Financials Arctic Paper S.A.

Equities

ATC

PLARTPR00012

Paper Products

Delayed Warsaw S.E. Other stock markets 06:29:00 2024-05-15 am EDT			5-day change	1st Jan Change
21.7 ^PLN	-0.82%		-2.16%	-2.91%

May. 14	Arctic Paper S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 08	Arctic Paper Signs Energy Storage, Grid System Services Deal in Sweden	MT

Valuation

Fiscal Period: December	2019	2021	2022	2024	2025	2026
Capitalization ¹	239	575.1	1,358	1,516	-	-
Enterprise Value (EV) ¹	398	575.1	1,059	1,338	1,084	958.4
P/E ratio	2.9 x	-	-	7.22 x	6.92 x	6.57 x
Yield	-	-	13.8%	5.16%	4.83%	4.57%
Capitalization / Revenue	0.08 x	0.17 x	0.28 x	0.4 x	0.4 x	0.38 x
EV / Revenue	0.13 x	0.17 x	0.22 x	0.35 x	0.29 x	0.24 x
EV / EBITDA	1.43 x	-	1.09 x	3.25 x	2.35 x	2 x
EV / FCF	1.94 x	-	2.34 x	10.4 x	5.86 x	4.64 x
FCF Yield	51.4%	-	42.7%	9.64%	17.1%	21.5%
Price to Book	0.27 x	-	-	0.97 x	0.89 x	0.81 x
Nbr of stocks (in thousands)	69,288	69,288	69,288	69,288	-	-
Reference price ²	3.450	8.300	19.60	21.88	21.88	21.88
Announcement Date	2/27/20	2/17/22	3/28/23	-	-	-

¹PLN in Million²PLN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2021	2022	2024	2025	2026
Net sales ¹	3,117	3,413	4,894	3,814	3,765	3,961
EBITDA ¹	278	-	974	412	461	478
EBIT ¹	191.4	-	843	261	314	327.5
Operating Margin	6.14%	-	17.22%	6.84%	8.34%	8.27%
Earnings before Tax (EBT) ¹	157.9	-	-	297	321	338
Net income ¹	124.7	127.2	631	210	219	230
Net margin	4%	3.73%	12.89%	5.51%	5.82%	5.81%
EPS ²	1.190	-	-	3.030	3.160	3.330
Free Cash Flow ¹	204.6	-	452.5	129	185	206.5
FCF margin	6.57%	-	9.25%	3.38%	4.91%	5.21%
FCF Conversion (EBITDA)	73.61%	-	46.46%	31.31%	40.13%	43.2%
FCF Conversion (Net income)	164.14%	-	71.71%	61.43%	84.47%	89.78%
Dividend per Share ²	-	-	2.700	1.130	1.057	1.000
Announcement Date	2/27/20	2/17/22	3/28/23	-	-	-

¹PLN in Million²PLN

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q3	2024 Q1
Net sales ¹	-	-	854.8	965.4
EBITDA ¹	-	-	-	112
EBIT ¹	-	-	-	83.66
Operating Margin	-	-	-	8.67%
Earnings before Tax (EBT) ¹	-	-	-	98.24
Net income ¹	107.9	39.76	-	82.47
Net margin	-	-	-	8.54%
EPS	1.560	0.5700	-	-
Dividend per Share	-	-	-	-
Announcement Date	5/9/23	8/10/23	11/7/23	5/14/24

¹PLN in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2021	2022	2024	2025	2026
Net Debt ¹	159	-	-	-	-	-
Net Cash position ¹	-	-	299	179	432	558
Leverage (Debt/EBITDA)	0.5718 x	-	-	-	-	-
Free Cash Flow ¹	205	-	453	129	185	207
ROE (net income / shareholders' equity)	14.4%	-	50.5%	12.4%	12.9%	12.5%
ROA (Net income/ Total Assets)	5.95%	-	-	-	-	-
Assets ¹	2,096	-	-	-	-	-
Book Value Per Share ²	12.60	-	-	22.60	24.70	26.90
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	138	-	155	204	184	187
Capex / Sales	4.42%	-	3.16%	5.34%	4.89%	4.72%
Announcement Date	2/27/20	2/17/22	3/28/23	-	-	-

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 Arctic Paper S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.88 PLN

Average target price

26.7 PLN

Spread / Average Target

+22.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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HANGZHOU HUAWANG NEW MATERIAL TECHNOLOGY CO.,LTD.	+24.67%	1.08B
SHANDONG BOHUI PAPER INDUSTRY CO.,LTD.	-1.93%	1.04B
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Paper Mills & Products