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Pozbud

Pozbud's net profit rose 143% yoy to PLN 28.7 mil in 2020

By Helgi Analytics - December 14, 2021

Pozbud made a net profit of PLN 28.7 mil with revenues of PLN 194 mil in 2020, up by 143% and down by 1.66%, respec...

Pozbud's employees rose 28.1% yoy to 173 in 2020

By Helgi Analytics - December 14, 2021

Pozbud employed 173 employees in 2020, up 28.1% compared to the previous year. Historically, between 2006 and 2020, ...

Pozbud's price/earnings (P/E) fell 3.88% yoy to 3.56 in 2020

By Helgi Analytics - December 14, 2021

Pozbud stock traded at PLN 2.28 per share at the end 2020 translating into a market capitalization of USD 27.2 mil. Since the end...

Profit Statement 2018 2019 2020
Sales PLN mil 130 197 194
Gross Profit PLN mil 21.6 38.4 56.3
EBITDA PLN mil 17.9 31.6 54.3
EBIT PLN mil 12.7 24.7 45.8
Financing Cost PLN mil 4.38 3.97 4.00
Pre-Tax Profit PLN mil 8.40 16.4 39.6
Net Profit PLN mil 6.43 11.8 28.7
Dividends PLN mil 0 0 0
Balance Sheet 2018 2019 2020
Total Assets PLN mil 377 360 524
Non-Current Assets PLN mil 175 168 208
Current Assets PLN mil 202 192 316
Working Capital PLN mil 96.3 55.4 50.3
Shareholders' Equity PLN mil 157 151 222
Liabilities PLN mil 220 209 302
Total Debt PLN mil 90.4 87.8 119
Net Debt PLN mil 45.5 64.5 71.6
Ratios 2018 2019 2020
ROE % 4.09 7.67 15.4
ROCE % 2.49 4.78 11.9
Gross Margin % 16.5 19.5 29.1
EBITDA Margin % 13.7 16.1 28.0
EBIT Margin % 9.75 12.5 23.7
Net Margin % 4.93 6.00 14.8
Net Debt/EBITDA 2.54 2.04 1.32
Net Debt/Equity % 28.9 42.8 32.3
Cost of Financing % 4.79 4.45 3.88
Valuation 2018 2019 2020
Market Capitalisation USD mil 15.2 11.5 27.2
Enterprise Value (EV) USD mil 27.2 28.5 46.2
Number Of Shares mil 26.8 26.8 44.8
Share Price PLN 2.12 1.63 2.28
EV/EBITDA 5.51 3.41 3.32
EV/Sales 0.756 0.547 0.931
Price/Earnings (P/E) 9.22 3.70 3.56
Price/Book Value (P/BV) 0.361 0.289 0.461
Dividend Yield % 0 0 0

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overview Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                              
Sales PLN mil                 206 225 168 102 130    
Gross Profit PLN mil                 28.4 27.4 18.5 9.91 21.6    
EBIT PLN mil                 14.5 15.5 9.85 0.439 12.7    
Net Profit PLN mil                 10.5 10.1 6.41 -3.80 6.43    
                                 
ROE %                 6.93 6.30 3.80 -2.31 4.09    
EBIT Margin %                 7.02 6.90 5.88 0.432 9.75    
Net Margin %                 5.09 4.49 3.82 -3.74 4.93    
Employees                 134 153 161 161 161    
balance sheet                              
Total Assets PLN mil                 284 318 333 323 377    
Non-Current Assets PLN mil ... ...             168 183 187 187 175    
Current Assets PLN mil                 116 135 147 135 202    
                                 
Shareholders' Equity PLN mil                 155 165 172 157 157    
Liabilities PLN mil                 128 153 162 166 220    
Non-Current Liabilities PLN mil                 31.7 81.3 90.3 84.9 76.2    
Current Liabilities PLN mil                 96.4 71.3 71.2 81.0 144    
                                 
