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ECB S.A. (ECB) Fair Value & Analysis

Utilities · PL · Market cap 68.2M PLN

ES ECB S.A. ECB · WAR
Price21.25 PLN
Fair Value4.86 PLN
Upside-77.1%
Quality65/100
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Strengths

Low debt · generates free cash flow
Ranks above peers (9/14)

Risks

!Trades 337% ABOVE our fair value of 4.86 PLN
!Weak Growth (revenue 3y −35.3 %/yr)
!Thin margins · 4.7% net margin
!Moderate moat 51/100
Weak Growth (revenue 3y −35.3 %/yr)
Thin margins · 4.7% net margin
Low debt · generates free cash flow
Ranks above peers (9/14)
Moderate moat 51/100
Evidence: High Range 4.11 PLN – 5.92 PLN Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 11 days ago

Fair value updated Aug 13, 2026, revised from 5.17 PLN to 4.86 PLN (−6.0%) since Jul 10, 2026. Share price +6.3% over the past month.

A solid business, but trading 337% above our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (5.92 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

156.90 PLN 4.68 PLN Fair Value 4.86 PLN May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 4.68 PLN – 156.90 PLN · fair‑value band 4.11 PLN – 5.92 PLN · the 21.25 PLN price screens above the 4.86 PLN fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

ECB S.A. (ECB) currently trades at 21.25 PLN, while our model-based Fair Value estimate is 4.86 PLN, implying the stock looks roughly 77.1% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, ECB S.A. generated revenue of 87.2M PLN at a net margin of 4.7%. Revenue grew 13.8% year over year. It earns a return on equity of 18.7%. Net debt stands at 18.1M PLN. Fundamentals as of Aug 13, 2026

Our scenario range runs from 4.11 PLN (bear case) to 5.92 PLN (bull case); at 21.25 PLN, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 42% below its 52-week high and 19% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -38% fair-value upside, at -77%, ECB screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 22.55 PLN 27.32 PLN 34.41 PLN 80
Residual Income 6.92 PLN 8.81 PLN 20.23 PLN 76
Rev-Margin DCF 19.16 PLN 25.69 PLN 33.85 PLN 74
All 22 models by family
DCF Models
FCF DCF 22.06 PLN 27.13 PLN 35.30 PLN 38
Owner Earnings 15.23 PLN 18.53 PLN 23.84 PLN 31
5Y Revenue Exit 19.16 PLN 25.14 PLN 33.79 PLN 39
5Y EBITDA Exit 19.41 PLN 25.57 PLN 33.72 PLN 41
5Y P/E Exit 19.63 PLN 25.95 PLN 33.53 PLN 38
10Y Revenue Exit 20.15 PLN 24.21 PLN 28.40 PLN 36
10Y EBITDA Exit 20.58 PLN 24.44 PLN 28.37 PLN 37
10Y P/E Exit 20.69 PLN 24.64 PLN 28.27 PLN 35
Earnings-Based
Graham-Dodd 8.77 PLN 10.71 PLN 12.05 PLN 54
EPV 11.98 PLN 13.12 PLN 14.04 PLN 59
Multiples
P/E Multiple 17.40 PLN 23.21 PLN 29.01 PLN 63
P/S Multiple 16.44 PLN 21.92 PLN 27.40 PLN 58
P/B Multiple 9.64 PLN 12.86 PLN 16.07 PLN 55
EV/EBIT 21.39 PLN 27.69 PLN 33.98 PLN 53
EV/EBITDA 19.42 PLN 25.06 PLN 30.70 PLN 54
EV/Revenue 17.78 PLN 24.33 PLN 30.88 PLN 43
Asset-Based
NCAV (Graham) 3.57 PLN 4.79 PLN 7.14 PLN 50
Growth DCF
Growth DCF 22.55 PLN 27.32 PLN 34.41 PLN 80
Rev-Margin DCF 19.16 PLN 25.69 PLN 33.85 PLN 74
Economic Profit
Residual Income 6.92 PLN 8.81 PLN 20.23 PLN 76
ROIC Compounder 11.98 PLN 13.38 PLN 14.65 PLN 72
Growth Earnings
Growth-Adj P/E 12.37 PLN 17.67 PLN 22.97 PLN 68

