Enea S.A. (ENA.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-215.3%

-PLN 23.83

vs PLN 20.66 price

Levered DCF

PLN 65.12

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.74

Distress zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.68×	4.91×	-6.89×	66.45×	2.22×	-1.27×	8.24×	6.35×
P/B	0.62×	0.45×	0.35×	0.2×	0.27×	0.24×	0.24×	0.31×
P/S	0.37×	0.22×	0.11×	0.1×	0.18×	0.16×	0.22×	0.34×
EV / EBITDA	3.24×	2.24×	6.68×	3.67×	2.02×	-22.27×	3.98×	4.03×
Gross margin	39.1%	34.7%	23.0%	22.4%	34.7%	36.2%	37.7%	43.2%
Operating margin	15.6%	9.8%	2.2%	1.9%	9.3%	-9.4%	8.6%	8.1%
Net margin	6.6%	4.5%	-1.6%	0.2%	8.0%	-12.5%	2.7%	5.4%
Current ratio	1.37×	1.52×	1.13×	1.05×	1.06×	1.2×	1.39×	1.44×
Debt / equity	0.45×	0.49×	0.58×	0.37×	0.52×	0.7×	0.72×	0.59×
Interest coverage	9.4×	6.18×	2.48×	2.38×	11.17×	-6.71×	4.53×	5.08×
Dividend yield	2.6%	0.4%	0.6%	1.0%	0.0%	0.0%	0.2%	0.0%
Payout ratio	14.6%	2.2%	-4.5%	66.5%	0.0%	0.0%	2.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	9.1%	-5.1%	0.3%	12.1%	-18.8%	2.9%	4.9%
Return on invested capital	10.6%	4.4%	3.1%	1.0%	6.5%	-6.0%	3.0%	3.4%
Return on assets	4.6%	3.5%	-1.8%	0.1%	4.9%	-7.6%	1.3%	2.3%
Free cash flow yield	18.3%	28.9%	-14.2%	-45.2%	95.4%	26.9%	2.0%	10.4%
Earnings yield	17.6%	20.4%	-14.5%	1.5%	45.0%	-78.6%	12.1%	15.7%
Enterprise value	PLN 13.8B	PLN 10B	PLN 9.9B	PLN 7.5B	PLN 7.5B	PLN 9.3B	PLN 10.6B	PLN 10.1B
Net debt / EBITDA	0.83×	0.71×	3.41×	2.19×	1.01×	-15.38×	2.68×	2.28×
Cash conversion cycle (days)	65	69	35	34	54	52	68	81