Dialogue with investors
Regular communications with the capital market and transparency are some of the key elements having impact on the Group's operational performance. In line with the overriding rule of equal access to reliable information for all stakeholders, including shareholders, investors, analysts and journalists, JSW's investor relations team undertakes a range of activities intended to ensure an on-going and transparent dialogue with all market participants.
JSW's shares have been listed on the Warsaw Stock Exchange since 6 July 2011. The securities are traded in PLN.
In 2020, JSW S.A.'s shares were part of the following indexes:
- price-type: WIG, WIG20, WIG30, WIG-ESG,
- income-type: WIG-Poland index, WIG-Górnictwo index.
The following chart contains JSW S.A.'s share price along with the WIG20, WIG30 and WIG-Górnictwo indexes in 2017-2020:
Chart. JSW S.A. share price vs selected Polish mining-sector companies
Wykres. JSW S.A. share price vs international markets (selected companies)
Recommendations for JSW shares
According to JSW’s knowledge, 24 recommendations were issued by brokerage houses concerning JSW’s shares in 2020. Three different brokerage houses issued three recommendations to buy JSW shares, nine brokerage houses issued neutral (“hold”) recommendations and eight brokerage houses issued twelve recommendations to sell JSW shares.
The following chart presents a percentage structure for these recommendations:
Stock exchange
The lowest closing price for JSW shares in 2020 was PLN 9.13 recorded on 12 March 2020, while the highest closing price was PLN 28.32, on 16 September 2020. At the end of the reporting period, the share price was PLN 25.95. The average daily trading volume in 2020 was 1 214 031 shares.
| INFORMATION ON SHARES | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Number of shares at year end (units) | 117 411 596 | 117 411 596 | 117 411 596 | 117 411 596 | 117 411 596 |
| Maximum price (PLN) | 29,95 | 71,20 | 109,75 | 107,35 | 88,70 |
| Minimum price (PLN) | 9,13 | 17,20 | 61,20 | 59,06 | 8,66 |
| The lowest closing price (PLN) | 9,13 | 18,80 | 63,00 | 60,21 | 8,77 |
| The highest closing price (PLN) | 28,32 | 70,38 | 108,15 | 106,95 | 87,50 |
| Closing price on the last day of quotation (PLN) | 25,95 | 21,38 | 67,26 | 96,27 | 66,90 |
| Turnover (PLN million) | 5 873 | 4 023 | 4 544 | 8 338 | 6 783 |
| Capitalization at the end of the given year (PLN million) | 3 046,8 | 2 510.3 | 7 897,1 | 11 303,2 | 7 854,8 |
In the analysed period, the average closing price for JSW's shares was PLN 18.69, and the difference between the price at the beginning and end of the reporting period was a positive 7.1%. For comparison, during the same period indexes fell as follows: WIG20 by 9.8%, WIG30 by 8.5%, and WIG-Mining went up by 76.2%.
| MARKET VALUE RATIOS | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Earnings per share (ESP) | (13,17) | 5,36 | 14,79 | 21,62 | 0,06 |
| Dividend per share (DPS) | - | 1,71 | - | - | - |
| Price/Earnings | - | 3,99 | 4,55 | 4,45 | 1 172,36 |
| Share price/Book value | 0,42 | 0,28 | 0,94 | 1,71 | 1,93 |
| EV/Adjusted EBITDA | (18,69) | 1,67 | 2,09 | 3,19 | 7,21 |
Proper reporting based on good practices, regular Management Board meetings with analysts, investors, as well as convenient and on-going contact with people in charge of investor relations constitute a pillar of our information policy and the key communications rules in place at our company.
All of the aforementioned activities contribute to the Company's credibility in the widely-understood market surrounding. Credibility results from caring about contacts with the market, which remains a priority for us.
Communication with the capital market
Maintaining regular communication with the capital market is one of the most important elements contributing to the Group’s efficient and effective operation. Given the superior principle of equal access to accurate information, JSW Stock Exchange Relations Office takes a range of measures to ensure ongoing and transparent dialog with all market participants.
JSW continues its efforts to provide reliable information in line with the highest standards for this area. Communication with the market in 2020 was done through the following:
- publishing current and periodic reports,
- organising meetings and conferences,
- giving interviews,
- correspondence,
In connection with the present situation related to the COVID-19 pandemic, the Parent Company organized regular results video conferences at which Management Board members discussed the achieved financial results each time after a periodic report has been published. The conferences were broadcast live via Internet in both Polish and English.
JSW was also an active participant of video meetings and conferences with investors. The website providing multiple financial and operating data in an editable version allowing their quick comparison with historical data was updated on an ongoing basis. Furthermore, video recordings of all results conferences and shareholder meetings of JSW were posted on the website.
JSW was also an active participant of over a dozen meetings and conferences with investors, the most important of which include:
- Online participation in EMEA Commodities - WOOD's Virtual Conference on 17 June 2020, organised by Wood&Company. Representatives of companies from the region and institutional investors participated in the conference.
- Online participation in Emerging Europe Investment Conference, organised by Pekao IB on 8 September 2020. Representatives of companies from the region and institutional investors participated in the conference.
- Online participation in a steel conference hosted by Santander BM on 17 September 2020. Representatives of JSW and ArcelorMittal and institutional investors attended the conference.
- Online participation in CEE Metals & Energy, hosted by DM PKO BP on 30 September 2020. Representatives of companies from the region and institutional investors participated in the conference.
- Online participation in WOOD's Winter Wonderland EME Conference, organised by Wood&Company on 2 December 2020. Representatives of companies from the region and institutional investors participated in the conference.
Given the dynamic nature of the capital market, investor interest and the needs of various stakeholder groups, the investor relations team was continuously available, quickly responding to any interest in the Company shown by market participants.
A diligent approach to compliance with legally-mandated information obligations as well as activities intended to maintain high standards for communications and business transparency allowed the Company to remain part of the WIG-ESG index.
Capital-market participants and entities can contact the Stock Market Relations Office, which is headed by Director Krzysztof Solus - e-mail:[email protected], and are invited to follow JSW's Investor Relations, available here:https://www.jsw.pl/relacje-inwestorskie/
Reporting schedule for 2021
Annual report for 2020
Quarterly report for Q1 2021
Semi-annual report for H1 2021
Quarterly report for Q3 2021