KORPORACJA GOSPODARCZA EFEKT S.A.

Financials Korporacja Gospodarcza efekt S.A.

Equities

EFK

PLEFEKT00018

Real Estate Development & Operations

Market Closed - Warsaw S.E. Other stock markets 11:55:46 2024-05-13 EDT			5-day change	1st Jan Change
7.4 ^PLN	0.00%		-0.67%	+4.23%

04-26	Korporacja Gospodarcza efekt S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Korporacja Gospodarcza efekt S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	36.3	18.15	26.48	32.99	28.74	35.47
Enterprise Value (EV) ¹	78.29	70.23	61.81	70.33	70.8	84.52
P/E ratio	5.21 x	0.68 x	66.3 x	4.75 x	-4.07 x	0.89 x
Yield	0.46%	0.92%	0.94%	0.15%	-	-
Capitalization / Revenue	0.76 x	0.38 x	0.86 x	1.09 x	0.83 x	0.6 x
EV / Revenue	1.64 x	1.47 x	2.01 x	2.33 x	2.04 x	1.43 x
EV / EBITDA	4.83 x	6.93 x	25.9 x	5.61 x	14.3 x	1.51 x
EV / FCF	7.72 x	19 x	-13.2 x	-268 x	-12 x	3.8 x
FCF Yield	13%	5.27%	-7.56%	-0.37%	-8.32%	26.3%
Price to Book	0.79 x	0.25 x	0.35 x	0.4 x	0.38 x	0.31 x
Nbr of stocks (in thousands)	1,665	1,665	4,995	4,998	4,998	4,995
Reference price ²	21.80	10.90	5.300	6.600	5.750	7.100
Announcement Date	19-04-25	20-06-30	21-04-26	22-04-11	23-05-16	24-04-26

¹PLN in Million²PLN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	47.76	47.74	30.68	30.14	34.66	59.22
EBITDA ¹	16.21	10.13	2.386	12.53	4.962	55.8
EBIT ¹	12.43	6.547	0.546	11.63	4.116	55.46
Operating Margin	26.03%	13.71%	1.78%	38.59%	11.87%	93.65%
Earnings before Tax (EBT) ¹	8.92	31.43	0.987	9.111	-7.516	48.52
Net income ¹	7.09	27.07	0.366	6.949	-7.054	39.92
Net margin	14.85%	56.71%	1.19%	23.05%	-20.35%	67.42%
EPS ²	4.183	15.97	0.0800	1.390	-1.412	7.990
Free Cash Flow ¹	10.14	3.704	-4.67	-0.2628	-5.888	22.25
FCF margin	21.23%	7.76%	-15.22%	-0.87%	-16.99%	37.58%
FCF Conversion (EBITDA)	62.55%	36.56%	-	-	-	39.88%
FCF Conversion (Net income)	143.03%	13.68%	-	-	-	55.74%
Dividend per Share ²	0.1000	0.1000	0.0500	0.0100	-	-
Announcement Date	19-04-25	20-06-30	21-04-26	22-04-11	23-05-16	24-04-26

¹PLN in Million²PLN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	42	52.1	35.3	37.3	42.1	49.1
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.59 x	5.14 x	14.81 x	2.98 x	8.477 x	0.8791 x
Free Cash Flow ¹	10.1	3.7	-4.67	-0.26	-5.89	22.3
ROE (net income / shareholders' equity)	16.3%	45.7%	0.49%	8.72%	-8.87%	41.6%
ROA (Net income/ Total Assets)	6.97%	3.27%	0.23%	4.66%	1.61%	18.7%
Assets ¹	101.7	829	157.5	149	-437.6	213.1
Book Value Per Share ²	27.50	43.70	15.30	16.60	15.20	23.20
Cash Flow per Share ²	8.690	0.1800	2.130	0.4600	2.700	2.900
Capex ¹	1.61	0.69	9.45	8.33	6.82	1.03
Capex / Sales	3.37%	1.44%	30.81%	27.63%	19.67%	1.73%
Announcement Date	19-04-25	20-06-30	21-04-26	22-04-11	23-05-16	24-04-26

¹PLN in Million²PLN

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
KORPORACJA GOSPODARCZA EFEKT S.A.	+4.23%	9.26M
CHINA RESOURCES LAND LIMITED	+12.14%	29.29B
MITSUI FUDOSAN CO., LTD.	+27.75%	28.36B
SUN HUNG KAI PROPERTIES LIMITED	-7.64%	25.5B
DLF LIMITED	+15.47%	24.47B
MITSUBISHI ESTATE CO., LTD.	+46.83%	23.83B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+11.05%	21.57B
EMAAR PROPERTIES	+2.90%	19.32B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.14%	16.73B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	-3.64%	15.96B

Other Real Estate Development & Operations

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EFK Stock
Financials Korporacja Gospodarcza efekt S.A.

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