Enea S.A. (ENA) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Enea S.A. stock PLN 33.95, price PLN 21.80, upside +55.7%, quality 54 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 19, 2026.
How to read this chart
60‑month range 4.28 PLN – 25.55 PLN · fair‑value band 25.46 PLN – 42.43 PLN · the 21.80 PLN price screens below the 33.95 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 19, 2026.
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ENEA S.A., together with its subsidiaries, generates, transmits, distributes, and trades in electricity in Poland. The company generates electricity from wind farms, and hydropower and biogas plants, as well as photovoltaic farms.
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It also produces and sells coal and heat; modernizes road lighting equipment; and provides transport, repair, and construction services. It sells electricity to individual consumers, and small and medium-sized companies, as well as large industrial plants.
The company was formerly known as Energetyka Poznanska S.A. ENEA S.A. was founded in 1904 and is based in Poznan, Poland.
Stock analysis
Enea S.A. (ENA) currently trades at 21.80 PLN, while our model-based Fair Value estimate is 33.95 PLN, implying the stock looks roughly 35.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 98.46 PLN per share, and 22 of the 25 models we run sit above the 21.80 PLN price.
Bear case: the Dividend Discount group reads lowest at 7.37 PLN, and 3 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 25.46 PLN (bear) to 42.43 PLN (bull), the price of 21.80 PLN sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Enea S.A. reported revenue of 27.5B PLN in FY2025 versus 21.3B PLN in FY2021, a compound +6.7%/yr. Reported net income was 1.8B PLN in FY2025, compounding +1.8%/yr from FY2021.
Key figures
Market cap 11.8B PLN (≈ $3.0B) Mid · P/E ratio 8.3 · P/S ratio 0.44 · EPS (TTM) 2.63 PLN · Dividend yield 2.5% · Net margin 5.2% · Return on equity 6.7% · Return on assets (EBIT) 5.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −36% fair-value upside, at 56%, ENA screens cheaper than that median.
Fair Value models
Bear25.46 PLNFair Value 33.95 PLNBull42.43 PLN
Price 21.80 PLN · Upside +55.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2.13 PLN per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+34.2%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+28.1%
Revenue growth 16 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+14.0%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+15.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.5%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.4% vs 6.0%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−9% → 16%
2025 sits 152% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−8.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about −11.2% a year for the price and −4.1% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Utilities - Regulated Electric · 157 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Top 25%
Fair Value upside+55.7% · Top 25%
Profitability
Return on equity (12 months)6.7% · Below median
Return on assets4.6% · Above median
Net margin (12 months)5.2% · Bottom 25%
Operating margin (12 months)14.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)−11.2% · Bottom 25%
Dividend yield (12 months)2.5% · Below median
Balance sheet
Debt / equity0.35× · Below median
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Enea S.A. Fair Value". https://www.fairvalue-calculator.com/stock/ENA
Frequently asked questions
Is Enea S.A. (ENA) overvalued or undervalued?
As of Oct 19, 2026, our model estimates a fair value of 33.95 PLN versus a price of 21.80 PLN, about +56% upside (undervalued).
What is the fair value of ENA?
Our model-based fair value for Enea S.A. is 33.95 PLN (as of Oct 19, 2026), built from audited fundamentals. The current price: 21.80 PLN.
What is the quality score of ENA?
Enea S.A. has a Quality Score of 54/100. 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 price target for Enea S.A. (ENA)?
Our model-based price target is the fair value of 33.95 PLN (as of Oct 19, 2026) from 25 valuation models. Cautious scenario 25.46 PLN, optimistic scenario 42.43 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Enea S.A. stock forecast for 2026?
Our models put fair value at 33.95 PLN, about +56% upside versus a price of 21.80 PLN (undervalued). Cautious scenario 25.46 PLN, optimistic scenario 42.43 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Enea S.A. (ENA)?
Enea S.A. reported trailing-twelve-month revenue of about 26.6B PLN (latest available figure, as of Oct 19, 2026).
Does Enea S.A. pay a dividend?
Enea S.A. currently shows a dividend yield of 2.48% relative to its recent price (as of Oct 19, 2026).
What growth is priced into Enea S.A. (ENA)?
For today's price to be fair in a discounted-cash-flow model, Enea S.A. would have to grow free cash flow by -8.5 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.6 % per year. As of Oct 19, 2026.
