WSE:STX

Stock Analysis Report

Stalexport Autostrady

Executive Summary

Stalexport Autostrady S.A., together with its subsidiaries, constructs and operates motorways in Poland.


Snowflake Analysis

Undervalued with excellent balance sheet.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-1.0%

STX

-0.6%

PL Infrastructure

-0.7%

PL Market


1 Year Return

-17.0%

STX

10.1%

PL Infrastructure

-7.8%

PL Market

Return vs Industry: STX underperformed the Polish Infrastructure industry which returned 15.1% over the past year.

Return vs Market: STX underperformed the Polish Market which returned -4.3% over the past year.


Shareholder returns

STXIndustryMarket
7 Day-1.0%-0.6%-0.7%
30 Day0%-1.1%1.5%
90 Day-2.6%0.8%0.7%
1 Year-8.7%-17.0%14.3%10.1%-4.9%-7.8%
3 Year-10.0%-27.4%36.6%23.9%0.5%-6.8%
5 Year36.1%9.8%57.8%32.2%5.4%-7.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: STX (PLN3.05) is trading below our estimate of fair value (PLN11.11)

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


Price To Earnings Ratio

PE vs Industry: STX is good value based on its PE Ratio (9.1x) compared to the Infrastructure industry average (17.8x).

PE vs Market: STX is good value based on its PE Ratio (9.1x) compared to the Polish market (11.6x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate STX's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: STX is good value based on its PB Ratio (1x) compared to the XE Infrastructure industry average (1.8x).


Next Steps

Future Growth

How is Stalexport Autostrady forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

3.8%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if STX's forecast earnings growth is above the savings rate (2%).

Earnings vs Market: Insufficient data to determine if STX's earnings are forecast to grow faster than the Polish market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: STX's revenue (3.8% per year) is forecast to grow slower than the Polish market (5.1% per year).

High Growth Revenue: STX's revenue (6.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if STX's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Stalexport Autostrady performed over the past 5 years?

12.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: STX has high quality earnings.

Growing Profit Margin: STX's current net profit margins (23.7%) are lower than last year (52.7%).


Past Earnings Growth Analysis

Earnings Trend: STX's earnings have grown by 12.6% per year over the past 5 years.

Accelerating Growth: STX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: STX had negative earnings growth (-53.1%) over the past year, making it difficult to compare to the Infrastructure industry average (13.4%).


Return on Equity

High ROE: STX's Return on Equity (11.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Stalexport Autostrady's financial position?


Financial Position Analysis

Short Term Liabilities: STX's short term assets (PLN336.7M) exceed its short term liabilities (PLN168.4M).

Long Term Liabilities: STX's short term assets (PLN336.7M) do not cover its long term liabilities (PLN353.5M).


Debt to Equity History and Analysis

Debt Level: STX is debt free.

Reducing Debt: STX has no debt compared to 5 years ago when its debt to equity ratio was 80%.

Debt Coverage: STX has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: STX has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet

Inventory Level: STX has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if STX's debt is covered by short term assets.


Next Steps

Dividend

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

12.25%

Current Dividend Yield


Dividend Yield vs Market

company12.3%marketbottom25%2.3%markettop25%6.7%industryaverage4.0%forecastin3Years14.9%

Current dividend yield vs market & industry

Notable Dividend: STX's dividend (12.15%) is higher than the bottom 25% of dividend payers in the Polish market (2.4%).

High Dividend: STX's dividend (12.15%) is in the top 25% of dividend payers in the Polish market (7.05%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, STX has been paying a dividend for less than 10 years.

Growing Dividend: STX's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (111%), STX's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: STX's dividends in 3 years are forecast to be covered by earnings (67.8% payout ratio).


Next Steps

Management

What is the CEO of Stalexport Autostrady's salary, the management and board of directors tenure and is there insider trading?

6.3yrs

Average board tenure


CEO

Emil Wasacz 0

0yrs

Tenure

zł1,244,330

Compensation

Mr. Emil Wasacz serves as the President of Management Board, Chief Executive Officer and General Director of Stalexport Autostrady S.A. (AKA: Stalexport Sa). 


CEO Compensation Analysis

Compensation vs Market: Emil's total compensation ($USD328.03K) is about average for companies of similar size in the Polish market ($USD328.03K).

Compensation vs Earnings: Emil's compensation has been consistent with company performance over the past year.


Board Age and Tenure

6.3yrs

Average Tenure

57yo

Average Age

Experienced Board: STX's board of directors are considered experienced (6.3 years average tenure).


Insider Trading

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.


Management Team

  • Emil Wasacz

    President of the Management Board

    • Compensation: zł1.24m
  • Mariusz Serwa (48yo)

    Vice-President of the Management Board & CFO

    • Tenure: 13.8yrs
    • Compensation: zł675.32k
  • Andrzej Kluba

    Director of the Strategy & Development Office

    • Ireneusz Sakowski

      Chief Tender Specialist


      Board Members

      • Stefano Rossi

        Secretary of the Supervisory Board

        • Aleksander Galos (57yo)

          Vice Chairman of Supervisory Board

          • Tenure: 11.8yrs
        • Tomasz Dobrowolski

          Deputy Chairman of the Supervisory Board

          • Roberto Mengucci (58yo)

            Chairman of Supervisory Board

            • Tenure: 10.5yrs
          • Marco Pace (51yo)

            Member of Supervisory Board

            • Flavio Ferrari

              Supervisory Board Member

              • Tenure: 2yrs
            • Nicola Bruno

              Member of the Supervisory Board

              • Tenure: 1yrs

            Company Information

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


            Key Information

            • Name: Stalexport Autostrady S.A.
            • Ticker: STX
            • Exchange: WSE
            • Founded: 1963
            • Industry: Highways and Railtracks
            • Sector: Transportation
            • Market Cap: zł740.550m
            • Shares outstanding: 247.26m
            • Website: https://www.stalexport-autostrady.pl

            Number of Employees


            Location

            • Stalexport Autostrady S.A.
            • ul. Piaskowa 20
            • Myslowice
            • 41-404
            • Poland

            Listings

            TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
            STXWSE (Warsaw Stock Exchange)YesCommon Bearer SharesPLPLNOct 1994
            0LYXLSE (London Stock Exchange)YesCommon Bearer SharesGBPLNOct 1994

            Biography

            Stalexport Autostrady S.A., together with its subsidiaries, constructs and operates motorways in Poland. The company operates a Katowice-Kraków section of the A4 motorway. It also engages in construction of roads and railroads; leases office and parking spaces; and provides management and business advisory services. The company was formerly known as STALEXPORT S.A. and changed its name to Stalexport Autostrady S.A. in September 2007. Stalexport Autostrady S.A. was founded in 1963 and is based in Myslowice, Poland. 


            Company Analysis and Financial Data Status

            All financial data provided by Standard & Poor's Capital IQ.
            DataLast Updated (UTC time)
            Company Analysis2020/01/23 20:40
            End of Day Share Price2020/01/23 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.