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Euro-Tax.pl

WSE:ETX
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ETX
WSE
PLN19M
Market Cap
  1. Home
  2. PL
  3. Commercial Services
Company description

Euro-Tax.pl S.A., together with its subsidiaries, provides tax recovery and settlement services in Poland. The last earnings update was 21 days ago. More info.


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ETX Share Price and Events
7 Day Returns
0%
WSE:ETX
5.1%
PL Professional Services
-2.7%
PL Market
1 Year Returns
16.1%
WSE:ETX
11.3%
PL Professional Services
-9.3%
PL Market
ETX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Euro-Tax.pl (ETX) 0% -2.5% 3.2% 16.1% -7.1% 227.7%
PL Professional Services 5.1% 19.9% 20.3% 11.3% -7.8% 23.3%
PL Market -2.7% -5.3% -0.6% -9.3% -1.6% -12.6%
1 Year Return vs Industry and Market
  • ETX outperformed the Professional Services industry which returned 11.3% over the past year.
  • ETX outperformed the Market in Poland which returned -9.3% over the past year.
Price Volatility
ETX
Industry
5yr Volatility vs Market

Value

 Is Euro-Tax.pl 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 Euro-Tax.pl 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 Euro-Tax.pl.

WSE:ETX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year PL Government Bond Rate 2%

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 WSE:ETX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.5%
Professional Services Unlevered Beta Simply Wall St/ S&P Global 0.83
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.827 (1 + (1- 19%) (5.58%))
0.909
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.99% + (0.909 * 6.51%)
7.91%

Discounted Cash Flow Calculation for WSE:ETX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Euro-Tax.pl 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.

WSE:ETX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 7.91%)
2020 6.22 Est @ 34.81% 5.76
2021 7.77 Est @ 24.97% 6.67
2022 9.18 Est @ 18.07% 7.30
2023 10.39 Est @ 13.25% 7.66
2024 11.42 Est @ 9.87% 7.80
2025 12.27 Est @ 7.51% 7.77
2026 12.99 Est @ 5.85% 7.63
2027 13.60 Est @ 4.69% 7.40
2028 14.13 Est @ 3.88% 7.12
2029 14.60 Est @ 3.31% 6.82
Present value of next 10 years cash flows PLN71.00
WSE:ETX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= PLN14.60 × (1 + 1.99%) ÷ (7.91% – 1.99%)
PLN251.58
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN251.58 ÷ (1 + 7.91%)10
PLN117.53
WSE:ETX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN71.00 + PLN117.53
PLN188.53
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN188.53 / 5.00
PLN37.71
WSE:ETX Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN37.71
Current discount Discount to share price of PLN3.90
= -1 x (PLN3.90 - PLN37.71) / PLN37.71
89.7%

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

Current Discount
Amount off the current price Euro-Tax.pl is available for.
Intrinsic value
>50%
Share price is PLN3.9 vs Future cash flow value of PLN37.71
Current Discount Checks
For Euro-Tax.pl to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Euro-Tax.pl's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Euro-Tax.pl'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 Euro-Tax.pl's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Euro-Tax.pl's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:ETX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in PLN PLN0.34
WSE:ETX Share Price ** WSE (2019-12-05) in PLN PLN3.9
Poland Professional Services Industry PE Ratio Median Figure of 11 Publicly-Listed Professional Services Companies 20.08x
Poland Market PE Ratio Median Figure of 413 Publicly-Listed Companies 10.86x

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

** Primary Listing of Euro-Tax.pl.

WSE:ETX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 3.9 ÷ 0.34

11.56x

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

  • Euro-Tax.pl is good value based on earnings compared to the PL Professional Services industry average.
  • Euro-Tax.pl is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does Euro-Tax.pl's expected growth come at a high price?
Raw Data
WSE:ETX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.56x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Professional Services Industry PEG Ratio Median Figure of 58 Publicly-Listed Professional Services Companies 1.33x
Poland Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 0.93x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Euro-Tax.pl, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Euro-Tax.pl's assets?
Raw Data
WSE:ETX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in PLN PLN0.33
WSE:ETX Share Price * WSE (2019-12-05) in PLN PLN3.9
Poland Professional Services Industry PB Ratio Median Figure of 18 Publicly-Listed Professional Services Companies 1.54x
Poland Market PB Ratio Median Figure of 636 Publicly-Listed Companies 1x
WSE:ETX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 3.9 ÷ 0.33

11.8x

* Primary Listing of Euro-Tax.pl.