Net Debt/EBITDA ... ...             1.22 0.921 3.28 9.86 2.54    
Net Debt/Equity % ... ...             14.4 10.5 27.5 36.6 28.9    
Cost of Financing % ...               3.61 4.36 4.25 4.13 4.79    
cash flow                              
Total Cash From Operations PLN mil                 16.8 20.9 -24.0 -6.35 5.95    
Total Cash From Investing PLN mil                 -14.4 -12.0 -7.86 -4.79 5.21    
Total Cash From Financing PLN mil                 9.30 0.597 7.50 7.52 -1.14    
Net Change In Cash PLN mil                 11.8 9.58 -24.3 -3.62 10.0    
valuation                              
Market Capitalisation USD mil ... ...             32.9 32.7 18.7 27.8 15.2    
Enterprise Value (EV) USD mil ... ...             39.2 37.2 29.9 44.2 27.2    
Number Of Shares mil                 26.8 26.8 26.8 26.8 26.8    
Share Price PLN ... ...             4.35 4.80 2.91 3.60 2.12    
Price/Earnings (P/E) ... ...             11.1 12.6 12.1 -25.7 9.22    
Price/Cash Earnings (P/CE) ... ...             8.04 9.60 7.14 66.3 5.38    
EV/EBITDA ... ...             6.96 7.35 8.42 29.1 5.51    
Price/Book Value (P/BV) ... ...             0.749 0.778 0.454 0.615 0.361    
Dividend Yield % ... ...             0 0 0 0 0    
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                              
Sales PLN mil                 206 225 168 102 130    
Cost of Goods & Services PLN mil                 178 198 149 91.6 109    
Gross Profit PLN mil                 28.4 27.4 18.5 9.91 21.6    
Selling, General & Admin PLN mil ... ... ... ... ... ... ... ... 9.44 9.79 8.56 8.25 9.18    
Research & Development PLN mil ... ... ... ... ... ... ...   0 0 0 0 0    
Other Operating Expense PLN mil ... ... ... ... ... ... ... ... ... ... ... 2.29 1.06    
Staff Cost PLN mil                 5.96 7.14 7.67 6.42 7.49    
Other Operating Cost (Income) PLN mil                 0.795 0.988 1.43 0.903 1.38    
EBITDA PLN mil                 18.5 18.8 14.4 5.82 17.9    
Depreciation PLN mil                 3.98 3.28 4.51 5.25 4.12    
EBIT PLN mil                 14.5 15.5 9.85 0.439 12.7    
Net Financing Cost PLN mil ... ... ... ... ... ... ...   1.45 2.58 2.61 2.64 4.01    
Financing Cost PLN mil                 2.28 3.40 3.52 3.67 4.38    
Financing Income PLN mil                 0.832 0.813 0.915 1.03 0.368    
FX (Gain) Loss PLN mil ... ...             0.326 0.001 0 0.184 0.016    
(Income) / Loss from Affiliates PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Extraordinary Cost PLN mil                 0 0 0 0.020 0.763    
Pre-Tax Profit PLN mil                 11.5 12.4 7.01 -3.19 8.40    
Tax PLN mil                 0.991 2.25 0.596 0.595 1.48    
Minorities PLN mil                 0.030 0.086 0.010 -0.007 -0.267    
Net Profit PLN mil                 10.5 10.1 6.41 -3.80 6.43    
Net Profit Avail. to Common PLN mil                 10.5 10.1 6.41 -3.80 6.43    
Dividends PLN mil                 0 0 0 0 0    
growth rates                              
Total Revenue Growth % ...               38.8 9.08 -25.5 -39.4 28.5    
Operating Cost Growth % ...               47.7 -12.4 -21.7 2.79 -1.33    
Staff Cost Growth % ...               9.38 19.9 7.38 -16.3 16.6    
EBITDA Growth % ...               2.39 1.81 -23.7 -59.5 208    
EBIT Growth % ...               -2.67 7.13 -36.6 -95.5 2,798    
Pre-Tax Profit Growth % ...               -11.0 7.86 -43.6 -145 -363    
Net Profit Growth % ...               -2.25 -3.89 -36.6 -159 -269    
ratios                              
ROE %                 6.93 6.30 3.80 -2.31 4.09    
ROA %                 4.03 3.36 1.97 -1.16 1.84    
ROCE % ... ... ...           6.35 5.38 3.01 -1.61 2.49    
Gross Margin %                 13.8 12.2 11.0 9.76 16.5    
EBITDA Margin %                 8.95 8.36 8.57 5.73 13.7    
EBIT Margin %                 7.02 6.90 5.88 0.432 9.75    
Net Margin %                 5.09 4.49 3.82 -3.74 4.93    
Payout Ratio %                 0 0 0 0 0    
Cost of Financing % ...               3.61 4.36 4.25 4.13 4.79    
Net Debt/EBITDA ... ...             1.22 0.921 3.28 9.86 2.54    
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                              
Cash & Cash Equivalents PLN mil                 53.2 62.8 38.5 34.9 44.9    
Receivables PLN mil                 18.9 35.6 41.5 28.7 51.3    
Unbilled Revenues PLN mil ... ... ... ... ... ... ... ... ... ... ... 3.48 15.4    
Inventories PLN mil                 20.0 27.1 46.2 63.0 79.7    
Other ST Assets PLN mil                 23.8 9.72 20.3 5.41 10.4    
Current Assets PLN mil                 116 135 147 135 202    
Property, Plant & Equipment PLN mil                 132 146 149 151 136    
LT Investments & Receivables PLN mil ... ...             31.8 32.0 32.1 31.8 31.7    
Intangible Assets PLN mil                 2.43 2.39 3.02 0.859 0.135    
Goodwill PLN mil ... ... ... ...         2.16 2.16 2.16 0 0    
Non-Current Assets PLN mil ... ...             168 183 187 187 175    
Total Assets PLN mil                 284 318 333 323 377    
                                 
