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Cyfrowy Polsat

DB:CP9
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CP9
DB
PLN17B
Market Cap
  1. Home
  2. DE
  3. Media
Company description

Cyfrowy Polsat S.A. provides digital satellite platform, digital terrestrial television (TV), and telecommunication services in Poland. The last earnings update was 30 days ago. More info.


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CP9 Share Price and Events
7 Day Returns
-0.4%
DB:CP9
-0%
DE Media
-0.3%
DE Market
1 Year Returns
24.7%
DB:CP9
3.5%
DE Media
14.9%
DE Market
CP9 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cyfrowy Polsat (CP9) -0.4% -4% 0.9% 24.7% - -
DE Media -0% -3.9% 0.5% 3.5% -16% -18.7%
DE Market -0.3% 0.1% 7.5% 14.9% 9.5% 19.3%
1 Year Return vs Industry and Market
  • CP9 outperformed the Media industry which returned 3.5% over the past year.
  • CP9 outperformed the Market in Germany which returned 14.9% over the past year.
Price Volatility
CP9
Industry
5yr Volatility vs Market
Related Companies

CP9 Value

 Is Cyfrowy Polsat 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 Cyfrowy Polsat 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 Cyfrowy Polsat.

DB:CP9 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7%
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:CP9
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.5%
Media Unlevered Beta Simply Wall St/ S&P Global 0.77
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.767 (1 + (1- 19%) (70.67%))
1.138
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.138 * 6.51%)
7.02%

Discounted Cash Flow Calculation for DB:CP9 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cyfrowy Polsat 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:CP9 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 7.02%)
2020 1,178.00 Analyst x3 1,100.77
2021 2,001.33 Analyst x3 1,747.51
2022 1,747.00 Analyst x2 1,425.42
2023 1,479.00 Analyst x2 1,127.63
2024 1,318.92 Est @ -10.82% 939.65
2025 1,217.45 Est @ -7.69% 810.50
2026 1,150.46 Est @ -5.5% 715.68
2027 1,104.80 Est @ -3.97% 642.22
2028 1,072.82 Est @ -2.9% 582.74
2029 1,049.82 Est @ -2.14% 532.86
Present value of next 10 years cash flows PLN9,624.00
DB:CP9 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= PLN1,049.82 × (1 + -0.39%) ÷ (7.02% – -0.39%)
PLN14,119.37
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN14,119.37 ÷ (1 + 7.02%)10
PLN7,166.62
DB:CP9 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN9,624.00 + PLN7,166.62
PLN16,790.62
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN16,790.62 / 639.55
PLN26.25
DB:CP9 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CP9 represents 0.22821x of WSE:CPS
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.22821x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (PLN) x Listing Adjustment Factor
= PLN 26.25 x 0.22821
€5.99
Value per share (EUR) From above. €5.99
Current discount Discount to share price of €6.23
= -1 x (€6.23 - €5.99) / €5.99
-4%

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

  • The current share price of Cyfrowy Polsat is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Cyfrowy Polsat's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cyfrowy Polsat's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CP9 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in PLN PLN1.34
WSE:CPS Share Price ** WSE (2019-12-06) in PLN PLN27.3
Germany Media Industry PE Ratio Median Figure of 13 Publicly-Listed Media Companies 25.23x
Germany Market PE Ratio Median Figure of 404 Publicly-Listed Companies 20.37x

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

** Primary Listing of Cyfrowy Polsat.

DB:CP9 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 27.3 ÷ 1.34

20.36x

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

  • Cyfrowy Polsat is good value based on earnings compared to the DE Media industry average.
  • Cyfrowy Polsat is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Cyfrowy Polsat's expected growth come at a high price?
Raw Data
DB:CP9 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.36x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
11.4%per year
Germany Media Industry PEG Ratio Median Figure of 8 Publicly-Listed Media Companies 2.01x
Germany Market PEG Ratio Median Figure of 261 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

