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Cyfrowy Polsat SA is a Poland-based pay digital television platform operator. It is composed of Cyfrowy Polsat, direct-to-home (DTH) platform, and Telewizja Polsat, commercial television (TV) broadcaster. It operates through one business segment: Retail business, comprising DTH, broadband Internet in High Speed Packet Access (HSPA) and Long Term Evolution (LTE) technologies, as well as mobile telephony services in a mobile virtual network operator (MVNO) model; and Broadcasting and television production, offering TV channels consisting of general entertainment, sports, news, business, lifestyle, movie and children's channels. The Company has a 20.5% audience market share and 23.2% share of the TV advertising market and nearly 3.6 mil subcribers

Finance

Cyfrowy Polsat has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 53.1% a year during that time to total of PLN 3,685 mil in 2015, or 37.5% of sales. That’s compared to 37.2% average margin seen in last five years.

The company netted PLN 1,163 mil in 2015 implying ROE of 12.0% and ROCE of 5.03%. Again, the average figures were 15.5% and 7.53%, respectively when looking at the previous 5 years.

Cyfrowy Polsat’s net debt amounted to PLN 10,851 mil at the end of 2015, or 1.06 of equity. When compared to EBITDA, net debt was 2.94x, up when compared to average of 2.72x seen in the last 5 years.

Valuation

Cyfrowy Polsat stock traded at EUR 20.9 per share at the end of 2015 resulting in a market capitalization of USD 3,423 mil. Over the previous five years, stock price grew by 26.5% or 4.82% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 6.26x and price to earnings (PE) of 11.5x as of 2015.