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Polski Koncern Naftowy Orlen SA (PKN) is a Poland-based company active in the oil and gas sector. It specializes in the manufacture, distribution, wholesale and retail sale of refined petrochemical products. The company is Central Europe's largest publicly traded firm with major operations in Poland, Czech Republic, Germany, and the Baltic States. The Company's business is divided into three segments: Refining, including refinery products processing and wholesale, oil productions and sale as well as supporting production; Retail segment, including sales at petrol stations (over 2,000 of them in Poland only); and Petrochemical segment, including production and wholesale of petrochemicals and production and sale of chemicals. Its product portfolio includes fuel and petrochemical products, as well as oil derivatives, such as petrol, heating oil, aviation fuel and plastics. It also produces and distributes electricity and thermal energy

Finance

PKN has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 1.41% a year during that time to total of PLN 6,235 mil in 2015, or 7.06% of sales. That’s compared to 3.17% average margin seen in last five years.

The company netted PLN 2,837 mil in 2015 implying ROE of 12.7% and ROCE of 7.91%. Again, the average figures were 1.37% and 0.750%, respectively when looking at the previous 5 years.

PKN’s net debt amounted to PLN 7,092 mil at the end of 2015, or 0.293 of equity. When compared to EBITDA, net debt was 1.14x, up when compared to average of 0.703x seen in the last 5 years.

Valuation

PKN stock traded at EUR 67.9 per share at the end of 2015 resulting in a market capitalization of USD 7,439 mil. Over the previous five years, stock price grew by 48.1% or 8.18% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 5.52x and price to earnings (PE) of 10.2x as of 2015.