Integer.pl

Integer.pl's Cash & Cash Equivalents rose 104% yoy to PLN 165 mil in 2015

By Helgi Analytics - April 2, 2020

Integer.pl's total assets reached PLN 1,438 mil at the end of 2015, up 18.9% compared to the previous year. Curren...

Profit Statement 2013 2014 2015
Sales PLN mil 347 604 727
Gross Profit PLN mil 286 171 184
EBITDA PLN mil 49.5 34.8 23.3
EBIT PLN mil 24.2 -5.16 -46.5
Financing Cost PLN mil 8.07 13.9 25.1
Pre-Tax Profit PLN mil 16.2 -19.0 -72.1
Net Profit PLN mil 23.6 -22.5 -37.2
Balance Sheet 2013 2014 2015
Total Assets PLN mil 855 1,209 1,438
Non-Current Assets PLN mil 486 706 862
Current Assets PLN mil 370 503 576
Working Capital PLN mil 149 235 191
Shareholders' Equity PLN mil 488 790 961
Liabilities PLN mil 367 420 477
Total Debt PLN mil 199 218 228
Net Debt PLN mil 115 137 63.5
Ratios 2013 2014 2015
ROE % 6.16 -3.53 -4.25
ROCE % 4.76 -2.86 -3.73
Gross Margin % 82.4 28.3 25.3
EBITDA Margin % 14.3 5.77 3.20
EBIT Margin % 6.98 -0.854 -6.40
Net Margin % 6.79 -3.73 -5.12
Net Debt/EBITDA 2.31 3.94 2.73
Net Debt/Equity 0.235 0.174 0.066
Cost of Financing % 5.40 6.67 11.3
Valuation 2013 2014 2015
Market Capitalisation USD mil 707 322 165
Enterprise Value (EV) USD mil 745 361 181
Number Of Shares mil 6.62 7.40 7.76
Share Price PLN 322 154 83.0
EV/EBITDA 47.6 33.9 29.0
EV/Sales 6.78 1.96 0.929
Price/Earnings (P/E) 90.4 -50.6 -17.3
Price/Book Value (P/BV) 4.37 1.44 0.670

