distribution engineering equipment, drives and control engineering equipment, AC and DC drives, softstarts, and motors and gears, as well as MRO and customer training services. Additionally, it provides research and development services in technical sciences; manufacture instruments and appliances for measuring, checking, navigating and other uses; thermometers and thermostats; and IT system applications. Furthermore, the company engages in the publishing, printing, and reproduction of recorded media; sales of prepayment electric energy meters and gas meters; and distribution of water and heat meters. It also offers controlgears, electricity, electrical equipment, lifting equipment, pumps, and compressors; and manufactures reading and transmitting data devices. Apator S.A. is based in Torun, Poland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/26 21:13
End of Day Share Price2020/02/26 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.