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Polski Koncern Naftowy ORLEN Spólka Akcyjna

DB:PKY1
Snowflake Description

Flawless balance sheet and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PKY1
DB
PLN28B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Polski Koncern Naftowy ORLEN Spólka Akcyjna processes, refines, and markets crude oil. The last earnings update was 20 days ago. More info.


Add to Portfolio Compare Print
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna has significant price volatility in the past 3 months.
PKY1 Share Price and Events
7 Day Returns
15%
DB:PKY1
6.5%
DE Oil and Gas
2.1%
DE Market
1 Year Returns
-36.8%
DB:PKY1
28.1%
DE Oil and Gas
-16.6%
DE Market
PKY1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Polski Koncern Naftowy ORLEN Spólka Akcyjna (PKY1) 15% 14.3% -24.5% -36.8% -43% -5.9%
DE Oil and Gas 6.5% -7.3% -23.7% 28.1% -18.9% 149.7%
DE Market 2.1% -12.6% -22.9% -16.6% -21.9% -27.8%
1 Year Return vs Industry and Market
  • PKY1 underperformed the Oil and Gas industry which returned 28.1% over the past year.
  • PKY1 underperformed the Market in Germany which returned -16.6% over the past year.
Price Volatility
PKY1
Industry
5yr Volatility vs Market

PKY1 Value

 Is Polski Koncern Naftowy ORLEN Spólka Akcyjna 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 Polski Koncern Naftowy ORLEN Spólka Akcyjna 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 Polski Koncern Naftowy ORLEN Spólka Akcyjna.

DB:PKY1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
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:PKY1
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 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.948 (1 + (1- 19%) (45.48%))
1.199
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.199 * 6.51%)
7.42%

Discounted Cash Flow Calculation for DB:PKY1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Polski Koncern Naftowy ORLEN Spólka Akcyjna 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:PKY1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 7.42%)
2020 950.33 Analyst x4 884.72
2021 -1,439.90 Analyst x5 -1,247.96
2022 632.12 Analyst x5 510.04
2023 2,254.63 Analyst x3 1,693.60
2024 3,413.37 Analyst x3 2,386.99
2025 4,306.23 Est @ 26.16% 2,803.49
2026 5,089.68 Est @ 18.19% 3,084.80
2027 5,731.92 Est @ 12.62% 3,234.22
2028 6,231.51 Est @ 8.72% 3,273.38
2029 6,604.41 Est @ 5.98% 3,229.77
Present value of next 10 years cash flows PLN19,853.00
DB:PKY1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= PLN6,604.41 × (1 + -0.39%) ÷ (7.42% – -0.39%)
PLN84,284.00
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN84,284.00 ÷ (1 + 7.42%)10
PLN41,217.53
DB:PKY1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN19,853.00 + PLN41,217.53
PLN61,070.53
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN61,070.53 / 427.71
PLN142.79
DB:PKY1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:PKY1 represents 0.22565x of WSE:PKN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.22565x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (PLN) x Listing Adjustment Factor
= PLN 142.79 x 0.22565
€32.22
Value per share (EUR) From above. €32.22
Current discount Discount to share price of €14.65
= -1 x (€14.65 - €32.22) / €32.22
54.5%

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

Current Discount
Amount off the current price Polski Koncern Naftowy ORLEN Spólka Akcyjna is available for.
Intrinsic value
>50%
Share price is €14.65 vs Future cash flow value of €32.22
Current Discount Checks
For Polski Koncern Naftowy ORLEN Spólka Akcyjna to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna'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 Polski Koncern Naftowy ORLEN Spólka Akcyjna's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Polski Koncern Naftowy ORLEN Spólka Akcyjna's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:PKY1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in PLN PLN10.05
WSE:PKN Share Price ** WSE (2020-04-07) in PLN PLN64.9
Europe Oil and Gas Industry PE Ratio Median Figure of 104 Publicly-Listed Oil and Gas Companies 6.51x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 16.83x

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

** Primary Listing of Polski Koncern Naftowy ORLEN Spólka Akcyjna.

DB:PKY1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 64.9 ÷ 10.05

6.46x

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

  • Polski Koncern Naftowy ORLEN Spólka Akcyjna is good value based on earnings compared to the Europe Oil and Gas industry average.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Polski Koncern Naftowy ORLEN Spólka Akcyjna's expected growth come at a high price?
Raw Data
DB:PKY1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.46x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
-4.1%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 66 Publicly-Listed Oil and Gas Companies 0.32x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

DB:PKY1 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.46x ÷ -4.1%

-1.57x

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

  • Polski Koncern Naftowy ORLEN Spólka Akcyjna earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Polski Koncern Naftowy ORLEN Spólka Akcyjna's assets?
Raw Data
DB:PKY1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in PLN PLN90.24
WSE:PKN Share Price * WSE (2020-04-07) in PLN PLN64.9
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 1x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.45x
DB:PKY1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 64.9 ÷ 90.24

0.72x

* Primary Listing of Polski Koncern Naftowy ORLEN Spólka Akcyjna.

