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Mex Polska

Mex Polska's net profit rose 171% yoy to PLN 7.33 mil in 2021

By Helgi Analytics - May 11, 2022

Mex Polska made a net profit of PLN 7.33 mil with revenues of PLN 47.2 mil in 2021, up by 171% and up by 12.6%, res...

Mex Polska's price/earnings (P/E) rose 426% yoy to 3.28 in 2021

By Helgi Analytics - May 11, 2022

Mex Polska stock traded at PLN 2.30 per share at the end 2021 translating into a market capitalization of USD 5.02 mil. Since the...

Mex Polska's Net Margin rose 163% yoy to 15.5% in 2021

By Helgi Analytics - May 11, 2022

Mex Polska made a net profit of PLN 7.33 mil with revenues of PLN 47.2 mil in 2021, up by 171% and up by 12.6%, respectively...

Profit Statement 2019 2020 2021
Sales PLN mil 75.3 41.9 47.2
Gross Profit PLN mil 11.5 -0.435 6.09
EBITDA PLN mil 12.6 -2.59 15.7
EBIT PLN mil 4.14 -9.86 5.01
Financing Cost PLN mil 1.73 1.35 1.26
Pre-Tax Profit PLN mil 2.50 -12.5 7.28
Net Profit PLN mil 1.39 -10.3 7.33
Dividends PLN mil 0 0 ...
Balance Sheet 2019 2020 2021
Total Assets PLN mil 68.0 54.8 66.0
Non-Current Assets PLN mil 59.3 47.1 54.1
Current Assets PLN mil 8.76 7.66 11.9
Working Capital PLN mil -0.025 -1.96 -1.64
Shareholders' Equity PLN mil 14.0 2.12 7.95
Liabilities PLN mil 54.0 52.7 58.2
Total Debt PLN mil 43.3 43.6 48.7
Net Debt PLN mil 40.0 39.2 39.9
Ratios 2019 2020 2021
ROE % 10.6 -128 123
ROCE % 2.51 -19.7 15.0
Gross Margin % 15.3 -1.04 12.9
EBITDA Margin % 16.7 -6.19 33.3
EBIT Margin % 5.50 -23.5 10.6
Net Margin % 1.85 -24.6 15.5
Net Debt/EBITDA 3.17 -15.1 2.53
Net Debt/Equity % 285 1,850 501
Cost of Financing % 4.20 3.11 2.74
Valuation 2019 2020 2021
Market Capitalisation USD mil 5.99 2.77 5.02
Enterprise Value (EV) USD mil 16.5 13.3 14.9
Number Of Shares mil 8.82 8.82 8.82
Share Price PLN 2.96 1.35 2.30
EV/EBITDA 4.95 -19.9 3.63
EV/Sales 0.829 1.23 1.21
Price/Earnings (P/E) 18.5 -1.01 3.28
Price/Book Value (P/BV) 1.86 5.62 2.55
Dividend Yield % 6.42 14.1 ...

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overview Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
income statement                            
Sales PLN mil               52.3 58.9 64.4 66.5 75.3    
Gross Profit PLN mil               7.39 8.35 9.07 10.0 11.5    
EBIT PLN mil               4.12 4.84 4.77 5.53 4.14    
Net Profit PLN mil               4.22 3.70 3.84 2.62 1.39    
                               
ROE %               41.0 26.1 24.7 18.4 10.6    
EBIT Margin %               7.88 8.22 7.40 8.31 5.50    
Net Margin %               8.07 6.28 5.96 3.94 1.85    
Employees               132 161 207 204 232   ...
balance sheet                            
Total Assets PLN mil               27.9 29.3 29.2 59.5 68.0    
Non-Current Assets PLN mil               20.8 22.4 22.2 52.4 59.3    
Current Assets PLN mil               7.18 6.94 7.04 7.16 8.76    
                               
Shareholders' Equity PLN mil               13.4 14.9 16.1 12.4 14.0    
Liabilities PLN mil               14.5 14.4 13.1 47.2 54.0    
Non-Current Liabilities PLN mil               6.24 4.96 4.20 30.3 34.5    
Current Liabilities PLN mil               8.25 9.45 8.88 16.9 19.5    
                               