Trade Payables PLN mil                 29.2 46.7 47.4 34.3 34.8    
Short-Term Debt PLN mil                 45.4 7.66 16.7 35.7 45.5    
Other ST Liabilities PLN mil                 21.7 16.9 7.05 7.81 58.5    
Current Liabilities PLN mil                 96.4 71.3 71.2 81.0 144    
Long-Term Debt PLN mil                 30.3 72.5 68.9 56.6 44.9    
Other LT Liabilities PLN mil                 1.45 8.79 21.5 28.4 31.3    
Non-Current Liabilities PLN mil                 31.7 81.3 90.3 84.9 76.2    
Liabilities PLN mil                 128 153 162 166 220    
Preferred Equity and Hybrid Capital PLN mil                 0 0 0 0 0    
Share Capital PLN mil                 26.8 26.8 26.8 66.1 66.1    
Treasury Stock PLN mil ... ... ... ... ... ... ...   0 0 0 0 0    
Equity Before Minority Interest PLN mil                 151 160 166 151 157    
Minority Interest PLN mil                 4.42 5.20 5.21 5.21 0    
Equity PLN mil                 155 165 172 157 157    
growth rates                              
Total Asset Growth % ...               19.2 12.0 4.84 -3.14 16.9    
Shareholders' Equity Growth % ...               4.99 6.22 3.88 -8.69 0.505    
Net Debt Growth % ... ... ...           149 -22.8 172 21.9 -20.8    
Total Debt Growth % ...               49.9 5.88 6.83 7.82 -2.11    
ratios                              
Total Debt PLN mil                 75.7 80.1 85.6 92.3 90.4    
Net Debt PLN mil ... ...             22.5 17.3 47.1 57.4 45.5    
Working Capital PLN mil                 9.71 15.9 40.3 57.4 96.3    
Capital Employed PLN mil ... ...             177 198 227 244 272    
Net Debt/Equity % ... ...             14.4 10.5 27.5 36.6 28.9    
Current Ratio                 1.20 1.90 2.06 1.67 1.40    
Quick Ratio                 0.749 1.38 1.12 0.785 0.670    
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
cash flow                              
Net Profit PLN mil                 10.5 10.1 6.41 -3.80 6.43    
Depreciation PLN mil                 3.98 3.28 4.51 5.25 4.12    
Non-Cash Items PLN mil                 -6.33 22.5 -7.64 8.99 -19.6    
Change in Working Capital PLN mil                 8.68 -14.9 -27.2 -16.9 14.0    
Total Cash From Operations PLN mil                 16.8 20.9 -24.0 -6.35 5.95    
                                 
