Financials Orange Polska S.A. London S.E.

Equities

0GB7

PLTLKPL00017

Integrated Telecommunications Services

Market Closed - London S.E. Other stock markets 08:20:00 09/05/2024 pm IST			5-day change	1st Jan Change
5.75 ^PLN	0.00%		0.00%	-29.87%

24/04	Transcript : Orange Polska S.A., Q1 2024 Earnings Call, Apr 24, 2024
23/04	Orange's Polish business maintains guidance after quarterly results	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,344	8,648	11,089	8,696	10,683	10,814	-	-
Enterprise Value (EV) ¹	17,507	16,984	17,936	15,488	17,186	17,007	17,044	16,552
P/E ratio	102 x	165 x	6.65 x	12 x	13.1 x	11.8 x	10.9 x	9.76 x
Yield	-	-	-	5.28%	-	6.34%	8.18%	8.59%
Capitalization / Revenue	0.82 x	0.75 x	0.93 x	0.7 x	0.82 x	0.82 x	0.8 x	0.78 x
EV / Revenue	1.53 x	1.48 x	1.5 x	1.24 x	1.33 x	1.28 x	1.25 x	1.19 x
EV / EBITDA	5.82 x	6.07 x	6.05 x	5.03 x	5.41 x	4.94 x	4.66 x	4.41 x
EV / FCF	34.7 x	17.2 x	16.2 x	22.2 x	14.2 x	13.6 x	17 x	12.5 x
FCF Yield	2.88%	5.83%	6.17%	4.51%	7.05%	7.33%	5.89%	7.98%
Price to Book	0.88 x	0.82 x	0.88 x	0.65 x	0.79 x	0.78 x	0.75 x	0.75 x
Nbr of stocks (in thousands)	13,12,357	13,12,357	13,12,357	13,12,357	13,12,357	13,12,357	-	-
Reference price ²	7.120	6.590	8.450	6.626	8.140	8.240	8.240	8.240
Announcement Date	12/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹PLN in Million²PLN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,406	11,508	11,928	12,488	12,970	13,258	13,595	13,903
EBITDA ¹	3,006	2,797	2,963	3,078	3,179	3,443	3,660	3,749
EBIT ¹	416	404	2,211	1,161	1,221	1,396	1,493	1,640
Operating Margin	3.65%	3.51%	18.54%	9.3%	9.41%	10.53%	10.98%	11.8%
Earnings before Tax (EBT) ¹	118	62	1,930	867	1,008	1,110	1,178	1,310
Net income ¹	91	46	1,672	724	818	866	987.5	1,104
Net margin	0.8%	0.4%	14.02%	5.8%	6.31%	6.53%	7.26%	7.94%
EPS ²	0.0700	0.0400	1.270	0.5500	0.6200	0.7008	0.7592	0.8439
Free Cash Flow ¹	504	990	1,106	698	1,212	1,247	1,004	1,321
FCF margin	4.42%	8.6%	9.27%	5.59%	9.34%	9.41%	7.38%	9.5%
FCF Conversion (EBITDA)	16.77%	35.4%	37.33%	22.68%	38.13%	36.22%	27.43%	35.23%
FCF Conversion (Net income)	553.85%	2,152.17%	66.15%	96.41%	148.17%	144%	101.66%	119.62%
Dividend per Share ²	-	-	-	0.3500	-	0.5223	0.6737	0.7077
Announcement Date	12/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

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
Net sales ¹	3,171	2,931	3,055	3,123	3,379	3,139	3,224	3,115	3,492	3,081
EBITDA ¹	707	722	798	822	736	762	823	841	753	799
EBIT ¹	15	244	337	324	256	392	343	377	109	349
Operating Margin	0.47%	8.32%	11.03%	10.37%	7.58%	12.49%	10.64%	12.1%	3.12%	11.33%
Earnings before Tax (EBT)	-69	156	269	193	204	330	298	290	90	-
Net income ¹	-69	125	243	193	163	270	239	237	72	227
Net margin	-2.18%	4.26%	7.95%	6.18%	4.82%	8.6%	7.41%	7.61%	2.06%	7.37%
EPS	-0.0600	0.1000	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	16/02/22	25/04/22	27/07/22	24/10/22	15/02/23	25/04/23	25/07/23	23/10/23	14/02/24	24/04/24

¹PLN in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,163	8,336	6,847	6,792	6,503	6,194	6,230	5,738
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.716 x	2.98 x	2.311 x	2.207 x	2.046 x	1.799 x	1.702 x	1.53 x
Free Cash Flow ¹	504	990	1,106	698	1,212	1,247	1,004	1,321
ROE (net income / shareholders' equity)	0.94%	0.62%	14.4%	5.56%	6.08%	6.34%	6.71%	7.78%
ROA (Net income/ Total Assets)	0.41%	0.27%	6.63%	2.74%	3.05%	3.5%	3.5%	-
Assets ¹	21,957	17,145	25,219	26,462	26,796	24,743	28,213	-
Book Value Per Share ²	8.050	8.080	9.610	10.30	10.20	10.60	10.90	11.00
Cash Flow per Share	2.120	2.290	2.360	2.240	-	-	-	-
Capex ¹	2,272	2,015	1,995	2,242	2,241	2,071	2,379	2,053
Capex / Sales	19.92%	17.51%	16.73%	17.95%	17.28%	15.62%	17.5%	14.77%
Announcement Date	12/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

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

Ratings for Orange Polska S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.24 PLN

Average target price

9.176 PLN

Spread / Average Target

+11.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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