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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.3x - 0.3x | 0.3x |
| Selected Fwd Ps Multiple | 0.3x - 0.3x | 0.3x |
| Fair Value | €3.68 - €4.06 | €3.87 |
| Upside | 22.4% - 35.3% | 28.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ZE PAK SA | - | WSE:ZEP |
| Energa SA | - | WSE:ENG |
| EC Bedzin S.A. | - | WSE:BDZ |
| Polenergia S.A. | - | WSE:PEP |
| Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A. | - | WSE:KGN |
| ENEA S.A. | - | DB:58S |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| ZEP | ENG | BDZ | PEP | KGN | 58S | |||
| WSE:ZEP | WSE:ENG | WSE:BDZ | WSE:PEP | WSE:KGN | DB:58S | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 6.5% | 16.4% | 3.6% | 11.6% | 26.8% | 15.9% | ||
| 3Y CAGR | 13.3% | 21.2% | 14.6% | 11.7% | 38.8% | 15.7% | ||
| Latest Twelve Months | 26.9% | -0.6% | -45.0% | -23.0% | -19.1% | -25.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -0.7% | 0.8% | -8.0% | 6.4% | 8.2% | 0.2% | ||
| Prior Fiscal Year | 6.6% | 4.8% | -63.8% | 4.7% | 8.3% | -1.6% | ||
| Latest Fiscal Year | 19.7% | 2.8% | -81.2% | 7.0% | 8.1% | 4.2% | ||
| Latest Twelve Months | 19.7% | -0.3% | 325.7% | 7.0% | 7.1% | 4.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 1.0x | 5.7x | -0.8x | 6.9x | 2.1x | 1.6x | ||
| Price / LTM Sales | 0.4x | 0.2x | 0.5x | 1.2x | 0.3x | 0.2x | ||
| LTM P/E Ratio | 2.0x | -61.6x | 0.2x | 16.9x | 3.6x | 5.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 0.4x | 1.2x | |||||
| Historical LTM P/S Ratio | 0.1x | 0.2x | 0.2x | |||||
| Selected Price / Sales Multiple | 0.3x | 0.3x | 0.3x | |||||
| (x) LTM Sales | 32,975 | 32,975 | 32,975 | |||||
| (=) Equity Value | 8,500 | 8,948 | 9,395 | |||||
| (/) Shares Outstanding | 529.7 | 529.7 | 529.7 | |||||
| Implied Value Range | 16.05 | 16.89 | 17.74 | |||||
| FX Rate: PLN/EUR | 4.3 | 4.3 | 4.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.73 | 3.93 | 4.12 | 3.00 | ||||
| Upside / (Downside) | 24.2% | 30.8% | 37.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ZEP | ENG | BDZ | PEP | KGN | 58S | |
| Value of Common Equity | 919 | 4,646 | 76 | 5,096 | 700 | 6,843 | |
| (/) Shares Outstanding | 50.8 | 414.1 | 3.0 | 77.2 | 14.9 | 529.7 | |
| Implied Stock Price | 18.08 | 11.22 | 25.50 | 66.00 | 47.00 | 12.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 4.30 | |
| Implied Stock Price (Trading Cur) | 18.08 | 11.22 | 25.50 | 66.00 | 47.00 | 3.00 | |
| Trading Currency | PLN | PLN | PLN | PLN | PLN | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 4.30 | |