Net Debt/EBITDA               0.706 0.700 0.463 2.72 3.17    
Net Debt/Equity %               29.5 30.2 17.1 285 285    
Cost of Financing %               7.13 5.82 6.87 7.23 4.20    
cash flow                            
Total Cash From Operations PLN mil               4.66 4.73 4.92 9.61 10.5    
Total Cash From Investing PLN mil               -4.88 -2.60 -0.781 -1.88 -3.31    
Total Cash From Financing PLN mil               2.71 -3.44 -3.54 -7.53 -7.90    
Net Change In Cash PLN mil               2.49 -1.31 0.600 0.200 -0.710    
valuation                            
Market Capitalisation USD mil ... ... ... ...       8.59 12.2 9.16 7.88 5.99    
Enterprise Value (EV) USD mil ... ... ... ...       9.60 13.3 9.95 17.3 16.5    
Number Of Shares mil ... ... ... ...       7.67 7.67 7.67 7.67 8.82    
Share Price PLN ... ... ... ...       3.61 5.73 3.75 3.62 2.96    
Price/Earnings (P/E) ... ... ... ...       6.56 11.9 7.50 10.6 18.5    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... 4.84 8.31 5.74 4.07 2.65    
EV/EBITDA ... ... ... ...       6.36 8.34 6.41 4.85 4.95    
Price/Book Value (P/BV) ... ... ... ...       2.06 2.95 1.78 2.24 1.86    
Dividend Yield % ... ... ... ...       9.15 5.76 8.53 4.70 6.42   ...
income statement Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
income statement                            
Sales PLN mil               52.3 58.9 64.4 66.5 75.3    
Cost of Goods & Services PLN mil               44.9 50.5 55.4 56.5 63.8    
Gross Profit PLN mil               7.39 8.35 9.07 10.0 11.5    
Selling, General & Admin PLN mil ... ... ... ... ... ...   3.55 4.35 4.77 5.05 6.42   ...
Research & Development PLN mil ... ... ... ... ...     0 0 0 0 0   ...
Other Operating Expense PLN mil ... ... ... ... ... ... ... ... ... 0.512 0.188 1.52   ...
Staff Cost PLN mil               13.8 16.3 20.7 21.9 26.5   ...
Other Operating Cost (Income) PLN mil               0.382 0.462 1.06 0.855 0.650   ...
EBITDA PLN mil               5.62 6.44 5.94 12.9 12.6    
Depreciation PLN mil ... ... ... ... ... ... ... 1.49 1.59 1.17 4.19 8.45    
EBIT PLN mil               4.12 4.84 4.77 5.53 4.14    
Net Financing Cost PLN mil ... ... ... ...       0.444 0.358 0.445 1.63 1.72    
Financing Cost PLN mil               0.514 0.470 0.486 1.65 1.73    
Financing Income PLN mil ...     ...       0.070 0.112 0.041 0.015 0.013    
FX (Gain) Loss PLN mil ... ... ... ...       < 0.001 < 0.001 < 0.001 0.117 -0.053    
(Income) / Loss from Affiliates PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...  
Extraordinary Cost PLN mil               0 0 0 0 0    
Pre-Tax Profit PLN mil               4.38 4.35 4.65 3.94 2.50    
Tax PLN mil               0.321 0.614 0.933 1.44 0.512    
Minorities PLN mil               -0.158 0.035 -0.123 -0.130 0.597    
Net Profit PLN mil               4.22 3.70 3.84 2.62 1.39    
Net Profit Avail. to Common PLN mil               4.22 3.70 3.84 2.62 1.39    
Dividends PLN mil               2.53 2.45 1.30 0 0   ...
growth rates                            
Total Revenue Growth % ...             10.00 12.6 9.40 3.27 13.2    
Operating Cost Growth % ...             -23.7 8.51 35.4 -0.827 50.5   ...
Staff Cost Growth % ...             24.5 17.4 27.4 6.01 20.7   ...
EBITDA Growth % ...             97.9 14.5 -7.66 117 -2.47    
EBIT Growth % ...             291 17.5 -1.56 16.0 -25.2    
Pre-Tax Profit Growth % ...             -550 -0.785 6.88 -15.3 -36.4    
Net Profit Growth % ...             -372 -12.3 3.75 -31.7 -46.9    
ratios                            
ROE %               41.0 26.1 24.7 18.4 10.6    
ROA %               17.5 12.9 13.1 5.91 2.19    
ROCE %               26.9 17.3 17.1 7.11 2.51    
Gross Margin %               14.1 14.2 14.1 15.0 15.3    
EBITDA Margin %               10.7 10.9 9.23 19.4 16.7    
EBIT Margin %               7.88 8.22 7.40 8.31 5.50    
Net Margin %               8.07 6.28 5.96 3.94 1.85    
Payout Ratio %               59.9 66.3 34.0 0 0   ...
Cost of Financing %               7.13 5.82 6.87 7.23 4.20    
Net Debt/EBITDA               0.706 0.700 0.463 2.72 3.17    
balance sheet Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
balance sheet                            
Cash & Cash Equivalents PLN mil               4.45 3.14 3.74 3.94 3.32    
Receivables PLN mil               0.936 1.86 1.39 0.951 1.75    
Inventories PLN mil               1.08 1.31 0.854 0.874 1.10    
Other ST Assets PLN mil               0.655 0.629 1.05 1.39 2.59    
Current Assets PLN mil               7.18 6.94 7.04 7.16 8.76    
Property, Plant & Equipment PLN mil               7.99 9.13 9.44 40.2 45.3    
LT Investments & Receivables PLN mil               1.20 1.29 1.30 1.29 1.22    
Intangible Assets PLN mil               9.11 9.41 9.41 9.41 9.55    
Goodwill PLN mil               9.09 9.40 9.40 9.40 9.53    
Non-Current Assets PLN mil               20.8 22.4 22.2 52.4 59.3    
Total Assets PLN mil               27.9 29.3 29.2 59.5 68.0    
                               
