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Impel

WSE:IPL
Snowflake Description

Undervalued with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IPL
WSE
PLN93M
Market Cap
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Last updated 2019/12/08 20:46
Company description

Impel S.A., together with its subsidiaries, provides business support services for institutions and companies in Poland. The last earnings update was 23 days ago. More info.

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IPL Share Price and Events
7 Day Returns
-3.4%
WSE:IPL
-1.8%
PL Commercial Services
-2.6%
PL Market
1 Year Returns
-11.4%
WSE:IPL
9.9%
PL Commercial Services
-7.7%
PL Market
IPL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Impel (IPL) -3.4% 10.2% 16.7% -11.4% -69.9% -76.5%
PL Commercial Services -1.8% 1.9% 5.6% 9.9% -1.6% 11.4%
PL Market -2.6% -6% -1.4% -7.7% -2.2% -12.2%
1 Year Return vs Industry and Market
  • IPL underperformed the Commercial Services industry which returned 9.9% over the past year.
  • IPL underperformed the Market in Poland which returned -7.7% over the past year.
Price Volatility
IPL
Industry
5yr Volatility vs Market

Value

 Is Impel 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 Impel 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 Impel.

WSE:IPL 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 15%
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:IPL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.5%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.66
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.66 (1 + (1- 19%) (396.57%)) 		2.193
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.99% + (2 * 6.51%) 		15.01%

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

The calculations below outline how an intrinsic value for Impel 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:IPL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 15.01%)
2020 49.93 Est @ -8.22% 43.41
2021 47.35 Est @ -5.15% 35.80
2022 45.93 Est @ -3.01% 30.19
2023 45.23 Est @ -1.51% 25.85
2024 45.03 Est @ -0.46% 22.38
2025 45.15 Est @ 0.27% 19.51
2026 45.51 Est @ 0.79% 17.10
2027 46.03 Est @ 1.15% 15.04
2028 46.67 Est @ 1.4% 13.26
2029 47.41 Est @ 1.58% 11.71
Present value of next 10 years cash flows PLN234.00
WSE:IPL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= PLN47.41 × (1 + 1.99%) ÷ (15.01% – 1.99%) 		PLN371.38
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN371.38 ÷ (1 + 15.01%)10 		PLN91.72
WSE:IPL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN234.00 + PLN91.72 		PLN325.72
Equity Value per Share
(PLN)		 = Total value / Shares Outstanding
= PLN325.72 / 12.87 		PLN25.32
WSE:IPL Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN25.32
Current discount Discount to share price of PLN7.00
= -1 x (PLN7.00 - PLN25.32) / PLN25.32 		72.4%

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

Current Discount
Amount off the current price Impel is available for.
Intrinsic value
>50%
Share price is PLN7 vs Future cash flow value of PLN25.32
Current Discount Checks
For Impel to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Impel's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Impel'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 Impel's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Impel's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:IPL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in PLN PLN0.81
WSE:IPL Share Price ** WSE (2019-12-05) in PLN PLN7
Poland Commercial Services Industry PE Ratio Median Figure of 21 Publicly-Listed Commercial Services Companies 10.04x
Poland Market PE Ratio Median Figure of 413 Publicly-Listed Companies 10.46x

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

** Primary Listing of Impel.

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

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

= 7 ÷ 0.81

 8.64x

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

  • Impel is good value based on earnings compared to the PL Commercial Services industry average.
  • Impel is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does Impel's expected growth come at a high price?
Raw Data
WSE:IPL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts		 Not available
Europe Commercial Services Industry PEG Ratio Median Figure of 52 Publicly-Listed Commercial Services Companies 1.41x
Poland Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 0.91x

*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 Impel, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Impel's assets?
Raw Data
WSE:IPL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in PLN PLN25.90
WSE:IPL Share Price * WSE (2019-12-05) in PLN PLN7
Poland Commercial Services Industry PB Ratio Median Figure of 22 Publicly-Listed Commercial Services Companies 0.92x
Poland Market PB Ratio Median Figure of 636 Publicly-Listed Companies 0.99x
WSE:IPL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 7 ÷ 25.90

 0.27x

* Primary Listing of Impel.

