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Advertigo

WSE:AVE
Snowflake Description

Excellent balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AVE
WSE
PLN3M
Market Cap
  1. Home
  2. PL
  3. Media
Company description

Advertigo S.A. operates as a media company in the Internet and press market in Poland. The last earnings update was 45 days ago. More info.


Add to Portfolio Compare Print
  • Advertigo has significant price volatility in the past 3 months.
AVE Share Price and Events
7 Day Returns
13.1%
WSE:AVE
-6%
PL Interactive Media and Services
-1.4%
PL Market
1 Year Returns
-9.5%
WSE:AVE
-6.4%
PL Interactive Media and Services
-33%
PL Market
AVE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Advertigo (AVE) 13.1% -0.5% - -9.5% -56.7% 10.6%
PL Interactive Media and Services -6% -27.7% -20.6% -6.4% -5.9% -7.1%
PL Market -1.4% -16.3% -27.9% -33% -37.3% -38.2%
1 Year Return vs Industry and Market
  • AVE underperformed the Interactive Media and Services industry which returned -6.4% over the past year.
  • AVE outperformed the Market in Poland which returned -33% over the past year.
Price Volatility
AVE
Industry
5yr Volatility vs Market

AVE Value

 Is Advertigo 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 Advertigo 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 Advertigo.

WSE:AVE 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 9.1%
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:AVE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.5%
Interactive Media and Services Unlevered Beta Simply Wall St/ S&P Global 1.03
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.029 (1 + (1- 19%) (14%))
1.097
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.99% + (1.097 * 6.51%)
9.13%

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

The calculations below outline how an intrinsic value for Advertigo 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:AVE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 9.13%)
2020 0.89 Est @ 62.34% 0.82
2021 1.29 Est @ 44.24% 1.08
2022 1.69 Est @ 31.56% 1.30
2023 2.08 Est @ 22.69% 1.47
2024 2.42 Est @ 16.48% 1.56
2025 2.72 Est @ 12.13% 1.61
2026 2.96 Est @ 9.09% 1.61
2027 3.17 Est @ 6.96% 1.57
2028 3.34 Est @ 5.47% 1.52
2029 3.49 Est @ 4.43% 1.46
Present value of next 10 years cash flows PLN14.00
WSE:AVE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= PLN3.49 × (1 + 1.99%) ÷ (9.13% – 1.99%)
PLN49.83
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN49.83 ÷ (1 + 9.13%)10
PLN20.79
WSE:AVE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN14.00 + PLN20.79
PLN34.79
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN34.79 / 29.75
PLN1.17
WSE:AVE Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN1.17
Current discount Discount to share price of PLN0.10
= -1 x (PLN0.10 - PLN1.17) / PLN1.17
91.5%

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

Current Discount
Amount off the current price Advertigo is available for.
Intrinsic value
>50%
Share price is PLN0.1 vs Future cash flow value of PLN1.17
Current Discount Checks
For Advertigo to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Advertigo's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Advertigo'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 Advertigo's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Advertigo's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:AVE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in PLN PLN0.01
WSE:AVE Share Price ** WSE (2020-03-26) in PLN PLN0.1
Europe Interactive Media and Services Industry PE Ratio Median Figure of 19 Publicly-Listed Interactive Media and Services Companies 22.44x
Poland Market PE Ratio Median Figure of 421 Publicly-Listed Companies 9.2x

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

** Primary Listing of Advertigo.

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

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

= 0.1 ÷ 0.01

13.9x

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

  • Advertigo is good value based on earnings compared to the Europe Interactive Media and Services industry average.
  • Advertigo is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does Advertigo's expected growth come at a high price?
Raw Data
WSE:AVE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Interactive Media and Services Industry PEG Ratio Median Figure of 12 Publicly-Listed Interactive Media and Services Companies 2.2x
Poland Market PEG Ratio Median Figure of 103 Publicly-Listed Companies 0.73x

*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 Advertigo, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Advertigo's assets?
Raw Data
WSE:AVE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in PLN PLN0.08
WSE:AVE Share Price * WSE (2020-03-26) in PLN PLN0.1
Poland Interactive Media and Services Industry PB Ratio Median Figure of 6 Publicly-Listed Interactive Media and Services Companies 1.98x
Poland Market PB Ratio Median Figure of 641 Publicly-Listed Companies 0.85x
WSE:AVE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.1 ÷ 0.08

1.22x

* Primary Listing of Advertigo.