DB:CP9 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.36x ÷ 11.4%

1.79x

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

  • Cyfrowy Polsat is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Cyfrowy Polsat's assets?
Raw Data
DB:CP9 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in PLN PLN21.11
WSE:CPS Share Price * WSE (2019-12-06) in PLN PLN27.3
Germany Media Industry PB Ratio Median Figure of 14 Publicly-Listed Media Companies 3.03x
Germany Market PB Ratio Median Figure of 578 Publicly-Listed Companies 1.85x
DB:CP9 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 27.3 ÷ 21.11

1.29x

* Primary Listing of Cyfrowy Polsat.

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

  • Cyfrowy Polsat is good value based on assets compared to the DE Media industry average.
X
Value checks
We assess Cyfrowy Polsat'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 Media 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 Media industry average (and greater than 0)? (1 check)
  5. Cyfrowy Polsat has a total score of 3/6, 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.

CP9 Future Performance

 How is Cyfrowy Polsat expected to perform in the next 1 to 3 years based on estimates from 9 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
11.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cyfrowy Polsat expected to grow at an attractive rate?
  • Cyfrowy Polsat's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Cyfrowy Polsat's earnings growth is positive but not above the Germany market average.
  • Cyfrowy Polsat's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CP9 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CP9 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 11.4%
DB:CP9 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 1.4%
Germany Media Industry Earnings Growth Rate Market Cap Weighted Average 7.9%
Germany Media Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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:CP9 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CP9 Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 12,345 3,549 1,722 4
2022-12-31 12,189 3,571 1,500 4
2021-12-31 12,106 3,611 1,508 8
2020-12-31 11,856 3,519 1,375 9
2019-12-31 11,688 3,368 1,151 2
2019-12-07
DB:CP9 Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-09-30 11,609 3,365 858
2019-06-30 11,452 3,253 853
2019-03-31 11,132 3,046 825
2018-12-31 10,686 2,915 834
2018-09-30 10,263 2,830 930
2018-06-30 9,919 2,642 947
2018-03-31 9,786 2,760 1,002
2017-12-31 9,829 2,941 981
2017-09-30 9,785 2,832 1,163
2017-06-30 9,781 3,028 1,199
2017-03-31 9,754 3,190 1,145
2016-12-31 9,730 2,885 1,041

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cyfrowy Polsat's earnings are expected to grow by 11.4% yearly, however this is not considered high growth (20% yearly).
  • Cyfrowy Polsat's revenue is expected to grow by 1.4% 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:CP9 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 9 Analyst Estimates (S&P Global) See Below

All data from Cyfrowy Polsat Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CP9 Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.69 2.69 2.69 1.00
2022-12-31 2.32 2.54 2.10 2.00
2021-12-31 2.36 2.53 2.18 8.00
2020-12-31 2.15 2.23 2.07 8.00
2019-12-31 1.78 1.80 1.75 4.00
2019-12-07
DB:CP9 Past Financials Data
Date (Data in PLN Millions) EPS *
2019-09-30 1.34
2019-06-30 1.33
2019-03-31 1.29
2018-12-31 1.30
2018-09-30 1.45
2018-06-30 1.48
2018-03-31 1.57
2017-12-31 1.53
2017-09-30 1.82
2017-06-30 1.87
2017-03-31 1.79
2016-12-31 1.63

*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.
  • Cyfrowy Polsat is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Cyfrowy Polsat'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 Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany 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.
Cyfrowy Polsat has a total score of 1/6, 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.

