PGF Polska Grupa Fotowoltaiczna Valuation

Q: What is the Fair Price of PGV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

PGV (PLN0.35) is trading below our estimate of [[fair value]] (PLN12.83)

Is PGV undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PGV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PGV (PLN0.35) is trading below our estimate of fair value (PLN12.83)

Significantly Below Fair Value: PGV is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PGV?

Key metric: As PGV is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PGV. This is calculated by dividing PGV's market cap by their current revenue.
What is PGV's PS Ratio?
PS Ratio	0.06x
Sales	zł534.40m
Market Cap	zł34.72m

PGV key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.1x
Enterprise Value/EBITDA	9.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does PGV's PS Ratio compare to its peers?

The above table shows the PS ratio for PGV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.1x
TLO Telesto	3.6x	n/a	zł35.1m
FSG Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING	0.1x	n/a	zł39.2m
ENI Energoinstal	0.3x	n/a	zł22.9m
HDR Przedsiebiorstwo Hydrauliki Silowej HYDROTOR	0.5x	n/a	zł55.2m
PGV PGF Polska Grupa Fotowoltaiczna	0.06x	n/a	zł34.7m

Price-To-Sales vs Peers: PGV is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (1.1x).

Price to Sales Ratio vs Industry

How does PGV's PS Ratio compare vs other companies in the PL Machinery Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	0.5x	5.6%
PGV PGF Polska Grupa Fotowoltaiczna	0.06x	n/a	US$8.34m
URS Ursus	0.02x	n/a	US$175.45k

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap
Industry Avg.	0.5x	12.9%
PGV PGF Polska Grupa Fotowoltaiczna	0.06x	n/a	US$8.34m

No more companies

Price-To-Sales vs Industry: PGV is good value based on its Price-To-Sales Ratio (0.1x) compared to the Polish Machinery industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

What is PGV's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PGV PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.06x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate PGV's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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