Capital Expenditures PLN mil                 -14.4 -12.0 -7.86 -4.84 0.558    
Net Change in LT Investment PLN mil                 -1.27 2.14 0.093 -0.005 4.50    
Net Cash From Acquisitions PLN mil ... ... ... ... ... ... ... ... ... ... ... 0 0    
Other Investing Activities PLN mil                 0 0 0 0.055 0.150    
Total Cash From Investing PLN mil                 -14.4 -12.0 -7.86 -4.79 5.21    
                                 
Dividends Paid PLN mil                 0 0 0 0 0    
Issuance Of Shares PLN mil                 0 0 0 0 0    
Issuance Of Debt PLN mil                 9.30 3.27 2.62 3.40 -3.45    
Other Financing Activities PLN mil                 0 -2.67 4.88 4.13 2.31    
Total Cash From Financing PLN mil                 9.30 0.597 7.50 7.52 -1.14    
                                 
Effect of FX Rates PLN mil ... ... ... ... ... ... ... ... ... ... ... 0 0    
Net Change In Cash PLN mil                 11.8 9.58 -24.3 -3.62 10.0    
ratios                              
Days Sales Outstanding days                 33.5 57.7 90.4 103 143    
Days Sales Of Inventory days                 41.1 50.0 113 251 267    
Days Payable Outstanding days                 60.0 86.3 116 137 117    
Cash Conversion Cycle days                 14.6 21.4 87.5 217 294    
Cash Earnings PLN mil                 14.5 13.4 10.9 1.45 10.5    
Free Cash Flow PLN mil                 2.46 8.99 -31.8 -11.1 11.2    
Capital Expenditures (As % of Sales) %                 6.97 5.31 4.69 4.77 -0.428    
other ratios Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                               
Employees                 134 153 161 161 161    
Cost Per Employee USD per month                 1,131 1,045 982 867 1,070    
Cost Per Employee (Local Currency) PLN per month                 3,705 3,889 3,969 3,322 3,874    
Operating Cost (As % of Sales) %                 7.14 5.73 6.03 10.2 7.85    
Research & Development (As % of Sales) % ... ... ... ... ... ... ...   0 0 0 0 0    
Staff Cost (As % of Sales) %                 2.89 3.17 4.58 6.32 5.74    
Effective Tax Rate %                 8.59 18.1 8.50 -18.7 17.6    
Total Revenue Growth (5-year average) % ... ... ... ... ...       24.4 18.4 12.4 1.72 -2.58    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 25.1 14.4 11.5    
valuation Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                               
Market Capitalisation USD mil ... ...             32.9 32.7 18.7 27.8 15.2    
Enterprise Value (EV) USD mil ... ...             39.2 37.2 29.9 44.2 27.2    
Number Of Shares mil                 26.8 26.8 26.8 26.8 26.8    
Share Price PLN ... ...             4.35 4.80 2.91 3.60 2.12    
EV/EBITDA ... ...             6.96 7.35 8.42 29.1 5.51    
Price/Earnings (P/E) ... ...             11.1 12.6 12.1 -25.7 9.22    
Price/Cash Earnings (P/CE) ... ...             8.04 9.60 7.14 66.3 5.38    
P/FCF ... ...             47.4 14.3 -2.45 -8.65 5.09    
Price/Book Value (P/BV) ... ...             0.749 0.778 0.454 0.615 0.361    
Dividend Yield % ... ...             0 0 0 0 0    
Free Cash Flow Yield % ... ...             2.28 7.38 -42.2 -10.5 20.3    
Earnings Per Share (EPS) PLN                 0.393 0.380 0.240 -0.140 0.230    
Cash Earnings Per Share PLN                 0.541 0.500 0.408 0.054 0.394    
Free Cash Flow Per Share PLN                 0.092 0.336 -1.19 -0.416 0.417    
Book Value Per Share PLN                 5.81 6.17 6.41 5.85 5.88    
Dividend Per Share PLN                 0 0 0 0 0    
EV/Sales ... ...             0.623 0.614 0.722 1.67 0.756    
EV/EBIT ... ...             8.87 8.90 12.3 386 7.75    
EV/Free Cash Flow ... ...             52.3 15.4 -3.80 -15.2 8.84    
EV/Capital Employed ... ...             0.784 0.730 0.551 0.630 0.377    
Earnings Per Share Growth % ...               -12.8 -3.21 -36.8 -158 -264    
Cash Earnings Per Share Growth % ...               -7.25 -7.64 -18.5 -86.7 625    
Book Value Per Share Growth % ...               -6.56 6.22 3.88 -8.69 0.505    