CP9 Past Performance

  How has Cyfrowy Polsat 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 Cyfrowy Polsat's growth in the last year to its industry (Media).
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.
  • Cyfrowy Polsat's year on year earnings growth rate has been positive over the past 5 years.
  • Cyfrowy Polsat's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Cyfrowy Polsat's 1-year earnings growth is negative, it can't be compared to the DE Media industry average.
Earnings and Revenue History
Cyfrowy Polsat'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 Cyfrowy Polsat Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CP9 Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 11,609.00 857.70 856.20
2019-06-30 11,451.60 852.50 844.00
2019-03-31 11,131.80 824.70 807.70
2018-12-31 10,686.10 833.60 738.90
2018-09-30 10,263.30 929.80 664.40
2018-06-30 9,919.20 946.60 866.20
2018-03-31 9,785.90 1,002.00 569.10
2017-12-31 9,828.60 980.60 553.10
2017-09-30 9,784.50 1,163.40 959.40
2017-06-30 9,781.40 1,198.70 294.40
2017-03-31 9,754.40 1,145.20 560.40
2016-12-31 9,729.80 1,041.30 570.50
2016-09-30 9,804.60 877.00 158.00
2016-06-30 9,831.70 1,101.30 556.40
2016-03-31 9,858.00 1,168.10 559.00
2015-12-31 9,823.00 1,163.40 550.20
2015-09-30 9,734.20 991.80 543.10
2015-06-30 9,738.90 537.50 538.80
2015-03-31 9,015.60 365.10 506.10
2014-12-31 7,409.90 292.50 421.70
2014-09-30 5,689.30 451.70 324.00
2014-06-30 3,947.00 579.90 246.40
2014-03-31 2,937.02 528.60 180.21
2013-12-31 2,910.80 525.50 178.60
2013-09-30 2,860.92 473.92 4.91
2013-06-30 2,828.16 469.59 70.61
2013-03-31 2,806.08 488.29 125.64
2012-12-31 2,778.22 598.30 178.37

*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.
  • Cyfrowy Polsat has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cyfrowy Polsat used its assets less efficiently than the DE Media industry average last year based on Return on Assets.
  • Cyfrowy Polsat has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cyfrowy Polsat'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 Media 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.
Cyfrowy Polsat 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.

CP9 Health

 How is Cyfrowy Polsat'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 Cyfrowy Polsat's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cyfrowy Polsat's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Cyfrowy Polsat's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cyfrowy Polsat'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 not covered by short term assets, assets are 0.5x 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 Cyfrowy Polsat Company Filings, last reported 2 months ago.

DB:CP9 Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 14,155.10 10,636.60 878.20
2019-06-30 13,918.50 10,382.90 774.90
2019-03-31 14,172.60 10,659.80 745.70
2018-12-31 13,875.20 11,247.00 1,167.00
2018-09-30 13,681.30 11,420.10 1,151.50
2018-06-30 13,454.00 11,236.70 876.10
2018-03-31 12,905.00 11,039.70 788.60
2017-12-31 12,116.80 11,653.60 1,166.60
2017-09-30 11,959.90 11,395.80 1,086.60
2017-06-30 11,725.10 11,632.30 1,354.60
2017-03-31 11,648.30 12,289.10 1,572.60
2016-12-31 11,377.60 12,450.80 1,332.70
2016-09-30 11,033.50 12,648.30 1,099.40
2016-06-30 10,761.60 12,845.10 946.30
2016-03-31 10,405.20 13,869.20 1,551.00
2015-12-31 10,250.10 12,402.30 1,512.00
2015-09-30 10,060.00 12,180.50 1,059.60
2015-06-30 9,557.80 13,266.40 1,426.90
2015-03-31 9,311.90 13,834.30 1,521.60
2014-12-31 9,078.20 14,147.80 1,735.30
2014-09-30 9,130.70 14,184.60 1,661.00
2014-06-30 9,091.70 14,372.30 2,164.30
2014-03-31 3,108.35 1,974.34 428.19
2013-12-31 3,001.20 1,936.70 342.20
2013-09-30 2,825.58 2,031.96 215.40
2013-06-30 2,647.30 2,185.18 265.80
2013-03-31 2,562.17 2,294.49 324.34
2012-12-31 2,468.40 2,307.85 270.83
  • Cyfrowy Polsat's level of debt (75.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (155.4% vs 75.1% today).
  • Debt is well covered by operating cash flow (31.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.9x coverage).
X
Financial health checks
We assess Cyfrowy Polsat'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. Cyfrowy Polsat has a total score of 3/6, 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.

