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Agora

WSE:AGO
Snowflake Description

Reasonable growth potential with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AGO
WSE
PLN456M
Market Cap
  1. Home
  2. PL
  3. Media
Company description

Agora S.A., together with its subsidiaries, primarily engages in publishing of magazines, periodicals, and books in Poland. The last earnings update was 33 days ago. More info.


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AGO Share Price and Events
7 Day Returns
-1.4%
WSE:AGO
0.3%
PL Media
-1.5%
PL Market
1 Year Returns
-10.1%
WSE:AGO
20.5%
PL Media
-6.4%
PL Market
AGO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Agora (AGO) -1.4% -5.8% -1% -10.1% -19.7% 27.3%
PL Media 0.3% -3.6% -5.9% 20.5% 14.1% 10.1%
PL Market -1.5% -5.8% -4.1% -6.4% -3.4% -10.8%
1 Year Return vs Industry and Market
  • AGO underperformed the Media industry which returned 20.5% over the past year.
  • AGO underperformed the Market in Poland which returned -6.4% over the past year.
Price Volatility
AGO
Industry
5yr Volatility vs Market

AGO Value

 Is Agora 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 Agora 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 Agora.

WSE:AGO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.6%
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:AGO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.5%
Media Unlevered Beta Simply Wall St/ S&P Global 0.76
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.759 (1 + (1- 19%) (153.29%))
1.47
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.47
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.99% + (1.47 * 6.51%)
11.56%

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

The calculations below outline how an intrinsic value for Agora 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:AGO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 11.56%)
2020 22.00 Analyst x2 19.72
2021 30.20 Analyst x2 24.27
2022 -48.80 Analyst x2 -35.15
2023 60.40 Analyst x2 38.99
2024 64.56 Est @ 6.88% 37.36
2025 68.05 Est @ 5.41% 35.30
2026 71.04 Est @ 4.39% 33.03
2027 73.64 Est @ 3.67% 30.69
2028 75.97 Est @ 3.16% 28.38
2029 78.11 Est @ 2.81% 26.16
Present value of next 10 years cash flows PLN238.00
WSE:AGO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= PLN78.11 × (1 + 1.99%) ÷ (11.56% – 1.99%)
PLN832.35
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN832.35 ÷ (1 + 11.56%)10
PLN278.73
WSE:AGO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN238.00 + PLN278.73
PLN516.73
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN516.73 / 46.58
PLN11.09
WSE:AGO Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN11.09
Current discount Discount to share price of PLN9.80
= -1 x (PLN9.80 - PLN11.09) / PLN11.09
11.7%

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

Current Discount
Amount off the current price Agora is available for.
Intrinsic value
12%
Share price is PLN9.8 vs Future cash flow value of PLN11.09
Current Discount Checks
For Agora to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Agora's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Agora's share price is below the future cash flow value, but not 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 Agora's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Agora's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:AGO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in PLN PLN-0.30
WSE:AGO Share Price ** WSE (2019-12-11) in PLN PLN9.8
Poland Media Industry PE Ratio Median Figure of 10 Publicly-Listed Media Companies 15.97x
Poland Market PE Ratio Median Figure of 414 Publicly-Listed Companies 10.52x

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

** Primary Listing of Agora.

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

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

= 9.8 ÷ -0.30

-32.83x

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

  • Agora is loss making, we can't compare its value to the PL Media industry average.
  • Agora is loss making, we can't compare the value of its earnings to the Poland market.
Price based on expected Growth
Does Agora's expected growth come at a high price?
Raw Data
WSE:AGO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -32.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
40.5%per year
Europe Media Industry PEG Ratio Median Figure of 66 Publicly-Listed Media Companies 1.73x
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 Agora, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Agora's assets?
Raw Data
WSE:AGO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in PLN PLN19.71
WSE:AGO Share Price * WSE (2019-12-11) in PLN PLN9.8
Poland Media Industry PB Ratio Median Figure of 20 Publicly-Listed Media Companies 0.81x
Poland Market PB Ratio Median Figure of 639 Publicly-Listed Companies 0.99x
WSE:AGO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 9.8 ÷ 19.71

0.5x

* Primary Listing of Agora.