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

  • Advertigo is good value based on assets compared to the PL Interactive Media and Services industry average.
X
Value checks
We assess Advertigo'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 Interactive Media and 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 Interactive Media and Services industry average (and greater than 0)? (1 check)
  5. Advertigo has a total score of 4/6, 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.

AVE Future Performance

 How is Advertigo 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 Advertigo 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
22.4%
Expected Interactive Media and Services industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Advertigo expected to grow at an attractive rate?
  • Unable to compare Advertigo's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Advertigo's earnings growth to the Poland market average as no estimate data is available.
  • Unable to compare Advertigo's revenue growth to the Poland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
WSE:AVE Future Growth Rates Data Sources
Data Point Source Value (per year)
Europe Interactive Media and Services Industry Earnings Growth Rate Market Cap Weighted Average 22.4%
Europe Interactive Media and Services Industry Revenue Growth Rate Market Cap Weighted Average 10.9%
Poland Market Earnings Growth Rate Market Cap Weighted Average 12%
Poland Market Revenue Growth Rate Market Cap Weighted Average 4.6%

*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:AVE 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:AVE Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-12-31 4 1 0
2019-09-30 5 0 0
2019-06-30 5 1 0
2019-03-31 4 0 0
2018-12-31 3 0 0
2018-09-30 3 0 0
2018-06-30 3 0 0
2018-03-31 3 0 0
2017-12-31 3 0 0
2017-09-30 3 0 -1
2017-06-30 3 0 -1
2017-03-31 3 0 0

*GAAP earnings excluding extraordinary items.

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

WSE:AVE Past Financials Data
Date (Data in PLN Millions) EPS *
2019-12-31 0.01
2019-09-30 0.00
2019-06-30 0.00
2019-03-31 0.00
2018-12-31 0.00
2018-09-30 -0.01
2018-06-30 -0.01
2018-03-31 -0.01
2017-12-31 -0.01
2017-09-30 -0.02
2017-06-30 -0.02
2017-03-31 -0.02

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

Next steps:

  1. Examine whether Advertigo is trading at Advertigo'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. Advertigo'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 Media companies here
  3. Advertigo'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 Advertigo'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.
Advertigo 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.

AVE Past Performance

  How has Advertigo 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 Advertigo's growth in the last year to its industry (Interactive Media and 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.
  • Advertigo's year on year earnings growth rate has been positive over the past 5 years.
  • Advertigo has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Advertigo has become profitable in the last year making it difficult to compare the Europe Interactive Media and Services industry average.
Earnings and Revenue History
Advertigo'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 Advertigo Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:AVE Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 3.99 0.21 0.95
2019-09-30 4.62 0.07 0.98
2019-06-30 4.68 0.03 0.94
2019-03-31 3.66 0.07 0.97
2018-12-31 3.24 -0.13 1.05
2018-09-30 2.52 -0.16 0.91
2018-06-30 2.56 -0.23 1.00
2018-03-31 2.65 -0.27 1.08
2017-12-31 2.69 -0.30 1.12
2017-09-30 2.88 -0.61 1.65
2017-06-30 2.99 -0.55 1.70
2017-03-31 3.13 -0.45 1.80
2016-12-31 3.18 -0.56 2.02
2016-09-30 3.34 -0.54 2.28
2016-06-30 3.55 -0.42 2.51
2016-03-31 3.60 -0.36 2.63
2015-12-31 3.77 0.02 2.49
2015-09-30 3.84 0.20 2.36
2015-06-30 3.86 0.11 2.20
2015-03-31 3.75 0.03 2.02
2014-12-31 3.45 -0.24 1.88
2014-09-30 3.25 -0.43 1.53
2014-06-30 3.11 -0.36 1.37
2014-03-31 3.14 -0.25 1.32
2013-12-31 3.24 -0.23 1.38
2013-09-30 3.37 -0.13 1.52
2013-06-30 3.52 -0.15 2.46
2013-03-31 3.73 -0.08 2.07

*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.
  • Advertigo has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Advertigo used its assets less efficiently than the Europe Interactive Media and Services industry average last year based on Return on Assets.
  • Advertigo has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Advertigo'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 Interactive Media and 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.
Advertigo 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.

