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PGE Polska Grupa Energetyczna

DB:6PG
Snowflake Description

Undervalued with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
6PG
DB
PLN18B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

PGE Polska Grupa Energetyczna S.A. engages in the production, transmission, and distribution of electricity in Poland. The last earnings update was 57 days ago. More info.


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6PG Share Price and Events
7 Day Returns
-4.3%
DB:6PG
0.1%
Europe Electric Utilities
-0.9%
DE Market
1 Year Returns
-2.6%
DB:6PG
14.7%
Europe Electric Utilities
-7.4%
DE Market
6PG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PGE Polska Grupa Energetyczna (6PG) -4.3% 5.9% -0.2% -2.6% -25.2% -56.9%
Europe Electric Utilities 0.1% 0.5% 6.8% 14.7% 33.2% 5.5%
DE Market -0.9% -0.4% -3.7% -7.4% 8.1% 12%
1 Year Return vs Industry and Market
  • 6PG underperformed the Electric Utilities industry which returned 14.7% over the past year.
  • 6PG outperformed the Market in Germany which returned -7.4% over the past year.
Price Volatility
6PG
Industry
5yr Volatility vs Market
Related Companies

6PG Value

 Is PGE Polska Grupa Energetyczna undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of PGE Polska Grupa Energetyczna to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for PGE Polska Grupa Energetyczna.

DB:6PG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.9%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:6PG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 7.1%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.26
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.26 (1 + (1- 19%) (72.14%))
0.606
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 7.14%)
5.94%

Discounted Cash Flow Calculation for DB:6PG using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for PGE Polska Grupa Energetyczna is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:6PG DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 5.94%)
2020 1,083.50 Analyst x5 1,022.75
2021 3,825.37 Analyst x3 3,408.42
2022 3,862.80 Analyst x2 3,248.80
2023 3,191.10 Analyst x1 2,533.38
2024 2,767.58 Est @ -13.27% 2,073.96
2025 2,512.36 Est @ -9.22% 1,777.14
2026 2,351.90 Est @ -6.39% 1,570.36
2027 2,248.36 Est @ -4.4% 1,417.05
2028 2,180.61 Est @ -3.01% 1,297.29
2029 2,136.10 Est @ -2.04% 1,199.56
Present value of next 10 years cash flows PLN19,548.72
DB:6PG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= PLN2,136.10 × (1 + 0.23%) ÷ (5.94% – 0.23%)
PLN37,482.05
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN37,482.05 ÷ (1 + 5.94%)10
PLN21,048.62
DB:6PG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN19,548.72 + PLN21,048.62
PLN40,597.34
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN40,597.34 / 1,869.76
PLN21.71
DB:6PG Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:6PG represents 0.22223x of WSE:PGE
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.22223x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (PLN) x Listing Adjustment Factor
= PLN 21.71 x 0.22223
€4.83
Value per share (EUR) From above. €4.83
Current discount Discount to share price of €2.11
= -1 x (€2.11 - €4.83) / €4.83
56.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price PGE Polska Grupa Energetyczna is available for.
Intrinsic value
>50%
Share price is €2.11 vs Future cash flow value of €4.83
Current Discount Checks
For PGE Polska Grupa Energetyczna to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • PGE Polska Grupa Energetyczna's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • PGE Polska Grupa Energetyczna's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for PGE Polska Grupa Energetyczna's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PGE Polska Grupa Energetyczna's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:6PG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in PLN PLN0.61
WSE:PGE Share Price ** WSE (2019-07-22) in PLN PLN9.47
Europe Electric Utilities Industry PE Ratio Median Figure of 71 Publicly-Listed Electric Utilities Companies 12.4x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 19.71x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of PGE Polska Grupa Energetyczna.

