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Zespól Elektrowni Patnów-Adamów-Konin

WSE:ZEP
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ZEP
WSE
PLN364M
Market Cap
  1. Home
  2. PL
  3. Utilities
Company description

Zespól Elektrowni Patnów-Adamów-Konin S.A. The last earnings update was 192 days ago. More info.


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ZEP Share Price and Events
7 Day Returns
-1.4%
WSE:ZEP
1.7%
PL Electric Utilities
0.3%
PL Market
1 Year Returns
-26.6%
WSE:ZEP
-6.7%
PL Electric Utilities
-6.1%
PL Market
ZEP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Zespól Elektrowni Patnów-Adamów-Konin (ZEP) -1.4% -0.6% -12.1% -26.6% -44.9% -70.2%
PL Electric Utilities 1.7% -4.1% -24.4% -6.7% -27.7% -58.1%
PL Market 0.3% -6.8% -6.9% -6.1% 7.5% -10.5%
1 Year Return vs Industry and Market
  • ZEP underperformed the Electric Utilities industry which returned -6.7% over the past year.
  • ZEP underperformed the Market in Poland which returned -6.1% over the past year.
Price Volatility
ZEP
Industry
5yr Volatility vs Market

Value

 Is Zespól Elektrowni Patnów-Adamów-Konin 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 Zespól Elektrowni Patnów-Adamów-Konin 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 Zespól Elektrowni Patnów-Adamów-Konin.

WSE:ZEP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 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:ZEP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.24
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.236 (1 + (1- 19%) (134.46%))
0.661
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 * 7.14%)
8.56%

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

The calculations below outline how an intrinsic value for Zespól Elektrowni Patnów-Adamów-Konin 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:ZEP DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 8.56%)
2019 109.40 Analyst x1 100.77
2020 51.02 Est @ -53.37% 43.29
2021 84.90 Analyst x1 66.36
2022 360.70 Analyst x1 259.68
2023 159.40 Analyst x1 105.71
2024 101.22 Est @ -36.5% 61.83
2025 76.22 Est @ -24.7% 42.89
2026 63.70 Est @ -16.43% 33.01
2027 56.91 Est @ -10.65% 27.17
2028 53.16 Est @ -6.6% 23.38
Present value of next 10 years cash flows PLN764.07
WSE:ZEP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN53.16 × (1 + 2.85%) ÷ (8.56% – 2.85%)
PLN957.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN957.16 ÷ (1 + 8.56%)10
PLN420.92
WSE:ZEP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN764.07 + PLN420.92
PLN1,185.00
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN1,185.00 / 50.82
PLN23.32
WSE:ZEP Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN23.32
Current discount Discount to share price of PLN7.16
= -1 x (PLN7.16 - PLN23.32) / PLN23.32
69.3%

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

Current Discount
Amount off the current price Zespól Elektrowni Patnów-Adamów-Konin is available for.
Intrinsic value
>50%
Share price is PLN7.16 vs Future cash flow value of PLN23.32
Current Discount Checks
For Zespól Elektrowni Patnów-Adamów-Konin to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Zespól Elektrowni Patnów-Adamów-Konin's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Zespól Elektrowni Patnów-Adamów-Konin's share price is below the future cash flow value, and at a substantial discount (> 40%).
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 Zespól Elektrowni Patnów-Adamów-Konin's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Zespól Elektrowni Patnów-Adamów-Konin's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:ZEP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN-0.95
WSE:ZEP Share Price ** WSE (2019-05-24) in PLN PLN7.16
Poland Electric Utilities Industry PE Ratio Median Figure of 6 Publicly-Listed Electric Utilities Companies 8.27x
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 Zespól Elektrowni Patnów-Adamów-Konin.