AVE Health

 How is Advertigo'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 Advertigo's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Advertigo is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Advertigo has no long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Advertigo'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 5.8x 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 Advertigo Company Filings, last reported 2 months ago.

WSE:AVE Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2.43 0.41 0.66
2019-09-30 2.17 0.41 0.49
2019-06-30 2.17 0.43 1.04
2019-03-31 2.34 0.46 0.37
2018-12-31 2.21 0.22 0.06
2018-09-30 2.10 0.39 0.01
2018-06-30 2.15 0.26 0.02
2018-03-31 2.27 0.00 0.19
2017-12-31 2.34 0.00 0.25
2017-09-30 2.26 0.00 0.28
2017-06-30 2.38 0.00 0.32
2017-03-31 2.54 0.00 0.38
2016-12-31 2.64 0.00 0.36
2016-09-30 2.87 0.00 0.35
2016-06-30 2.93 0.00 0.32
2016-03-31 2.99 0.00 0.29
2015-12-31 3.20 0.00 0.24
2015-09-30 3.40 0.00 0.21
2015-06-30 3.35 0.00 0.09
2015-03-31 3.35 0.49 0.42
2014-12-31 3.18 0.49 0.08
2014-09-30 3.21 0.64 0.41
2014-06-30 3.42 0.65 0.13
2014-03-31 3.32 0.50 0.21
2013-12-31 3.42 0.50 0.43
2013-09-30 3.64 0.00 0.20
2013-06-30
2013-03-31
  • Advertigo's level of debt (17.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (15.4% vs 17.1% today).
  • Debt is well covered by operating cash flow (147.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.7x coverage).
X
Financial health checks
We assess Advertigo'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. Advertigo 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.

AVE Dividends

 What is Advertigo'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 Advertigo dividends.
If you bought PLN2,000 of Advertigo 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 Advertigo's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Advertigo'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:AVE 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
Europe Interactive Media and Services Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 1.8%
Poland Market Average Dividend Yield Market Cap Weighted Average of 195 Stocks 6%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.6%
Poland Bottom 25% Dividend Yield 25th Percentile 3.2%
Poland Top 25% Dividend Yield 75th Percentile 8.8%

Industry and Market average data is calculated daily.

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

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

  • Unable to perform a dividend volatility check as Advertigo has not reported any payouts.
  • Unable to verify if Advertigo's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Advertigo's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Advertigo 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 Advertigo's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - 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 Advertigo afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Advertigo 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.

AVE Management

 What is the CEO of Advertigo'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.
  • Advertigo has no CEO, or we have no data on them.
Management Team

Leszek Jastrzebski

TITLE
President of the Management Board

Róza Tyczynska

TITLE
Chief Accountant
Board of Directors

Jastrzebska Iwona

TITLE
Chairman of the Supervisory Board

Jastrzebska Zofia

TITLE
Member of the Supervisory Board

Krysiak Krystyna

TITLE
Member of the Supervisory Board

Mysliwiec Pawel

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 Advertigo'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. Advertigo 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.

AVE News

Simply Wall St News

A Look At The Intrinsic Value Of Advertigo S.A. (WSE:AVE)

Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (PLN, Millions) PLN203.1k PLN254.8k PLN302.3k PLN344.4k PLN381.0k PLN412.5k PLN439.9k PLN464.2k PLN486.0k PLN506.2k Growth Rate Estimate Source Est @ 35.15% Est @ 25.46% Est @ 18.68% Est @ 13.93% Est @ 10.6% Est @ 8.28% Est @ 6.65% Est @ 5.51% Est @ 4.71% Est @ 4.15% Present Value (PLN, Millions) Discounted @ 10.29% PLN0.2 PLN0.2 PLN0.2 PLN0.2 PLN0.2 PLN0.2 PLN0.2 PLN0.2 PLN0.2 PLN0.2 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= PLN2.1m We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = zł506k × (1 + 2.9%) ÷ (10.3% – 2.9%) = zł7.0m Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = PLNzł7.0m ÷ ( 1 + 10.3%)10 = PLN2.63m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is PLN4.77m. … WSE:AVE Intrinsic value, July 19th 2019 The assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

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What Kind Of Shareholders Own Advertigo S.A. (WSE:AVE)?