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

  • Impel is good value based on assets compared to the PL Commercial Services industry average.
Show me more potentially undervalued companies in the Commercial Services industry
X
Value checks
We assess Impel'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 Commercial 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 Commercial Services industry average (and greater than 0)? (1 check)
    5. Impel has a total score of 5/6, see the detailed checks below.

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

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

Future Performance

 How is Impel 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 Impel 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
15.8%
Expected Commercial Services industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Impel expected to grow at an attractive rate?
  • Unable to compare Impel's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Impel's earnings growth to the Poland market average as no estimate data is available.
  • Unable to compare Impel's revenue growth to the Poland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
WSE:IPL Future Growth Rates Data Sources
Data Point Source Value (per year)
Europe Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 15.8%
Europe Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 5%
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:IPL 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:IPL Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-09-30 2,176 83 10
2019-06-30 2,167 64 10
2019-03-31 2,153 74 11
2018-12-31 2,141 62 13
2018-09-30 2,136 78 16
2018-06-30 2,159 85 13
2018-03-31 2,183 80 11
2017-12-31 2,215 87 10
2017-09-30 2,189 98 8
2017-06-30 2,153 79 13
2017-03-31 2,101 51 20
2016-12-31 2,027 28 20

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Impel is high growth as no earnings estimate data is available.
  • Unable to determine if Impel 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:IPL 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 Impel Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:IPL Past Financials Data
Date (Data in PLN Millions) EPS *
2019-09-30 0.81
2019-06-30 0.80
2019-03-31 0.88
2018-12-31 1.03
2018-09-30 1.23
2018-06-30 0.99
2018-03-31 0.87
2017-12-31 0.75
2017-09-30 0.65
2017-06-30 1.05
2017-03-31 1.55
2016-12-31 1.56

*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 Impel will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

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

WSE:IPL 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 2,175.97 10.42 952.28
2019-06-30 2,166.62 10.24 954.05
2019-03-31 2,152.54 11.30 947.82
2018-12-31 2,140.91 13.26 953.91
2018-09-30 2,136.26 15.79 971.91
2018-06-30 2,158.72 12.75 1,002.93
2018-03-31 2,183.25 11.21 1,050.56
2017-12-31 2,214.54 9.67 1,100.60
2017-09-30 2,189.42 8.32 1,113.09
2017-06-30 2,153.40 13.49 1,116.47
2017-03-31 2,101.35 20.05 1,087.60
2016-12-31 2,026.94 20.02 1,038.31
2016-09-30 1,977.20 21.39 983.62
2016-06-30 1,915.42 26.12 926.68
2016-03-31 1,858.53 20.78 882.66
2015-12-31 1,810.57 22.90 844.68
2015-09-30 1,779.40 29.58 838.59
2015-06-30 1,745.04 30.15 815.49
2015-03-31 1,712.82 32.65 795.01
2014-12-31 1,683.98 30.45 773.15
2014-09-30 1,654.29 20.05 749.17
2014-06-30 1,628.46 16.65 728.32
2014-03-31 1,603.82 12.39 707.06
2013-12-31 1,559.75 16.31 682.75
2013-09-30 1,517.59 21.04 655.13
2013-06-30 1,470.08 23.35 630.79
2013-03-31 1,433.96 28.71 601.86
2012-12-31 1,416.68 28.16 585.43

*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.
  • Impel has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Impel used its assets less efficiently than the PL Commercial Services industry average last year based on Return on Assets.
  • Impel has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Impel'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 Commercial 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.
Impel has a total score of 1/6, 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 Impel'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 Impel's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Impel is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Impel's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Impel'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 2.8x 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 Impel Company Filings, last reported 2 months ago.