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

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

= 7.16 ÷ -0.95

-7.55x

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

  • Zespól Elektrowni Patnów-Adamów-Konin is loss making, we can't compare its value to the PL Electric Utilities industry average.
  • Zespól Elektrowni Patnów-Adamów-Konin is loss making, we can't compare the value of its earnings to the Poland market.
Price based on expected Growth
Does Zespól Elektrowni Patnów-Adamów-Konin's expected growth come at a high price?
Raw Data
WSE:ZEP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -7.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
84.8%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 32 Publicly-Listed Electric Utilities Companies 1.3x
Poland Market PEG Ratio Median Figure of 112 Publicly-Listed Companies 0.99x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Zespól Elektrowni Patnów-Adamów-Konin, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Zespól Elektrowni Patnów-Adamów-Konin's assets?
Raw Data
WSE:ZEP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN41.32
WSE:ZEP Share Price * WSE (2019-05-24) in PLN PLN7.16
Poland Electric Utilities Industry PB Ratio Median Figure of 7 Publicly-Listed Electric Utilities Companies 0.3x
Poland Market PB Ratio Median Figure of 689 Publicly-Listed Companies 0.97x
WSE:ZEP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 7.16 ÷ 41.32

0.17x

* Primary Listing of Zespól Elektrowni Patnów-Adamów-Konin.

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

  • Zespól Elektrowni Patnów-Adamów-Konin is good value based on assets compared to the PL Electric Utilities industry average.
X
Value checks
We assess Zespól Elektrowni Patnów-Adamów-Konin'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 Electric Utilities 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 Electric Utilities industry average (and greater than 0)? (1 check)
  5. Zespól Elektrowni Patnów-Adamów-Konin has a total score of 3/6, 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 Zespól Elektrowni Patnów-Adamów-Konin expected to perform in the next 1 to 3 years based on estimates from 3 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
84.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Zespól Elektrowni Patnów-Adamów-Konin expected to grow at an attractive rate?
  • Zespól Elektrowni Patnów-Adamów-Konin's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Zespól Elektrowni Patnów-Adamów-Konin's earnings growth is expected to exceed the Poland market average.
  • Zespól Elektrowni Patnów-Adamów-Konin's revenues are expected to decrease over the next 1-3 years, this is below the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:ZEP Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:ZEP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 84.8%
WSE:ZEP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -7.3%
Poland Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 26.1%
Poland Electric Utilities 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:ZEP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:ZEP Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,343 1
2022-12-31 1,526 1
2021-12-31 2,069 389 203 2
2020-12-31 2,481 302 161 3
2019-12-31 2,555 93 48 3
2018-12-31 2,146 278 -81 3
WSE:ZEP Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 2,253 334 -48
2018-06-30 2,248 448 29
2018-03-31 2,309 523 113
2017-12-31 2,443 479 183
2017-09-30 2,464 471 201
2017-06-30 2,515 462 213
2017-03-31 2,624 468 229
2016-12-31 2,705 536 248
2016-09-30 2,747 777 -1,686
2016-06-30 2,808 607 -1,758
2016-03-31 2,873 598 -1,842
2015-12-31 2,948 467 -1,881

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Zespól Elektrowni Patnów-Adamów-Konin's earnings are expected to grow significantly at over 20% yearly.
  • Zespól Elektrowni Patnów-Adamów-Konin's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:ZEP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Zespól Elektrowni Patnów-Adamów-Konin Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:ZEP Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 3.90 3.90 3.90 1.00
2020-12-31 1.80 1.80 1.80 1.00
2019-12-31 0.60 0.60 0.60 1.00
2018-12-31 -0.80 -0.80 -0.80 1.00
WSE:ZEP Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 -0.95
2018-06-30 0.56
2018-03-31 2.22
2017-12-31 3.61
2017-09-30 3.95
2017-06-30 4.18
2017-03-31 4.51
2016-12-31 4.87
2016-09-30 -33.17
2016-06-30 -34.59
2016-03-31 -36.24
2015-12-31 -37.01

*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.
  • Zespól Elektrowni Patnów-Adamów-Konin is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Zespól Elektrowni Patnów-Adamów-Konin'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.
Zespól Elektrowni Patnów-Adamów-Konin 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 Zespól Elektrowni Patnów-Adamów-Konin performed over the past 5 years?

