Boryszew

Boryszew's Cash & Cash Equivalents rose 34.6% yoy to PLN 166 mil in 2015

By Helgi Analytics - April 2, 2020

Boryszew's total assets reached PLN 3,453 mil at the end of 2015, up 3.06% compared to the previous year. Current ...

Profit Statement 2013 2014 2015
Sales PLN mil 4,836 5,058 5,678
Gross Profit PLN mil 415 488 477
EBITDA PLN mil 198 324 260
EBIT PLN mil 88.3 212 139
Financing Cost PLN mil 45.2 59.1 45.9
Pre-Tax Profit PLN mil 60.8 161 91.0
Net Profit PLN mil 10.1 110 40.0
Dividends PLN mil 0 0 22.6
Balance Sheet 2013 2014 2015
Total Assets PLN mil 2,921 3,350 3,453
Non-Current Assets PLN mil 1,429 1,625 1,712
Current Assets PLN mil 1,492 1,726 1,741
Working Capital PLN mil 803 897 923
Shareholders' Equity PLN mil 1,209 1,434 1,415
Liabilities PLN mil 1,712 1,916 2,038
Total Debt PLN mil 915 959 1,008
Net Debt PLN mil 797 835 842
Ratios 2013 2014 2015
ROE % 0.847 8.31 2.81
ROCE % 0.473 4.62 1.55
Gross Margin % 8.59 9.65 8.40
EBITDA Margin % 4.10 6.41 4.58
EBIT Margin % 1.83 4.18 2.45
Net Margin % 0.209 2.17 0.705
Net Debt/EBITDA 4.02 2.57 3.24
Net Debt/Equity 0.659 0.582 0.595
Cost of Financing % 5.26 6.31 4.67
Valuation 2013 2014 2015
Market Capitalisation USD mil 340 349 287
Enterprise Value (EV) USD mil 604 585 525
Number Of Shares mil 205 216 216
Share Price PLN 5.00 5.73 4.70
EV/EBITDA 9.64 5.91 6.61
EV/Sales 0.395 0.379 0.303
Price/Earnings (P/E) 101 11.3 25.3
Price/Book Value (P/BV) 0.847 0.863 0.717
Dividend Yield % 0 0 2.23