WSE:IPL Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 354.55 271.11 100.88
2019-06-30 346.08 277.52 100.92
2019-03-31 341.95 264.00 90.14
2018-12-31 339.29 297.15 106.14
2018-09-30 349.84 263.20 85.55
2018-06-30 342.19 249.92 79.58
2018-03-31 336.64 256.64 72.01
2017-12-31 332.53 279.92 75.10
2017-09-30 331.49 274.83 67.63
2017-06-30 327.38 273.25 69.14
2017-03-31 323.47 276.20 65.15
2016-12-31 318.59 299.17 70.37
2016-09-30 314.14 323.88 77.12
2016-06-30 308.32 343.11 128.90
2016-03-31 313.93 248.52 57.50
2015-12-31 314.69 262.50 74.71
2015-09-30 312.81 272.93 56.11
2015-06-30 298.19 261.35 50.75
2015-03-31 312.65 242.82 44.29
2014-12-31 309.26 239.20 50.21
2014-09-30 298.89 235.89 36.23
2014-06-30 283.95 240.41 36.56
2014-03-31 276.86 227.88 39.13
2013-12-31 275.01 229.58 46.08
2013-09-30 280.25 226.15 41.72
2013-06-30 269.55 215.34 45.37
2013-03-31 280.94 202.53 37.20
2012-12-31 280.08 172.55 41.58
  • Impel's level of debt (76.5%) 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 (78.9% vs 76.5% today).
  • Debt is well covered by operating cash flow (30.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.2x coverage).
Show me more healthy companies in the Commercial Services industry
X
Financial health checks
We assess Impel'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. Impel has a total score of 5/6, 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 Impel'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
0%
Current annual income from Impel dividends.
If you bought PLN2,000 of Impel shares you are expected to receive PLN0 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?
  • Unable to evaluate Impel's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Impel's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:IPL 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 Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 7.4%
Poland Market Average Dividend Yield Market Cap Weighted Average of 198 Stocks 4.5%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.6%
Poland Top 25% Dividend Yield 75th Percentile 7.3%

Industry and Market average data is calculated daily.

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

WSE:IPL Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2017-11-14 0.000 0.000
2017-09-04 0.000 0.000
2017-05-16 0.000 0.000
2016-08-31 1.000 4.226
2016-05-16 0.000 0.000
2016-03-21 1.000 3.943
2015-03-18 1.500 5.103
2014-11-13 0.000 0.000
2014-08-28 0.000 0.000
2014-05-14 0.000 0.000
2014-03-20 0.000 0.000
2014-01-15 0.000 0.000
2013-04-25 1.500 4.747
2013-02-28 1.500 4.230
2012-08-31 1.500 5.101
2012-05-14 1.500 5.390
2012-03-20 1.500 5.983
2011-08-30 2.000 7.715
2011-05-12 2.000 6.748
2011-03-21 2.000 5.533
2010-08-26 1.500 5.095
2010-03-22 1.500 4.949
2009-11-16 1.000 4.249
2009-08-27 1.000 4.847
2009-04-03 1.000 7.784
2009-02-26 1.000 10.915

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

  • Unable to perform a dividend volatility check as Impel has not reported any payouts.
  • Unable to verify if Impel's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Impel's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Impel has not reported any payouts.
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 Impel's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - 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 Impel afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Impel has a total score of 0/6, 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 Impel'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
Grzegorz Dzik
COMPENSATION PLN333,600
TENURE AS CEO 15.9 years
CEO Bio

Mr. Grzegorz Dzik has been the President of the Management Board and Chief Executive Officer at Impel S.A. since January 5, 2004. He is Managing Director of Development Department at Impel S.A. Mr. Dzik has been the Chairman of Supervisory Board at Vantage Development S.A., since 2001. He served as Chairman of the Supervisory Board at Impel S.A. from 1999 to 2004. From 2002 to 2005, he served as Vice Chairman of Polish Employers Confederation (Konfederacja Pracodawc w Polskich). He has been a Member of the Supervisory Board at TIM Spolka Akcyjna since 2007. Mr. Dzik serves as the Chair of Western Chamber of Commerce (Zachodnia Izba Gospodarcza). He serves as a Trustee of the Academic Clinical Center in Wroclaw (Rada Spoleczna Akademickiego Szpitala Klinicznego we Wroclawiu). He is a winner of prestigious awards: The Bull of Success 2002 (BYK Sukcesu 2002) as well as Vectors 2005 (Wektory 2005), Knight Member of the Order of Smile (Kawaler Orderu Usmiechu); a funder of cultural events Mr. Dzik supports unique on a scale of Europe International Viennese Music Festival (Miedzynarodowy Festiwal Muzyki Wiedenskiej) Theatrical Song Contest (Przeglad Piosenki Aktorskiej) in Wroclaw and Jazz on the Oder festival (Jazz nad Odra). He is a Graduate of the Faculty of Civil Construction of the Technical University in Wroclaw (Wydzial Budownictwa Ladowego Politechniki Wroclawskiej).

