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Polskie Górnictwo Naftowe i Gazownictwo

DB:7GG
Snowflake Description

Flawless balance sheet, undervalued and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
7GG
DB
PLN17B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Polskie Górnictwo Naftowe i Gazownictwo S.A. The last earnings update was 18 days ago. More info.


Add to Portfolio Compare Print
  • Polskie Górnictwo Naftowe i Gazownictwo has significant price volatility in the past 3 months.
7GG Share Price and Events
7 Day Returns
-2.1%
DB:7GG
18.1%
DE Oil and Gas
7.3%
DE Market
1 Year Returns
-54.3%
DB:7GG
21.9%
DE Oil and Gas
-17.7%
DE Market
7GG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Polskie Górnictwo Naftowe i Gazownictwo (7GG) -2.1% -3.1% -39.7% -54.3% -52.4% -52.1%
DE Oil and Gas 18.1% -15.9% -28.7% 21.9% -25.6% 137.4%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • 7GG underperformed the Oil and Gas industry which returned 21.9% over the past year.
  • 7GG underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
7GG
Industry
5yr Volatility vs Market

Value

 Is Polskie Górnictwo Naftowe i Gazownictwo undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Polskie Górnictwo Naftowe i Gazownictwo to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Polskie Górnictwo Naftowe i Gazownictwo.

DB:7GG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:7GG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.5%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.808 (1 + (1- 19%) (39.16%))
1.043
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.043 * 6.51%)
6.4%

Discounted Cash Flow Calculation for DB:7GG using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Polskie Górnictwo Naftowe i Gazownictwo is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:7GG DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 6.4%)
2020 100.10 Analyst x1 94.08
2021 667.08 Analyst x6 589.24
2022 856.50 Analyst x5 711.04
2023 1,844.43 Analyst x3 1,439.08
2024 1,993.37 Analyst x3 1,461.73
2025 2,090.46 Est @ 4.87% 1,440.71
2026 2,159.28 Est @ 3.29% 1,398.62
2027 2,206.52 Est @ 2.19% 1,343.24
2028 2,237.73 Est @ 1.41% 1,280.30
2029 2,257.27 Est @ 0.87% 1,213.78
Present value of next 10 years cash flows PLN10,971.00
DB:7GG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= PLN2,257.27 × (1 + -0.39%) ÷ (6.4% – -0.39%)
PLN33,111.31
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN33,111.31 ÷ (1 + 6.4%)10
PLN17,804.69
DB:7GG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN10,971.00 + PLN17,804.69
PLN28,775.69
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN28,775.69 / 5,778.31
PLN4.98
DB:7GG Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:7GG represents 0.21297x of WSE:PGN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.21297x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (PLN) x Listing Adjustment Factor
= PLN 4.98 x 0.21297
€1.06
Value per share (EUR) From above. €1.06
Current discount Discount to share price of €0.64
= -1 x (€0.64 - €1.06) / €1.06
40.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Polskie Górnictwo Naftowe i Gazownictwo is available for.
Intrinsic value
40%
Share price is €0.64 vs Future cash flow value of €1.06
Current Discount Checks
For Polskie Górnictwo Naftowe i Gazownictwo to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Polskie Górnictwo Naftowe i Gazownictwo's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Polskie Górnictwo Naftowe i Gazownictwo's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Polskie Górnictwo Naftowe i Gazownictwo's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Polskie Górnictwo Naftowe i Gazownictwo's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:7GG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in PLN PLN0.24
WSE:PGN Share Price ** WSE (2020-03-30) in PLN PLN2.98
Europe Oil and Gas Industry PE Ratio Median Figure of 105 Publicly-Listed Oil and Gas Companies 5.67x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Polskie Górnictwo Naftowe i Gazownictwo.

DB:7GG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:PGN Share Price ÷ EPS (both in PLN)

= 2.98 ÷ 0.24

12.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Polskie Górnictwo Naftowe i Gazownictwo is overvalued based on earnings compared to the Europe Oil and Gas industry average.
  • Polskie Górnictwo Naftowe i Gazownictwo is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Polskie Górnictwo Naftowe i Gazownictwo's expected growth come at a high price?
Raw Data
DB:7GG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
21.4%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 65 Publicly-Listed Oil and Gas Companies 0.17x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

