TAURON Polska Energia S.A. (TPE.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

-1284.5%

-PLN 103.88

vs PLN 8.77 price

Levered DCF

PLN 50.32

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.37

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	4.57×	11.39×	3.93×	-27.7×	13.97×	-2.2×	-244.78×	18.25×
P/B	0.73×	0.37×	0.36×	0.22×	0.28×	0.3×	0.16×	0.21×
P/S	0.44×	0.19×	0.13×	0.1×	0.18×	0.23×	0.14×	0.21×
EV / EBITDA	3.71×	4.16×	3.9×	6.94×	4.9×	133.68×	7.97×	5.51×
Gross margin	18.5%	11.2%	10.0%	5.3%	12.6%	-1.3%	6.1%	9.3%
Operating margin	14.4%	7.5%	6.7%	2.9%	5.4%	10.1%	1.4%	4.4%
Net margin	9.6%	1.7%	3.3%	-0.4%	1.3%	-10.6%	-0.1%	1.1%
Current ratio	0.57×	0.63×	0.87×	1.01×	0.63×	0.86×	0.87×	0.62×
Debt / equity	0.63×	0.83×	0.97×	0.99×	0.79×	0.92×	0.79×	0.6×
Interest coverage	7.22×	3.62×	4.04×	1.71×	3.41×	6.51×	1×	4.31×
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	15.9%	3.3%	9.3%	-0.8%	2.0%	-13.7%	-0.1%	1.1%
Return on invested capital	10.1%	2.3%	6.4%	-5.7%	3.1%	6.4%	0.6%	1.0%
Return on assets	6.8%	1.3%	3.4%	-0.3%	0.8%	-5.5%	-0.0%	0.6%
Free cash flow yield	3.4%	46.0%	-3.4%	-29.7%	37.6%	2.8%	-69.6%	-39.6%
Earnings yield	21.9%	8.9%	25.6%	-3.6%	7.3%	-45.5%	-0.4%	5.3%
Enterprise value	PLN 27.8B	PLN 20.6B	PLN 22.9B	PLN 18.5B	PLN 16.9B	PLN 18.4B	PLN 16B	PLN 14B
Net debt / EBITDA	1.69×	2.83×	2.78×	5.55×	3.55×	99.11×	6.53×	4×
Cash conversion cycle (days)	35	31	30	39	38	42	38	31