Financials Comarch S.A.

Equities

CMR

PLCOMAR00012

IT Services & Consulting

Market Closed - Warsaw S.E. 11:55:55 2024-07-19 am EDT 5-day change 1st Jan Change
326.5 PLN +0.31% Intraday chart for Comarch S.A. +14.16% +56.97%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,521 1,582 1,464 1,334 1,692 2,656 - -
Enterprise Value (EV) 1 1,456 1,291 1,195 1,099 1,296 2,200 2,177 2,089
P/E ratio 13.2 x 13.3 x 12.1 x 12.2 x 16.1 x 21.5 x 17.4 x -
Yield 0.8% 0.77% 2.22% 2.44% - 1.53% 1.68% 1.53%
Capitalization / Revenue 1.06 x 1.03 x 0.9 x 0.72 x 0.93 x 1.39 x 1.29 x 1.22 x
EV / Revenue 1.01 x 0.84 x 0.74 x 0.59 x 0.71 x 1.15 x 1.06 x 0.96 x
EV / EBITDA 6.08 x 4.75 x 4.3 x 4.55 x 6.57 x 8.58 x 7.48 x 6.64 x
EV / FCF 12.6 x 6.27 x 8.45 x 116 x 8.47 x 25.9 x 17.4 x 15 x
FCF Yield 7.91% 16% 11.8% 0.86% 11.8% 3.86% 5.76% 6.65%
Price to Book 1.58 x 1.47 x - - - - - -
Nbr of stocks (in thousands) 8,133 8,133 8,133 8,133 8,133 8,133 - -
Reference price 2 187.0 194.5 180.0 164.0 208.0 326.5 326.5 326.5
Announcement Date 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 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,438 1,536 1,625 1,858 1,816 1,908 2,053 2,185
EBITDA 1 239.2 271.9 277.8 241.8 197.3 256.5 291 314.7
EBIT 1 154.5 186.8 185.6 147.9 102.5 158 190 211.7
Operating Margin 10.75% 12.16% 11.42% 7.96% 5.64% 8.28% 9.25% 9.69%
Earnings before Tax (EBT) 1 155.3 160.3 172.8 153.7 151.5 146 181 202
Net income 1 115.6 118.7 120.5 109.1 104.8 122 141.2 156.1
Net margin 8.04% 7.73% 7.42% 5.87% 5.77% 6.39% 6.88% 7.15%
EPS 2 14.21 14.60 14.82 13.41 12.88 15.16 18.80 -
Free Cash Flow 1 115.1 205.9 141.3 9.505 152.9 85 125.3 139
FCF margin 8% 13.4% 8.7% 0.51% 8.42% 4.45% 6.1% 6.36%
FCF Conversion (EBITDA) 48.11% 75.74% 50.89% 3.93% 77.49% 33.14% 43.07% 44.17%
FCF Conversion (Net income) 99.56% 173.42% 117.27% 8.71% 145.89% 69.67% 88.76% 89.03%
Dividend per Share 2 1.500 1.500 4.000 4.000 - 5.000 5.500 5.000
Announcement Date 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 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2
Net sales 1 517.4 416.3 426 471.1 544.4 427.6 394.9 453.4 540.5 434.7 397.5
EBITDA 1 89.02 65.7 51.9 83.9 40.27 42.1 27.3 81.8 46.04 52.25 29
EBIT 1 61.83 42.8 28.33 60.3 16.49 19.3 4.5 56.47 22.23 27.51 6
Operating Margin 11.95% 10.28% 6.65% 12.8% 3.03% 4.51% 1.14% 12.45% 4.11% 6.33% 1.51%
Earnings before Tax (EBT) 1 52.96 43.36 14.46 41.73 54.1 30.06 34.58 41.15 45.73 36.37 20
Net income 1 35.64 32.4 12.35 27.9 36.42 23.1 26.7 32.42 22.56 21.98 6
Net margin 6.89% 7.78% 2.9% 5.92% 6.69% 5.4% 6.76% 7.15% 4.17% 5.06% 1.51%
EPS - - - - - - - - - - -
Dividend per Share - - - - - - - - - - -
Announcement Date 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 5/24/24 -
1PLN in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 65.2 291 269 235 396 455 478 566
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 115 206 141 9.51 153 85 125 139
ROE (net income / shareholders' equity) 12.7% 11% 10.6% 8.76% 8.04% 8.8% 10.3% 11.1%
ROA (Net income/ Total Assets) 6.43% 6.19% - - - - - -
Assets 1 1,797 1,919 - - - - - -
Book Value Per Share 118.0 133.0 - - - - - -
Cash Flow per Share - - - - - - - -
Capex 1 54.9 87.4 69.5 155 57.9 75 80 79.3
Capex / Sales 3.82% 5.69% 4.28% 8.32% 3.19% 3.93% 3.9% 3.63%
Announcement Date 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
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
326.5 PLN
Average target price
244.5 PLN
Spread / Average Target
-25.12%
Consensus

Quarterly revenue - Rate of surprise

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