DB:7GG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.58x ÷ 21.4%

0.59x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Polskie Górnictwo Naftowe i Gazownictwo is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Polskie Górnictwo Naftowe i Gazownictwo's assets?
Raw Data
DB:7GG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in PLN PLN6.60
WSE:PGN Share Price * WSE (2020-03-30) in PLN PLN2.98
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 0.94x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:7GG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:PGN Share Price ÷ Book Value per Share (both in PLN)

= 2.98 ÷ 6.60

0.45x

* Primary Listing of Polskie Górnictwo Naftowe i Gazownictwo.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Polskie Górnictwo Naftowe i Gazownictwo is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Polskie Górnictwo Naftowe i Gazownictwo's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Polskie Górnictwo Naftowe i Gazownictwo has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Polskie Górnictwo Naftowe i Gazownictwo expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Polskie Górnictwo Naftowe i Gazownictwo expected to grow at an attractive rate?
  • Polskie Górnictwo Naftowe i Gazownictwo's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Polskie Górnictwo Naftowe i Gazownictwo's earnings growth is expected to exceed the Germany market average.
  • Polskie Górnictwo Naftowe i Gazownictwo's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:7GG Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:7GG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 21.4%
DB:7GG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts -0.8%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:7GG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:7GG Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 38,355 2
2023-12-31 39,586 3,220 2
2022-12-31 40,870 5,324 2,306 5
2021-12-31 39,538 5,184 2,070 8
2020-12-31 38,431 5,202 722 8
2020-03-30
DB:7GG Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-12-31 42,023 4,938 1,371
2019-09-30 42,406 5,519 1,730
2019-06-30 42,972 5,206 2,254
2019-03-31 42,327 5,078 2,710
2018-12-31 41,234 5,814 3,212
2018-09-30 39,446 5,642 3,282
2018-06-30 37,926 5,480 3,095
2018-03-31 37,452 5,379 2,890
2017-12-31 35,857 4,816 2,923
2017-09-30 35,038 5,430 3,187
2017-06-30 34,664 6,078 3,178
2017-03-31 33,868 6,068 2,564

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Polskie Górnictwo Naftowe i Gazownictwo's earnings are expected to grow significantly at over 20% yearly.
  • Polskie Górnictwo Naftowe i Gazownictwo's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:7GG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Polskie Górnictwo Naftowe i Gazownictwo Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:7GG Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.39 0.40 0.38 2.00
2021-12-31 0.41 0.50 0.37 4.00
2020-12-31 0.10 0.10 0.10 1.00
2020-03-30
DB:7GG Past Financials Data
Date (Data in PLN Millions) EPS *
2019-12-31 0.24
2019-09-30 0.30
2019-06-30 0.39
2019-03-31 0.47
2018-12-31 0.56
2018-09-30 0.57
2018-06-30 0.54
2018-03-31 0.50
2017-12-31 0.51
2017-09-30 0.55
2017-06-30 0.55
2017-03-31 0.44

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Polskie Górnictwo Naftowe i Gazownictwo is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Polskie Górnictwo Naftowe i Gazownictwo's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Polskie Górnictwo Naftowe i Gazownictwo has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Polskie Górnictwo Naftowe i Gazownictwo performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Polskie Górnictwo Naftowe i Gazownictwo's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Polskie Górnictwo Naftowe i Gazownictwo's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Polskie Górnictwo Naftowe i Gazownictwo's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Polskie Górnictwo Naftowe i Gazownictwo's 1-year earnings growth is negative, it can't be compared to the Europe Oil and Gas industry average.
Earnings and Revenue History
Polskie Górnictwo Naftowe i Gazownictwo's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Polskie Górnictwo Naftowe i Gazownictwo Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:7GG Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 42,023.00 1,371.00 3,254.00
2019-09-30 42,406.00 1,730.00 3,186.00
2019-06-30 42,972.00 2,254.00 3,127.00
2019-03-31 42,327.00 2,710.00 3,019.00
2018-12-31 41,234.00 3,212.00 2,988.00
2018-09-30 39,446.00 3,282.00 2,901.00
2018-06-30 37,926.00 3,095.00 2,871.00
2018-03-31 37,452.00 2,890.00 2,824.00
2017-12-31 35,857.00 2,923.00 2,798.00
2017-09-30 35,038.00 3,187.00 2,811.00
2017-06-30 34,664.00 3,178.00 2,813.00
2017-03-31 33,868.00 2,564.00 2,774.00
2016-12-31 33,196.00 2,351.00 2,671.00
2016-09-30 32,819.00 1,608.00 2,883.00
2016-06-30 33,423.00 1,541.00 2,791.00
2016-03-31 34,949.00 2,277.00 2,638.00
2015-12-31 36,464.00 2,134.00 2,794.00
2015-09-30 38,182.00 2,843.00 2,621.00
2015-06-30 38,313.00 3,168.00 2,811.00
2015-03-31 37,264.00 2,885.00 2,991.00
2014-12-31 34,304.00 2,823.00 2,956.00
2014-09-30 31,918.00 1,974.00 3,205.00
2014-06-30 31,685.00 2,012.00 3,169.00
2014-03-31 31,344.00 2,026.00 3,229.00
2013-12-31 32,044.00 1,918.00 3,214.00
2013-09-30 31,609.00 4,194.00 3,155.00
2013-06-30 30,706.00 3,619.00 3,108.00
2013-03-31 30,018.00 2,983.00 2,968.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Polskie Górnictwo Naftowe i Gazownictwo has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Polskie Górnictwo Naftowe i Gazownictwo used its assets less efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Polskie Górnictwo Naftowe i Gazownictwo's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Polskie Górnictwo Naftowe i Gazownictwo's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Polskie Górnictwo Naftowe i Gazownictwo has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Polskie Górnictwo Naftowe i Gazownictwo's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Polskie Górnictwo Naftowe i Gazownictwo's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Polskie Górnictwo Naftowe i Gazownictwo is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Polskie Górnictwo Naftowe i Gazownictwo's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Polskie Górnictwo Naftowe i Gazownictwo's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Polskie Górnictwo Naftowe i Gazownictwo Company Filings, last reported 2 months ago.