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

  • Agora is good value based on assets compared to the PL Media industry average.
X
Value checks
We assess Agora'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. Agora has a total score of 1/6, 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.

AGO Future Performance

 How is Agora expected to perform in the next 1 to 3 years based on estimates from 3 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
40.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Agora expected to grow at an attractive rate?
  • Agora's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Agora's earnings growth is expected to exceed the Poland market average.
  • Agora's revenue growth is expected to exceed the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:AGO Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:AGO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 40.5%
WSE:AGO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 5.9%
Europe Media Industry Earnings Growth Rate Market Cap Weighted Average 10.8%
Europe Media Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
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:AGO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:AGO Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,540 150 50 3
2022-12-31 1,488 140 43 3
2021-12-31 1,385 149 35 3
2020-12-31 1,295 134 21 3
2019-12-31 1,238 162 10 1
2019-12-11
WSE:AGO Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-09-30 1,217 170 -14
2019-06-30 1,183 146 -15
2019-03-31 1,172 108 -8
2018-12-31 1,141 81 5
2018-09-30 1,126 77 -69
2018-06-30 1,118 77 -67
2018-03-31 1,143 74 -67
2017-12-31 1,165 77 -84
2017-09-30 1,175 105 0
2017-06-30 1,197 111 -12
2017-03-31 1,211 119 -18
2016-12-31 1,198 97 -17

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Agora's earnings are expected to grow significantly at over 20% yearly.
  • Agora's revenue is expected to grow by 5.9% 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
WSE:AGO 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 3 Analyst Estimates (S&P Global) See Below

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

WSE:AGO Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 1.08 1.30 0.86 2.00
2022-12-31 0.90 1.00 0.80 2.00
2021-12-31 0.75 0.85 0.59 3.00
2020-12-31 0.45 0.50 0.39 3.00
2019-12-31 0.21 0.40 0.10 4.00
2019-12-11
WSE:AGO Past Financials Data
Date (Data in PLN Millions) EPS *
2019-09-30 -0.30
2019-06-30 -0.32
2019-03-31 -0.17
2018-12-31 0.11
2018-09-30 -1.48
2018-06-30 -1.43
2018-03-31 -1.43
2017-12-31 -1.76
2017-09-30 0.00
2017-06-30 -0.26
2017-03-31 -0.37
2016-12-31 -0.35

*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.
  • Agora is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Agora'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.
Agora has a total score of 4/6, 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.

AGO Past Performance

  How has Agora 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 Agora'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.
  • Agora does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Agora's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Agora's 1-year growth to the PL Media industry average as it is not currently profitable.
Earnings and Revenue History
Agora'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 Agora Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:AGO 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 1,217.50 -13.90 367.35
2019-06-30 1,183.13 -14.69 362.28
2019-03-31 1,171.60 -8.14 374.20
2018-12-31 1,141.16 5.09 369.08
2018-09-30 1,125.51 -68.64 361.20
2018-06-30 1,118.05 -67.19 357.61
2018-03-31 1,142.51 -67.19 337.74
2017-12-31 1,165.48 -83.54 339.19
2017-09-30 1,175.41 0.09 340.96
2017-06-30 1,197.38 -12.21 344.86
2017-03-31 1,210.92 -17.61 356.77
2016-12-31 1,198.43 -16.64 351.31
2016-09-30 1,212.09 -11.05 359.95
2016-06-30 1,198.50 -3.17 363.26
2016-03-31 1,195.00 5.74 355.69
2015-12-31 1,189.34 12.71 356.15
2015-09-30 1,169.08 5.13 355.29
2015-06-30 1,153.22 1.67 349.42
2015-03-31 1,131.24 -3.19 347.43
2014-12-31 1,102.42 -12.57 342.08
2014-09-30 1,069.01 -10.35 319.36
2014-06-30 1,065.06 -9.97 303.88
2014-03-31 1,066.10 -7.68 304.76
2013-12-31 1,073.94 0.46 314.05
2013-09-30 1,083.19 -10.08 315.44
2013-06-30 1,107.83 -9.08 333.61
2013-03-31 1,119.15 -9.03 336.26
2012-12-31 1,138.59 -9.04 337.23

*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.
  • It is difficult to establish if Agora has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Agora used its assets less efficiently than the PL Media industry average last year based on Return on Assets.
  • It is difficult to establish if Agora improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Agora'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.
Agora has a total score of 0/6, see the detailed checks below.