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

  • Polski Koncern Naftowy ORLEN Spólka Akcyjna is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Polski Koncern Naftowy ORLEN Spólka Akcyjna'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. Polski Koncern Naftowy ORLEN Spólka Akcyjna 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.

PKY1 Future Performance

 How is Polski Koncern Naftowy ORLEN Spólka Akcyjna expected to perform in the next 1 to 3 years based on estimates from 13 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
-4.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Polski Koncern Naftowy ORLEN Spólka Akcyjna expected to grow at an attractive rate?
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:PKY1 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:PKY1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts -4.1%
DB:PKY1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 0.2%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13.1%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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:PKY1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:PKY1 Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 105,399 3,234 3
2023-12-31 105,196 2,916 3
2022-12-31 109,463 7,367 3,590 9
2021-12-31 106,798 6,888 4,067 13
2020-12-31 90,444 7,763 2,625 11
2020-04-08
DB:PKY1 Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-12-31 111,203 9,319 4,300
2019-09-30 113,123 7,155 4,424
2019-06-30 114,238 7,276 5,221
2019-03-31 111,711 5,661 5,363
2018-12-31 109,706 4,980 5,556
2018-09-30 105,020 6,822 6,440
2018-06-30 99,406 6,273 5,980
2018-03-31 95,730 7,887 5,777
2017-12-31 95,364 8,050 6,655
2017-09-30 93,532 9,712 6,853
2017-06-30 89,885 8,806 6,777
2017-03-31 86,215 7,077 6,844

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's revenue is expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).
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:PKY1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Polski Koncern Naftowy ORLEN Spólka Akcyjna Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PKY1 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 8.50 14.10 6.60 6.00
2021-12-31 9.17 13.70 6.80 10.00
2020-12-31 5.49 8.59 -0.10 6.00
2020-04-08
DB:PKY1 Past Financials Data
Date (Data in PLN Millions) EPS *
2019-12-31 10.05
2019-09-30 10.34
2019-06-30 12.21
2019-03-31 12.54
2018-12-31 12.99
2018-09-30 15.06
2018-06-30 13.98
2018-03-31 13.51
2017-12-31 15.56
2017-09-30 16.02
2017-06-30 15.84
2017-03-31 16.00

*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.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Polski Koncern Naftowy ORLEN Spólka Akcyjna'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.
Polski Koncern Naftowy ORLEN Spólka Akcyjna has a total score of 0/6, 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.

PKY1 Past Performance

  How has Polski Koncern Naftowy ORLEN Spólka Akcyjna 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 Polski Koncern Naftowy ORLEN Spólka Akcyjna'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.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna has delivered over 20% year on year earnings growth in the past 5 years.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's 1-year earnings growth is negative, it can't be compared to the Europe Oil and Gas industry average.
Earnings and Revenue History
Polski Koncern Naftowy ORLEN Spólka Akcyjna'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 Polski Koncern Naftowy ORLEN Spólka Akcyjna Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PKY1 Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 111,203.00 4,300.00 8,161.00
2019-09-30 113,123.00 4,424.00 7,631.00
2019-06-30 114,238.00 5,221.00 7,176.00
2019-03-31 111,711.00 5,363.00 6,708.00
2018-12-31 109,706.00 5,556.00 6,335.00
2018-09-30 105,020.00 6,440.00 6,256.00
2018-06-30 99,406.00 5,980.00 6,148.00
2018-03-31 95,730.00 5,777.00 5,973.00
2017-12-31 95,364.00 6,655.00 5,864.00
2017-09-30 93,532.00 6,853.00 5,692.00
2017-06-30 89,885.00 6,777.00 5,570.00
2017-03-31 86,215.00 6,844.00 5,592.00
2016-12-31 79,553.00 5,261.00 5,551.00
2016-09-30 76,738.00 3,391.00 5,605.00
2016-06-30 79,123.00 2,659.00 5,550.00
2016-03-31 84,544.00 2,418.00 5,564.00
2015-12-31 88,336.00 2,837.00 5,523.00
2015-09-30 93,151.00 1,702.00 5,462.00
2015-06-30 98,843.00 1,445.00 5,544.00
2015-03-31 102,718.00 -5,119.00 5,493.00
2014-12-31 106,832.00 -5,811.00 5,432.00
2014-09-30 109,552.00 -5,016.00 5,378.00
2014-06-30 110,696.00 -4,899.00 5,306.00
2014-03-31 110,266.00 91.00 5,298.00
2013-12-31 113,597.00 176.00 5,334.00
2013-09-30 117,220.65 320.95 5,428.05
2013-06-30 118,570.69 1,032.08 5,442.52

