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Enea Group is a Poland-based company active in energy business. The Company's operations involve generating, distributing and trading in electricity. The Company produces 8% of domestically produced electricity and distributes around 16% of electricity in the country. ENEA Group produces energy from fossil fuels and renewable sources, including biomass co-combustion and hydroelectric stations. Total capacity amounted to 3,185 MW in 2013. The distribution covers 20% of the country and the Company supplies energy to 2.4 mil clients, mainly in the western and northwestern part of the country. In addition, the Company is involved in the construction, extension, modernization and renovation of power grids and installations. With 51.5% stake, Polish State remains the majority shareholder in the Company.

Finance

ENEA has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 23.3% a year during that time to total of PLN 377 mil in 2015, or 3.83% of sales. That’s compared to 14.7% average margin seen in last five years.

The company netted PLN -435 mil in 2015 implying ROE of -3.60% and ROCE of -2.48%. Again, the average figures were 5.02% and 4.75%, respectively when looking at the previous 5 years.

ENEA’s net debt amounted to PLN 3,934 mil at the end of 2015, or 0.325 of equity. When compared to EBITDA, net debt was 10.4x, up when compared to average of 1.75x seen in the last 5 years.

Valuation

ENEA stock traded at EUR 11.3 per share at the end of 2015 resulting in a market capitalization of USD 1,279 mil. Over the previous five years, stock price fell by 52.3% or -13.8% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 22.6x and price to earnings (PE) of -11.5x as of 2015.