KGHM POLSKA MIEDZ |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 154.2 PLN | +1.62% |
|
-2.93% | +25.63% |
| 16/05 | Transcript : KGHM Polska Miedz S.A., Q1 2024 Earnings Call, May 16, 2024 | |
| 16/05 | KGHM Net Profit Rises Despite Weaker Revenue as Operating Costs Fall | DJ |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 19,116 | 36,600 | 27,880 | 25,350 | 24,540 | 30,340 | - | - |
| Enterprise Value (EV) 1 | 25,973 | 41,434 | 31,860 | 25,350 | 24,540 | 35,953 | 36,059 | 38,711 |
| P/E ratio | 13.4 x | 20.3 x | 4.53 x | 5.31 x | -6.64 x | 10.9 x | 7.55 x | 9.28 x |
| Yield | - | 0.82% | 2.15% | - | - | 0.91% | 1.16% | 0.98% |
| Capitalization / Revenue | 0.84 x | 1.55 x | 0.94 x | 0.75 x | 0.73 x | 0.86 x | 0.82 x | 0.85 x |
| EV / Revenue | 1.14 x | 1.75 x | 1.07 x | 0.75 x | 0.73 x | 1.02 x | 0.98 x | 1.08 x |
| EV / EBITDA | 4.97 x | 6.26 x | 3.09 x | 2.86 x | 4.58 x | 5.65 x | 4.61 x | 5.51 x |
| EV / FCF | 14.3 x | 18.8 x | 88 x | - | - | -98.5 x | 23.3 x | 21.1 x |
| FCF Yield | 6.99% | 5.31% | 1.14% | - | - | -1.02% | 4.3% | 4.75% |
| Price to Book | 0.95 x | 1.74 x | 1.03 x | - | - | 1 x | 0.92 x | 0.87 x |
| Nbr of stocks (in thousands) | 2,00,000 | 2,00,000 | 2,00,000 | 2,00,000 | 2,00,000 | 2,00,000 | - | - |
| Reference price 2 | 95.58 | 183.0 | 139.4 | 126.8 | 122.7 | 151.7 | 151.7 | 151.7 |
| Announcement Date | 17/03/20 | 24/03/21 | 23/03/22 | 22/03/23 | 24/04/24 | - | - | - |
1PLN in Million2PLN
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 22,723 | 23,632 | 29,803 | 33,847 | 33,467 | 35,184 | 36,885 | 35,725 |
| EBITDA 1 | 5,229 | 6,623 | 10,327 | 8,865 | 5,362 | 6,369 | 7,823 | 7,025 |
| EBIT 1 | 3,309 | 4,660 | 8,204 | 6,626 | 2,721 | 3,108 | 3,878 | 3,247 |
| Operating Margin | 14.56% | 19.72% | 27.53% | 19.58% | 8.13% | 8.83% | 10.51% | 9.09% |
| Earnings before Tax (EBT) 1 | 2,122 | 2,756 | 7,824 | 6,489 | -3,600 | 4,368 | 4,987 | 4,721 |
| Net income 1 | 1,421 | 1,800 | 6,156 | 4,772 | -3,698 | 2,160 | 3,009 | 2,826 |
| Net margin | 6.25% | 7.62% | 20.66% | 14.1% | -11.05% | 6.14% | 8.16% | 7.91% |
| EPS 2 | 7.110 | 9.000 | 30.78 | 23.86 | -18.49 | 13.98 | 20.09 | 16.35 |
| Free Cash Flow 1 | 1,816 | 2,199 | 362 | - | - | -365.2 | 1,549 | 1,839 |
| FCF margin | 7.99% | 9.31% | 1.21% | - | - | -1.04% | 4.2% | 5.15% |
| FCF Conversion (EBITDA) | 34.73% | 33.2% | 3.51% | - | - | - | 19.8% | 26.18% |
| FCF Conversion (Net income) | 127.8% | 122.17% | 5.88% | - | - | - | 51.48% | 65.07% |
| Dividend per Share 2 | - | 1.500 | 3.000 | - | - | 1.382 | 1.767 | 1.483 |
| Announcement Date | 17/03/20 | 24/03/21 | 23/03/22 | 22/03/23 | 24/04/24 | - | - | - |
1PLN in Million2PLN
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 8,068 | 8,993 | 8,933 | 7,229 | 8,151 | 9,585 | 8,172 | 7,891 | 7,819 | 8,315 | - | - | - | - | - |