*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.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna used its assets more efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Polski Koncern Naftowy ORLEN Spólka Akcyjna'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.
Polski Koncern Naftowy ORLEN Spólka Akcyjna has a total score of 2/6, 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.

PKY1 Health

 How is Polski Koncern Naftowy ORLEN Spólka Akcyjna'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 Polski Koncern Naftowy ORLEN Spólka Akcyjna's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Polski Koncern Naftowy ORLEN Spólka Akcyjna'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 3.7x 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 Polski Koncern Naftowy ORLEN Spólka Akcyjna Company Filings, last reported 3 months ago.

DB:PKY1 Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 38,607.00 8,626.00 6,159.00
2019-09-30 38,227.00 8,815.00 7,000.00
2019-06-30 36,641.00 8,613.00 6,171.00
2019-03-31 36,425.00 8,749.00 3,675.00
2018-12-31 35,739.00 9,856.00 4,201.00
2018-09-30 35,373.00 9,731.00 6,020.00
2018-06-30 33,442.00 9,595.00 5,286.00
2018-03-31 32,728.00 9,307.00 4,090.00
2017-12-31 35,211.00 7,080.00 6,252.00
2017-09-30 33,823.00 7,240.00 6,533.00
2017-06-30 31,939.00 7,130.00 5,834.00
2017-03-31 31,449.00 7,598.00 3,819.00
2016-12-31 29,285.00 8,676.00 5,075.00
2016-09-30 27,081.00 9,031.00 3,861.00
2016-06-30 25,592.00 9,464.00 4,094.00
2016-03-31 24,460.00 9,152.00 3,469.00
2015-12-31 24,244.00 9,349.00 2,357.00
2015-09-30 24,101.00 10,744.00 4,884.00
2015-06-30 22,407.00 8,736.00 4,156.00
2015-03-31 21,354.00 9,401.00 3,113.00
2014-12-31 20,386.00 10,861.00 3,962.00
2014-09-30 22,743.00 11,016.00 5,004.00
2014-06-30 22,195.00 11,631.00 5,297.00
2014-03-31 27,612.00 9,993.00 759.00
2013-12-31 27,551.00 7,392.00 2,693.00
2013-09-30 28,365.27 7,550.06 2,731.83
2013-06-30 27,761.08 9,743.84 4,578.52
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's level of debt (22.3%) 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 (53.2% vs 22.3% today).
  • Debt is well covered by operating cash flow (108%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 21.9x coverage).
X
Financial health checks
We assess Polski Koncern Naftowy ORLEN Spólka Akcyjna'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. Polski Koncern Naftowy ORLEN Spólka Akcyjna 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.

PKY1 Dividends

 What is Polski Koncern Naftowy ORLEN Spólka Akcyjna'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
4.62%
Current annual income from Polski Koncern Naftowy ORLEN Spólka Akcyjna dividends. Estimated to be 4.62% next year.
If you bought €2,000 of Polski Koncern Naftowy ORLEN Spólka Akcyjna shares you are expected to receive €92 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?
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.67%).
  • Polski Koncern Naftowy ORLEN Spólka Akcyjna's dividend is below the markets top 25% of dividend payers in Germany (4.71%).
Upcoming dividend payment

Purchase Polski Koncern Naftowy ORLEN Spólka Akcyjna before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:PKY1 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 13 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 8.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.7%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

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

DB:PKY1 Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 3.03 7.00
2021-12-31 3.10 10.00
2020-12-31 2.90 13.00
2020-04-08
DB:PKY1 Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2020-03-19 3.000 5.479
2020-01-30 3.000 4.810
2019-03-20 3.500 3.737
2018-03-15 3.000 3.158
2017-03-14 3.000 2.706
2016-03-24 2.000 2.743
2015-03-27 1.650 2.441
2014-03-27 1.440 3.215
2013-06-28 1.500 3.443
2009-11-13 0.000 0.000
2009-08-31 0.000 0.000
2009-05-13 0.000 0.000

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

  • Whilst dividend payments have been stable, Polski Koncern Naftowy ORLEN Spólka Akcyjna has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Polski Koncern Naftowy ORLEN Spólka Akcyjna only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Polski Koncern Naftowy ORLEN Spólka Akcyjna's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.4x 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 Polski Koncern Naftowy ORLEN Spólka Akcyjna's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Polski Koncern Naftowy ORLEN Spólka Akcyjna afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Polski Koncern Naftowy ORLEN Spólka Akcyjna has a total score of 3/6, see the detailed checks below.