Trade Payables PLN mil               2.85 2.76 2.36 2.47 2.88    
Short-Term Debt PLN mil               2.61 2.99 2.55 9.95 11.4    
Other ST Liabilities PLN mil               2.80 3.70 1.65 2.53 3.00    
Current Liabilities PLN mil               8.25 9.45 8.88 16.9 19.5    
Long-Term Debt PLN mil               5.87 4.66 3.95 29.2 31.9    
Other LT Liabilities PLN mil               0.367 0.298 0.253 1.11 2.64    
Non-Current Liabilities PLN mil               6.24 4.96 4.20 30.3 34.5    
Liabilities PLN mil               14.5 14.4 13.1 47.2 54.0    
Preferred Equity and Hybrid Capital PLN mil               0 0 0 0 0   ...
Share Capital PLN mil               0.767 0.767 14.3 14.3 14.3    
Treasury Stock PLN mil ... ... ... ... ... ...   0 0 0 0 0   ...
Equity Before Minority Interest PLN mil               13.7 14.8 16.2 12.6 13.7    
Minority Interest PLN mil               -0.234 0.152 -0.048 -0.277 0.303    
Equity PLN mil               13.4 14.9 16.1 12.4 14.0    
growth rates                            
Total Asset Growth % ...             37.1 4.95 -0.370 104 14.2    
Shareholders' Equity Growth % ...             88.9 11.0 8.18 -23.4 13.3    
Net Debt Growth % ...             -1.13 13.5 -38.9 1,178 13.5    
Total Debt Growth % ...             43.4 -9.90 -15.1 503 10.6    
ratios                            
Total Debt PLN mil               8.49 7.65 6.49 39.1 43.3    
Net Debt PLN mil               3.97 4.51 2.75 35.2 40.0    
Working Capital PLN mil               -0.834 0.402 -0.113 -0.644 -0.025    
Capital Employed PLN mil               19.9 22.8 22.1 51.7 59.2    
Net Debt/Equity %               29.5 30.2 17.1 285 285    
Current Ratio               0.870 0.734 0.793 0.424 0.449    
Quick Ratio               0.653 0.529 0.579 0.290 0.260    
cash flow Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
cash flow                            
Net Profit PLN mil               4.22 3.70 3.84 2.62 1.39    
Depreciation PLN mil ... ... ... ... ... ... ... 1.49 1.59 1.17 4.19 8.45    
Non-Cash Items PLN mil               -0.106 0.248 -1.00 -0.255 3.04    
Change in Working Capital PLN mil               -0.952 -0.811 0.908 -0.142 -2.40    
Total Cash From Operations PLN mil               4.66 4.73 4.92 9.61 10.5    
                               