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales PLN mil           136 202 249 282 347    
Gross Profit PLN mil ... ... ... ...   125 188 224 218 286    
EBIT PLN mil           15.1 23.4 28.4 56.2 24.2    
Net Profit PLN mil           10.4 16.3 23.0 53.1 23.6    
ROE %           20.3 25.3 27.2 28.4 6.16    
EBIT Margin %           11.1 11.6 11.4 19.9 6.98    
Net Margin %           7.66 8.08 9.23 18.8 6.79    
Employees ... ... ... ... ... ... ... ... ... ...    
balance sheet                        
Total Assets PLN mil           144 200 283 557 855    
Non-Current Assets PLN mil           76.7 123 157 253 486    
Current Assets PLN mil           67.6 77.4 125 304 370    
Shareholders' Equity PLN mil           56.4 72.9 96.3 277 488    
Liabilities PLN mil           87.9 127 187 280 367    
Non-Current Liabilities PLN mil           15.0 58.3 82.0 90.5 60.0    
Current Liabilities PLN mil           72.9 68.8 105 190 307    
Net Debt/EBITDA           1.58 1.06 1.80 < -0.001 2.31    
Net Debt/Equity           0.526 0.492 0.799 < -0.001 0.235    
Cost of Financing % ...         10.0 5.75 9.71 7.95 5.40    
cash flow                        
Total Cash From Operations PLN mil           36.8 27.2 18.4 5.96 2.34    
Total Cash From Investing PLN mil           -53.5 -47.3 -46.0 -17.1 -239    
Total Cash From Financing PLN mil           25.2 26.0 14.0 103 221    
Net Change In Cash PLN mil           8.52 5.87 -13.6 92.1 -15.6    
valuation                        
Market Capitalisation USD mil ... ... ...     91.0 160 197 356 707    
Number Of Shares mil ... ... ...     5.94 5.94 5.94 5.96 6.62    
Share Price PLN ... ... ...     43.9 79.7 114 185 322    
Earnings Per Share (EPS) PLN ... ... ...     1.75 2.75 3.87 8.91 3.56    
Book Value Per Share PLN ... ... ...     9.49 12.3 16.2 46.5 73.7    
Price/Earnings (P/E) ... ... ...     25.0 29.0 29.6 20.7 90.4    
Price/Book Value (P/BV) ... ... ...     4.62 6.49 7.05 3.97 4.37    
Earnings Per Share Growth % ... ... ... ...   58.2 57.1 40.5 130 -60.0    
Book Value Per Share Growth % ... ... ... ...   22.6 29.3 32.1 187 58.5    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales PLN mil           136 202 249 282 347    
Cost of Goods & Services PLN mil ... ... ... ...   11.2 14.6 24.8 63.7 61.0    
Gross Profit PLN mil ... ... ... ...   125 188 224 218 286    
Staff Cost PLN mil ... ... ... ... ... ... 38.3 39.0 43.1 62.2    
Other Cost PLN mil ... ... ... ... ... ... 116 142 100 175    
EBITDA PLN mil           18.8 33.9 42.8 74.9 49.5    
Depreciation PLN mil           3.73 10.5 14.4 18.7 25.3    
EBIT PLN mil           15.1 23.4 28.4 56.2 24.2    
Financing Cost PLN mil           2.50 2.95 6.90 7.34 8.07    
Extraordinary Cost PLN mil           -0.685 0.210 -2.17 0 0    
Pre-Tax Profit PLN mil           13.2 20.3 23.7 48.8 16.2    
Tax PLN mil           2.96 3.76 0.859 1.64 7.54    
Minorities PLN mil           -0.127 0.175 -0.117 -5.93 -15.0    
Net Profit PLN mil           10.4 16.3 23.0 53.1 23.6    
growth rates                        
Total Revenue Growth % ...         43.1 48.9 23.0 13.2 23.2    
Operating Cost Growth % ... ... ... ... ... ... ... 17.9 -20.9 65.2    
EBITDA Growth % ...         219 80.7 26.1 74.8 -33.8    
EBIT Growth % ...         216 55.7 21.3 97.5 -56.9    
Pre-Tax Profit Growth % ...         87.4 53.1 16.9 106 -66.9    
Net Profit Growth % ...         58.2 57.1 40.5 131 -55.6    
ratios                        
ROE %           20.3 25.3 27.2 28.4 6.16    
ROCE % ...         14.2 13.7 13.2 18.9 4.76    
Gross Margin % ... ... ... ...   91.7 92.8 90.0 77.4 82.4    
EBITDA Margin %           13.8 16.8 17.2 26.6 14.3    
EBIT Margin %           11.1 11.6 11.4 19.9 6.98    
Net Margin %           7.66 8.08 9.23 18.8 6.79    
Cost of Financing % ...         10.0 5.75 9.71 7.95 5.40    
Net Debt/EBITDA           1.58 1.06 1.80 < -0.001 2.31    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                        
Non-Current Assets PLN mil           76.7 123 157 253 486    
Property, Plant & Equipment PLN mil           64.2 93.6 99.6 147 340    
Intangible Assets PLN mil           7.65 19.0 25.5 76.9 91.9    
Goodwill PLN mil ... ... ... ... ... ... ... ... 6.05 6.05    
Current Assets PLN mil           67.6 77.4 125 304 370    
Inventories PLN mil           1.81 2.02 8.35 21.5 12.8    
Receivables PLN mil           37.0 42.1 83.2 158 245    
Cash & Cash Equivalents PLN mil           15.6 21.5 7.83 100.0 84.4    
Total Assets PLN mil           144 200 283 557 855    
Shareholders' Equity PLN mil           56.4 72.9 96.3 277 488    
Of Which Minority Interest PLN mil           0.034 0.209 0.092 77.7 138    
Liabilities PLN mil           87.9 127 187 280 367    
Non-Current Liabilities PLN mil           15.0 58.3 82.0 90.5 60.0    
Long-Term Debt PLN mil           6.33 23.0 43.7 56.4 35.1    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... ...  
Current Liabilities PLN mil           72.9 68.8 105 190 307    
Short-Term Debt PLN mil           38.9 34.3 41.0 43.6 164    
Trade Payables PLN mil           18.8 25.0 42.5 76.3 109    
Provisions PLN mil ... ... ... ... ... ... ... ... 2.93 18.5    
Equity And Liabilities PLN mil           144 200 283 557 855    
growth rates                        
Total Asset Growth % ...         87.4 38.6 41.5 97.1 53.4    
Shareholders' Equity Growth % ...         22.6 29.3 32.1 188 75.9    
Net Debt Growth % ...         -1,230 21.1 114 -100 -1,432,840    
Total Debt Growth % ...         914 26.8 47.7 18.0 99.1    
ratios                        
Total Debt PLN mil           45.2 57.4 84.7 100.0 199    
Net Debt PLN mil           29.6 35.9 76.9 -0.008 115    
Working Capital PLN mil           20.0 19.1 49.1 104 149    
Capital Employed PLN mil           96.7 142 206 357 635    
Net Debt/Equity           0.526 0.492 0.799 < -0.001 0.235    
Cost of Financing % ...         10.0 5.75 9.71 7.95 5.40    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                        
Net Profit PLN mil           10.4 16.3 23.0 53.1 23.6    
Depreciation PLN mil           3.73 10.5 14.4 18.7 25.3    
Non-Cash Items PLN mil ...         16.1 -0.480 11.0 -11.3 -1.01    
Change in Working Capital PLN mil ...         6.65 0.847 -30.0 -54.6 -45.5    
Total Cash From Operations PLN mil           36.8 27.2 18.4 5.96 2.34    
Capital Expenditures PLN mil           -49.8 -42.3 -16.4 -69.6 -226    
Other Investments PLN mil           -3.67 -5.02 -29.6 52.5 -12.8    
Total Cash From Investing PLN mil           -53.5 -47.3 -46.0 -17.1 -239    
Issuance Of Debt PLN mil ...         40.8 12.1 27.4 15.2 99.0    
Total Cash From Financing PLN mil           25.2 26.0 14.0 103 221    
Net Change In Cash PLN mil           8.52 5.87 -13.6 92.1 -15.6    
ratios                        
Days Sales Outstanding days           99.3 75.9 122 205 258    
Days Sales Of Inventory days ... ... ... ...   58.8 50.6 123 123 76.8    
Days Payable Outstanding days ... ... ... ...   611 626 624 437 653    
Cash Conversion Cycle days ... ... ... ...   -453 -499 -380 -109 -318    
Cash Earnings PLN mil           14.1 26.9 37.3 71.8 48.9    
Cash Earnings Per Share PLN ... ... ...     2.38 4.52 6.29 12.0 7.38    
Price/Cash Earnings (P/CE) ... ... ...     18.4 17.6 18.2 15.3 43.6    
Free Cash Flow PLN mil           -16.6 -20.1 -27.6 -11.1 -237    
Free Cash Flow Yield % ... ... ...     -5.87 -4.17 -4.72 -0.963 -10.6    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                        
ROA %           9.41 9.50 9.52 12.6 3.34    
Gross Margin % ... ... ... ...   91.7 92.8 90.0 77.4 82.4    
Employees ... ... ... ... ... ... ... ... ... ...    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ...    
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ... ... ... ... ... ...    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... 21.4 17.7 19.1 19.2    
Effective Tax Rate %           22.4 18.5 3.62 3.36 46.6    
Enterprise Value (EV) USD mil ... ... ...     101 172 220 356 745    
EV/EBITDA ... ... ...     16.8 15.3 15.2 15.5 47.6    
EV/Capital Employed ... ... ...     3.00 3.59 3.66 3.08 3.54    
EV/Sales ... ... ...     2.32 2.57 2.62 4.10 6.78    
EV/EBIT ... ... ...     21.0 22.2 22.9 20.6 97.2    
Domestic Sales PLN mil ... ... ... ... ... ... ... ... ... ...    
Capital Expenditures (As % of Sales) %           36.7 20.9 6.59 24.7 65.2    
Revenues From Abroad PLN mil ... ... ... ... ... ... ... ... ... ...    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ...    
Items Handled By InPost mil ... ... ... ...   72.0 124 144 200 240    

