WSE:ZEP

Stock Analysis Report

Zespól Elektrowni Patnów-Adamów-Konin

Executive Summary

Zespól Elektrowni Patnów-Adamów-Konin S.A.

Snowflake

Fundamentals

Excellent balance sheet and fair value.


Similar Companies

Share Price & News

How has Zespól Elektrowni Patnów-Adamów-Konin's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.2%

WSE:ZEP

-2.7%

PL Electric Utilities

-0.5%

PL Market


1 Year Return

-6.6%

WSE:ZEP

-13.3%

PL Electric Utilities

-7.2%

PL Market

ZEP outperformed the Electric Utilities industry which returned -13.3% over the past year.

ZEP matched the Poland Market (-7.2%) over the past year.


Share holder returns

ZEPIndustryMarket
7 Day-0.2%-2.7%-0.5%
30 Day14.4%-15.2%-8.6%
90 Day14.4%-9.0%-4.3%
1 Year-6.6%-6.6%-13.2%-13.3%-4.2%-7.2%
3 Year-23.1%-36.9%-33.0%-35.0%9.1%1.1%
5 Year-64.8%-73.4%-60.9%-65.2%-0.9%-13.6%

Price Volatility Vs. Market

How volatile is Zespól Elektrowni Patnów-Adamów-Konin's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Zespól Elektrowni Patnów-Adamów-Konin undervalued based on future cash flows and its price relative to the stock market?

>50%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

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 Based on Earnings

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

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

Zespól Elektrowni Patnów-Adamów-Konin is good value based on assets compared to the PL Electric Utilities industry average.


Next Steps

Future Growth

How is Zespól Elektrowni Patnów-Adamów-Konin expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

62.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Zespól Elektrowni Patnów-Adamów-Konin's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.

Zespól Elektrowni Patnów-Adamów-Konin's earnings are expected to grow significantly at over 20% yearly.

Zespól Elektrowni Patnów-Adamów-Konin's revenues are expected to decrease over the next 1-3 years, this is below the Poland market average.

Zespól Elektrowni Patnów-Adamów-Konin's earnings growth is expected to exceed the Poland market average.

Zespól Elektrowni Patnów-Adamów-Konin's earnings growth is expected to exceed the low risk savings rate of 2.9%.


Earnings per Share Growth Estimates


Future Return on Equity

Zespól Elektrowni Patnów-Adamów-Konin is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Zespól Elektrowni Patnów-Adamów-Konin performed over the past 5 years?

0.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Zespól Elektrowni Patnów-Adamów-Konin does not make a profit even though their year on year earnings growth rate was positive 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.


Return on Equity

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.


Return on Assets

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.


Return on Capital Employed

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.


Next Steps

Financial Health

How is Zespól Elektrowni Patnów-Adamów-Konin's financial position?


Financial Position Analysis

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 cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Zespól Elektrowni Patnów-Adamów-Konin's level of debt (25.3%) 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 (25.6% vs 25.3% today).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 2.6x debt.


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.


Next Steps

Dividend

What is Zespól Elektrowni Patnów-Adamów-Konin's current dividend yield, its reliability and sustainability?

10.09%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Zespól Elektrowni Patnów-Adamów-Konin's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.86%).

Zespól Elektrowni Patnów-Adamów-Konin's dividend is above the markets top 25% of dividend payers in Poland (7.34%).

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

The company is paying a dividend however it is incurring a loss.


Future Payout to Shareholders

Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).


Next Steps

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?

0.6yrs

Average management tenure


CEO

Henryk Sobierajski 0

0.3yrs

Tenure

zł120,000

Compensation

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 Elektro ...


Management Age and Tenure

0.6yrs

Average Tenure

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


Board Age and Tenure

0.3yrs

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.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Tomasz Szelag

    Secretary of the Supervisory Board & Member of Supervisory Board

    • Tenure: 2.8yrs
  • Henryk Sobierajski

    Acting President of the Management Board & Member of the Supervisory Board

    • Tenure: 0.3yrs
    • Compensation: zł120.00k
  • Zygmunt Artwik

    Vice President of the Management Board

    • Tenure: 3.8yrs
    • Compensation: zł1.20k
  • Pawel Markowski

    VP of Management Board & Deputy CEO

    • Tenure: 0.0yrs
  • Pawel Lisowski

    Vice President of Management Board

    • Tenure: 0.6yrs
  • Maciej Nietopiel (42yo)

    Vice President of the Management Board

    • Tenure: 0.6yrs

Board Members

  • Leszek Wyslocki

    Member of the Supervisory Board

    • Tenure: 0.0yrs
    • Compensation: zł120.00k
  • Slawomir Sykucki

    Member of the Supervisory Board

    • Tenure: 0.0yrs
    • Compensation: zł10.10k
  • Tomasz Szelag

    Secretary of the Supervisory Board & Member of Supervisory Board

    • Tenure: 2.8yrs
  • Henryk Sobierajski

    Acting President of the Management Board & Member of the Supervisory Board

    • Tenure: 0.3yrs
    • Compensation: zł120.00k
  • Wojciech Piskorz

    Chairman of the Supervisory Board

    • Tenure: 0.3yrs
    • Compensation: zł198.80k
  • Wieslaw Walendziak

    Vice-Chairman of the Supervisory Board

    • Tenure: 0.3yrs
    • Compensation: zł120.00k
  • Slawomir Zakrzewski

    Member of the Supervisory Board

    • Tenure: 1.8yrs
  • Piotr Stepniak

    Member of Supervisory Board

    • Tenure: 0.3yrs
  • Grzegorz Krystek

    Member of Supervisory Board

    • Tenure: 0.3yrs

Company Information

Zespól Elektrowni Patnów-Adamów-Konin S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Zespól Elektrowni Patnów-Adamów-Konin S.A.
  • Ticker: ZEP
  • Exchange: WSE
  • Founded: 1958
  • Industry: Electric Utilities
  • Sector: Utilities
  • Market Cap: zł410.654m
  • Shares outstanding: 50.82m
  • Website: https://www.zepak.com.pl

Location

  • Zespól Elektrowni Patnów-Adamów-Konin S.A.
  • ul. Kazimierska 45
  • Konin
  • 62-510
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ZEPWSE (Warsaw Stock Exchange)YesOrdinary SharesPLPLNOct 2012

Biography

Zespól Elektrowni Patnów-Adamów-Konin S.A. produces and distributes electricity and heat in Poland. The company produces energy from conventional sources; and through the combustion and co-combustion of bi ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/20 21:36
End of Day Share Price2019/08/20 00:00
Earnings2019/03/31
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.