Financials Stalprodukt S.A.

Equities

STP

PLSTLPD00017

Iron & Steel

Market Closed - Warsaw S.E. Other stock markets 11:00:01 2024-05-07 am EDT			5-day change	1st Jan Change
218 ^PLN	+1.40%		+1.87%	-9.54%

Feb. 29	Stalprodukt S.A. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI
2023	Stalprodukt S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2024	2025
Capitalization ¹	1,013	1,677	1,470	1,328	1,161	-
Enterprise Value (EV) ¹	624.4	1,361	1,113	852.6	1,161	1,161
P/E ratio	6.56 x	-	2.93 x	-	-	-
Yield	2.75%	2%	2.28%	-	-	-
Capitalization / Revenue	0.27 x	0.51 x	0.31 x	0.22 x	0.28 x	0.31 x
EV / Revenue	0.27 x	0.51 x	0.31 x	0.22 x	0.28 x	0.31 x
EV / EBITDA	2.73 x	4.43 x	1.87 x	1.9 x	3.13 x	3.02 x
EV / FCF	8,828,625 x	13,551,450 x	10,941,453 x	-	-	-
FCF Yield	0%	0%	0%	-	-	-
Price to Book	0.38 x	-	0.46 x	-	-	-
Nbr of stocks (in thousands)	5,580	5,580	5,580	5,580	5,400	-
Reference price ²	181.6	300.5	263.5	238.0	215.0	215.0
Announcement Date	2/28/20	2/26/21	2/28/22	2/28/23	-	-

¹PLN in Million²PLN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2024	2025
Net sales ¹	3,817	3,320	4,674	5,903	4,122	3,719
EBITDA ¹	371	378.2	785.3	697.4	370.5	384
EBIT ¹	204.6	211.4	608.2	518.1	203.5	252
Operating Margin	5.36%	6.37%	13.01%	8.78%	4.94%	6.78%
Earnings before Tax (EBT)	202.1	214.2	592.4	496.4	-	-
Net income ¹	142.5	162.6	488.8	387.6	173	206
Net margin	3.73%	4.9%	10.46%	6.57%	4.2%	5.54%
EPS	27.70	-	89.91	-	-	-
Free Cash Flow	114.8	123.7	134.4	-	-	-
FCF margin	3.01%	3.73%	2.88%	-	-	-
FCF Conversion (EBITDA)	30.94%	32.72%	17.11%	-	-	-
FCF Conversion (Net income)	80.52%	76.08%	27.49%	-	-	-
Dividend per Share	5.000	6.000	6.000	-	-	-
Announcement Date	2/28/20	2/26/21	2/28/22	2/28/23	-	-

¹PLN in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q1
Net sales ¹	1,950	1,216	1,315	1,474	1,578	1,447	1,405	1,298	1,247	1,065	1,027
EBITDA ¹	214.3	240.3	189.2	-	210.8	161.6	100.9	183.7	41.22	49.65	41.5
EBIT ¹	132.4	196.4	144.5	180.2	166.2	116.4	55.32	138.2	-4.12	4.112	-8
Operating Margin	6.79%	16.15%	10.99%	12.22%	10.54%	8.04%	3.94%	10.65%	-0.33%	0.39%	-0.78%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	89.3	152.8	121.7	148.3	117.5	88.8	32.94	112.5	-28.95	13.58	-9.6
Net margin	4.58%	12.57%	9.26%	10.06%	7.45%	6.14%	2.35%	8.67%	-2.32%	1.27%	-0.93%
EPS	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/30/19	11/15/21	2/28/22	5/13/22	8/31/22	11/15/22	2/28/23	5/15/23	8/31/23	11/15/23	-

¹PLN in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2024	2025
Net Debt	-	-	-	-	-	-
Net Cash position	389	316	357	475	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow	115	124	134	-	-	-
ROE (net income / shareholders' equity)	5.44%	-	16.2%	11.2%	-	-
ROA (Net income/ Total Assets)	3.28%	-	-	-	-	-
Assets ¹	4,348	-	-	-	-	-
Book Value Per Share	475.0	-	579.0	-	-	-
Cash Flow per Share ²	-	-	-	-	5.000	4.500
Capex	254	227	135	-	-	-
Capex / Sales	6.66%	6.83%	2.88%	-	-	-
Announcement Date	2/28/20	2/26/21	2/28/22	2/28/23	-	-

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 Stalprodukt S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

215 PLN

Average target price

359.5 PLN

Spread / Average Target

+67.20%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Metallic Rolling & Drawing Products