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Apr 2014
Statistical Dossier
Apr 2014
Company Report

Integer.pl is a Poland-based provider of postal, courier and financial services, as well as global operator of automated parcel lockers. The Company is a leader in the door drops and addressed marketing materials distribution in Poland. Integer has more than 109 regional branches and its couriers distribute letters and parcels in more than 500 towns and cities in the whole of Poland. The Company distributes about 90 million handbills and leaflets a month. Integer.pl cooperates with the largest chain stores in Poland, such as Auchan, Elea, Leclerc, Lidl, or Real. Since the end of 2004, Integer.pl has been listed on the Warsaw Stock Exchange. The Company operates through over 20 subsidiaries in more than 18 countries.

Finance

Integer.pl has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 7.29% a year during that time to total of PLN 23.3 mil in 2015, or 3.20% of sales. That’s compared to 13.4% average margin seen in last five years.

The company netted PLN -37.2 mil in 2015 implying ROE of -4.25% and ROCE of -3.73%. Again, the average figures were 10.8% and 6.05%, respectively when looking at the previous 5 years.

Integer.pl’s net debt amounted to PLN 63.5 mil at the end of 2015, or 0.066 of equity. When compared to EBITDA, net debt was 2.73x, up when compared to average of 2.16x seen in the last 5 years.

Valuation

Integer.pl stock traded at PLN 83.0 per share at the end of 2015 resulting in a market capitalization of USD 165 mil. Over the previous five years, stock price grew by 4.14% or 0.815% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 29.0x and price to earnings (PE) of -17.3x as of 2015.

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