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

  • Euro-Tax.pl is overvalued based on assets compared to the PL Professional Services industry average.
X
Value checks
We assess Euro-Tax.pl'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 Professional Services 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 Professional Services industry average (and greater than 0)? (1 check)
  5. Euro-Tax.pl 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.

Future Performance

 How is Euro-Tax.pl expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Euro-Tax.pl has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
9.6%
Expected Professional Services industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Euro-Tax.pl expected to grow at an attractive rate?
  • Unable to compare Euro-Tax.pl's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Euro-Tax.pl's earnings growth to the Poland market average as no estimate data is available.
  • Unable to compare Euro-Tax.pl's revenue growth to the Poland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
WSE:ETX Future Growth Rates Data Sources
Data Point Source Value (per year)
Europe Professional Services Industry Earnings Growth Rate Market Cap Weighted Average 9.6%
Europe Professional Services Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.7%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.7%

*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
WSE:ETX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:ETX Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-09-30 19 5 2
2019-06-30 18 3 2
2019-03-31 18 6 3
2018-12-31 17 4 2
2018-09-30 16 3 2
2018-06-30 15 2 2
2018-03-31 14 1 2
2017-12-31 14 1 2
2017-09-30 14 2 2
2017-06-30 15 1 3
2017-03-31 15 3 3
2016-12-31 15 7 3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Euro-Tax.pl is high growth as no earnings estimate data is available.
  • Unable to determine if Euro-Tax.pl is high growth as no revenue estimate data is available.
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
WSE:ETX 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 0 Analyst Estimates (S&P Global) See Below

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

WSE:ETX Past Financials Data
Date (Data in PLN Millions) EPS *
2019-09-30 0.34
2019-06-30 0.36
2019-03-31 0.54
2018-12-31 0.44
2018-09-30 0.47
2018-06-30 0.37
2018-03-31 0.42
2017-12-31 0.46
2017-09-30 0.39
2017-06-30 0.51
2017-03-31 0.61
2016-12-31 0.69

*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.
  • Unable to establish if Euro-Tax.pl will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Euro-Tax.pl is trading at Euro-Tax.pl'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Euro-Tax.pl's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Commercial Services companies here
  3. Euro-Tax.pl's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Euro-Tax.pl'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.
Euro-Tax.pl 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.

Past Performance

  How has Euro-Tax.pl 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 Euro-Tax.pl's growth in the last year to its industry (Professional Services).
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.
  • Euro-Tax.pl's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Euro-Tax.pl's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Euro-Tax.pl's 1-year earnings growth is negative, it can't be compared to the PL Professional Services industry average.
Earnings and Revenue History
Euro-Tax.pl'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 Euro-Tax.pl Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:ETX 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 18.76 1.69 15.25
2019-06-30 17.97 1.79 14.50
2019-03-31 17.82 2.69 13.34
2018-12-31 16.72 2.18 12.95
2018-09-30 15.68 2.34 11.94
2018-06-30 14.52 1.86 11.41
2018-03-31 13.90 2.09 10.47
2017-12-31 14.01 2.28 10.23
2017-09-30 14.19 1.93 10.72
2017-06-30 14.66 2.56 10.37
2017-03-31 15.34 3.07 10.38
2016-12-31 15.15 3.46 9.88
2016-09-30 13.78 3.34 8.84
2016-06-30 13.02 3.23 8.38
2016-03-31 13.14 3.71 7.98
2015-12-31 11.93 2.87 7.68
2015-09-30 11.81 3.19 7.09
2015-06-30 11.40 3.15 6.88
2015-03-31 9.31 1.75 6.52
2014-12-31 8.83 1.64 6.25
2014-09-30 7.74 1.00 6.16
2014-06-30 7.53 0.69 6.33
2014-03-31 7.44 0.67 6.43
2013-12-31 7.23 0.43 6.55
2013-09-30 7.04 0.45 6.40
2013-06-30 7.06 0.79 9.80
2013-03-31 8.16 1.68 8.07
2012-12-31 8.65 1.86 6.25

*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.
  • Euro-Tax.pl made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Euro-Tax.pl used its assets more efficiently than the PL Professional Services industry average last year based on Return on Assets.
  • Euro-Tax.pl's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Euro-Tax.pl'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 Professional Services 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.
Euro-Tax.pl 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.

Health

 How is Euro-Tax.pl'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 Euro-Tax.pl's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Euro-Tax.pl is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Euro-Tax.pl's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Euro-Tax.pl'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2735.5x 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 Euro-Tax.pl Company Filings, last reported 2 months ago.

