PGE Polska Grupa Energetyczna S.A. (PGE.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

-148.9%

-PLN 7.73

vs PLN 15.81 price

Levered DCF

PLN 5.54

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.25

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	-5.64×	-4.3×	-3.89×	4.41×	3.8×	110.54×	-3.79×	12.5×
P/B	0.47×	0.31×	0.42×	0.27×	0.32×	0.29×	0.35×	0.4×
P/S	0.32×	0.21×	0.2×	0.2×	0.29×	0.27×	0.4×	0.72×
EV / EBITDA	2.02×	5.51×	11.43×	1.41×	2×	3.4×	3.76×	4.58×
Gross margin	2.6%	14.7%	8.8%	7.8%	6.9%	9.1%	-6.7%	18.7%
Operating margin	-4.1%	-0.1%	-3.6%	5.9%	9.7%	3.1%	-11.8%	9.5%
Net margin	-5.7%	-4.9%	-5.2%	4.5%	7.5%	0.2%	-10.4%	5.8%
Current ratio	0.9×	0.8×	0.83×	0.96×	1.04×	1.01×	1.07×	0.72×
Debt / equity	0.36×	0.3×	0.32×	0.17×	0.23×	0.27×	0.29×	0.23×
Interest coverage	-2.02×	-0.08×	-4.6×	6.59×	16.58×	5.03×	-9.57×	7.25×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%
Payout ratio	0.0%	0.0%	0.0%	0.1%	0.1%	1.8%	-0.1%	2.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.4%	-7.1%	-10.7%	6.2%	8.4%	0.3%	-9.3%	3.2%
Return on invested capital	-3.4%	-0.1%	-4.5%	4.9%	6.0%	1.0%	-5.5%	2.5%
Return on assets	-3.3%	-3.0%	-4.4%	3.1%	4.5%	0.1%	-5.1%	2.0%
Free cash flow yield	9.8%	-0.7%	-33.2%	33.7%	18.4%	35.6%	-0.6%	-6.9%
Earnings yield	-17.7%	-23.2%	-25.7%	22.7%	26.3%	0.9%	-26.4%	8.0%
Enterprise value	PLN 24.1B	PLN 22.4B	PLN 28.3B	PLN 11.7B	PLN 19.2B	PLN 19.4B	PLN 26B	PLN 28.2B
Net debt / EBITDA	0.36×	2.17×	3.57×	-0.35×	0.43×	1.27×	1.61×	1.54×
Cash conversion cycle (days)	27	37	49	47	63	52	71	65