Upcoming Dividend • Jun 03
Upcoming dividend of zł0.56 per share Eligible shareholders must have bought the stock before 10 June 2026. Payment date: 02 July 2026. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (3.8%). Reported Earnings • May 22
First quarter 2026 earnings released: EPS: zł1.75 (vs zł1.99 in 1Q 2025) First quarter 2026 results: EPS: zł1.75 (down from zł1.99 in 1Q 2025). Revenue: zł7.18b (down 3.1% from 1Q 2025). Net income: zł929.3m (down 12% from 1Q 2025). Profit margin: 13% (down from 14% in 1Q 2025). Revenue is expected to decline by 4.5% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. New Risk • May 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Announcement • May 02
ENEA S.A., Annual General Meeting, May 28, 2026 ENEA S.A., Annual General Meeting, May 28, 2026, at 10:00 Central European Standard Time. Price Target Changed • Apr 16
Price target increased by 11% to zł25.52 Up from zł22.90, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of zł24.34. Stock is up 85% over the past year. The company is forecast to post earnings per share of zł6.25 for next year compared to zł2.63 last year. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł26.28, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Electric Utilities industry in Europe. Total returns to shareholders of 336% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł12.50 per share. Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł6.59b (down 14% from 3Q 2024). Net income: zł747.1m (down 23% from 3Q 2024). Profit margin: 11% (down from 13% in 3Q 2024). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Nov 15
ENEA S.A. to Report Q3, 2025 Results on Nov 18, 2025 ENEA S.A. announced that they will report Q3, 2025 results on Nov 18, 2025 Major Estimate Revision • Nov 03
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from zł5.42 to zł5.97. Revenue forecast unchanged at zł26.5b. Net income forecast to grow 180% next year vs 5.2% growth forecast for Electric Utilities industry in Poland. Consensus price target up from zł20.36 to zł22.73. Share price was steady at zł20.74 over the past week. Price Target Changed • Oct 27
Price target increased by 7.3% to zł21.85 Up from zł20.36, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of zł21.10. Stock is up 88% over the past year. The company is forecast to post earnings per share of zł5.86 for next year compared to zł2.63 last year. Reported Earnings • Sep 11
Second quarter 2025 earnings released: EPS: zł1.65 (vs zł2.38 in 2Q 2024) Second quarter 2025 results: EPS: zł1.65 (down from zł2.38 in 2Q 2024). Revenue: zł6.51b (down 12% from 2Q 2024). Net income: zł874.0m (down 31% from 2Q 2024). Profit margin: 13% (down from 17% in 2Q 2024). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Aug 21
ENEA S.A. to Report First Half, 2025 Results on Sep 08, 2025 ENEA S.A. announced that they will report first half, 2025 results on Sep 08, 2025 Price Target Changed • Aug 17
Price target increased by 13% to zł20.03 Up from zł17.75, the current price target is an average from 6 analysts. New target price is 8.6% above last closing price of zł18.45. Stock is up 73% over the past year. The company is forecast to post earnings per share of zł5.48 for next year compared to zł2.63 last year. Price Target Changed • Jul 29
Price target increased by 8.6% to zł18.85 Up from zł17.35, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of zł19.13. Stock is up 75% over the past year. The company is forecast to post earnings per share of zł5.48 for next year compared to zł2.63 last year. New Risk • Jul 18
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Upcoming Dividend • Jul 09
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 16 July 2025. Payment date: 31 July 2025. The company last paid an ordinary dividend in November 2014. The average dividend yield among industry peers is 4.5%. Reported Earnings • May 26
First quarter 2025 earnings released: EPS: zł1.99 (vs zł1.92 in 1Q 2024) First quarter 2025 results: EPS: zł1.99 (up from zł1.92 in 1Q 2024). Revenue: zł7.59b (down 3.6% from 1Q 2024). Net income: zł1.05b (up 3.3% from 1Q 2024). Profit margin: 14% (up from 13% in 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł17.35, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 91% over the past three years. Price Target Changed • Apr 14
Price target increased by 14% to zł14.83 Up from zł13.05, the current price target is an average from 6 analysts. New target price is 12% above last closing price of zł13.25. Stock is up 46% over the past year. The company is forecast to post earnings per share of zł4.37 for next year compared to zł2.63 last year. Reported Earnings • Apr 11
Full year 2024 earnings released: EPS: zł2.64 (vs zł1.33 loss in FY 2023) Full year 2024 results: EPS: zł2.64 (up from zł1.33 loss in FY 2023). Revenue: zł33.0b (down 25% from FY 2023). Net income: zł1.40b (up zł2.10b from FY 2023). Profit margin: 4.2% (up from net loss in FY 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 06
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from zł35.0b to zł36.4b. EPS estimate fell from zł7.25 to zł6.09 per share. Net income forecast to grow 28% next year vs 4.4% decline forecast for Electric Utilities industry in Poland. Consensus price target up from zł13.05 to zł13.88. Share price fell 8.6% to zł14.35 over the past week. Price Target Changed • Apr 05