CP9 Dividends

 What is Cyfrowy Polsat'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
3.41%
Current annual income from Cyfrowy Polsat dividends. Estimated to be 3.8% next year.
If you bought €2,000 of Cyfrowy Polsat shares you are expected to receive €68 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?
  • Cyfrowy Polsat's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.37%).
  • Cyfrowy Polsat's dividend is below the markets top 25% of dividend payers in Germany (3.6%).
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:CP9 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 9 Analyst Estimates (S&P Global) See Below
Germany Media Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 5.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

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

DB:CP9 Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.42 1.00
2022-12-31 1.08 2.00
2021-12-31 1.12 9.00
2020-12-31 0.99 9.00
2019-12-31 0.93 7.00
2019-12-07
DB:CP9 Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2019-08-29 0.930 3.356
2019-03-21 0.930 3.366
2018-11-08 0.000 0.000
2018-08-23 0.000 0.000
2018-05-10 0.000 0.000
2018-03-22 0.000 0.000
2018-01-15 0.000 0.000
2017-05-11 0.320 1.257
2012-11-14 0.000 0.000
2012-08-30 0.000 0.000
2012-05-15 0.000 0.000
2012-03-12 0.000 0.000
2010-08-26 0.570 3.820
2010-05-17 0.570 3.902
2010-03-18 0.570 3.788
2009-03-26 0.750 5.083

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 Cyfrowy Polsat's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Cyfrowy Polsat's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - 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 Cyfrowy Polsat afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cyfrowy Polsat has a total score of 4/6, see the detailed checks below.


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

CP9 Management

 What is the CEO of Cyfrowy Polsat'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
Miroslaw Blaszczyk
TENURE AS CEO 0.7 years
CEO Bio

Mr. Miroslaw Blaszczyk has been Chairman of the Management Board at Cyfrowy Polsat SA. since April 01, 2019. He is also President of the Management Board of Polkomtel (since April 2019), Supervisory Board Member of Telewizja Polsat Sp. z o.o. and Muzo FM Sp. z o.o. and holds a position of Member of the Council of the Polsat Foundation. From 2007 to 2019, he served as President of the Management Board of Telewizja Polsat Sp. z o.o., and, until March 2019, as President of the Management Board of Lemon Records sp. o.o. and Eska TV S.A. From 1984 to 1988 he worked as director at Wroclaw University of Technology, later he worked for a year as Assistant to President and Sales Representative of the company "Intersoft", next, from 1990 to 1991, as Sales Representative in Munich-based company "Ampol". From 1992 he worked for Przedsiebiorstwo Zagraniczne "Solpol"; until 1993 as Deputy Director, and later as Director of Legal Office. In 1994 he joined Telewizja Polsat, where, until 2007, he held the position of Director of Management Board Office and served as Proxy. At the same time, from March 2005 to September 2006, he was Deputy General Director of Polska Telefonia Cyfrowa Sp. z o.o. Mr. Blaszczyk also served in the past as Member of the Supervisory Boards in, among others, Plus Bank S.A. and Elektrim S.A. Mr. Blaszczyk graduated from the German Faculty at the Wroclaw University.

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

Average tenure of the Cyfrowy Polsat management team in years:

1.9
Average Tenure
  • The average tenure for the Cyfrowy Polsat management team is less than 2 years, this suggests a new team.
Management Team