DB:6PG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:PGE Share Price ÷ EPS (both in PLN)

= 9.47 ÷ 0.61

15.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PGE Polska Grupa Energetyczna is overvalued based on earnings compared to the Europe Electric Utilities industry average.
  • PGE Polska Grupa Energetyczna is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does PGE Polska Grupa Energetyczna's expected growth come at a high price?
Raw Data
DB:6PG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
18.8%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 34 Publicly-Listed Electric Utilities Companies 1.26x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.43x

*Line of best fit is calculated by linear regression .

DB:6PG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.43x ÷ 18.8%

0.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PGE Polska Grupa Energetyczna is good value based on expected growth next year.
Price based on value of assets
What value do investors place on PGE Polska Grupa Energetyczna's assets?
Raw Data
DB:6PG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in PLN PLN25.28
WSE:PGE Share Price * WSE (2019-07-22) in PLN PLN9.47
Europe Electric Utilities Industry PB Ratio Median Figure of 76 Publicly-Listed Electric Utilities Companies 0.84x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.72x
DB:6PG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:PGE Share Price ÷ Book Value per Share (both in PLN)

= 9.47 ÷ 25.28

0.37x

* Primary Listing of PGE Polska Grupa Energetyczna.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PGE Polska Grupa Energetyczna is good value based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess PGE Polska Grupa Energetyczna's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. PGE Polska Grupa Energetyczna has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

6PG Future Performance

 How is PGE Polska Grupa Energetyczna expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PGE Polska Grupa Energetyczna expected to grow at an attractive rate?
  • PGE Polska Grupa Energetyczna's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • PGE Polska Grupa Energetyczna's earnings growth is expected to exceed the Germany market average.
  • PGE Polska Grupa Energetyczna's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:6PG Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:6PG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 18.8%
DB:6PG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 2.5%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 8.8%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:6PG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:6PG Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 36,072 2
2022-12-31 35,665 8,257 3,547 3
2021-12-31 38,052 8,434 3,662 6
2020-12-31 36,294 6,417 2,457 9
2019-12-31 34,134 6,631 2,789 5
DB:6PG Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-03-31 28,370 4,148 1,148
2018-12-31 25,946 5,102 1,498
2018-09-30 25,369 5,357 1,397
2018-06-30 25,351 7,335 2,444
2018-03-31 24,496 7,978 2,571
2017-12-31 23,100 7,934 2,600
2017-09-30 24,222 6,845 4,326
2017-06-30 25,046 6,816 3,519
2017-03-31 26,700 6,960 2,662
2016-12-31 28,092 6,391 2,568
2016-09-30 27,945 6,351 2,196
2016-06-30 27,963 6,565 2,569

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • PGE Polska Grupa Energetyczna's earnings are expected to grow by 18.8% yearly, however this is not considered high growth (20% yearly).
  • PGE Polska Grupa Energetyczna's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:6PG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from PGE Polska Grupa Energetyczna Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:6PG Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 1.90 1.90 1.90 1.00
2021-12-31 1.98 2.59 1.31 6.00
2020-12-31 1.32 1.65 0.62 8.00
2019-12-31 1.41 1.60 1.24 5.00
DB:6PG Past Financials Data
Date (Data in PLN Millions) EPS *
2019-03-31 0.61
2018-12-31 0.80
2018-09-30 0.75
2018-06-30 1.31
2018-03-31 1.37
2017-12-31 1.39
2017-09-30 2.32
2017-06-30 1.89
2017-03-31 1.42
2016-12-31 1.37
2016-09-30 1.17
2016-06-30 1.37

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • PGE Polska Grupa Energetyczna is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess PGE Polska Grupa Energetyczna's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
PGE Polska Grupa Energetyczna has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