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

PKY1 Management

 What is the CEO of Polski Koncern Naftowy ORLEN Spólka Akcyjna'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
Daniel Obajtek
COMPENSATION PLN1,730,971
AGE 43
TENURE AS CEO 2.2 years
CEO Bio

Mr. Daniel Obajtek has been the President, Chief Executive Officer and Member of Management Board at Polski Koncern Naftowy ORLEN Spólka Akcyjna since February 2018. Previously, Mr. Obajtek served as President of Management Board at Energa SA from March 02, 2017 to February 5, 2018. Since 1999, Mr. Obajtek has been active in private companies, in which he served for 7 years in management and directorship roles; he also co-founded one company. Local and self-government activist. From 2002 to 2006 he was a town council member in the Municipality of Pcim. After that, from 2006 to 2015, he served as its mayor. During his 9-year term of office, he successfully pursued many development initiatives. He implemented solutions contributing to leveling educational standards in schools, he implemented EU-funded household computerization projects and he organized training courses and workshops for less affluent households. He successfully ran many infrastructural investments. In 2015, he began his tenure as the President of the Agriculture Restructuring and Modernization Agency, the largest payment agency in Europe with more than 11 thousand employees in Poland’s 16 regions. He streamlined the Agency’s processes related to spending roughly PLN 25 billion per annum in EU and domestic funds. He ran its organizational reform and optimized its operating expenses. He rationalized the Agency’s employee salaries and he engaged in talks with the trade unions, thereby bringing to an end a collective labor dispute that had persisted for many years. In 2016, he set up the Offsite Sub-Department of the IT Department to cut IT expenses and thereby terminate the Agency’s dependence on third party companies. Since 2016, he has also acted in the capacity of the Supervisory Board Chairman of LOTOS-Biopaliwa Sp. z o.o. and Supervisory Board member of DALMOR S.A. He has won many awards, including first place in the EURO GMINA plebiscite and second place in the plebiscite for the Best Small Community Mayor in the Malopolski Region. He also won recognition as a Local Personality in the Myslenice District and a Social Care Leader. In 2016, he took first place in Gazeta Bankowa’s plebiscite to name the Leaders of Thriftiness in Poland in the category Newcomer of the Year in 2016. He co-authored the publication entitled „Repolonization of Poland” and „European Union Funds as a Factor Enhancing Competitiveness and the Quality of Life in the Rural Areas of the Podkarpacie Region”.

CEO Compensation
  • Insufficient data for Daniel to compare compensation growth.
  • Daniel's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Polski Koncern Naftowy ORLEN Spólka Akcyjna management team in years:

1.8
Average Tenure
43
Average Age
  • The average tenure for the Polski Koncern Naftowy ORLEN Spólka Akcyjna management team is less than 2 years, this suggests a new team.
Management Team

Daniel Obajtek

TITLE
President
COMPENSATION
PLN2M
AGE
43
TENURE
2.2 yrs

Zbigniew Leszczynski

TITLE
Member of the Management Board - Development
COMPENSATION
PLN2M
AGE
42
TENURE
4.2 yrs

Józef Wegrecki

TITLE
Member of the Management Board - Operations
COMPENSATION
PLN2M
TENURE
2.1 yrs

Patrycja Klarecka

TITLE
Member of Management Board & Chief Sales Officer
COMPENSATION
PLN1M
TENURE
1.8 yrs

Michal Rog

TITLE
Member of Management Board
COMPENSATION
PLN588K
TENURE
1.7 yrs

Armen Artwich

TITLE
Member of Management board
COMPENSATION
PLN1M
TENURE
1.6 yrs

Anna Wójcik

TITLE
Secretary & Member of Supervisory Board
TENURE
1.3 yrs

Jan Szewczak

TITLE
CFO & Director
TENURE
0.2 yrs

Iwona Waksmundzka

TITLE
Executive Director of Strategic & Investor Relations

Piotr Kearney

TITLE
Executive Director of Strategy
AGE
50
TENURE
12.3 yrs
Board of Directors Tenure