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales PLN mil                     2,228 3,135 4,332 4,881 4,836    
Gross Profit PLN mil                     211 324 484 430 415    
EBIT PLN mil                     26.1 115 200 125 88.3    
Net Profit PLN mil                     39.7 5.15 159 39.3 10.1    
ROE %                     4.73 0.546 14.7 3.33 0.847    
EBIT Margin %                     1.17 3.67 4.62 2.55 1.83    
Net Margin %                     1.78 0.164 3.68 0.805 0.209    
balance sheet                                  
Total Assets PLN mil                     2,007 2,211 2,722 2,749 2,921    
Non-Current Assets PLN mil                     1,054 1,085 1,293 1,274 1,429    
Current Assets PLN mil                     953 1,126 1,429 1,475 1,492    
Shareholders' Equity PLN mil                     896 990 1,179 1,181 1,209    
Liabilities PLN mil                     1,112 1,221 1,543 1,568 1,712    
Non-Current Liabilities PLN mil                     225 234 319 275 371    
Current Liabilities PLN mil                     887 987 1,224 1,293 1,341    
Net Debt/EBITDA                     6.12 2.85 2.20 3.09 4.02    
Net Debt/Equity                     0.698 0.550 0.558 0.613 0.659    
Cost of Financing % ...                   6.22 7.63 7.27 4.55 5.26    
cash flow                                  
Total Cash From Operations PLN mil ...                   219 7.46 75.9 151 181    
Total Cash From Investing PLN mil ...                   90.9 5.61 -219 -106 -135    
Total Cash From Financing PLN mil ...                   -327 18.9 147 -53.8 -30.2    
Net Change In Cash PLN mil ...                   -16.2 32.0 4.23 -9.14 15.4    
valuation                                  
Market Capitalisation USD mil                     141 370 372 4,358 340    
Number Of Shares mil                     1,922 1,042 2,031 2,175 205    
Share Price PLN                     0.210 1.05 0.630 6.20 5.00    
Earnings Per Share (EPS) PLN                     0.021 0.005 0.079 0.018 0.049    
Book Value Per Share PLN                     0.466 0.950 0.581 0.543 5.90    
Dividend Per Share PLN ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Price/Earnings (P/E)                     10.2 213 8.02 343 101    
Price/Book Value (P/BV)                     0.451 1.10 1.09 11.4 0.847    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Earnings Per Share Growth % ...                   -124 -76.1 1,489 -77.0 174    
Book Value Per Share Growth % ...                   14.0 104 -38.9 -6.43 986    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales PLN mil                     2,228 3,135 4,332 4,881 4,836    
Cost of Goods & Services PLN mil                     2,017 2,811 3,848 4,451 4,421    
Gross Profit PLN mil                     211 324 484 430 415    
EBITDA PLN mil                     102 191 298 234 198    
Depreciation PLN mil                     76.1 76.0 98.3 110 110    
EBIT PLN mil                     26.1 115 200 125 88.3    
Financing Cost PLN mil                     47.7 49.7 49.9 35.2 45.2    
Extraordinary Cost PLN mil                     -91.2 5.88 -89.9 -9.67 -17.7    
Pre-Tax Profit PLN mil                     69.5 59.5 240 99.1 60.8    
Tax PLN mil                     5.85 14.1 22.0 15.2 5.86    
Minorities PLN mil                     12.0 32.5 51.9 21.7 44.8    
Net Profit PLN mil                     39.7 5.15 159 39.3 10.1    
Dividends PLN mil ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
growth rates                                  
Total Revenue Growth % ...                   -30.7 40.7 38.2 12.7 -0.920    
EBITDA Growth % ...                   -20.6 87.0 56.1 -21.5 -15.4    
EBIT Growth % ...                   28.9 341 73.8 -37.7 -29.2    
Pre-Tax Profit Growth % ...                   -152 -14.5 304 -58.7 -38.6    
Net Profit Growth % ...                   -124 -87.0 2,997 -75.4 -74.2    
ratios                                  
ROE %                     4.73 0.546 14.7 3.33 0.847    
ROCE % ...                   2.69 0.369 8.61 1.92 0.473    
Gross Margin %                     9.47 10.3 11.2 8.82 8.59    
EBITDA Margin %                     4.59 6.10 6.89 4.80 4.10    
EBIT Margin %                     1.17 3.67 4.62 2.55 1.83    
Net Margin %                     1.78 0.164 3.68 0.805 0.209    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Cost of Financing % ...                   6.22 7.63 7.27 4.55 5.26    
Net Debt/EBITDA                     6.12 2.85 2.20 3.09 4.02    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets PLN mil                     1,054 1,085 1,293 1,274 1,429    
Property, Plant & Equipment PLN mil                     815 910 998 979 1,039    
Intangible Assets PLN mil                     43.8 42.4 103 98.8 96.5    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 79.0 79.0    
Current Assets PLN mil                     953 1,126 1,429 1,475 1,492    
Inventories PLN mil                     341 406 590 623 654    
Receivables PLN mil                     0 588 680 690 655    
Cash & Cash Equivalents PLN mil                     51.5 82.1 88.0 78.9 118    
Total Assets PLN mil                     2,007 2,211 2,722 2,749 2,921    
Shareholders' Equity PLN mil                     896 990 1,179 1,181 1,209    
Of Which Minority Interest PLN mil                     478 476 509 534 581    
Liabilities PLN mil                     1,112 1,221 1,543 1,568 1,712    
Non-Current Liabilities PLN mil                     225 234 319 275 371    
Long-Term Debt PLN mil                     141 145 199 163 150    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 76.9 88.5    
Current Liabilities PLN mil                     887 987 1,224 1,293 1,341    
Short-Term Debt PLN mil                     535 482 547 641 765    
Trade Payables PLN mil                     279 406 535 532 507    
Equity And Liabilities PLN mil                     2,007 2,211 2,722 2,749 2,921    
growth rates                                  
Total Asset Growth % ...                   -12.4 10.2 23.1 1.000 6.26    
Shareholders' Equity Growth % ...                   14.0 10.6 19.0 0.200 2.37    
Net Debt Growth % ...                   -20.7 -12.9 20.7 10.2 9.97    
Total Debt Growth % ...                   -21.1 -7.40 19.0 7.73 13.9    
ratios                                  
Total Debt PLN mil                     677 627 746 803 915    
Net Debt PLN mil                     625 545 658 724 797    
Working Capital PLN mil                     61.9 589 736 781 803    
Capital Employed PLN mil                     1,116 1,674 2,028 2,055 2,233    
Net Debt/Equity                     0.698 0.550 0.558 0.613 0.659    
Cost of Financing % ...                   6.22 7.63 7.27 4.55 5.26    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit PLN mil                     39.7 5.15 159 39.3 10.1    
Depreciation PLN mil                     76.1 76.0 98.3 110 110    
Non-Cash Items PLN mil ...                   -518 453 -35.0 47.2 82.8    
Change in Working Capital PLN mil ...                   622 -527 -147 -45.5 -21.8    
Total Cash From Operations PLN mil ...                   219 7.46 75.9 151 181    
Capital Expenditures PLN mil ...                   -33.4 -124 -193 -107 -107    
Other Investments PLN mil ...                   124 129 -25.1 1.51 -28.6    
Total Cash From Investing PLN mil ...                   90.9 5.61 -219 -106 -135    
Dividends Paid PLN mil ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Issuance Of Debt PLN mil ...                   -181 -50.1 119 57.7 112    
Total Cash From Financing PLN mil ...                   -327 18.9 147 -53.8 -30.2    
Net Change In Cash PLN mil ...                   -16.2 32.0 4.23 -9.14 15.4    
ratios                                  
Days Sales Outstanding days                     0 68.5 57.3 51.6 49.5    
Days Sales Of Inventory days                     61.7 52.8 56.0 51.1 54.0    
Days Payable Outstanding days                     50.5 52.7 50.7 43.7 41.8    
Cash Conversion Cycle days                     11.2 68.6 62.6 59.1 61.7    
Cash Earnings PLN mil                     116 81.1 258 149 120    
Cash Earnings Per Share PLN                     0.060 0.078 0.127 0.068 0.586    
Price/Cash Earnings (P/CE)                     3.49 13.5 4.96 90.6 8.54    
Free Cash Flow PLN mil ...                   310 13.1 -143 44.6 45.6    
Free Cash Flow Yield % ...                   70.7 1.17 -12.9 0.315 4.24    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     1.85 0.244 6.46 1.44 0.357    
Gross Margin %                     9.47 10.3 11.2 8.82 8.59    
Effective Tax Rate %                     8.41 23.7 9.16 15.4 9.64    
Enterprise Value (EV) USD mil                     359 554 563 4,592 604    
EV/EBITDA                     11.0 8.75 5.59 63.8 9.64    
EV/Capital Employed                     0.922 0.979 0.955 6.91 0.816    
EV/Sales                     0.503 0.533 0.385 3.06 0.395    
EV/EBIT                     42.9 14.5 8.34 120 21.6    
Capital Expenditures (As % of Sales) % ...                   1.50 3.94 4.47 2.20 2.21    