6PG Past Performance

  How has PGE Polska Grupa Energetyczna performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare PGE Polska Grupa Energetyczna's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • PGE Polska Grupa Energetyczna's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • PGE Polska Grupa Energetyczna's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • PGE Polska Grupa Energetyczna's 1-year earnings growth is negative, it can't be compared to the Europe Electric Utilities industry average.
Earnings and Revenue History
PGE Polska Grupa Energetyczna's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from PGE Polska Grupa Energetyczna Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:6PG Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 28,370.00 1,148.00 2,312.00
2018-12-31 25,946.00 1,498.00 2,388.00
2018-09-30 25,369.00 1,397.00 2,318.00
2018-06-30 25,351.00 2,444.00 2,252.00
2018-03-31 24,496.00 2,571.00 2,115.00
2017-12-31 23,100.00 2,600.00 1,976.00
2017-09-30 24,222.00 4,326.00 1,922.00
2017-06-30 25,046.00 3,519.00 1,997.00
2017-03-31 26,700.00 2,662.00 2,096.00
2016-12-31 28,092.00 2,568.00 2,177.00
2016-09-30 27,945.00 2,196.00 2,224.00
2016-06-30 27,963.00 2,569.00 2,214.00
2016-03-31 28,122.00 -3,257.00 2,181.00
2015-12-31 28,542.00 -3,032.00 2,223.00
2015-09-30 28,446.00 -3,587.00 2,323.00
2015-06-30 28,180.00 -4,238.00 2,395.00
2015-03-31 28,767.00 3,943.00 2,442.00
2014-12-31 28,143.00 3,638.00 2,371.00
2014-09-30 28,420.00 3,843.00 2,223.00
2014-06-30 29,252.00 4,576.00 2,290.00
2014-03-31 29,282.00 3,643.00 2,157.00
2013-12-31 30,145.00 3,948.00 2,037.00
2013-09-30 31,215.49 2,963.02 2,028.48
2013-06-30 30,667.99 3,105.20 1,922.05
2013-03-31 30,364.85 3,071.09 2,045.57
2012-12-31 30,481.08 3,615.98 2,260.42
2012-09-30 29,098.00 5,776.82 2,419.55

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • PGE Polska Grupa Energetyczna has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • PGE Polska Grupa Energetyczna used its assets less efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • PGE Polska Grupa Energetyczna's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess PGE Polska Grupa Energetyczna's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
PGE Polska Grupa Energetyczna has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

6PG Health

 How is PGE Polska Grupa Energetyczna's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up PGE Polska Grupa Energetyczna's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PGE Polska Grupa Energetyczna's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • PGE Polska Grupa Energetyczna's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of PGE Polska Grupa Energetyczna's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from PGE Polska Grupa Energetyczna Company Filings, last reported 3 months ago.

DB:6PG Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 48,374.00 11,899.00 1,685.00
2018-12-31 47,801.00 10,729.00 1,983.00
2018-09-30 48,303.00 10,897.00 2,335.00
2018-06-30 47,945.00 9,336.00 1,523.00
2018-03-31 47,593.00 10,059.00 2,367.00
2017-12-31 46,378.00 10,056.00 2,658.00
2017-09-30 45,678.00 9,819.00 5,617.00
2017-06-30 44,202.00 9,789.00 5,130.00
2017-03-31 43,700.00 9,874.00 4,663.00
2016-12-31 42,775.00 10,043.00 4,973.00
2016-09-30 41,075.00 9,512.00 5,391.00
2016-06-30 40,522.00 5,995.00 1,718.00
2016-03-31 41,286.00 5,469.00 1,634.00
2015-12-31 40,417.00 5,462.00 3,109.00
2015-09-30 39,554.00 4,899.00 5,258.00
2015-06-30 38,513.00 4,872.00 5,070.00
2015-03-31 46,036.00 4,945.00 5,119.00
2014-12-31 44,884.00 5,127.00 6,213.00
2014-09-30 44,267.00 4,925.00 6,102.00
2014-06-30 43,914.00 4,707.00 6,803.00
2014-03-31 44,374.00 2,737.00 5,257.00
2013-12-31 43,808.00 2,541.00 6,061.00
2013-09-30 43,271.26 2,401.35 5,143.48
2013-06-30 42,043.01 2,702.49 6,042.67
2013-03-31 42,351.38 1,581.88 4,535.93
2012-12-31 41,011.29 1,928.59 4,818.70
2012-09-30 41,363.62 1,625.34 4,829.60
  • PGE Polska Grupa Energetyczna's level of debt (24.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (6.2% vs 24.6% today).
  • Debt is well covered by operating cash flow (34.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.1x coverage).
X
Financial health checks
We assess PGE Polska Grupa Energetyczna's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. PGE Polska Grupa Energetyczna has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