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Pozbud's Net Margin rose 147% yoy to 14.8% in 2020

By Helgi Analytics - December 14, 2021

Pozbud made a net profit of PLN 28.7 mil with revenues of PLN 194 mil in 2020, up by 143% and down by 1.66%, respectively, compared to the previous year. This translates into a net margin of 14.8%. Historically, between 2006 and 2020, the firm’s n...

Pozbud's Share Price rose 39.9% yoy to PLN 2.28 in 2020

By Helgi Analytics - December 14, 2021

Pozbud stock traded at PLN 2.28 per share at the end 2020 implying a market capitalization of USD 27.2 mil. Since the end of 2015, stock has appreciated by -52.5% implying an annual average growth of -13.8% In absolute terms, the value of the company fel...

Pozbud's ROCE rose 149% yoy to 11.9% in 2020

By Helgi Analytics - December 14, 2021

Pozbud made a net profit of PLN 28.7 mil in 2020, up 143% compared to the previous year. Historically, between 2006 and 2020, the company's net profit reached a high of PLN 28.7 mil in 2020 and a low of PLN -3.80 mil in 2017. The result implies a return o...

Pozbud's Capital Expenditures rose 39.2% yoy to PLN 1.73 mil in 2020

By Helgi Analytics - December 14, 2021

Pozbud invested a total of PLN 1.73 mil in 2020, down 39.2% compared to the previous year. Historically, between 2006 - 2020, the company's investments stood at a high of PLN 31.0 mil in 2011 and a low of PLN -0.780 mil in 2012. As a ...

Pozbud's Net Debt/EBITDA fell 35.4% yoy to 1.32 in 2020

By Helgi Analytics - December 14, 2021

Pozbud's net debt stood at PLN 71.6 mil and accounted for 32.3% of equity at the end of 2020. The ratio is down 10.5 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 42.8% in 2019 and a low of -2...

Pozbud's P/FCF rose 114% yoy to 3.45 in 2020

By Helgi Analytics - December 14, 2021

Pozbud stock traded at PLN 2.28 per share at the end 2020 translating into a market capitalization of USD 27.2 mil. Since the end of 2015, the stock has depreciated by 52.5% representing an annual average growth of -13.8%. At the end of 2020, the firm tr...

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Finance

Pozbud has been growing its sales by -2.95% a year on average in the last 5 years. EBITDA has grown on average by 23.6% a year during that time to total of PLN 54.3 mil in 2020, or 28.0% of sales. That’s compared to 14.4% average margin seen in last five years.

The company netted PLN 28.7 mil in 2020 implying ROE of 15.4% and ROCE of 11.9%. Again, the average figures were 5.73% and 4.12%, respectively when looking at the previous 5 years.

Pozbud’s net debt amounted to PLN 71.6 mil at the end of 2020, or 32.3% of equity. When compared to EBITDA, net debt was 1.32x, down when compared to average of 3.81x seen in the last 5 years.

Valuation

Pozbud stock traded at PLN 2.28 per share at the end of 2020 resulting in a market capitalization of USD 27.2 mil. Over the previous five years, stock price fell by 52.5% or -13.8% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 3.32x and price to earnings (PE) of 3.56x as of 2020.