| EBITDA 1 | 2,597 | 3,133 | 2,176 | 1,636 | 1,920 | 1,882 | 1,266 | 1,087 | 1,127 | 1,551 | 1,839 | 1,708 | 1,806 | 2,116 | 2,337 |
| EBIT | 2,072 | 2,640 | 1,625 | 1,065 | 1,286 | 1,216 | 627 | 707 | 371 | 586 | - | - | - | - | - |
| Operating Margin | 25.68% | 29.36% | 18.19% | 14.73% | 15.78% | 12.69% | 7.67% | 8.96% | 4.74% | 7.05% | - | - | - | - | - |
| Earnings before Tax (EBT) 1 | 1,719 | 2,508 | 2,806 | 1,551 | -376 | 513 | 390 | 789 | -5,292 | 703 | 849.8 | 708.6 | 789.3 | 1,025 | 1,192 |
| Net income 1 | 1,394 | 1,900 | 2,280 | 1,086 | -494 | 163 | 231 | 434 | -4,526 | 424 | 616.5 | 496.4 | 550.8 | 670.3 | 778.9 |
| Net margin | 17.28% | 21.13% | 25.52% | 15.02% | -6.06% | 1.7% | 2.83% | 5.5% | -57.88% | 5.1% | - | - | - | - | - |
| EPS 2 | 6.970 | 9.500 | 11.40 | 5.430 | -2.000 | 0.8200 | 1.160 | 2.170 | -22.63 | 2.120 | 3.083 | 2.482 | 2.754 | 3.352 | 3.894 |
| Dividend per Share 2 | - | - | - | - | - | - | 1.000 | - | - | - | 1.500 | - | - | - | 1.500 |
| Announcement Date | 23/03/22 | 12/05/22 | 17/08/22 | 16/11/22 | 22/03/23 | 17/05/23 | 17/08/23 | 15/11/23 | 24/04/24 | 15/05/24 | - | - | - | - | - |
1PLN in Million2PLN
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 6,857 | 4,834 | 3,980 | - | - | 5,613 | 5,719 | 8,371 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.311 x | 0.7299 x | 0.3854 x | - | - | 0.8814 x | 0.731 x | 1.192 x |
| Free Cash Flow 1 | 1,816 | 2,199 | 362 | - | - | -365 | 1,549 | 1,839 |
| ROE (net income / shareholders' equity) | 7.24% | 8.74% | 25.5% | 16.1% | - | 9.69% | 10.6% | 8.26% |
| ROA (Net income/ Total Assets) | 3.71% | 4.37% | 6.53% | 9.41% | - | 3.59% | 3.6% | 2.5% |
| Assets 1 | 38,323 | 41,163 | 94,273 | 50,736 | - | 60,249 | 83,693 | 1,12,864 |
| Book Value Per Share 2 | 101.0 | 105.0 | 135.0 | - | - | 152.0 | 165.0 | 174.0 |
| Cash Flow per Share 2 | 25.20 | 28.30 | - | - | - | 7.460 | 30.40 | - |
| Capex 1 | 3,232 | 3,457 | 3,904 | - | - | 5,175 | 4,572 | 4,548 |
| Capex / Sales | 14.22% | 14.63% | 13.1% | - | - | 14.71% | 12.39% | 12.73% |
| Announcement Date | 17/03/20 | 24/03/21 | 23/03/22 | 22/03/23 | 24/04/24 | - | - | - |
1PLN in Million2PLN
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
HOLD
Number of Analysts
10
Last Close Price
151.7
PLN
Average target price
142
PLN
Spread / Average Target
-6.41%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +25.63% | 7.7B | |
| +79.01% | 53.9B | |
| +31.88% | 27.63B | |
| +10.96% | 14.18B | |
| +58.62% | 10.61B | |
| +17.99% | 7B | |
| +19.23% | 6.98B | |
| +48.84% | 5.3B | |
| +35.38% | 4.12B | |
| +77.30% | 3.84B |
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- Financials KGHM Polska Miedz
