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 2021, 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 2017-2021:
Chart. JSW S.A. share price vs selected Polish mining-sector companies
Chart. JSW S.A. share price vs international markets (selected companies)
Recommendations for JSW shares
According to what JSW knows, twenty four recommendations were issued by 7 brokerage houses concerning JSW’s shares in 2021. Due to the movement in coal prices, market expectations and investment recommendations in the period in question the majority of recommendations i.e. thirteen related to the recommendation “sell”, nine recommendations indicated buying of JSW’s shares, while two recommendations were neutral.
The following chart presents a percentage structure for these recommendations:
STOCK EXCHANGE INDICATORS
In 2021, JSW’s average closing share price went up by 34.4%. For comparison, WIG20 grew by 14.3%, WIG30 by 19.6% and WIG-Mining declined by 19.3% in the same period.
| INFORMATION ON SHARES | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| 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) | 62.48 | 29,95 | 71,20 | 109,75 | 107,35 |
| Minimum price (PLN) | 25.44 | 9,13 | 17,20 | 61,20 | 59,06 |
| The lowest closing price (PLN) | 25.80 | 9,13 | 18,80 | 63,00 | 60,21 |
| The highest closing price (PLN) | 61.10 | 28,32 | 70,38 | 108,15 | 106,95 |
| Closing price on the last day of quotation (PLN) | 34.87 | 25,95 | 21,38 | 67,26 | 96,27 |
| Turnover (PLN million) | 10,626 | 5 873 | 4 023 | 4 544 | 8 338 |
| Capitalization at the end of the given year (PLN million) | 4,094.1 | 3 046,8 | 2 510.3 | 7 897,1 | 11 303,2 |
In 2021, JSW’s lowest closing share price was PLN 25.80 (13 January 2021), while the highest closing share price was PLN 61.10 on 18 October 2021. The JSW share price at the end of the reporting period was PLN 34.87. During 2021, the average daily trading volume was 1,073,908 shares.
| MARKET VALUE RATIOS | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Earnings per share (ESP) | 7.70 | (13,17) | 5,36 | 14,79 | 21,62 |
| Dividend per share (DPS) | - | - | 1,71 | - | - |
| Price/Earnings | 4.53 | - | 3,99 | 4,55 | 4,45 |
| Share price/Book value | 0.49 | 0,42 | 0,28 | 0,94 | 1,71 |
| EV/Adjusted EBITDA | 1.77 | (18,69) | 1,67 | 2,09 | 3,19 |
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
Given the superior principle of equal access to accurate information for all stakeholders, JSW Stock Exchange Relations Office takes a range of measures to ensure ongoing and transparent dialog with all market participants.
In 2021, the communication with the market assumed two forms:
- publishing current and periodic reports and
- organizing meetings, conferences, giving interviews, corresponding, taking part in investor conferences.
In connection with the present situation related to the COVID-19 pandemic, the Parent organised regular results video conferences at which Management Board members discussed the achieved financial results each time after a periodic report has been published, 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.
Performance by JSW of its reporting duties regulated by laws and activities for maintaining high standards of communication and transparency of the pursued business activities allowed the Company to be traded within WIG-ESG index.
JSW was also an active participant of over a dozen meetings and conferences with investors, the most important of which include:
- CEE Capital Markets Virtual Conference on 17 March 2021 – meetings with investors via the Microsoft Teams platform organised by PKO BP’s brokerage unit.
- Wood’s EM Energy & Commodities Virtual Conference on 14 April 2021 – meetings with investors on the zoom platform, organised by Wood&Company. Representatives of companies from the region and institutional investors took part in the conference.
- Virtual Investor’s Day: CEE Metals & Energy on 23 September 2021 – meetings with investors via Microsoft Teams organised by PKO BP’s brokerage unit.
- WOOD's Winter Wonderland - EME Conference on 9 December 2021 – meetings with investors via zoom, organised by Wood&Company. Representatives of companies from the region and institutional investors took part 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 may contact the Stock Market Office via the following email: [email protected]. Aleksander Korsak is the head of the Stock Market Office.
We realise how important the website, and in particular the investor relations section, is as a source of information for capital market participants. The Company pays attention to the merit and timeliness of the content published there. The investor relations section contains plenty of useful information on JSW Group’s current events, financial results and strategy, and also includes presentations and video summaries from earnings conferences and shareholder meetings. JSW’s investor relations section is available at this link: https://www.jsw.pl/relacje-inwestorskie/
Reporting calendar in 2022
Annual report for 2021
Quarterly report for Q1 2022
Semi-annual report for H1 2022
Quarterly report for Q3 2022