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Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) is a Polish state-controlled oil and natural gas company. The company's core activities include the production of natural gas and crude oil domestically, development of natural gas and crude oil on domestic and international level, geological, geophysical and exploration services in Poland and abroad, import of natural gas to Poland and storage of natural gas. PGNiG carries out out its operations through five reportable segments, namely, exploration and production, trade and storage, distribution, generation and other segments. The Company is one of the largest importer of natural gas from Russia, Central Asia, Norway and Germany and the main producer of natural gas from Polish fields. Since 2005, PGNiG is one of the largest companies listed on the Warsaw Stock Exchange

Finance

PGNiG has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 7.43% a year during that time to total of PLN 6,080 mil in 2015, or 16.7% of sales. That’s compared to 17.1% average margin seen in last five years.

The company netted PLN 2,134 mil in 2015 implying ROE of 7.01% and ROCE of 5.04%. Again, the average figures were 7.86% and 5.38%, respectively when looking at the previous 5 years.

PGNiG’s net debt amounted to PLN 143 mil at the end of 2015, or 0.005 of equity. When compared to EBITDA, net debt was 0.024x, down when compared to average of 0.805x seen in the last 5 years.

Valuation

PGNiG stock traded at EUR 5.14 per share at the end of 2015 resulting in a market capitalization of USD 7,774 mil. Over the previous five years, stock price grew by 44% or 7.56% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 4.78x and price to earnings (PE) of 14.2x as of 2015.