CEO Compensation
  • Grzegorz's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Grzegorz's remuneration is higher than average for companies of similar size in Poland.
Management Team Tenure

Average tenure of the Impel management team in years:

8.4
Average Tenure
  • The average tenure for the Impel management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Grzegorz Dzik

TITLE
President of Management Board
COMPENSATION
PLN334K
TENURE
15.9 yrs

Wojciech Rembikowski

TITLE
CFO, VP of Management Board and MD of Financial & Administrative Department
COMPENSATION
PLN482K
TENURE
12.9 yrs

Jakub Dzik

TITLE
VP of Management Board & MD of Operational Department
COMPENSATION
PLN260K

Monika Chudobska

TITLE
VP of Management Board & MD of HR Department
COMPENSATION
PLN483K

Miroslaw Greber

TITLE
VP of Management Board & MD of Sales Department
COMPENSATION
PLN522K

Józef Biegaj

TITLE
Member of Supervisory Board & Secretary of Supervisory Board
COMPENSATION
PLN481K

Dawid Poplawski

TITLE
Member of the Management Board
TENURE
0.9 yrs

Bogdan Dzik

TITLE
FM General Director
COMPENSATION
PLN1M
TENURE
3.9 yrs
Board of Directors Tenure

Average tenure of the Impel board of directors in years:

5.3
Average Tenure
  • The tenure for the Impel board of directors is about average.
Board of Directors

Andrzej Kaleta

TITLE
Chairman of the Supervisory Board
COMPENSATION
PLN70K

Andrzej Malinowski

TITLE
Vice Chairman of the Supervisory Board
COMPENSATION
PLN60K
AGE
70

Józef Biegaj

TITLE
Member of Supervisory Board & Secretary of Supervisory Board
COMPENSATION
PLN481K
TENURE
5.3 yrs

Piotr Urbanczyk

TITLE
Member of the Supervisory Board
COMPENSATION
PLN49K
TENURE
11.6 yrs

Stefan Forlicz

TITLE
Member of the Supervisory Board
COMPENSATION
PLN92K
TENURE
2.5 yrs

Tadeusz Wieckowski

TITLE
Member of the Supervisory Board
COMPENSATION
PLN7K
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 Impel'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. Impel 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

Does The Data Make Impel S.A. (WSE:IPL) An Attractive Investment?

IPL is a company that has been able to sustain great financial health, trading at an attractive share price. … For those interested in digging a bit deeper into my commentary, read the full report on Impel here.Undervalued with excellent balance sheet IPL's ability to maintain an adequate level of cash to meet upcoming liabilities is a good sign for its financial health. … IPL's shares are now trading at a price below its true value based on its discounted cash flows, indicating a relatively pessimistic market sentiment.

Simply Wall St - –

Here's Why Impel (WSE:IPL) Can Manage Its Debt Responsibly

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. … Happily for any shareholders, Impel actually produced more free cash flow than EBIT over the last three years. … Our View Happily, Impel's impressive conversion of EBIT to free cash flow implies it has the upper hand on its debt.

Simply Wall St - –

Are Impel S.A.’s (WSE:IPL) Returns Worth Your While?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Impel: 0.096 = zł43m ÷ (zł1.1b - zł639m) (Based on the trailing twelve months to March 2019.) Therefore, Impel has an ROCE of 9.6%. … Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. … Impel's current liabilities are fairly high, making its ROCE look better than otherwise.

Simply Wall St - –

Those Who Purchased Impel (WSE:IPL) Shares Five Years Ago Have A 77% Loss To Show For It

During the five years over which the share price declined, Impel's earnings per share (EPS) dropped by 4.1% each year. … A Dividend Lost The share price return figures discussed above don't include the value of dividends paid previously, but the total shareholder return (TSR) does. … Over the last 5 years, Impel generated a TSR of -75%, which is, of course, better than the share price return.