DB:7GG Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 38,107.00 4,913.00 3,198.00
2019-09-30 37,755.00 3,961.00 2,883.00
2019-06-30 37,607.00 2,330.00 3,205.00
2019-03-31 38,025.00 2,411.00 3,153.00
2018-12-31 36,632.00 3,683.00 4,089.00
2018-09-30 35,985.00 1,365.00 2,760.00
2018-06-30 35,769.00 671.00 3,078.00
2018-03-31 35,048.00 1,330.00 3,474.00
2017-12-31 33,627.00 3,022.00 2,692.00
2017-09-30 33,197.00 2,272.00 1,565.00
2017-06-30 32,811.00 1,137.00 2,786.00
2017-03-31 33,488.00 3,883.00 5,347.00
2016-12-31 32,016.00 6,398.00 6,047.00
2016-09-30 31,166.00 6,465.00 5,728.00
2016-06-30 31,255.00 6,487.00 8,368.00
2016-03-31 32,103.00 6,432.00 8,511.00
2015-12-31 30,741.00 6,465.00 6,325.00
2015-09-30 31,016.00 6,440.00 5,070.00
2015-06-30 31,056.00 5,268.00 5,616.00
2015-03-31 31,531.00 5,544.00 4,948.00
2014-12-31 30,169.00 5,825.00 3,257.00
2014-09-30 29,689.00 7,462.00 3,975.00
2014-06-30 28,881.00 6,207.00 3,799.00
2014-03-31 29,496.00 6,304.00 3,679.00
2013-12-31 28,453.00 7,566.00 3,034.00
2013-09-30 28,539.00 7,449.00 1,898.00
2013-06-30 27,985.00 8,255.00 2,659.00
2013-03-31 28,411.00 8,536.00 3,079.00
  • Polskie Górnictwo Naftowe i Gazownictwo's level of debt (12.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (19.3% vs 12.9% today).
  • Debt is well covered by operating cash flow (100.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 24.4x coverage).
X
Financial health checks
We assess Polskie Górnictwo Naftowe i Gazownictwo's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Polskie Górnictwo Naftowe i Gazownictwo has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Polskie Górnictwo Naftowe i Gazownictwo's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.37%
Current annual income from Polskie Górnictwo Naftowe i Gazownictwo dividends. Estimated to be 4.98% next year.
If you bought €2,000 of Polskie Górnictwo Naftowe i Gazownictwo shares you are expected to receive €147 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Polskie Górnictwo Naftowe i Gazownictwo's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • Polskie Górnictwo Naftowe i Gazownictwo's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:7GG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 9.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:7GG Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 0.14 1.00
2023-12-31 0.13 1.00
2022-12-31 0.16 3.00
2021-12-31 0.16 7.00
2020-12-31 0.09 1.00
2020-03-30
DB:7GG Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2019-05-20 0.220 5.033
2018-11-21 0.140 2.128
2018-10-29 0.140 2.223
2018-05-28 0.150 2.547
2017-06-01 0.200 3.139
2017-03-08 0.180 2.862
2015-05-08 0.200 3.568
2015-03-05 0.200 3.538
2015-01-15 0.200 4.440
2014-11-07 0.150 3.214
2014-08-14 0.150 3.013
2014-05-09 0.150 3.004
2014-03-05 0.150 3.379
2013-11-14 0.130 2.519
2013-08-14 0.130 2.181
2013-03-19 0.130 2.199
2013-01-15 0.000 0.000
2012-11-12 0.000 0.000
2011-08-31 0.120 3.017
2011-03-21 0.120 2.963
2010-05-12 0.080 2.238
2010-03-22 0.080 2.244
2010-01-15 0.080 2.193
2009-08-31 0.090 2.427
2009-04-30 0.090 2.208

