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Polska Grupa Energetyczna (PGE Group) is a state-owned power company and the largest power producing company in Poland. PGE was created by the merger of PSE, PGE Energia SA and BOT Górnictwo i Energetyka in 2007. In 2009, the Company shares entered the Warsaw Stock Exchange. PGE Group is a vertically integrated group which also includes two lignite mines, four power plants and ten cogeneration plants, eight distribution system operators, eight retail sales companies, a wholesale trading company as well as companies active in other branches (including the telecommunications industry). Poland's Government held nearly a 62% stake in the PGE Group at the end of 2012. In 2009, PGE announced a plan to build two nuclear power stations in Poland

Finance

PGE has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 4.72% a year during that time to total of PLN 8,256 mil in 2015, or 28.9% of sales. That’s compared to 26.9% average margin seen in last five years.

The company netted PLN -3,032 mil in 2015 implying ROE of -7.11% and ROCE of -5.58%. Again, the average figures were 6.33% and 5.48%, respectively when looking at the previous 5 years.

PGE’s net debt amounted to PLN 5,161 mil at the end of 2015, or 0.128 of equity. When compared to EBITDA, net debt was 0.625x, up when compared to average of 0.018x seen in the last 5 years.

Valuation

PGE stock traded at PLN 12.8 per share at the end of 2015 resulting in a market capitalization of USD 6,130 mil. Over the previous five years, stock price fell by 44.8% or -11.2% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 3.36x and price to earnings (PE) of -7.89x as of 2015.