6PG Dividends

 What is PGE Polska Grupa Energetyczna's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from PGE Polska Grupa Energetyczna dividends. Estimated to be 2% next year.
If you bought €2,000 of PGE Polska Grupa Energetyczna shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate PGE Polska Grupa Energetyczna's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate PGE Polska Grupa Energetyczna's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:6PG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 4.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:6PG Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.00 1.00
2021-12-31 0.26 6.00
2020-12-31 0.31 8.00
2019-12-31 0.00 6.00
DB:6PG Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2017-11-07 0.000 0.000
2017-08-08 0.000 0.000
2017-05-11 0.000 0.000
2017-03-07 0.000 0.000
2016-02-16 0.250 2.158
2015-08-31 0.780 5.687
2015-02-17 0.780 4.129
2014-03-13 1.100 5.366
2013-03-14 0.860 5.097
2013-01-15 0.860 4.986
2012-03-14 1.320 7.114
2011-08-31 0.650 3.266
2011-05-16 0.650 2.850
2011-03-21 0.650 2.794
2010-05-17 0.760 3.411
2010-03-16 0.760 3.394

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as PGE Polska Grupa Energetyczna has not reported any payouts.
  • Unable to verify if PGE Polska Grupa Energetyczna's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of PGE Polska Grupa Energetyczna's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as PGE Polska Grupa Energetyczna has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (9.8x coverage).
X
Income/ dividend checks
We assess PGE Polska Grupa Energetyczna's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can PGE Polska Grupa Energetyczna afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PGE Polska Grupa Energetyczna has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

6PG Management

 What is the CEO of PGE Polska Grupa Energetyczna's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Henryk Baranowski
COMPENSATION PLN0
TENURE AS CEO 3.3 years
CEO Bio

Mr. Henryk Baranowski has been President of the Management Board at PGE Polska Grupa Energetyczna S.A. since March 31, 2016. From November 2015 to March 2016, Mr. Baranowski was the Undersecretary of the State in the Ministry of State Treasury supervising works of Key Companies Department and Corporate Governance Department. From 2013 to 2015, he was employed as the Director for Business Development and later as the Director for Sales and Marketing of Energy Sector at Alstom Power Polska. From 2006 to 2008, he held a position of the Vice-President of the Management Board in PGE and from 2001 to 2006 the President of the Management Board at Polskie Sieci Elektroenergetyczne-Info Sp. z o.o. From 1990 to 2001, he was associated with Polskie Sieci Elektroenergetyczne S.A., where he held a position of, among others, ICT Director. Mr. Baranowski served as Member of Supervisory Board of Polkomtel S.A. since April 2007. Mr. Baranowski is a graduate of Faculty of Electrical Engineering at the Warsaw University of Technology with specialty of power engineering. He also completed postgraduate studies in business management of power utilities on the energy market at the Warsaw University of Technology and postgraduate studies in financial management of companies at the Warsaw School of Economics. He also completed Executive MBA program at Business School of the Warsaw University of Technology, HEC School of Management, London Business School and Norwegian School of Economics and Business Administration.