Simply Wall St - –

A Look At The Fair Value Of Impel S.A. (WSE:IPL)

Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (PLN, Millions) PLN22.45 PLN17.12 PLN14.43 PLN12.96 PLN12.15 PLN11.72 PLN11.53 PLN11.50 PLN11.57 PLN11.72 Growth Rate Estimate Source Est @ -35.12% Est @ -23.73% Est @ -15.75% Est @ -10.17% Est @ -6.27% Est @ -3.53% Est @ -1.62% Est @ -0.28% Est @ 0.66% Est @ 1.32% Present Value (PLN, Millions) Discounted @ 17.13% PLN19.17 PLN12.48 PLN8.98 PLN6.88 PLN5.51 PLN4.54 PLN3.81 PLN3.24 PLN2.79 PLN2.41 Present Value of 10-year Cash Flow (PVCF)= PLN69.81m "Est" = FCF growth rate estimated by Simply Wall St We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 10-year government bond rate of 2.9%. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = zł12m × (1 + 2.9%) ÷ (17.1% – 2.9%) = zł84m Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = PLNzł84m ÷ ( 1 + 17.1%)10 = PLN17.37m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is PLN87.18m.

Simply Wall St - –

Do You Know What Impel S.A.'s (WSE:IPL) P/E Ratio Means?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at Impel S.A.'s (WSE:IPL) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St - –

Impel S.A. (WSE:IPL): Commentary On Fundamentals

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … is a company that has been able to sustain great financial health, trading at an attractive share price.

Simply Wall St - –

You Might Like Impel S.A. (WSE:IPL) But Do You Like Its Debt?

(WSE:IPL) with its market cap of zł110m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Evaluating financial health as part of your investment thesis is. … We'll look at some basic checks that can form a snapshot the company’s financial strength.

Simply Wall St - –

Examining Impel S.A.’s (WSE:IPL) Weak Return On Capital Employed

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St - –

Is Impel S.A. (WSE:IPL) Excessively Paying Its CEO?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … The aim of all this is to consider the appropriateness of CEO pay levels. … How Does Grzegorz Dzik's Compensation Compare With Similar Sized Companies?

Simply Wall St - –

Company Info

Description

Impel S.A., together with its subsidiaries, provides business support services for institutions and companies in Poland. It operates through Facility Management; Digital Services & Business Process Outsourcing; and Industrial Services. The Facility Management segment offers cleaning, catering, technical service and building reconstruction, clothes rental and laundry, OHS and cleaning products supply, facilities management, insurance, and personal and property protection services. The Digital Services & Business Process Outsourcing segment provides accounting, HR and payroll, document management, tax advisory, process support, employee recruitment and development, line employee recruitment, workforce productivity management, SAP, IT infrastructure, IT application development, e-commerce, and cash handling services. The Industrial Services segment offers industrial services, including industrial cleaning, traffic maintenance support, renovation and construction, facility technical, passporting of infrastructure, and production and mounting of building signs. This segment also provides hygiene maintenance services for the food industry; 3D laser scanning technologies; and integrated real estate services, as well as produces and assembles visual systems, and plain and dimensional advertisements and marking facilities. The company was formerly known as Zaklad Elektroniki TEL-EKO SA and changed its name to Impel S.A. in October 1998. Impel S.A. was founded in 1990 and is based in Wroclaw, Poland.

Details
Name: Impel S.A.
IPL
Exchange: WSE
Founded: 1990
PLN93,272,533
12,865,177
Website: http://www.impel.pl
Address: Impel S.A.
ul. Slezna 118,
Wroclaw,
53-111,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE IPL Bearer Shares Warsaw Stock Exchange PL PLN 14. Nov 2003
LSE 0LUJ Bearer Shares London Stock Exchange GB PLN 14. Nov 2003
Number of employees
Current staff
Staff numbers
16,160
Impel employees.
Industry
Diversified Support Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/08 20:46
End of day share price update: 2019/12/05 00:00
Last earnings filing: 2019/11/15
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.

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