Polenergia S.A. (PEP.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

-53.1%

PLN 24.71

vs PLN 52.70 price

Levered DCF

-PLN 9.51

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.35

Distress zone

Rating

C+

Overall 2 / 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	-33.04×	17.85×	19.95×	37.39×	11.29×	25.33×	12.51×	305.51×
P/B	0.94×	1.25×	1.31×	1.93×	2.05×	1.94×	1.05×	0.89×
P/S	0.97×	1.24×	0.94×	0.84×	0.95×	1.52×	0.53×	0.31×
EV / EBITDA	12.55×	9.2×	9.59×	17.92×	9.32×	13.42×	6.68×	8.55×
Gross margin	14.0%	18.7%	12.1%	6.7%	8.6%	11.5%	8.2%	3.7%
Operating margin	7.8%	11.1%	7.2%	3.4%	6.4%	8.8%	6.8%	2.7%
Net margin	-2.9%	7.0%	4.7%	2.3%	8.4%	6.1%	4.2%	0.1%
Current ratio	2.04×	2.86×	2.55×	1.67×	1.06×	1.92×	2.4×	1.29×
Debt / equity	0.74×	0.56×	0.43×	0.55×	0.89×	0.79×	0.69×	0.76×
Interest coverage	1.26×	4.23×	4.23×	3.41×	6.1×	3.99×	3.74×	1.65×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.9%	7.0%	6.6%	5.2%	18.2%	7.8%	8.4%	0.3%
Return on invested capital	4.1%	5.1%	5.4%	3.7%	5.2%	5.1%	6.0%	0.3%
Return on assets	-1.5%	4.0%	3.9%	2.6%	6.0%	3.7%	4.3%	0.1%
Free cash flow yield	3.5%	8.1%	5.6%	-6.9%	-11.4%	-4.7%	12.9%	7.9%
Earnings yield	-3.0%	5.6%	5.0%	2.7%	8.9%	4.0%	8.0%	0.3%
Enterprise value	PLN 6.4B	PLN 6.3B	PLN 5.6B	PLN 6.9B	PLN 5.1B	PLN 3.5B	PLN 1.9B	PLN 1.7B
Net debt / EBITDA	4.56×	1.35×	0.56×	2.49×	2.39×	2.95×	1.9×	3.07×
Cash conversion cycle (days)	24	26	36	21	2	2	7	2