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Lubelski Wegiel Bogdanka SA (Bogdanka) is a Poland-based manufacturer of hard coal. The Company offers energetic coal that is used for the generation of electric and thermal energy, as well as for cement production. In addition, it offers building materials, including façade bricks and ceramic elevation tiles; provides services to mines, which include supply of heat energy and conducting water/wastewater management; and engages in the construction and refurbishment of heat-generating, water supply, and sewage disposal installations. The mine Bogdanka has been located in Central Coal District, which is situated in Lubelskie Coal Basin. The Lubelski Wegiel Bogdanka SA's mine performs its mining operations within the mining area of a surface of 57 square kilometers. The Company's total reserves are estimated at around 237 mil tonnes of coal with a plan to extend them to 450 mil tonnes

Finance

Bogdanka has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 34.1% a year during that time to total of PLN 53.4 mil in 2015, or 2.84% of sales. That’s compared to 30.4% average margin seen in last five years.

The company netted PLN -278 mil in 2015 implying ROE of -12.1% and ROCE of -8.08%. Again, the average figures were 7.50% and 6.15%, respectively when looking at the previous 5 years.

Bogdanka’s net debt amounted to PLN 460 mil at the end of 2015, or 0.218 of equity. When compared to EBITDA, net debt was 8.62x, up when compared to average of 2.20x seen in the last 5 years.

Valuation

Bogdanka stock traded at EUR 33.2 per share at the end of 2015 resulting in a market capitalization of USD 290 mil. Over the previous five years, stock price fell by 69.8% or -21.3% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 28.4x and price to earnings (PE) of -4.06x as of 2015.