  • Zespól Elektrowni Patnów-Adamów-Konin's last earnings update was 192 days ago.
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 Zespól Elektrowni Patnów-Adamów-Konin's growth in the last year to its industry (Electric Utilities).
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.
  • Zespól Elektrowni Patnów-Adamów-Konin does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Zespól Elektrowni Patnów-Adamów-Konin's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Zespól Elektrowni Patnów-Adamów-Konin's 1-year growth to the PL Electric Utilities industry average as it is not currently profitable.
Earnings and Revenue History
Zespól Elektrowni Patnów-Adamów-Konin'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 Zespól Elektrowni Patnów-Adamów-Konin Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:ZEP 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 2,253.40 -48.21 125.32
2018-06-30 2,248.36 28.61 131.82
2018-03-31 2,309.21 112.85 127.65
2017-12-31 2,443.08 183.24 123.73
2017-09-30 2,464.26 200.83 131.22
2017-06-30 2,514.75 212.64 121.35
2017-03-31 2,624.32 229.04 116.19
2016-12-31 2,704.71 247.67 112.54
2016-09-30 2,746.57 -1,686.06 101.42
2016-06-30 2,807.81 -1,757.79 107.40
2016-03-31 2,872.66 -1,842.05 113.68
2015-12-31 2,947.82 -1,881.09 116.24
2015-09-30 2,963.46 36.23 126.87
2015-06-30 2,842.88 10.29 137.28
2015-03-31 2,767.63 64.45 139.09
2014-12-31 2,680.11 81.98 152.61
2014-09-30 2,718.44 85.57 135.58
2014-06-30 2,781.27 206.57 140.55
2014-03-31 2,768.31 214.81 149.35
2013-12-31 2,763.84 216.95 152.07
2013-09-30 2,752.15 286.58 176.92
2013-06-30 2,775.49 287.47 182.46
2013-03-31 2,742.74 303.67 163.57
2012-12-31 2,723.39 406.50 137.38
2012-09-30 2,634.64 345.42 115.43

*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.
  • It is difficult to establish if Zespól Elektrowni Patnów-Adamów-Konin has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Zespól Elektrowni Patnów-Adamów-Konin has efficiently used its assets last year compared to the PL Electric Utilities industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Zespól Elektrowni Patnów-Adamów-Konin improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Zespól Elektrowni Patnów-Adamów-Konin'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 Electric Utilities 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.
Zespól Elektrowni Patnów-Adamów-Konin 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 Zespól Elektrowni Patnów-Adamów-Konin'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 Zespól Elektrowni Patnów-Adamów-Konin's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Zespól Elektrowni Patnów-Adamów-Konin's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Zespól Elektrowni Patnów-Adamów-Konin's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Zespól Elektrowni Patnów-Adamów-Konin'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 1.7x 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 Zespól Elektrowni Patnów-Adamów-Konin Company Filings, last reported 7 months ago.

WSE:ZEP Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 2,100.07 489.29 324.36
2018-06-30 2,110.95 557.78 252.36
2018-03-31 2,248.61 616.07 276.95
2017-12-31 2,264.27 656.28 357.99
2017-09-30 2,250.89 747.57 408.73
2017-06-30 2,184.75 837.93 329.68
2017-03-31 2,201.20 912.83 278.89
2016-12-31 2,143.66 1,031.01 427.42
2016-09-30 2,106.05 1,084.67 536.09
2016-06-30 2,025.71 1,222.29 406.10
2016-03-31 1,959.95 1,281.28 359.09
2015-12-31 1,884.82 1,353.70 460.33
2015-09-30 3,782.87 1,324.80 303.95
2015-06-30 3,776.50 1,360.49 317.10
2015-03-31 3,855.28 1,333.70 327.09
2014-12-31 3,819.72 1,258.77 450.87
2014-09-30 3,816.20 1,297.23 539.79
2014-06-30 3,836.31 1,142.61 429.87
2014-03-31 3,834.69 1,018.85 338.82
2013-12-31 3,782.62 1,123.69 527.32
2013-09-30 3,753.88 1,181.42 452.09
2013-06-30 3,641.65 1,268.30 415.19
2013-03-31 3,591.04 1,319.95 388.03
2012-12-31 3,541.95 1,350.67 421.70
2012-09-30 3,546.39 1,417.93 494.43
  • Zespól Elektrowni Patnów-Adamów-Konin's level of debt (23.3%) 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 (31.5% vs 23.3% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Zespól Elektrowni Patnów-Adamów-Konin has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Zespól Elektrowni Patnów-Adamów-Konin has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by % per year.
X
Financial health checks
We assess Zespól Elektrowni Patnów-Adamów-Konin'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. Zespól Elektrowni Patnów-Adamów-Konin has a total score of 4/6, 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 Zespól Elektrowni Patnów-Adamów-Konin'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
16.76%
Current annual income from Zespól Elektrowni Patnów-Adamów-Konin dividends. Estimated to be 6.42% next year.
If you bought PLN2,000 of Zespól Elektrowni Patnów-Adamów-Konin shares you are expected to receive PLN335 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?
  • Zespól Elektrowni Patnów-Adamów-Konin's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.91%).
  • Zespól Elektrowni Patnów-Adamów-Konin's dividend is above 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:ZEP 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 3 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 4.5%
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:ZEP Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.46 1.00
2020-12-31
2019-12-31
2018-12-31 0.60 1.00
WSE:ZEP Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-05-15 1.200 14.910
2017-05-19 1.290 9.429
2016-03-21 0.000 0.000
2015-11-13 1.200 14.641
2015-08-31 1.200 8.721
2015-05-14 0.800 3.952
2015-03-20 1.200 5.037
2014-08-28 0.680 2.449
2014-07-04 0.680 2.444

