Shares of Cyfrowy Polsat are listed on the Warsaw Stock Exchange since May 6, 2008.
The table below presents the characteristics of the shares issued as of December 31, 2017:
Cyfrowy Polsat shares
Shares of Cyfrowy Polsat are listed on the Warsaw Stock Exchange since May 6, 2008.
|Series||Number of shares||Type of shares||Number of votes at the General Meeting||Face value /PLN|
|A||2.500.000||Preference shares (2 voting rights)||5,000,000||100,000.0|
|B||2.500.000||Preference shares (2 voting rights)||5,000,000||100,000.0|
|C||7.500.000||Preference shares (2 voting rights)||15,000,000||300,000.0|
|D||166.917.501||Preference shares (2 voting rights)||333,835,002||6,676,700.0|
|D||8.082.499||Ordinary bearer shares||8,082,499||323,300.0|
|E||75.000.000||Ordinary bearer shares||75,000,000||3,000,000.0|
|F||5.825.000||Ordinary bearer shares||5,825,000||233,000.0|
|H||80.027.836||Ordinary bearer shares||80,027,836||3,201,113.4|
|I||47.260.690||Ordinary bearer shares||47,260,690||1,890,427.6|
|J||243.932.490||Ordinary bearer shares||243,932,490||9,757,299.6|
The share capital of the Company is PLN 25,581,840.64, divided into 639,546,016 shares. The total number of votes at the General Meeting is 818,963,517.
Basic data on the Cyfrowy Polsat shares in trading
- Date of first quotation
- May 6, 2008
- Component of indices
- WIG, WIG20, WIG30, WIG-telekomunikacja
- Quotation system
- International Securities Identification Number (ISIN)
- Cyfrowy Polsat’s identification codes
(indexed; 100 = closing price on December 30, 2016)
1 change December 30, 2016 vs December 29, 2017
Cyfrowy Polsat shares on the stock exchange in 2017
|High for the year||PLN||27.80||25.69|
|Low for the year||PLN||23.09||20.09|
|Average for the year||PLN||25.08||23.25|
|Average daily turnover||PLN ‘000||13,218||9,210|
|Average daily trading volume||shares||527,587||398,461|
|Number of shares (as at year-end)||shares||639,546,016||639,546,016|
|Market capitalization (as at year-end)||PLN ‘000||15,899,144||15,732,832|
Market capitalization of Cyfrowy Polsat since its debut on the WSE (PLN)
Cyfrowy Polsat is the largest in terms of market capitalization, that amounted to PLN 15.9 billion as of the end of 2017, media and telecommunications company quoted on the Warsaw Stock Exchange and one of the largest in Middle and Eastern Europe.
Brokers covering the Company:
- m Maklerski BDM S.A.
- m Maklerski BOŚ S.A.
- m Maklerski BZ WBK S.A.
- m Maklerski mBanku S.A.
- m Maklerski PKO BP S.A.
- Trigon Dom Maklerski S.A.
- IPOPEMA Securities S.A.
- Pekao Investment Banking S.A.
- Citigroup Global Markets Inc.
- Deutsche Bank Securities S.A.
- ERSTE Group Research
- Goldman Sachs
- Haitong Bank S.A.
- Patria Finance a.s.
- Raiffeisen Centrobank AG
- UBS Investment Bank
Recommendations for the shares of Cyfrowy Polsat published in 2017
|Date||Institution||Recommendation||Target price [PLN]|
|December 18||Haitong Bank S.A.||Buy||27.50|
|December 10||Dom Maklerski BOŚ S.A||Buy||27.00|
|December 5||Goldman Sachs||Neutral||26.60|
|November 17||UBS Investment Bank||Buy||30.00|
|October 23||Raiffeisen CENTROBANK||Buy||28.60|
|October 5||ERSTE Group Research||Cumulate||31.00|
|September 22||Trigon Dom Maklerski S.A.||Buy||29.10|
|September 11||Raiffeisen CENTROBANK||Buy||29.50|
|September 5||Haitong Bank S.A.||Buy||30.40|
|September 1||ERSTE Group Research||Cumulate||31.00|
|August 29||DM mBanku S.A.||Reduce||24.40|
|August 23||DM PKO BP S.A.||Buy||29.20|
|July 26||Citigroup Global Markets Inc.||Neutral||27.00|
|July 26||IPOPEMA Securities S.A.||Hold||26.00|
|July 25||Deutsche Bank Securities S.A.||Hold||28.00|
|July 18||Dom Maklerski BOŚ S.A||Hold||26.20|
|July 11||Haitong Bank S.A.||Buy||30.00|
|June 30||Pekao Investment Banking S.A.||Hold||24.34|
|May 17||Dom Maklerski BOŚ S.A||Sell||25.50|
|May 16||Goldman Sachs||Neutral||26.80|
|May 15||Dom Maklerski BDM S.A.||Cumulate||28.49|
|May 8||Raiffeisen CENTROBANK||Buy||28.00|
|April 17||Goldman Sachs||Neutral||25.60|
|March 23||Trigon Dom Maklerski S.A.||Buy||29.40|
|March 14||Citigroup Global Markets Inc.||Neutral||25.00|
|March 3||ERSTE Group Research||Cumulate||26.00|
|February 17||Dom Maklerski BZ WBK S.A.||Buy||28.50|
|January 30||IPOPEMA Securities S.A.||Hold||25.00|
|January 27||DM mBanku S.A.||Reduce||22.30|
Structure of recommendations as at December 31, 2017
Target price as at December 31, 2017 [PLN]
On November 8, 2016 the Management Board of the Company adopted a new dividend policy of the Company, worded as follows:
“The main goal of the strategy of Cyfrowy Polsat S.A. Capital Group (the “Group,” “Polsat Group”) is the permanent growth of the value of Cyfrowy Polsat S.A. (the “Company”) for its shareholders. We intend to achieve this goal by implementing the major elements of our operational strategy which include:
- growth of revenue from services provided to residential and business customers through consistent building of the value of our customer base by maximizing the number of users of our services, as well as the number of services offered to each customer, while simultaneously increasing average revenue per user (ARPU) and maintaining high levels of customer satisfaction,
- growth of revenue from produced and purchased content by expanding its distribution, maintaining the audience shares of our channels and improving our viewer profile,
- effective management of the cost base of our integrated media and telecom group by exploiting its inherent synergies and economies of scale, and
- effective management of the Group’s finances, including its capital resources.