Price target increased by 12% to zł13.88 Up from zł12.36, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of zł14.35. Stock is up 44% over the past year. The company is forecast to post earnings per share of zł7.27 next year compared to a net loss per share of zł1.33 last year. Major Estimate Revision • Dec 10
Consensus EPS estimates increase by 10%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł35.7b to zł34.6b. EPS estimate rose from zł6.59 to zł7.25. Net income forecast to grow 32% next year vs 10% growth forecast for Electric Utilities industry in Poland. Consensus price target down from zł13.78 to zł12.79. Share price was steady at zł11.41 over the past week. Price Target Changed • Dec 09
Price target decreased by 7.8% to zł12.79 Down from zł13.87, the current price target is an average from 7 analysts. New target price is 13% above last closing price of zł11.34. Stock is up 22% over the past year. The company is forecast to post earnings per share of zł7.25 next year compared to a net loss per share of zł1.33 last year. Price Target Changed • Dec 03
Price target decreased by 8.2% to zł12.39 Down from zł13.49, the current price target is an average from 7 analysts. New target price is 8.4% above last closing price of zł11.43. Stock is up 24% over the past year. The company is forecast to post earnings per share of zł6.71 next year compared to a net loss per share of zł1.33 last year. Reported Earnings • Nov 22
Third quarter 2024 earnings released: EPS: zł1.83 (vs zł1.33 in 3Q 2023) Third quarter 2024 results: EPS: zł1.83 (up from zł1.33 in 3Q 2023). Revenue: zł8.02b (down 27% from 3Q 2023). Net income: zł970.8m (up 38% from 3Q 2023). Profit margin: 12% (up from 6.4% in 3Q 2023). Revenue is expected to decline by 9.6% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Price Target Changed • Nov 20
Price target increased by 7.1% to zł13.87 Up from zł12.95, the current price target is an average from 6 analysts. New target price is 27% above last closing price of zł10.94. Stock is up 52% over the past year. The company is forecast to post earnings per share of zł5.52 next year compared to a net loss per share of zł1.33 last year. Reported Earnings • Sep 19
Second quarter 2024 earnings released: EPS: zł2.38 (vs zł0.65 loss in 2Q 2023) Second quarter 2024 results: EPS: zł2.38 (up from zł0.65 loss in 2Q 2023). Revenue: zł7.76b (down 27% from 2Q 2023). Net income: zł1.26b (up zł1.61b from 2Q 2023). Profit margin: 16% (up from net loss in 2Q 2023). Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Price Target Changed • Jun 26
Price target increased by 12% to zł14.27 Up from zł12.78, the current price target is an average from 5 analysts. New target price is 52% above last closing price of zł9.42. Stock is up 47% over the past year. The company is forecast to post earnings per share of zł4.46 next year compared to a net loss per share of zł1.33 last year. Announcement • May 31
ENEA S.A., Annual General Meeting, Jun 24, 2024 ENEA S.A., Annual General Meeting, Jun 24, 2024, at 12:00 Central European Standard Time. Major Estimate Revision • May 30
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from zł37.7b to zł35.3b. EPS estimate also fell from zł5.32 per share to zł4.46 per share. Net income forecast to grow 1,735% next year vs 1.0% decline forecast for Electric Utilities industry in Poland. Consensus price target up from zł12.78 to zł13.30. Share price fell 3.6% to zł9.89 over the past week. Reported Earnings • May 23
First quarter 2024 earnings released: EPS: zł1.92 (vs zł0.38 in 1Q 2023) First quarter 2024 results: EPS: zł1.92 (up from zł0.38 in 1Q 2023). Revenue: zł8.38b (down 26% from 1Q 2023). Net income: zł1.02b (up 403% from 1Q 2023). Profit margin: 12% (up from 1.8% in 1Q 2023). Revenue is forecast to decline by 15% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 21
Price target increased by 16% to zł12.78 Up from zł11.00, the current price target is an average from 4 analysts. New target price is 18% above last closing price of zł10.80. Stock is up 49% over the past year. The company is forecast to post earnings per share of zł5.32 next year compared to a net loss per share of zł1.33 last year. Announcement • May 10
ENEA S.A. Provides Earnings Guidance for the First Quarter of 2024 ENEA S.A. provided earnings guidance for the first quarter of 2024. For the period, the company expects attributable net profit was PLN 1.02 billion (EUR 236.1 million). Announcement • Apr 04
ENEA S.A. Provides Earnings Guidance for the Year 2023 ENEA S.A. provided earnings guidance for the year 2023. For the year, the company estimated that it had a net loss of PLN 704 million (EUR 164 million) and sales revenue of PLN 48.2 billion (EUR 11.2 billion) in 2023. Announcement • Feb 17
ENEA S.A. to Report Fiscal Year 2023 Final Results on Apr 17, 2024 ENEA S.A. announced that they will report fiscal year 2023 final results on Apr 17, 2024 Price Target Changed • Feb 16
Price target decreased by 8.0% to zł12.05 Down from zł13.10, the current price target is an average from 4 analysts. New target price is 28% above last closing price of zł9.45. Stock is up 44% over the past year. The company is forecast to post earnings per share of zł0.92 for next year compared to zł0.09 last year. Announcement • Feb 03