WSE:ETX Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 1.66 0.00 10.33
2019-06-30 0.39 0.00 9.54
2019-03-31 3.26 0.00 10.36
2018-12-31 3.12 0.00 12.07
2018-09-30 2.08 0.00 9.40
2018-06-30 0.74 0.00 7.96
2018-03-31 3.46 0.00 7.85
2017-12-31 3.58 0.00 11.09
2017-09-30 2.29 0.00 9.43
2017-06-30 1.45 0.00 8.42
2017-03-31 4.43 0.00 9.89
2016-12-31 4.19 0.00 13.47
2016-09-30 3.46 0.00 10.57
2016-06-30 1.87 0.00 10.58
2016-03-31 3.97 0.00 9.79
2015-12-31 3.45 0.00 8.86
2015-09-30 2.78 0.00 8.08
2015-06-30 1.40 0.01 7.15
2015-03-31 2.17 0.01 6.18
2014-12-31 2.45 0.01 6.16
2014-09-30 1.49 0.00 5.84
2014-06-30 0.20 0.00 4.47
2014-03-31 0.93 0.00 3.48
2013-12-31 1.38 0.00 3.31
2013-09-30 0.94 0.00 4.84
2013-06-30
2013-03-31 2.81 0.00 4.39
2012-12-31 2.81 0.00 4.39
  • Euro-Tax.pl's level of debt (0.2%) compared to net worth is satisfactory (less than 40%).
  • Euro-Tax.pl had negative shareholder equity 5 years ago, it is now positive therefore their debt level has improved.
  • Debt is well covered by operating cash flow (122400%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.5x coverage).
X
Financial health checks
We assess Euro-Tax.pl'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. Euro-Tax.pl 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 Euro-Tax.pl'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
11.28%
Current annual income from Euro-Tax.pl dividends.
If you bought PLN2,000 of Euro-Tax.pl shares you are expected to receive PLN226 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?
  • Euro-Tax.pl's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.64%).
  • Euro-Tax.pl's dividend is above the markets top 25% of dividend payers in Poland (7.23%).
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
WSE:ETX 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 0 Analyst Estimates (S&P Global) See Below
Poland Professional Services Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 7.9%
Poland Market Average Dividend Yield Market Cap Weighted Average of 198 Stocks 4.5%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Poland Bottom 25% Dividend Yield 25th Percentile 2.6%
Poland Top 25% Dividend Yield 75th Percentile 7.2%

Industry and Market average data is calculated daily.

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

WSE:ETX Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2019-08-14 0.440 11.133
2019-05-17 0.440 11.072
2019-02-14 0.440 11.058
2018-08-14 0.520 14.045
2018-05-08 0.520 12.339
2018-02-14 0.520 11.869
2017-08-14 0.620 14.467
2017-05-08 0.620 11.782
2017-02-14 0.620 10.855
2016-11-14 0.540 12.657
2016-05-06 0.540 13.100
2015-08-14 0.380 13.244
2015-05-07 0.380 18.954
2014-11-14 0.100 6.538
2014-08-14 0.100 8.082
2014-05-12 0.100 8.230
2014-02-14 0.100 8.236
2013-11-14 0.360 29.105
2013-04-29 0.360 15.432
2012-08-24 0.560 14.491
2012-05-14 0.560 13.236
2011-08-12 0.590 11.011
2011-05-06 0.590 9.018
2010-06-10 0.210 3.223
2010-02-12 0.210 3.545

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 Euro-Tax.pl's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Euro-Tax.pl's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 Euro-Tax.pl afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Euro-Tax.pl 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.

Management

 What is the CEO of Euro-Tax.pl'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.
  • Euro-Tax.pl has no CEO, or we have no data on them.
Management Team

Adam Powiertowski

TITLE
Member of Management Board

Tomasz Jamrozy

TITLE
Member of Management Board
Board of Directors

Anna Romejko - Borkowska

TITLE
President of the Supervisory Board

Tomasz Czuczos

TITLE
Member of the Supervisory Board

Ireneusz Rymaszewski

TITLE
Member of the Supervisory Board

Tomasz Zielinski

TITLE
Member of the Supervisory Board

Roberk Pikus

TITLE
Member of the Supervisory Board
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 (PLN) Value (PLN)
X
Management checks
We assess Euro-Tax.pl'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. Euro-Tax.pl 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

Did Business Growth Power Euro-Tax.pl's (WSE:ETX) Share Price Gain of 298%?