Predictable dividend payout to shareholders is one of the main goals underlying our capital resources management policy. To assure attractive profitability levels for the capital employed by our shareholders, while at the same time bearing in mind the strategy of deleveraging of the Group, the Management Board has set the desirable consolidated debt level, as measured by the net debt/EBITDA ratio, which should be reduced to below the level of 1.75x.
In view of the above, the Management Board of Cyfrowy Polsat S.A. has adopted a resolution regarding the dividend policy which assumes that dividend payout proposals, along with the Management Board’s recommendations, will be presented every year to the General Meeting, subject to the observance of the following principles:
- if the ratio of the Group’s net debt to consolidated EBITDA, as calculated for the end of the quarter preceding the quarter of adoption of the dividend payout resolution and while accounting for the impact that the proposed dividend payout will have on net debt, is lower than 3.2x but higher than 2.5x, then the Management Board of Cyfrowy Polsat S.A. will recommend a dividend payout in the range between PLN 200 million and PLN 400 million;
- if the ratio of the Group’s net debt to consolidated EBITDA, as calculated for the end of the quarter preceding the quarter of adoption of the dividend payout resolution and while accounting for the impact that the proposed dividend payout will have on net debt, is equal or lower than 2.5x but higher than 1.75x, the Management Board of Cyfrowy Polsat S.A. will recommend a dividend payout in the range from 25% to 50% of the Group’s consolidated net profit for the past financial year;
- if the ratio of the Group’s net debt to consolidated EBITDA, as calculated for the end of the quarter preceding the quarter of adoption of the dividend payout resolution and while accounting for the impact that the proposed dividend payout will have on net debt, is lower than 1.75x, the Management Board of Cyfrowy Polsat S.A. will recommend a dividend payout in the range from 50% to 100% of the Group’s consolidated net profit for the past financial year.
Every time when presenting a proposal of distribution of the profit, along with the recommendation, the Company’s Management Board will take into account the Group’s net profit, financial standing and liquidity, existing and future liabilities (including potential restrictions related to facility agreements and other financial documents), the assessment of the Group’s prospects in specific market and macroeconomic conditions, potential necessity of spending funds for the Group’s development, in particular through acquisitions and embarking on new projects, one-off items, as well as valid legal regulations. Moreover, given that a significant portion of the generated capital resources is obtained by the Group from dividends paid by its subsidiaries, the above mentioned policy and the Board’s recommendation will, in each case, be dependent on the financial situation of the Company’s subsidiaries and the Company itself.
The dividend policy will be subject to regular verification by the Company’s Management Board. In particular, the Management Board provides for a modification of the dividend policy following the refinancing of Polsat Group’s debt which is expected in 2020.
The new dividend policy will take effect from January 1, 2017, however the source for the dividend payout will be the Company’s net profit for the financial year ended December 31, 2016.”
Distribution of net profit of Cyfrowy Polsat for 2016
Acting in accordance with resolution no. 35 of the Ordinary General Meeting, held on June 27, 2017, regarding profit distribution, the Company’s total standalone net profit for the financial year ended December 31, 2016 in the amount of PLN 578.0 million was distributed in such a way that PLN 204.7 million was allocated to dividend for shareholders and PLN 373.3 million was allocated to the reserve capital.
History of Cyfrowy Polsat’s profit sharing
- net proft, incl.
1 Net profit allocated entirely to reserve capital according to the resolution of the General Meeting on May 19, 2011.
2 Net profit distributed in total to reserve capital and to cover losses from previous years according to the resolution of the General Meeting on June 5, 2012.
3 Net profit distributed in total to reserve capital according to the resolution of the General Meeting on June 11, 2013.
4 Net profit distributed in total to reserve capital according to the resolution of the General Meeting on April 2, 2015.
5 Net profit distributed in total to reserve capital according to the resolution of the General Meeting on June 29, 2016.
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