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Polskie Górnictwo Naftowe i Gazownictwo's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Polskie Górnictwo Naftowe i Gazownictwo's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Polskie Górnictwo Naftowe i Gazownictwo afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Polskie Górnictwo Naftowe i Gazownictwo has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Polskie Górnictwo Naftowe i Gazownictwo's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jerzy Kwiecinski
CEO Bio

Mr. Jerzy Kwiecinski serves as President of the Management Board at Polskie Górnictwo Naftowe i Gazownictwo S.A. since January 10, 2020. Mr. Kwiecinski is a graduate of Faculty of Materials Engineering of the Warsaw University of Technology and holds a degree of Doctor in the field of technical science. He also completed a postgraduate course for managers at the Warsaw School of Economics and an international Master of Business Administration programme run by the University of Antwerp, the University of Staffordshire, the Free University of Brussels and the University of Warsaw. He also has experience in academic and R&D work, which he gained, among others at the Warsaw University of Technology and as a visiting professor at Brunel University of West London. He has international experience instrategic planning, management of large organisations, programmes and projects in the public, private, non-governmental and scientific research sectors, including energy sector. From 1993 to 2004, he worked for the European Commission Representationin Poland, where his duties included management of programmes and projects financed by the European Union. He also participated in the works preparing Poland for membership in the European Union. Between 2004 and 2005 he was the President of Europejskie Centrum Przedsiebiorczosci Sp. z o.o, where in 2008-2015 he acted as a Vice-President of the Management Board. In 2005, Mr. Kwiecinski took a position of the Undersecretary of State atthe Ministry of Regional Development, headed by Minister Grazyna Gesicka, where he coordinated the national development policy and cohesion policy, including the work on the National Development Strategy for 2007-2015 and the National Cohesion Strategy for 2007-2013. In 2008-2015, he served as President of the Management Board of JPCapital Group sp. z o.o., specialising in preparation and implementation of projects and innovations, including establishing and running start-ups. In that period he was also head of Fundacja Europejskie Centrum Przedsiebiorczosci (European Entrepreneurship Centre Foundation). Since 2015, he has been a member of the National Development Council, appointed by President Andrzej Duda. In November 2015, he was appointed the first deputy of the Deputy PrimeMinister Mateusz Morawiecki in the Ministry of Development in the government of Prime Minister Beata Szydlo. From January 2018, he held the office of the Minister of Investment and Development in the government of Prime Minister Mateusz Morawiecki, and from September 2019 he served also as the Minister of Finance. He held both functions until November 15, 2019. He worked on, among others on preparation and implementation of the Strategy for Responsible Development and implementation of cohesion policy.

CEO Compensation
  • Insufficient data for Jerzy to compare compensation growth.
  • Insufficient data for Jerzy to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure of the Polskie Górnictwo Naftowe i Gazownictwo management team in years:

0.6
Average Tenure
  • The average tenure for the Polskie Górnictwo Naftowe i Gazownictwo management team is less than 2 years, this suggests a new team.
Management Team