Widest divergence: Growth DCF (25.69 PLN) versus Asset-Based (4.79 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 16.9
P/S ratio 0.78 TTM
Net margin 4.7% TTM
Return on equity 18.7% TTM
Return on assets 10.0% TTM
Operating margin 9.7% TTM
More key figures
Profitability
EPS (TTM) 1.26 PLN
Growth
Revenue (TTM) 87.3M PLN TTM
Revenue growth (YoY) +14.5% 3y avg -35.3%
EPS growth (YoY) +52.4%
Balance sheet & cash flow
Free cash flow 8.5M PLN FY2025
Net debt 18.1M PLN FY2023 · ≈ 2.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 68 · Market factors (momentum, volatility) 19

Profitability 74
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 97
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 16
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 47
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

ECB S.A., through its subsidiaries, engages in the production and sale of electricity and heat through renewable sources in Poland. The company operates heating plants, coal-fired and gas-fired CHP plants, and waste treatment plants. It is also involved in the storage of electrical and thermal energy, as well as the wholesale of fuel.

Full company description

ECB S.A., through its subsidiaries, engages in the production and sale of electricity and heat through renewable sources in Poland. The company operates heating plants, coal-fired and gas-fired CHP plants, and waste treatment plants. It is also involved in the storage of electrical and thermal energy, as well as the wholesale of fuel. The company was formerly known as EC Bedzin S.A. and changed its name to ECB S.A. in May 2025. ECB S.A. was founded in 1913 and is headquartered in Bedzin, Poland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ECB S.A. reported revenue of 87.2M PLN in FY2025 versus 244M PLN in FY2021, a compound −22.7%/yr. Reported net income was 4.1M PLN in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
87.2M PLN
Latest YoY
−17.2%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−35.3%
Value creation/yr We only publish this rate when it is defensible. Reason: no profitable base year
not computed
Revenue −22.7%/yr
FY21 244M PLN
FY22 322M PLN
FY23 244M PLN
FY24 105M PLN
FY25 87.2M PLN
Net income
FY21 −211M PLN
FY22 −206M PLN
FY23 −199M PLN
FY24 639M PLN
FY25 4.1M PLN

ECB screens 77% overvalued. Compare with NextEra Energy, Inc →

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Cite: Fair Value Calculator (2026). "ECB S.A. Fair Value". https://www.fairvalue-calculator.com/stock/ECB

Peer Group

Utilities - Regulated Electric · 155 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Top 25%
Fair Value upside −77% · Bottom 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 5% · Bottom 25%
Operating margin (TTM) 10% · Bottom 25%
Revenue growth 15% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 16.9× · Cheaper than median
P/B 0.82× · Cheaper than 75% of peers
P/S (TTM) 0.21× · Cheaper than 75% of peers
P/FCF 2.2× · Pricier than median
EV/EBITDA 1.7× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 2
FUTURE73 · sector 32
PAST75 · sector 38
HEALTH100 · sector 53
DIVIDEND0 · sector 66

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $85.78 $32.94 -62%
The Southern Company SO $92.52 $58.81 -36%
Duke Energy Corporation DUK $123.99 $74.89 -40%
National Grid plc NGG $80.68 $63.94 -21%
American Electric Power Company AEP $126.35 $77.23 -39%
Dominion Energy, Inc D $66.60 $46.34 -30%
Entergy Corporation ETR $108.08 $52.92 -51%
Xcel Energy Inc XEL $76.30 $44.64 -41%
Exelon Corporation EXC $43.78 $37.60 -14%
Endesa, S.A ELE €41.57 €25.72 -38%

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Frequently asked questions

Is ECB S.A. (ECB) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 4.86 PLN versus a price of 21.25 PLN, about −77% (overvalued).
What is the fair value of ECB?
Our model-based fair value for ECB S.A. is 4.86 PLN (as of Aug 13, 2026), built from audited fundamentals. The current price: 21.25 PLN.
What is the quality score of ECB?
ECB S.A. has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of ECB S.A. (ECB)?
ECB S.A. reported trailing-twelve-month revenue of about 87.2M PLN (latest available figure, as of Aug 13, 2026).
What is the net profit margin of ECB?
The net profit margin of ECB S.A. is about 4.7%, meaning it keeps roughly 4.7% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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