COMARCH S.A. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 244.5 PLN | -2.40% |
|
-4.12% | +17.55% |
| Feb. 29 | Comarch S.A. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023 | CI |
| Feb. 29 | Comarch S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,236 | 1,521 | 1,582 | 1,464 | 1,334 | 1,989 | 1,989 | - |
| Enterprise Value (EV) 1 | 1,206 | 1,456 | 1,291 | 1,195 | 1,099 | 1,296 | 1,546 | 1,521 |
| P/E ratio | 23.9 x | 13.2 x | 13.3 x | 12.1 x | 12.2 x | 16.1 x | 16.1 x | 13 x |
| Yield | 0.99% | 0.8% | 0.77% | 2.22% | 2.44% | 1.64% | 2.04% | 2.25% |
| Capitalization / Revenue | 0.91 x | 1.06 x | 1.03 x | 0.9 x | 0.72 x | 0.93 x | 1.04 x | 0.96 x |
| EV / Revenue | 0.88 x | 1.01 x | 0.84 x | 0.74 x | 0.59 x | 0.71 x | 0.81 x | 0.73 x |
| EV / EBITDA | 6.82 x | 6.08 x | 4.75 x | 4.3 x | 4.55 x | 6.57 x | 6.05 x | 5.55 x |
| EV / FCF | 22.9 x | 12.6 x | 6.27 x | 8.45 x | 116 x | 8.47 x | 18.3 x | 13.5 x |
| FCF Yield | 4.37% | 7.91% | 16% | 11.8% | 0.86% | 11.8% | 5.48% | 7.38% |
| Price to Book | 1.41 x | 1.58 x | 1.47 x | - | - | - | - | - |
| Nbr of stocks (in thousands) | 8,133 | 8,133 | 8,133 | 8,133 | 8,133 | 8,133 | 8,133 | - |
| Reference price 2 | 152.0 | 187.0 | 194.5 | 180.0 | 164.0 | 244.5 | 244.5 | 244.5 |
| Announcement Date | 3/1/19 | 2/28/20 | 3/1/21 | 3/1/22 | 3/1/23 | 2/29/24 | - | - |
1PLN in Million2PLN
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,365 | 1,438 | 1,536 | 1,625 | 1,858 | 1,816 | 1,908 | 2,077 |
| EBITDA 1 | 176.8 | 239.2 | 271.9 | 277.8 | 241.8 | 197.3 | 255.5 | 274 |
| EBIT 1 | 112 | 154.5 | 186.8 | 185.6 | 147.9 | 102.5 | 157 | 173 |
| Operating Margin | 8.2% | 10.75% | 12.16% | 11.42% | 7.96% | 5.64% | 8.23% | 8.33% |
| Earnings before Tax (EBT) 1 | 87 | 155.3 | 160.3 | 172.8 | 153.7 | 151.5 | 155 | 195 |
| Net income 1 | 51.66 | 115.6 | 118.7 | 120.5 | 109.1 | 104.8 | 121.5 | 128.3 |
| Net margin | 3.78% | 8.04% | 7.73% | 7.42% | 5.87% | 5.77% | 6.37% | 6.18% |
| EPS 2 | 6.350 | 14.21 | 14.60 | 14.82 | 13.41 | 12.88 | 15.16 | 18.80 |
| Free Cash Flow 1 | 52.7 | 115.1 | 205.9 | 141.3 | 9.505 | 152.9 | 84.67 | 112.3 |
| FCF margin | 3.86% | 8% | 13.4% | 8.7% | 0.51% | 8.42% | 4.44% | 5.41% |
| FCF Conversion (EBITDA) | 29.81% | 48.11% | 75.74% | 50.89% | 3.93% | 77.49% | 33.14% | 41% |
| FCF Conversion (Net income) | 102.02% | 99.56% | 173.42% | 117.27% | 8.71% | 145.89% | 69.68% | 87.56% |
| Dividend per Share 2 | 1.500 | 1.500 | 1.500 | 4.000 | 4.000 | 4.000 | 5.000 | 5.500 |
| Announcement Date | 3/1/19 | 2/28/20 | 3/1/21 | 3/1/22 | 3/1/23 | 2/29/24 | - | - |
1PLN in Million2PLN
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 337.4 | 385.9 | 517.4 | 416.3 | 426 | 471.1 | 544.4 | 427.6 | 394.9 | 453.4 | 540.5 | 440 |
| EBITDA 1 | 43.4 | 78 | 89.02 | 65.7 | 51.9 | 83.9 | 40.27 | 42.1 | 27.3 | 81.8 | 46.04 | 50.5 |
| EBIT 1 | 18.6 | 58.9 | 61.83 | 42.8 | 28.33 | 60.3 | 16.49 | 19.3 | 4.5 | 56.47 | 22.23 | 32.5 |
| Operating Margin | 5.51% | 15.26% | 11.95% | 10.28% | 6.65% | 12.8% | 3.03% | 4.51% | 1.14% | 12.45% | 4.11% | 7.39% |
| Earnings before Tax (EBT) 1 | 36.55 | 43.8 | 52.96 | 43.36 | 14.46 | 41.73 | 54.1 | 30.06 | 34.58 | 41.15 | 45.73 | - |
| Net income 1 | 28.5 | 30.3 | 35.64 | 32.4 | 12.35 | 27.9 | 36.42 | 23.1 | 26.7 | 32.42 | 22.56 | 28 |
| Net margin | 8.45% | 7.85% | 6.89% | 7.78% | 2.9% | 5.92% | 6.69% | 5.4% | 6.76% | 7.15% | 4.17% | 6.36% |
| EPS | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/31/21 | 11/17/21 | 3/1/22 | 5/20/22 | 8/31/22 | 11/17/22 | 3/1/23 | 5/22/23 | 8/31/23 | 11/17/23 | 2/29/24 | - |
1PLN in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 30.5 | 65.2 | 291 | 269 | 235 | 396 | 443 | 467 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 52.7 | 115 | 206 | 141 | 9.51 | 153 | 84.7 | 112 |
| ROE (net income / shareholders' equity) | 6.03% | 12.7% | 11% | 10.6% | 8.76% | 8.04% | 8.8% | 10.3% |
| ROA (Net income/ Total Assets) | 3.25% | 6.43% | 6.19% | - | - | - | - | - |
| Assets 1 | 1,592 | 1,797 | 1,919 | - | - | - | - | - |
| Book Value Per Share | 108.0 | 118.0 | 133.0 | - | - | - | - | - |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex 1 | 86.6 | 54.9 | 87.4 | 69.5 | 155 | 57.9 | 83 | 81 |
| Capex / Sales | 6.34% | 3.82% | 5.69% | 4.28% | 8.32% | 3.19% | 4.35% | 3.9% |
| Announcement Date | 3/1/19 | 2/28/20 | 3/1/21 | 3/1/22 | 3/1/23 | 2/29/24 | - | - |
1PLN in Million
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
244.5
PLN
Average target price
211
PLN
Spread / Average Target
-13.70%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +17.55% | 503M | |
| -13.61% | 194B | |
| +2.02% | 166B | |
| +2.37% | 153B | |
| +4.71% | 99.85B | |
| +5.88% | 77.56B | |
| +19.08% | 73.55B | |
| -7.01% | 71B | |
| -20.88% | 52.81B | |
| -5.37% | 47.86B |
- Stock Market
- Equities
- CMR Stock
- Financials Comarch S.A.