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Feb 2014
Statistical Dossier
Feb 2014
Company Report

Boryszew SA is a Poland-based chemical company. The Company is a manufacturer of chemicals, plastics, aluminum, rolled copper, zinc and titanium products, among others. The Company operates through a number of subsidiaries, including NPA Skawina (aluminum), Torlen (chemicals), Elana (polymers), Walcownia Metali Dziedziece (copper and brass products), Zaklady Metalurgiczne Silesia (a zinc products), and Mawlow BRS (automotive industry). The Company was established in 1911 and after the WWII, the factory was nationalized. In 1991, the Company was privatized and in 1996 the Boryszew’s shares have been listed on the Warsaw Stock Exchange.

Finance

Boryszew has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 6.37% a year during that time to total of PLN 260 mil in 2015, or 4.58% of sales. That’s compared to 5.36% average margin seen in last five years.

The company netted PLN 40.0 mil in 2015 implying ROE of 2.81% and ROCE of 1.55%. Again, the average figures were 6.00% and 3.44%, respectively when looking at the previous 5 years.

Boryszew’s net debt amounted to PLN 842 mil at the end of 2015, or 0.595 of equity. When compared to EBITDA, net debt was 3.24x, up when compared to average of 3.03x seen in the last 5 years.

Valuation

Boryszew stock traded at PLN 4.70 per share at the end of 2015 resulting in a market capitalization of USD 287 mil. Over the previous five years, stock price grew by 348% or 35.0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 6.61x and price to earnings (PE) of 25.3x as of 2015.

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