Average tenure of the Polski Koncern Naftowy ORLEN Spólka Akcyjna board of directors in years:

0.8
Average Tenure
  • The average tenure for the Polski Koncern Naftowy ORLEN Spólka Akcyjna board of directors is less than 3 years, this suggests a new board.
Board of Directors

Wojciech Jasinski

TITLE
Chairman of the Supervisory Board
COMPENSATION
PLN1M
AGE
71
TENURE
0.1 yrs

Andrzej Szumanski

TITLE
Vice – Chairman of the Supervisory Board
TENURE
0.8 yrs

Anna Wójcik

TITLE
Secretary & Member of Supervisory Board
TENURE
1.8 yrs

Jan Szewczak

TITLE
CFO & Director
TENURE
0.2 yrs

Andrzej Kapala

TITLE
Independent Member of Supervisory Board
TENURE
1.8 yrs

Jadwiga Lesisz

TITLE
Member of Supervisory Board
TENURE
2.2 yrs

Barbara Jarzembowska

TITLE
Independent Member of Supervisory Board
TENURE
0.8 yrs

Michal Klimaszewski

TITLE
Independent Member of Supervisory Board
TENURE
0.8 yrs

Anna Sakowicz-Kacz

TITLE
Independent Member of Supervisory Board
TENURE
0.8 yrs

Roman Kusz

TITLE
Independent Member of 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 Polski Koncern Naftowy ORLEN Spólka Akcyjna'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. Polski Koncern Naftowy ORLEN Spólka Akcyjna 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.

PKY1 News

Simply Wall St News

PKY1 Company Info

Description

Polski Koncern Naftowy ORLEN Spólka Akcyjna processes, refines, and markets crude oil. The company operates through Downstream, Retail, and Upstream segments. It offers unleaded petrol, diesel, heating oil, and aviation fuel and gasoline. The company operates six refineries and a network of service stations located in Poland, the Czech Republic, Germany, and Lithuania. It also provides petrochemical products, such as aromatic hydrocarbons consisting of farbasol, xylene, rafinat, and benzene; and petrochemicals, including acetone, butadiene and phenol for industrial use, ethyl tertbutyl ether, polymerizable ethylene, ethylene and diethylene glycol, triethylene glycol, petrollent, petrygo Q, ethylene polyclycols, polymerizable propylene, and liquefied ethylene oxide, as well as PETROX, a gaseous mixture of ethylene oxide and carbon dioxide. The company’s petrochemical products also include energy and side products, such as liquefied nitrogen, liquefied oxygen, postreaction sulfurized mixtureZ, and liquid sulphur. It sells its products through the operation of approximately 2,726 fuel stations under the ORLEN, BLISKA, Benzina, Benzina Plus, ORLEN, and Ventus brands. In addition, the company is involved in the exploration and extraction of hydrocarbon deposits; assets management and retail fuel sale; extraction of natural gas; production of nitrogen fertilizers, plastics, and chemicals; trading of liquid fuels; manufacturing and storage of gaseous fuels; production and sale of grease oils, bitumens, and maintenance liquids; and generation, distribution, and trading of electricity and heat. Polski Koncern Naftowy ORLEN Spólka Akcyjna was founded in 1999 and is based in Plock, Poland.

Details
Name: Polski Koncern Naftowy ORLEN Spólka Akcyjna
PKY1
Exchange: DB
Founded: 1999
PLN6,074,862,544
427,709,061
Website: http://www.orlen.pl
Address: Polski Koncern Naftowy ORLEN Spólka Akcyjna
7 Chemików Street,
Plock,
09-411,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE PKN Ordinary Bearer Shares Warsaw Stock Exchange PL PLN 30. Nov 1999
DB PKY1 Ordinary Bearer Shares Deutsche Boerse AG DE EUR 30. Nov 1999
LSE 0FMN Ordinary Bearer Shares London Stock Exchange GB PLN 30. Nov 1999
BRSE PKY1 Ordinary Bearer Shares Berne Stock Exchange CH CHF 30. Nov 1999
SEP PKN Ordinary Bearer Shares The Stock Exchange Prague Co. Ltd. CZ CZK 30. Nov 1999
BATS-CHIXE PKNW Ordinary Bearer Shares BATS 'Chi-X Europe' GB PLN 30. Nov 1999
Number of employees
Current staff
Staff numbers
22,337
Polski Koncern Naftowy ORLEN Spólka Akcyjna employees.
Industry
Oil and Gas Refining and Marketing
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 01:22
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/07
Last earnings filing: 2020/03/19
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.