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

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

AGO Health

 How is Agora'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 Agora's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Agora's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Agora's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Agora'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 2.2x 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 Agora Company Filings, last reported 2 months ago.

WSE:AGO Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 938.52 133.48 64.17
2019-06-30 959.27 134.11 101.63
2019-03-31 993.17 129.26 104.16
2018-12-31 996.16 52.35 155.41
2018-09-30 995.40 64.14 142.01
2018-06-30 997.75 51.48 161.06
2018-03-31 1,024.70 50.22 129.09
2017-12-31 1,014.68 55.03 110.98
2017-09-30 1,108.83 61.75 130.05
2017-06-30 1,110.17 54.64 105.09
2017-03-31 1,111.20 64.92 137.12
2016-12-31 1,117.32 64.29 124.19
2016-09-30 1,105.63 65.02 69.26
2016-06-30 1,119.64 72.20 109.38
2016-03-31 1,164.73 45.64 103.48
2015-12-31 1,170.19 56.41 116.93
2015-09-30 1,153.21 50.58 108.38
2015-06-30 1,159.93 44.61 107.91
2015-03-31 1,166.34 35.90 104.38
2014-12-31 1,165.08 47.26 110.22
2014-09-30 1,156.09 64.38 88.09
2014-06-30 1,196.54 74.12 140.86
2014-03-31 1,198.65 87.57 144.03
2013-12-31 1,207.60 90.34 171.39
2013-09-30 1,195.78 110.97 213.41
2013-06-30 1,205.94 117.48 229.41
2013-03-31 1,205.39 134.36 249.85
2012-12-31 1,206.05 143.90 223.69
  • Agora's level of debt (14.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (5.6% vs 14.2% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Agora has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Agora has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -41.7% per year.
X
Financial health checks
We assess Agora'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. Agora 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.

AGO Dividends

 What is Agora'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
5.1%
Current annual income from Agora dividends. Estimated to be 5.12% next year.
If you bought PLN2,000 of Agora shares you are expected to receive PLN102 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?
  • Agora's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.68%).
  • Agora's dividend is below the markets top 25% of dividend payers in Poland (7.35%).
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:AGO 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 3 Analyst Estimates (S&P Global) See Below
Poland Media Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.4%
Poland Market Average Dividend Yield Market Cap Weighted Average of 199 Stocks 4.6%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.7%
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:AGO Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.51 2.00
2022-12-31 0.50 2.00
2021-12-31 0.50 3.00
2020-12-31 0.50 3.00
2019-12-31 0.50 4.00
2019-12-11
WSE:AGO Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2019-05-15 0.500 4.553
2019-03-07 0.500 4.193
2018-05-15 0.500 4.665
2017-11-10 0.000 0.000
2017-08-11 0.000 0.000
2017-05-12 0.000 0.000
2017-03-31 0.000 0.000
2016-05-13 0.750 6.237
2016-04-01 0.750 5.886
2013-11-14 0.000 0.000
2013-08-14 0.000 0.000
2013-05-15 0.000 0.000
2013-04-12 0.000 0.000
2013-02-22 0.000 0.000
2012-11-09 1.000 10.543
2012-08-10 1.000 13.258
2012-04-13 1.000 10.359
2012-02-27 1.000 8.295
2011-11-10 0.500 4.135
2011-08-12 0.500 3.613
2011-05-13 0.500 2.798
2011-04-12 0.500 1.983
2011-02-25 0.500 1.904
2010-05-13 0.500 1.953
2010-04-12 0.500 1.996
2010-02-23 0.500 1.999
2009-11-10 0.000 0.000
2009-08-13 0.000 0.000
2009-05-14 0.000 0.000

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%).
  • No dividend growth in 10 years.
Current Payout to shareholders
What portion of Agora's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess Agora'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 Agora afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Agora has a total score of 2/6, see the detailed checks below.