What discount rate (WACC) does the fair value of ENA use?
Our models discount Enea S.A. at 9.7 %: a base by market capitalisation (mid), damped by beta 0.67, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Enea S.A. that is -8.5 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Enea S.A. (ENA) delivered so far?
Over the past 5 years revenue at Enea S.A. grew +8.6 % a year. The price currently implies -8.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Enea S.A. (ENA) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into Enea S.A. (-8.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Enea S.A. (ENA)?
The free-cash-flow yield on the price is 16.07 %: that much free cash flow Enea S.A. produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Enea S.A. (ENA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Enea S.A. it is 33.95 PLN per share (as of Oct 19, 2026), against a price of 21.80 PLN. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Enea S.A. stock overvalued or undervalued in 2026?
As of Oct 19, 2026, ENA trades below its calculated fair value: price 21.80 PLN, fair value 33.95 PLN, a gap of about +56% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENA?
No. The price is what the market pays today (21.80 PLN); the fair value is what the company's own numbers justify (33.95 PLN). For Enea S.A. the two are 12.15 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Enea S.A. worth?
The market values Enea S.A. at about 11.8B PLN (market capitalisation, as of Oct 19, 2026). Per share that is 21.80 PLN; our models calculate a fair value of 33.95 PLN per share.
What do the bullish and bearish scenarios say about ENA?
Our models span a range for Enea S.A.: cautious scenario 25.46 PLN, base 33.95 PLN, optimistic 42.43 PLN per share (as of Oct 19, 2026, price 21.80 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENA?
Enea S.A. trades at a price-to-earnings ratio of 8.3 (as of Oct 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 33.95 PLN is built from several models across several years. Other multiples: PEG 4.9, P/B 0.7, P/S 0.4, EV/EBITDA 2.8.
What is the PEG ratio of ENA?
The PEG ratio of Enea S.A. is 4.85 (P/E divided by earnings growth, as of Oct 19, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Enea S.A. (ENA)?
Balance-sheet figures for Enea S.A. (as of Oct 19, 2026): return on equity 6.7%, debt of 0.35 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is ENA from its 52-week high?
Enea S.A. trades at 21.80 PLN, about 15% below its 52-week high of 25.55 PLN and 18% above the low of 18.45 PLN (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of 33.95 PLN is for.
Which stocks are comparable to Enea S.A.?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Enea S.A. stock attractive at the current price?
The data as of Oct 19, 2026: price 21.80 PLN, calculated fair value 33.95 PLN (+56%), Quality Score 54/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENA calculated?
We run Enea S.A. through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 33.95 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Enea S.A. currently trades 36 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Enea S.A. (ENA)?
The closing price on Oct 22, 2026 was 21.80 PLN. Our model-based fair value is 33.95 PLN, about +56% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Enea S.A. right now?
The price is below even our cautious bear case (25.46 PLN). The market is more pessimistic than our downside scenario. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Enea S.A. (ENA) come from?
Earnings per share at Enea S.A. grew +4.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.2 %, EBIT margin +1.5 %, tax rate −2.7 %, residual (interest, one-offs) −2.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Enea S.A.
How large is the market capitalisation of Enea S.A. (ENA)?
The market capitalisation of Enea S.A. is 11.8B PLN (≈ $3.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Enea S.A. (ENA)?
The price-to-sales ratio of Enea S.A. is 0.44 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Enea S.A. (ENA)?
Earnings per share at Enea S.A. are 2.63 PLN (price ÷ EPS = P/E 8.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Enea S.A. (ENA)?
The dividend yield of Enea S.A. is 2.5% (payout 20.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Enea S.A. (ENA)?
The net margin of Enea S.A. is 5.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Enea S.A. (ENA)?
The return on equity (ROE) of Enea S.A. is 6.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Enea S.A. (ENA)?
On an EBIT basis the return on assets of Enea S.A. is 5.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Enea S.A. (ENA)?
The operating margin of Enea S.A. is 14.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Enea S.A. (ENA)?
Revenue at Enea S.A. is growing −11.2% versus a year earlier (3y avg −2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Enea S.A. (ENA)?
Earnings per share at Enea S.A. are growing −35.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Enea S.A. (ENA) carry?
The net debt of Enea S.A. is 2.7B PLN (fiscal year 2025, ≈ 1.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Oct 19, 2026