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

  • Zespól Elektrowni Patnów-Adamów-Konin has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Zespól Elektrowni Patnów-Adamów-Konin only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Zespól Elektrowni Patnów-Adamów-Konin's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (7.1x coverage).
X
Income/ dividend checks
We assess Zespól Elektrowni Patnów-Adamów-Konin'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 Zespól Elektrowni Patnów-Adamów-Konin afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Zespól Elektrowni Patnów-Adamów-Konin has a total score of 3/6, 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 Zespól Elektrowni Patnów-Adamów-Konin'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
Henryk Sobierajski
COMPENSATION PLN120,000
TENURE AS CEO 0.1 years
CEO Bio

Mr. Henryk Sobierajski is Acting President of the Management Board at Zespól Elektrowni „Patnów-Adamów-Konin” Spólka Akcyjna since April 2019. He serves as Member of the Supervisory Board at Zespol Elektrowni Patnow-Adamow-Konin Spólka Akcyjna and served as Vice Chairman of Supervisory Board. Mr. Sobierajski serves as Member of The Supervisory Board at PAK-Volt S.A. He holds a graduate of the University of Physical Education in Warsaw.

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

Average tenure of the Zespól Elektrowni Patnów-Adamów-Konin management team in years:

0.2
Average Tenure
  • The average tenure for the Zespól Elektrowni Patnów-Adamów-Konin management team is less than 2 years, this suggests a new team.
Management Team

Henryk Sobierajski

TITLE
Acting President of the Management Board & Member of the Supervisory Board
COMPENSATION
PLN120K
TENURE
0.1 yrs

Zygmunt Artwik

TITLE
Vice President of the Management Board
COMPENSATION
PLN1K
TENURE
3.6 yrs

Pawel Markowski

TITLE
VP of Management Board & Deputy CEO

Pawel Lisowski

TITLE
Vice President of Management Board
TENURE
0.3 yrs

Tomasz Szelag

TITLE
Secretary of the Supervisory Board & Member of Supervisory Board
TENURE
0.1 yrs
Board of Directors Tenure

Average tenure of the Zespól Elektrowni Patnów-Adamów-Konin board of directors in years:

0.1
Average Tenure
  • The average tenure for the Zespól Elektrowni Patnów-Adamów-Konin board of directors is less than 3 years, this suggests a new board.
Board of Directors

Wojciech Piskorz

TITLE
Chairman of the Supervisory Board
COMPENSATION
PLN199K
TENURE
0.1 yrs

Henryk Sobierajski

TITLE
Acting President of the Management Board & Member of the Supervisory Board
COMPENSATION
PLN120K

Wieslaw Walendziak

TITLE
Vice-Chairman of the Supervisory Board
COMPENSATION
PLN120K
TENURE
0.1 yrs

Tomasz Szelag

TITLE
Secretary of the Supervisory Board & Member of Supervisory Board
TENURE
2.6 yrs

Leszek Wyslocki

TITLE
Member of the Supervisory Board
COMPENSATION
PLN120K

Slawomir Sykucki

TITLE
Member of the Supervisory Board
COMPENSATION
PLN10K

Slawomir Zakrzewski

TITLE
Member of the Supervisory Board
TENURE
1.6 yrs

Piotr Stepniak

TITLE
Member of Supervisory Board
TENURE
0.1 yrs

Grzegorz Krystek

TITLE
Member of Supervisory Board
TENURE
0.1 yrs
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 Zespól Elektrowni Patnów-Adamów-Konin'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. Zespól Elektrowni Patnów-Adamów-Konin 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

What You Should Know About Zespól Elektrowni Patnów-Adamów-Konin S.A.'s (WSE:ZEP) Financial Strength

(WSE:ZEP) with its market cap of zł417m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

How Does Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) Affect Your Portfolio Volatility?