Over half a decade, Euro-Tax.pl managed to grow its earnings per share at 21% a year. … This EPS growth is slower than the share price growth of 32% per year, over the same period. … We note that for Euro-Tax.pl the TSR over the last 5 years was 683%, which is better than the share price return mentioned above.

Simply Wall St -

Is Euro-Tax.pl (WSE:ETX) A Risky Investment?

Euro-Tax.pl may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. … Summing up While it is always sensible to investigate a company's debt, in this case Euro-Tax.pl has zł9.5m in net cash and a decent-looking balance sheet. … If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

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Here's What Euro-Tax.pl S.A.'s (WSE:ETX) P/E Ratio Is Telling Us

The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Euro-Tax.pl: P/E of 7.17 = PLN3.86 ÷ PLN0.54 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? … A higher P/E ratio implies that investors pay a higher price for the earning power of the business. … The Verdict On Euro-Tax.pl's P/E Ratio Euro-Tax.pl's P/E is 7.2 which is below average (10.8) in the PL market.

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Do You Know What Euro-Tax.pl S.A.'s (WSE:ETX) P/E Ratio Means?

Check out our latest analysis for Euro-Tax.pl How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Euro-Tax.pl: P/E of 7.17 = PLN3.86 ÷ PLN0.54 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good? … Hypothetically, a company could reduce its future P/E ratio by spending its cash (or taking on debt) to achieve higher earnings.

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Why We Think Euro-Tax.pl S.A. (WSE:ETX) Could Be Worth Looking At

By this I mean, I look at stocks holistically, from their financial health to their future outlook. … WSE:ETX Income Statement, May 22nd 2019 Next Steps: For Euro-Tax.pl, I've put together three pertinent aspects you should look at: Future Outlook: What are well-informed industry analysts predicting for ETX’s future growth? … Take a look at our free research report of analyst consensus for ETX’s outlook.

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Estimating The Fair Value Of Euro-Tax.pl S.A. (WSE:ETX)

by taking the expected future cash flows and discounting them to today's value. … This is done using the Discounted Cash Flow (DCF) model! … We generally believe that a company's value is the present value of all of the cash it will generate in the future.

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Euro-Tax.pl (WSE:ETX) Shareholders Have Enjoyed An Impressive 248% Share Price Gain

(WSE:ETX) which saw its share price drive 248% higher over five years. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During five years of share price growth, Euro-Tax.pl achieved compound earnings per share (EPS) growth of 43% per year.

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Why Euro-Tax.pl S.A.'s (WSE:ETX) High P/E Ratio Isn't Necessarily A Bad Thing

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … Euro-Tax.pl has a price to earnings ratio of 8.75, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

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What Does Euro-Taxpl SA's (WSE:ETX) PE Ratio Tell You?

This analysis is intended to introduce important early concepts to people who are starting to invest. … and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … While ETX might seem like an attractive stock to buy, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions.

Simply Wall St -

Euro-Taxpl SA (WSE:ETX): Did It Outperform The Industry?

Today I will examine Euro-Taxpl SA's (WSE:ETX) latest earnings update (31 March 2018) and compare these figures against its performance over the past couple of years, in addition to how the rest of ETX's industry performed. … Check out our latest analysis for Euro-Tax.pl? … ETX's trailing twelve-month earnings (from 31 March 2018) of zł2.09m has

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Company Info

Description

Euro-Tax.pl S.A., together with its subsidiaries, provides tax recovery and settlement services in Poland. The company is involved in the recovery and settlement of tax overpaid by the clients working in the United Kingdom, the Netherlands, Ireland, Germany, Norway, Belgium, Austria, Italy, the United States, and internationally. It also offers e-commerce services. The company was founded in 2008 and is headquartered in Poznan, Poland.

Details
Name: Euro-Tax.pl S.A.
ETX
Exchange: WSE
Founded: 2008
PLN19,000,000
5,000,000
Website: http://www.euro-tax-sa.pl
Address: Euro-Tax.pl S.A.
ul. Szelagowska 25 / 2-3,
Poznan,
61-626,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE ETX Common Bearer Shares Warsaw Stock Exchange PL PLN 28. Jan 2010
Number of employees
Current staff
Staff numbers
0
Euro-Tax.pl employees.
Industry
Research and Consulting Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/05 21:17
End of day share price update: 2019/12/05 00:00
Last earnings filing: 2019/11/14
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.