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

AGO Management

 What is the CEO of Agora'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
Bartosz Hojka
COMPENSATION PLN2,612,000
AGE 45
TENURE AS CEO 5.8 years
CEO Bio

Mr. Bartosz Hojka has been the President of the Management Board at Agora Spólka Akcyjna Since March 12, 2014. Mr. Hojka has been Member of the Management Board and Managing Director at Grupa Radiowa Agory sp. z o.o. since 2005. He has been a Member of the Management Board at Agora S.A since June 28, 2013. from 2013 to 2014. He served as a Member of the Supervisory Board at Stopklatka SA.

CEO Compensation
  • Bartosz's compensation has increased whilst company is loss making.
  • Bartosz's remuneration is lower than average for companies of similar size in Poland.
Management Team Tenure

Average tenure and age of the Agora management team in years:

2.8
Average Tenure
48.5
Average Age
  • The tenure for the Agora management team is about average.
Management Team

Bartosz Hojka

TITLE
President of Management Board
COMPENSATION
PLN3M
AGE
45
TENURE
5.8 yrs

Tomasz Jagiello

TITLE
Member of Management Board
COMPENSATION
PLN2M
AGE
52
TENURE
6.5 yrs

Anna Krynska-Godlewska

TITLE
Member of Management Board
TENURE
2.1 yrs

Agnieszka Sadowska

TITLE
Member of the Management Board
TENURE
2.8 yrs

Grzegorz Kania

TITLE
Member of Management Board
AGE
45
TENURE
2.1 yrs

Ewa Kuzio

TITLE
Chief Accountant

Michal Przewlocki

TITLE
Head of Technology Division

Marek Michalski

TITLE
Deputy Head of Radio Division
AGE
52
Board of Directors Tenure

Average tenure of the Agora board of directors in years:

6.5
Average Tenure
  • The tenure for the Agora board of directors is about average.
Board of Directors

Andrzej Szlezak

TITLE
Chairman of Supervisory Board
COMPENSATION
PLN108K
TENURE
10.5 yrs

Tomasz Sielicki

TITLE
Member of the Supervisory Board
COMPENSATION
PLN72K
TENURE
12.9 yrs

Dariusz Formela

TITLE
Member of the Supervisory Board
COMPENSATION
PLN72K
AGE
45
TENURE
6.5 yrs

Maciej Wisniewski

TITLE
Member of Supervisory Board

Wanda Rapaczynski

TITLE
Member of Supervisory Board
AGE
72
TENURE
0.3 yrs

Tomasz Karusewicz

TITLE
Member of Supervisory Board
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (PLN) Value (PLN)
X
Management checks
We assess Agora'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. Agora 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.

AGO News

Simply Wall St News

Is Agora (WSE:AGO) A Risky Investment?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. … The first step when considering a company's debt levels is to consider its cash and debt together. … When you consider that this deficiency exceeds the company's zł524.0m market capitalization, you might well be inclined to review the balance sheet, just like one might study a new partner's social media.

Simply Wall St -

What Kind Of Shareholders Own Agora S.A. (WSE:AGO)?

We also tend to see lower insider ownership in companies that were previously publicly owned. … View our latest analysis for Agora WSE:AGO Ownership Summary, July 30th 2019 What Does The Institutional Ownership Tell Us About Agora? … Private Company Ownership It seems that Private Companies own 12%, of the AGO stock.

Simply Wall St -

Why You Should Leave Agora S.A. (WSE:AGO)'s Upcoming Dividend On The Shelf

View our latest analysis for Agora Dividends are typically paid from company earnings. … When earnings are declining yet the dividends are flat, typically the company is either paying out a higher portion of its earnings, or paying out of cash or debt on the balance sheet, neither of which is ideal. … See what the three analysts we track are forecasting, with this visualisation of its historical and future estimated earnings and cash flow We wouldn't recommend just buying the first dividend stock you see, though.

Simply Wall St -

Should You Buy Agora S.A. (WSE:AGO) For Its Dividend?

