Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A. (KGN.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

-716.9%

-PLN 522.51

vs PLN 84.70 price

Levered DCF

PLN 449.35

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.74

Distress zone

Rating

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	3.42×	3.7×	3.78×	2.39×	7.38×	4.21×	6.19×	50×
P/B	0.36×	0.32×	0.45×	0.19×	0.24×	0.31×	0.33×	0.41×
P/S	0.36×	0.29×	0.31×	0.2×	0.29×	0.44×	0.47×	0.62×
EV / EBITDA	2.26×	2.38×	2.61×	1.17×	1.72×	1.76×	0.2×	1.67×
Gross margin	18.4%	13.0%	31.4%	14.9%	10.0%	11.9%	11.2%	1.8%
Operating margin	13.0%	8.6%	9.8%	8.9%	4.7%	13.3%	9.5%	1.2%
Net margin	10.5%	7.9%	8.1%	8.3%	3.9%	10.5%	7.6%	1.2%
Current ratio	1.15×	0.95×	1.2×	1.14×	1.55×	1.99×	2.36×	2.58×
Debt / equity	0.16×	0.19×	0.2×	0.06×	0.03×	0.03×	0×	0.02×
Interest coverage	22.19×	41.39×	41.62×	35.69×	20.66×	49.42×	26.99×	5.71×
Dividend yield	0.0%	0.0%	0.0%	1.3%	0.0%	0.0%	0.0%	6.8%
Payout ratio	0.0%	0.0%	0.0%	3.2%	0.0%	0.0%	0.0%	340.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	8.6%	12.0%	7.9%	3.2%	7.4%	5.3%	0.8%
Return on invested capital	8.6%	5.9%	7.9%	5.1%	2.2%	5.3%	3.6%	0.4%
Return on assets	6.0%	4.3%	5.4%	4.2%	1.8%	4.3%	3.2%	0.5%
Free cash flow yield	50.9%	82.2%	2.7%	-34.4%	1.4%	-2.0%	27.1%	10.9%
Earnings yield	29.2%	27.0%	26.5%	41.8%	13.5%	23.8%	16.2%	2.0%
Enterprise value	PLN 1.3B	PLN 1.2B	PLN 1.4B	PLN 464.9M	PLN 451.8M	PLN 565.7M	PLN 49.7M	PLN 268.5M
Net debt / EBITDA	0.67×	0.84×	0.81×	0.27×	0.14×	0.14×	-1.82×	-2.03×
Cash conversion cycle (days)	140	88	50	133	139	233	70	89