Capital Expenditures PLN mil ... ... ... ... ... ... ... ... ... -0.781 -1.93 -3.23    
Net Change in LT Investment PLN mil               0 0 0 -0.153 -0.076   ...
Net Cash From Acquisitions PLN mil ... ... ... ... ... ... ... ... ... 0 0 0   ...
Other Investing Activities PLN mil               -4.14 0 0 0.195 0    
Total Cash From Investing PLN mil               -4.88 -2.60 -0.781 -1.88 -3.31    
                               
Dividends Paid PLN mil               0 -2.53 -2.45 -1.33 -1.46    
Issuance Of Shares PLN mil               0 0 0 0 0    
Issuance Of Debt PLN mil               2.20 -0.787 -1.09 -6.20 -6.44    
Other Financing Activities PLN mil               0.508 -0.126 0 0 0   ...
Total Cash From Financing PLN mil               2.71 -3.44 -3.54 -7.53 -7.90    
                               
Effect of FX Rates PLN mil ... ... ... ... ... ... ... ... ... 0 0 0   ...
Net Change In Cash PLN mil               2.49 -1.31 0.600 0.200 -0.710    
ratios                            
Days Sales Outstanding days               6.53 11.5 7.90 5.21 8.49    
Days Sales Of Inventory days               8.74 9.43 5.63 5.64 6.29    
Days Payable Outstanding days               23.1 20.0 15.6 15.9 16.5    
Cash Conversion Cycle days               -7.85 1.000 -2.04 -5.08 -1.68    
Cash Earnings PLN mil ... ... ... ... ... ... ... 5.71 5.29 5.01 6.81 9.85    
Free Cash Flow PLN mil               -0.218 2.13 4.14 7.73 7.19    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... 1.21 2.89 4.30    
other ratios Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
                             
Employees               132 161 207 204 232   ...
Cost Per Employee USD per month               2,350 2,082 2,176 2,476 2,519   ...
Cost Per Employee (Local Currency) PLN per month               8,742 8,414 8,335 8,966 9,517   ...
Operating Cost (As % of Sales) %               6.99 6.73 8.33 8.00 10.6   ...
Research & Development (As % of Sales) % ... ... ... ... ...     0 0 0 0 0   ...
Staff Cost (As % of Sales) %               26.5 27.6 32.1 33.0 35.2   ...
Effective Tax Rate %               7.33 14.1 20.1 36.7 20.5    
Total Revenue Growth (5-year average) % ... ... ... ... ... ... ... ... ... 9.81 9.35 9.63    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 19.8 16.3    
valuation Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
                             
Market Capitalisation USD mil ... ... ... ...       8.59 12.2 9.16 7.88 5.99    
Enterprise Value (EV) USD mil ... ... ... ...       9.60 13.3 9.95 17.3 16.5    
Number Of Shares mil ... ... ... ...       7.67 7.67 7.67 7.67 8.82    
Share Price PLN ... ... ... ...       3.61 5.73 3.75 3.62 2.96    
EV/EBITDA ... ... ... ...       6.36 8.34 6.41 4.85 4.95    
Price/Earnings (P/E) ... ... ... ...       6.56 11.9 7.50 10.6 18.5    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... 4.84 8.31 5.74 4.07 2.65    
P/FCF ... ... ... ...       -127 20.6 6.94 3.59 3.63    
Price/Book Value (P/BV) ... ... ... ...       2.06 2.95 1.78 2.24 1.86    
Dividend Yield % ... ... ... ...       9.15 5.76 8.53 4.70 6.42   ...
Free Cash Flow Yield % ... ... ... ...       -0.684 4.32 11.8 27.1 31.8    
Earnings Per Share (EPS) PLN ... ... ... ...       0.550 0.480 0.500 0.340 0.160    
Cash Earnings Per Share PLN ... ... ... ... ... ... ... 0.744 0.690 0.654 0.888 1.12    
Free Cash Flow Per Share PLN ... ... ... ...       -0.028 0.278 0.540 1.01 0.815    
Book Value Per Share PLN ... ... ... ...       1.75 1.95 2.11 1.61 1.59    
Dividend Per Share PLN ... ... ... ...       0.330 0.330 0.320 0.170 0.190   ...
EV/Sales ... ... ... ...       0.683 0.911 0.592 0.941 0.829    
EV/EBIT ... ... ... ...       8.67 11.1 8.00 11.3 15.1    
EV/Free Cash Flow ... ... ... ...       -164 25.2 9.20 8.11 8.69    
EV/Capital Employed ... ... ... ...       1.88 2.44 1.57 1.25 1.06    
Earnings Per Share Growth % ... ... ... ... ...     -320 -12.7 4.17 -32.0 -52.9    
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... ... -7.27 -5.30 35.9 25.8    
Book Value Per Share Growth % ... ... ... ... ...     56.6 11.0 8.18 -23.4 -1.52    