(WSE:ZEP), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

How Much Of Zespól Elektrowni Patnów-Adamów-Konin S.A. (WSE:ZEP) Do Institutions Own?

The big shareholder groups in Zespól Elektrowni Patnów-Adamów-Konin S.A. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … With a market capitalization of zł384m, Zespól Elektrowni Patnów-Adamów-Konin is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

What Do You Get For Owning Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP)?

and want to begin learning the link between Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP)’s return fundamentals and stock market performance. … Therefore, looking at how efficiently Zespól Elektrowni Patnów-Adamów-Konin is able to use capital to create earnings will help us understand your potential return. … Check out our latest analysis for Zespól Elektrowni Patnów-Adamów-Konin

Simply Wall St -

Should You Be Tempted To Buy Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP) At Its Current PE Ratio?

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP) is trading with a trailing P/E of 3.9x, which is lower than the industry average of 4.3x. … View our latest analysis for Zespól Elektrowni Patnów-Adamów-Konin

Simply Wall St -

Who Are The Major Shareholders In Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP)?

In this analysis, my focus will be on developing a perspective on Zespól Elektrowni Patnów-Adamów-Konin SA’s (WSE:ZEP) latest ownership structure, a less discussed, but important factor. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … View our latest analysis for Zespól Elektrowni Patnów-Adamów-Konin

Simply Wall St -

What Do You Get For Owning Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP)?

and want to better understand how you can grow your money by investing in Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP). … Thus, to understand how your money can grow by investing in Zespól Elektrowni Patnów-Adamów-Konin, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE) … Zespól Elektrowni Patnów-Adamów-Konin's Return On Capital Employed

Simply Wall St -

Will Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP) Continue To Underperform Its Industry?

and looking to gauge the potential return on investment in Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP). … With an ROE of 4.98%, Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP) returned in-line to its own industry which delivered 6.97% over the past year. … But what is more interesting is whether ZEP can sustain or improve on this level of return

Simply Wall St -

Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP): Commentary On Fundamentals

Zespól Elektrowni Patnów-Adamów-Konin SA (WSE:ZEP) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of ZEP, it

Simply Wall St -

Zespól Elektrowni Patnów-Adamów-Konin SA. (WSE:ZEP): Should The Recent Earnings Drop Worry You?

After reading Zespól Elektrowni Patnów-Adamów-Konin SA.'s (WSE:ZEP) most recent earnings announcement (31 December 2017), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … Since these figures may be fairly myopic, I have computed an annualized five-year figure for Zespól Elektrowni Patnów-Adamów-Konin's net income, which stands at -ZŁ140.44M This means despite the fact that earnings declined from the previous year, in the long run, Zespól Elektrowni Patnów-Adamów-Konin's earnings have been rising on average. … This shows that, in the recent industry expansion, Zespól Elektrowni Patnów-Adamów-Konin has not been able to leverage it as much as its average peer.What does this mean?

Simply Wall St -

Company Info

Description

Zespól Elektrowni Patnów-Adamów-Konin S.A. produces and distributes electricity and heat in Poland. It produces energy from conventional sources and through the combustion and co-combustion of biomass, as well as through lignite-fired plants. The company also engages in construction and installation work, maintenance work, services, manufacturing and trade activities. Zespól Elektrowni Patnów-Adamów-Konin S.A. was founded in 1958 and is headquartered in Konin, Poland.

Details
Name: Zespól Elektrowni Patnów-Adamów-Konin S.A.
ZEP
Exchange: WSE
Founded: 1958
PLN363,896,596
50,823,547
Website: http://www.zepak.com.pl
Address: Zespól Elektrowni Patnów-Adamów-Konin S.A.
ul. Kazimierska 45,
Konin,
62-510,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE ZEP Ordinary Shares Warsaw Stock Exchange PL PLN 30. Oct 2012
Number of employees
Current staff
Staff numbers
0
Zespól Elektrowni Patnów-Adamów-Konin employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 21:37
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2018/11/14
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.