Enea S.A. Announces CEO Changes Enea's supervisory board has dismissed Pawel Majewski from his office and appointed Monika Starecka, former supervisory board member, as company's CEO, Enea said in a market filing. Starecka was appointed to temporarily perform the duties of CEO but not longer than for a period of three months from the date of delegation. Buying Opportunity • Jan 17
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be zł10.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 24
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł11.9b (up 48% from 3Q 2022). Net income: zł702.7m (up zł653.0m from 3Q 2022). Profit margin: 5.9% (up from 0.6% in 3Q 2022). Revenue is expected to fall by 23% p.a. on average during the next 3 years compared to a 3.3% decline forecast for the Electric Utilities industry in Europe. Announcement • Nov 19
ENEA S.A. Provides Earnings Guidance for the Third Quarter of 2023 ENEA S.A. provided earnings guidance for the third quarter of 2023. The company sees its attributable net profit for the third quarter of 2023 at PLN 703 million (EUR 160 million), while EBITDA is estimated at PLN 1.12 billion (EUR 255 million), with the estimates exceeding market expectations. Price Target Changed • Nov 09
Price target decreased by 11% to zł12.30 Down from zł13.78, the current price target is an average from 4 analysts. New target price is 65% above last closing price of zł7.44. Stock is up 37% over the past year. The company is forecast to post earnings per share of zł0.92 for next year compared to zł0.09 last year. New Risk • Oct 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 15
Second quarter 2023 earnings released: zł0.65 loss per share (vs zł0.48 profit in 2Q 2022) Second quarter 2023 results: zł0.65 loss per share (down from zł0.48 profit in 2Q 2022). Revenue: zł10.6b (up 42% from 2Q 2022). Net loss: zł346.5m (down 242% from profit in 2Q 2022). Revenue is expected to fall by 16% p.a. on average during the next 3 years compared to a 4.2% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Sep 05
Now 21% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be zł10.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Jul 20
Price target increased by 11% to zł13.43 Up from zł12.08, the current price target is an average from 4 analysts. New target price is 50% above last closing price of zł8.97. Stock is down 3.5% over the past year. The company is forecast to post earnings per share of zł3.91 for next year compared to zł0.09 last year. New Risk • Jul 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • May 30
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł12.5b (up 73% from 1Q 2022). Net income: zł202.2m (down 59% from 1Q 2022). Profit margin: 1.6% (down from 6.8% in 1Q 2022). Revenue is expected to fall by 8.4% p.a. on average during the next 3 years compared to a 3.5% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 25
Consensus EPS estimates fall by 31%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from zł32.0b to zł33.5b. EPS estimate fell from zł9.21 to zł6.39 per share. Net income forecast to grow 5,018% next year vs 0.2% decline forecast for Electric Utilities industry in Poland. Consensus price target up from zł11.28 to zł12.08. Share price rose 3.2% to zł7.16 over the past week. Price Target Changed • May 24
Price target increased by 7.1% to zł12.08 Up from zł11.28, the current price target is an average from 4 analysts. New target price is 66% above last closing price of zł7.27. Stock is down 21% over the past year. The company is forecast to post earnings per share of zł9.21 for next year compared to zł0.09 last year. Major Estimate Revision • Mar 30
Consensus revenue estimates fall by 24% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from zł41.9b to zł32.0b. EPS estimate fell from zł2.95 to zł1.69 per share. Net income forecast to grow 809% next year vs 9.5% growth forecast for Electric Utilities industry in Poland. Consensus price target down from zł12.63 to zł11.28. Share price fell 9.4% to zł5.86 over the past week. Price Target Changed • Mar 29
Price target decreased by 17% to zł11.28 Down from zł13.55, the current price target is an average from 4 analysts. New target price is 90% above last closing price of zł5.93. Stock is down 36% over the past year. The company is forecast to post earnings per share of zł1.69 for next year compared to zł0.09 last year. Reported Earnings • Mar 27
Full year 2022 earnings released Full year 2022 results: Revenue: zł30.1b (up 42% from FY 2021). Net income: zł45.3m (down 97% from FY 2021). Profit margin: 0.2% (down from 7.9% in FY 2021). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.2% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 55% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate fell from zł3.20 to zł1.43 per share. Revenue forecast steady at zł32.7b. Net income forecast to grow 33% next year vs 21% growth forecast for Electric Utilities industry in Poland. Consensus price target down from zł13.55 to zł12.68. Share price was steady at zł6.54 over the past week. Major Estimate Revision • Nov 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from zł2.42 to zł2.10. Revenue forecast unchanged from zł33.2b at last update. Net income forecast to shrink 8.6% next year vs 0.4% decline forecast for Electric Utilities industry in Poland. Consensus price target broadly unchanged at zł13.50. Share price was steady at zł5.70 over the past week.