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Tauron Group (Tauron Polska Energia) is an energy holding company in Poland. The Company owns power and heat generation and distribution, and coal mining assets through a number of companies, particularly in south-western Poland. Tauron was established in December 2006 as Energetyka Południe. In 2007, the State Treasury transferred to the Company majority stakes in Południowy Koncern Energetyczny, Enion, EnergiaPro, Elektrownia Stalowa Wola, Elektrociepłownia Tychy and in Przedsiębiorstwo Energetyki Cieplnej. As a result, the Tauron Group became the second largest electricity generator in Poland. In 2012 total capacity of Group's power plants was about 5.5 MW and annual electricity generation reached 19.11 TWh. In 2010, Tauron shares were listed on the Warsaw Stock Exchange

Finance

Tauron Polska Energia has been growing its sales by a year on average in the last 5 years. EBITDA has fallen by 102% during that time to total of PLN -68.4 mil in 2015, or -0.372% of sales. That’s compared to 13.7% average margin seen in last five years.

The company netted PLN -1,807 mil in 2015 implying ROE of -10.6% and ROCE of -6.19%. Again, the average figures were 4.10% and 2.84%, respectively when looking at the previous 5 years.

Tauron Polska Energia’s net debt amounted to PLN 7,739 mil at the end of 2015, or 0.482 of equity. When compared to EBITDA, net debt was -113x, down when compared to average of -21.5x seen in the last 5 years.

Valuation

Tauron Polska Energia stock traded at PLN 2.88 per share at the end of 2015 resulting in a market capitalization of USD 1,294 mil. Over the previous five years, stock price fell by 56.2% or -15.2% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of -178x and price to earnings (PE) of -2.79x as of 2015.