Slawomir Borowiec

TITLE
Secretary of the Supervisory Board
COMPENSATION
PLN86K
TENURE
3 yrs

Jerzy Kwiecinski

TITLE
President of the Management Board

Robert Perkowski

TITLE
COO & Vice-President of the Management Board
TENURE
1 yrs

Arkadiusz Sekscinski

TITLE
VP of Management Board & VP of Development
TENURE
0.2 yrs

Przemyslaw Waclawski

TITLE
VP of the Management Board & CFO
TENURE
0.2 yrs

Jaroslaw Wróbel

TITLE
Vice-President of the Management Board
TENURE
0.2 yrs

Marcin Piechota

TITLE
Head of the Investor Relations Division

Zenon Kuchciak

TITLE
Vice President of Sales & Marketing
COMPENSATION
PLN639K
TENURE
13.9 yrs

Kazimierz Chrobak

TITLE
Head of Zielona Góra Branch
COMPENSATION
PLN222K

Mieczyslaw Jakiel

TITLE
Head of Sanok Branch
COMPENSATION
PLN109K
AGE
70
Board of Directors Tenure

Average tenure of the Polskie Górnictwo Naftowe i Gazownictwo board of directors in years:

2.8
Average Tenure
  • The average tenure for the Polskie Górnictwo Naftowe i Gazownictwo board of directors is less than 3 years, this suggests a new board.
Board of Directors

Bartlomiej Nowak

TITLE
Chairman of the Supervisory Board
COMPENSATION
PLN91K
TENURE
3.7 yrs

Piotr Sprzaczak

TITLE
Vice Chairman of the Supervisory Board
COMPENSATION
PLN85K
TENURE
2.8 yrs

Slawomir Borowiec

TITLE
Secretary of the Supervisory Board
COMPENSATION
PLN86K
TENURE
5.8 yrs

Grzegorz Tchorek

TITLE
Member of the Supervisory Board
COMPENSATION
PLN81K
TENURE
2.8 yrs

Piotr Broda

TITLE
Member of the Supervisory Board
COMPENSATION
PLN79K
TENURE
2.8 yrs

Mieczyslaw Kawecki

TITLE
Member of the Supervisory Board
COMPENSATION
PLN80K
TENURE
14.4 yrs

Andrzej Gonet

TITLE
Member of the Supervisory Board
COMPENSATION
PLN81K
TENURE
4.3 yrs

Stanislaw Sieradzki

TITLE
Member of the Supervisory Board
COMPENSATION
PLN80K
TENURE
2.8 yrs

Roman Gabrowski

TITLE
Member of the Supervisory Board
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Polskie Górnictwo Naftowe i Gazownictwo's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Polskie Górnictwo Naftowe i Gazownictwo has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Polskie Górnictwo Naftowe i Gazownictwo S.A. engages in the exploration for, production, and sale of crude oil and natural gas in Poland. Its Exploration and Production segment explores for and extracts natural gas and crude oil from deposits, including geological surveys, geophysical research, drilling and development, and production, as well as extracts hydrocarbons. The company’s Trade and Storage segment sells and trades natural gas and electricity; and operates seven underground gas storage facilities. Its Distribution segment distributes natural gas through distribution network to individual, industrial, and wholesale customers, as well as engages in the operation, maintenance, and expansion of gas distribution networks. The company’s Generation segment generates, distributes, and sells electricity and heat. Its Other segment engages in the engineering design and construction of structures; and provision of machinery and equipment for the extraction and energy sectors, as well as offers catering and hospitality services. The company also provides import, distribution, and storage of gas fuels; real estate rentals; gas connection services; and testing of measurement devices and systems used in the natural gas industry, as well as calibration of measurement devices. In addition, it is involved in leisure-related, spa treatment, health protection, medical rehabilitation, and conference and training activities, as well as leases and manages three hotels. Polskie Górnictwo Naftowe i Gazownictwo S.A. was founded in 1982 is headquartered in Warsaw, Poland.

Details
Name: Polskie Górnictwo Naftowe i Gazownictwo S.A.
7GG
Exchange: DB
Founded: 1982
PLN3,789,852,642
5,778,314,857
Website: http://www.pgnig.pl
Address: Polskie Górnictwo Naftowe i Gazownictwo S.A.
25 M. Kasprzaka Street,
Warsaw,
01-224,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE PGN Bearer Shares Warsaw Stock Exchange PL PLN 26. Sep 2005
DB 7GG Bearer Shares Deutsche Boerse AG DE EUR 26. Sep 2005
LSE 0OFR Bearer Shares London Stock Exchange GB PLN 26. Sep 2005
BRSE 7GG Bearer Shares Berne Stock Exchange CH CHF 26. Sep 2005
BATS-CHIXE PGNW Bearer Shares BATS 'Chi-X Europe' GB PLN 26. Sep 2005
Number of employees
Current staff
Staff numbers
22,060
Polskie Górnictwo Naftowe i Gazownictwo employees.
Industry
Integrated Oil and Gas
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 23:01
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2020/03/12
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.