CEO Compensation
  • Henryk's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Henryk's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the PGE Polska Grupa Energetyczna management team in years:

2.9
Average Tenure
  • The tenure for the PGE Polska Grupa Energetyczna management team is about average.
Management Team

Henryk Baranowski

TITLE
President of the Management Board
TENURE
3.3 yrs

Marek Pastuszko

TITLE
Vice President for Corporate Affairs
TENURE
2.4 yrs

Emil Wojtowicz

TITLE
Vice-President for Finance
TENURE
3.3 yrs

Wojciech Kowalczyk

TITLE
Vice-President for Capital Investments
TENURE
2.4 yrs

Grzegorz Kuczynski

TITLE
Secretary of the Supervisory Board & Member of the Supervisory Board

Ryszard Wasilek

TITLE
Vice-President for Operations
COMPENSATION
PLN626K

Pawel Sliwa

TITLE
Vice-President for Innovations
COMPENSATION
PLN574K

Jakub Frejlich

TITLE
Head of Investor Relations
Board of Directors Tenure

Average tenure of the PGE Polska Grupa Energetyczna board of directors in years:

3.3
Average Tenure
  • The tenure for the PGE Polska Grupa Energetyczna board of directors is about average.
Board of Directors

Anna Kowalik

TITLE
Chairwoman of the Supervisory Board
TENURE
3.8 yrs

Artur Skladanek

TITLE
Vice-Chairman of the Supervisory Board

Grzegorz Kuczynski

TITLE
Secretary of the Supervisory Board & Member of the Supervisory Board
TENURE
3.3 yrs

Mieczyslaw Sawaryn

TITLE
Independent Member of the Supervisory Board
TENURE
3.3 yrs

Tomasz Hapunowicz

TITLE
Member of the Supervisory Board
TENURE
1.5 yrs

Janina Goss

TITLE
Independent Member of the Supervisory Board
TENURE
3.3 yrs

Jerzy Sawicki

TITLE
Member of the Supervisory Board
TENURE
1 yrs

Radoslaw Winiarski

TITLE
Member of the Supervisory Board
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess PGE Polska Grupa Energetyczna's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. PGE Polska Grupa Energetyczna has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

6PG News

Simply Wall St News

6PG Company Info

Description

PGE Polska Grupa Energetyczna S.A. engages in the production, transmission, and distribution of electricity in Poland. The company operates through five segments: Conventional Generation, Renewables, Supply, Distribution, and Other Operations. It generates electricity from fossil fuels comprising lignite, hard coal, biomass, and natural gas, as well as renewable energy sources, such as hydro, wind, and photovoltaic. The company operates 5 conventional power plants; 16 CHP plants; 2 lignite mines; 14 wind farms; 1 photovoltaic power plant; 29 run-of-river hydro power plants; and 4 pumped-storage power plants, including 2 with natural flow. It produces, transmits, and distributes heat; sells and purchases electricity and gas on wholesale market; trades in CO2 allowances and energy certificates; and purchases and sells fuels, as well as sells electricity and provides services to end users. The company supplies power to approximately 5 million households, businesses, and institutions. It also manages investment funds and invests in start-ups. The company was founded in 2007 and is based in Warsaw, Poland.

Details
Name: PGE Polska Grupa Energetyczna S.A.
6PG
Exchange: DB
Founded: 2007
PLN4,161,684,999
1,869,760,829
Website: http://www.gkpge.pl
Address: PGE Polska Grupa Energetyczna S.A.
ul. Mysia 2,
Warsaw,
00-496,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE PGE Ordinary Bearer Shares Warsaw Stock Exchange PL PLN 15. Dec 2009
DB 6PG Ordinary Bearer Shares Deutsche Boerse AG DE EUR 15. Dec 2009
LSE 0MN3 Ordinary Bearer Shares London Stock Exchange GB PLN 15. Dec 2009
BATS-CHIXE PGEW Ordinary Bearer Shares BATS 'Chi-X Europe' GB PLN 15. Dec 2009
Number of employees
Current staff
Staff numbers
41,442
PGE Polska Grupa Energetyczna employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/24 00:31
End of day share price update: 2019/07/22 00:00
Last estimates confirmation: 2019/07/22
Last earnings filing: 2019/05/28
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.