Maciej Stec

TITLE
Vice Chairman of the Management Board
COMPENSATION
PLN3M
TENURE
0.7 yrs

Katarzyna Ostap-Tomann

TITLE
CFO & Member of the Management Board
COMPENSATION
PLN3M
TENURE
3.2 yrs

Aneta Jaskólska

TITLE
Member of the Management Board
COMPENSATION
PLN2M
TENURE
9.4 yrs

Agnieszka Odorowicz

TITLE
Member of the Management Board
COMPENSATION
PLN1M
TENURE
3.8 yrs

Miroslaw Blaszczyk

TITLE
Chairman of the Management Board
TENURE
0.7 yrs

Jacek Felczykowski

TITLE
Member of Management Board
TENURE
0.7 yrs

Agnieszka Szatan

TITLE
Chief Accountant
Board of Directors Tenure

Average tenure of the Cyfrowy Polsat board of directors in years:

4.7
Average Tenure
  • The tenure for the Cyfrowy Polsat board of directors is about average.
Board of Directors

Marek Kapuscinski

TITLE
Chairman of the Supervisory Board
TENURE
3.2 yrs

Robert Gwiazdowski

TITLE
Independent Member of the Supervisory Board
TENURE
11.4 yrs

Tomasz Szelag

TITLE
Member of the Supervisory Board
TENURE
3.2 yrs

Leszek Reksa

TITLE
Independent Member of the Supervisory Board
TENURE
11.4 yrs

Józef Birka

TITLE
Member of the Supervisory Board
TENURE
4.7 yrs

Aleksander Myszka

TITLE
Member of the Supervisory Board
TENURE
4.7 yrs

Piotr Zak

TITLE
Member of the Supervisory Board
TENURE
1.5 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 Cyfrowy Polsat'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. Cyfrowy Polsat 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.

CP9 News

Simply Wall St News

CP9 Company Info

Description

Cyfrowy Polsat S.A. provides digital satellite platform, digital terrestrial television (TV), and telecommunication services in Poland. The company operates through two segments, Services to Individual and Business Customers and Broadcasting and Television Production. The Services to Individual and Business Customers segment offers digital pay TV, video online, mobile telephony, and broadband Internet access services; bundled services and end-user devices; and smartDOM and smartFIRMA programs. It also provides services to other telecommunication operators, such as network interconnection, roaming, shared access to network assets, and lease of network infrastructure; and services to mobile virtual network operators, as well as produces set-top boxes; and sells telecommunication equipment. It offers approximately 170 TV channels, including terrestrial, general entertainment, sports, music, lifestyle, news/information, children’s, education, and movie channels; approximately 80 high definition (HD) channels; and over the top services, such as Cyfrowy Polsat Go, VOD/PPV, online video, catch-up TV, and multiroom HD services. The Broadcasting and Television Production segment produces, acquires, and broadcasts information and entertainment programs, as well as TV series and feature films broadcasted on television and radio channels; and sells TV channel advertising airtime and sponsoring, and channel broadcasting rights. It is also involved in trading programming licenses and gaseous fuels; and Web portal, technical, and financial transaction activities. The company was formerly known as Polsat Cyfrowy S.A. and changed its name to Cyfrowy Polsat S.A. in 2004. Cyfrowy Polsat S.A. was founded in 1996 and is based in Warsaw, Poland.

Details
Name: Cyfrowy Polsat S.A.
CP9
Exchange: DB
Founded: 1996
PLN3,965,376,164
639,546,016
Website: http://www.cyfrowypolsat.pl
Address: Cyfrowy Polsat S.A.
Lubinowa 4a,
Warsaw,
03-878,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE CPS Ordinary Bearer Shares Warsaw Stock Exchange PL PLN 06. May 2008
DB CP9 Ordinary Bearer Shares Deutsche Boerse AG DE EUR 06. May 2008
LSE 0MNQ Ordinary Bearer Shares London Stock Exchange GB PLN 06. May 2008
OTCPK CYFW.Y UNSPONSORD ADR Pink Sheets LLC US USD 26. Jul 2012
Number of employees
Current staff
Staff numbers
7,270
Cyfrowy Polsat employees.
Industry
Cable and Satellite
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/07 21:31
End of day share price update: 2019/12/06 00:00
Last estimates confirmation: 2019/11/28
Last earnings filing: 2019/11/07
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


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.