(WSE:AGO) a good dividend stock? How can we tell? Dividend paying companies with growing earnings can be highly rewarding in the long term. Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. With a nine-year payment history and a 3.7% yield, many investors probably find Agora intriguing. We'd agree the yield does look enticing. The company also bought back stock equivalent to around 3.5% of market capitalisation this year. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Modest growth in the dividend is good to see, but we think this is offset by historical cuts to the payments. … However, it's also important to assess if earnings per share (EPS) are growing. Growing EPS can help maintain or increase the purchasing power of the dividend over the long run. Over the past five years, it looks as though Agora's EPS have declined at around 44% a year. Declining earnings per share over a number of years is not a great sign for the dividend investor. Without some improvement, this does not bode well for the long term value of a company's dividend. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Agora (WSE:AGO) Shareholders Have Enjoyed A 33% Share Price Gain

(WSE:AGO) share price is up 33% in the last 5 years, clearly besting than the market return of around -12% (ignoring dividends). … The modest growth is probably broadly reflected in the share price, which is up 5.8%, per year over 5 years. … We note that for Agora the TSR over the last 5 years was 47%, which is better than the share price return mentioned above.

Simply Wall St -

Some Agora Shareholders Are Down 11%

When a company doesn't make profits, we'd generally expect to see good revenue growth. … Some companies are willing to postpone profitability to grow revenue faster, but in that case one does expect good top-line growth. … Agora's revenue didn't grow at all in the last year.

Simply Wall St -

Estimating The Intrinsic Value Of Agora S.A. (WSE:AGO)

by estimating the company's future cash flows and discounting them to their present value. … discounted cash flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Can We See Significant Institutional Ownership On The Agora S.A. (WSE:AGO) Share Register?

Companies that used to be publicly owned tend to have lower insider ownership. … Agora is not a large company by global standards. … We can zoom in on the different ownership groups, to learn more about AGO

Simply Wall St -

What Investors Should Know About Agora SA's (WSE:AGO) Financial Strength

Agora SA (WSE:AGO) is a small-cap stock with a market capitalization of zł536m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health.

Simply Wall St -

Is Agora SA's (WSE:AGO) CEO Pay Justified?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Bartosz Hojka's Compensation Compare With Similar Sized Companies. … It would therefore appear that Agora SA pays Bartosz Hojka more than the median CEO remuneration at companies of a similar size, in the same market

Simply Wall St -

AGO Company Info

Description

Agora S.A., together with its subsidiaries, primarily engages in publishing of magazines, periodicals, and books in Poland. The company operates through six segments: Press, Movies and Books, Outdoor, Internet, Radio, and Print. It publishes newspapers, books, and audiobooks; and operates Internet portals in the thematic categories, such as news and commentary, lifestyle, sport, entertainment, hobby, and classifieds. The company is also involved in the cinema network consisting of 47 multiplexes with 269 screens and approximately 52,000 seats, as well as film production and distribution activities. In addition, it provides outdoor advertising panels comprising billboards, cityscrolls, citylights, frontlights, and backlights; transit advertising on busses and trams; and displays on the boards of Warsaw paid information system. Further, the company operates radio stations under the Zlote Przeboje, Radio Pogoda, and Rock Radio, as well as Radio TOK FM national radio; Internet radio under the tuba.FM name; and Tokfm.pl, a information portal. Additionally, it organizes a range of music, entertainment, and educational events; and operates a chain of fast casual restaurants under the Papa Diego name, as well as provides printing services. Agora S.A. was founded in 1989 and is headquartered in Warsaw, Poland.

Details
Name: Agora S.A.
AGO
Exchange: WSE
Founded: 1989
PLN456,492,143
46,580,831
Website: http://www.agora.pl
Address: Agora S.A.
ul. Czerska 8/10,
Warsaw,
00-732,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE AGO Ordinary Shares Warsaw Stock Exchange PL PLN 21. Apr 1999
LSE 0MNM Ordinary Shares London Stock Exchange GB PLN 21. Apr 1999
Number of employees
Current staff
Staff numbers
2,783
Agora employees.
Industry
Publishing
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/11 20:50
End of day share price update: 2019/12/11 00:00
Last estimates confirmation: 2019/12/06
Last earnings filing: 2019/11/08
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.