Taking a look at our data on the ownership groups (below), it's seems that institutional investors have not yet purchased shares. … See our latest analysis for Advertigo WSE:AVE Ownership Summary, June 25th 2019 What Does The Lack Of Institutional Ownership Tell Us About Advertigo? … Insider Ownership Of Advertigo The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

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Read This Before Judging Advertigo S.A.'s (WSE:AVE) ROE

One way to conceptualize this, is that for each PLN1 of shareholders' equity it has, the company made PLN0.028 in profit. … The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Advertigo: 2.8% = zł65k ÷ zł2.3m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … One simple way to determine if a company has a good return on equity is to compare it to the average for its industry.

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What Kind Of Shareholder Appears On The Advertigo S.A.'s (WSE:AVE) Shareholder Register?

As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'. … With a market capitalization of zł4.2m, Advertigo is a small cap stock, so it might not be well known by many institutional investors. … Our analysis of the ownership of the company, below, shows that.

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What Kind Of Shareholder Appears On The Advertigo SA's (WSE:AVE) Shareholder Register?

A look at the shareholders of Advertigo SA (WSE:AVE) can tell us which group is most powerful. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'.

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Are Advertigo SA's (WSE:AVE) Interest Costs Too High?

The direct benefit for Advertigo SA (WSE:AVE), which sports a zero-debt capital structure, to include debt in its capital structure is the reduced cost of capital. … Does AVE's growth rate justify its decision for financial flexibility over lower cost of capital … Debt capital generally has lower cost of capital compared to equity funding.

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Advertigo SA.'s (WSE:AVE) Single Biggest Risk For Investors

Cash burn is when a loss-making company spends its equity to fund its expenses before making money from its day-to-day business. … WSE:AVE Income Statement Apr 4th 18 When will Advertigo need to raise more cash? … Though, if opex continues to rise at this rate, given how much cash reserves Advertigo currently has, it will actually need to raise capital again within the next couple of months!

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What Does Advertigo SA.'s (WSE:AVE) Ownership Structure Look Like?

In this article, I will take a quick look at Advertigo SA.’s (WSE:AVE) recent ownership structure – an unconventional investing subject, but an important one. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … Check out our latest analysis for Advertigo WSE:AVE Ownership_summary Mar 28th 18 Insider Ownership Insiders form another group of important ownership types as they manage the company's operations and decide the best use of capital.

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Does Advertigo SA. (WSE:AVE) Fall With The Market?

A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one. … Based on this beta value, AVE appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market. … As a result, the company may be less volatile relative to broad market movements, compared to a company of similar size but higher proportion of fixed assets.

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Does Advertigo SA.'s (WSE:AVE) Earnings Growth Make It An Outperformer?

See our latest analysis for Advertigo Did AVE's recent earnings growth beat the long-term trend and the industry? … To account for any quarterly or half-yearly updates, I use data from the most recent 12 months, which either annualizes the most recent 6-month earnings update, or in some cases, the most recent annual report is already the latest available financial data. … For Advertigo, its latest earnings (trailing twelve month) is -ZŁ307.73K, which, against the prior year's figure, has become less negative.

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AVE Company Info

Description

Advertigo S.A. operates as a media company in the Internet and press market in Poland. The company operates thematic Websites in gaming and music industries, such as PPE.pl, a general polish portal; PSSite.com, a portal for PlayStation console; nowrock.pl, the official Website of the monthly Teraz Rock; Psxextreme.info, a general forum; and Ps3forum.pl, a forum for PlayStation fans. It also offers Teraz Rock, a music magazine; PSX Extreme, a magazine for game consoles; and Teraz Rock Kolekcja, a quarterly magazine of rock stars. The company was formerly known as AD Music SA. Advertigo S.A. was founded in 2010 and is headquartered in Warsaw, Poland.

Details
Name: Advertigo S.A.
AVE
Exchange: WSE
Founded: 2010
PLN2,960,125
29,750,000
Website: http://www.advertigo.pl
Address: Advertigo S.A.
ul. Cedrowa 34,
Warsaw,
04-533,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE AVE Common Bearer Shares Warsaw Stock Exchange PL PLN 21. Dec 2011
Number of employees
Current staff
Staff numbers
0
Advertigo employees.
Industry
Interactive Media and Services
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 22:51
End of day share price update: 2020/03/26 00:00
Last earnings filing: 2020/02/14
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.