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Mex Polska's Share Price rose 70.4% yoy to PLN 2.30 in 2021

By Helgi Analytics - May 11, 2022

Mex Polska stock traded at PLN 2.30 per share at the end 2021 implying a market capitalization of USD 5.02 mil. Since the end of 2016, stock has appreciated by -59.9% implying an annual average growth of -16.7% In absolute terms, the value of the company ...

Mex Polska's P/FCF fell 95.0% yoy to 2.97 in 2021

By Helgi Analytics - May 11, 2022

Mex Polska stock traded at PLN 2.30 per share at the end 2021 translating into a market capitalization of USD 5.02 mil. Since the end of 2016, the stock has depreciated by 59.9% representing an annual average growth of -16.7%. At the end of 2021, the fir...

Mex Polska's Net Debt/EBITDA rose 117% yoy to 2.53 in 2021

By Helgi Analytics - May 11, 2022

Mex Polska's net debt stood at PLN 39.9 mil and accounted for 501% of equity at the end of 2021. The ratio is down 1,349 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 1,850% in 2020 and a low of ...

Mex Polska's ROCE rose 176% yoy to 15.0% in 2021

By Helgi Analytics - May 11, 2022

Mex Polska made a net profit of PLN 7.33 mil in 2021, up 171% compared to the previous year. Historically, between 2008 and 2021, the company's net profit reached a high of PLN 7.33 mil in 2021 and a low of PLN -10.3 mil in 2020. The result implies a retu...

Mex Polska's Capital Expenditures rose 85.2% yoy to PLN 0.087 mil in 2021

By Helgi Analytics - May 11, 2022

Mex Polska invested a total of PLN 0.087 mil in 2021, down 85.2% compared to the previous year. Historically, between 2017 - 2021, the company's investments stood at a high of PLN 3.23 mil in 2019 and a low of PLN 0.087 mil in 2021. A...

Mex Polska's employees fell 34.5% yoy to 152 in 2020

By Helgi Analytics - May 11, 2022

Mex Polska employed 152 employees in 2020, down 34.5% compared to the previous year. Historically, between 2008 and 2020, the firm's workforce hit a high of 386 employees in 2012 and a low of 8.00 employees in 2011. Average personnel cost stood at US...

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Finance

Mex Polska has been growing its sales by -4.33% a year on average in the last 5 years. EBITDA has grown on average by 19.6% a year during that time to total of PLN 15.7 mil in 2021, or 33.3% of sales. That’s compared to 14.5% average margin seen in last five years.

The company netted PLN 7.33 mil in 2021 implying ROE of 123% and ROCE of 15.0%. Again, the average figures were 9.69% and 4.40%, respectively when looking at the previous 5 years.

Mex Polska’s net debt amounted to PLN 39.9 mil at the end of 2021, or 501% of equity. When compared to EBITDA, net debt was 2.53x, up when compared to average of -1.24x seen in the last 5 years.

Valuation

Mex Polska stock traded at PLN 2.30 per share at the end of 2021 resulting in a market capitalization of USD 5.02 mil. Over the previous five years, stock price fell by 59.9% or -16.7% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 3.63x and price to earnings (PE) of 3.28x as of 2021.

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