ENEA S. A. (ENEAY) fair value: what the stock is really worth
As of Sep 18, 2026: fair value of ENEA S. A. $43.12, price $22.48, upside +91.8%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $0.6195 – $22.48 · fair‑value band $32.33 – $53.89 · the $22.48 price screens below the $43.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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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. 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. (ENEAY) currently trades at $22.48, while our model-based Fair Value estimate is $43.12, implying the stock looks roughly 47.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $265.95 per share, and 21 of the 21 models we run sit above the $22.48 price.
Bear case: the Asset-Based group reads lowest at $84.83, and 0 of the 21 models stay below the price. Evidence for this calculation is low.
Scenario range: $32.33 (bear) to $53.89 (bull), the price of $22.48 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 56/100 (solid quality), in the Utilities sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
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 $3.0B · P/E ratio 6.4 · P/S ratio 0.42 · EPS (TTM) $3.50 · Dividend yield 2.8% · Net margin 6.6% · Return on equity 8.5% · Return on assets (EBIT) 8.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 145% 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 92%, ENEAY screens cheaper than that median.
Fair Value models
Bear $32.33Fair Value $43.12Bull $53.89
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($2.56 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.Evidence ⓘEvidence = 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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years) ⓘ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. Basis: EBIT basis.
≈ +14.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.5%
Dividend (yield on the price)2.8%
Profit margin 2021 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.10% → 16%
⚠ Rate on operating basis: 2025 sits 152% above its own trend.
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).
−9.3%
Yearly growth needed for the next five years to justify today's price.
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.
−4.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −11.4% a year for the price and −6.3% 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 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Top 25%
Fair Value upside+92% · Top 25%
Profitability
Return on equity (TTM)9% · Below median
Return on assets7% · Top 25%
Net margin (TTM)6% · Below median
Operating margin (TTM)0% · Bottom 25%
Growth and dividend
Revenue growth−3% · Bottom 25%
Dividend yield (TTM)2.8% · Below median
Balance sheet
Debt / equity0.35× · Below median
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
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Cite: Fair Value Calculator (2026). "ENEA S. A. Fair Value". https://www.fairvalue-calculator.com/stock/ENEAY
Frequently asked questions
Is ENEA S. A. (ENEAY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $43.12 versus a price of $22.48, about +92% upside (undervalued).
What is the fair value of ENEAY?
Our model-based fair value for ENEA S. A. is $43.12 (as of Sep 24, 2026), built from audited fundamentals. The current price: $22.48.
What is the quality score of ENEAY?
ENEA S. A. has a Quality Score of 56/100. 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. (ENEAY)?
Our model-based price target is the fair value of $43.12 (as of Sep 24, 2026) from 21 valuation models. Cautious scenario $32.33, optimistic scenario $53.89. 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 $43.12, about +92% upside versus a price of $22.48 (undervalued). Cautious scenario $32.33, optimistic scenario $53.89. The calculation is refreshed regularly with new filings.
What is the revenue of ENEA S. A. (ENEAY)?
ENEA S. A. reported trailing-twelve-month revenue of about 28.6B PLN (latest available figure, as of Sep 24, 2026).
Does ENEA S. A. pay a dividend?
ENEA S. A. currently shows a dividend yield of about 2.75% relative to its recent price (as of Sep 24, 2026).
What growth is priced into ENEA S. A. (ENEAY)?
For today's price to be fair in a discounted-cash-flow model, ENEA S. A. would have to grow free cash flow by -9.3 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +6.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ENEAY use?
Our models discount ENEA S. A. at 8.9 %: a base by market capitalisation (mid), damped by beta 0.67, country premium for USA. 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 -9.3 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has ENEA S. A. (ENEAY) delivered so far?
Over the past 4 years revenue at ENEA S. A. grew +6.7 % a year. The price currently implies -9.3 % 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. (ENEAY) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into ENEA S. A. (-9.3 % 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. (ENEAY)?
The free-cash-flow yield on the price is 15.86 %: that much free cash flow ENEA S. A. produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), 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. (ENEAY)?
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 $43.12 per share (as of Sep 24, 2026), against a price of $22.48. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is ENEA S. A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ENEAY trades below its calculated fair value: price $22.48, fair value $43.12, a gap of about +92% (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 ENEAY?
No. The price is what the market pays today ($22.48); the fair value is what the company's own numbers justify ($43.12). For ENEA S. A. the two are $20.64 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 $3.0B (market capitalisation, as of Sep 24, 2026). Per share that is $22.48; our models calculate a fair value of $43.12 per share.
What do the bullish and bearish scenarios say about ENEAY?
Our models span a range for ENEA S. A.: cautious scenario $32.33, base $43.12, optimistic $53.89 per share (as of Sep 24, 2026, price $22.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENEAY?
ENEA S. A. trades at a price-to-earnings ratio of 6.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $43.12 is built from several models across several years. Other multiples: P/B 0.2, P/S 0.1, EV/EBITDA 0.9.
How solid is the balance sheet of ENEA S. A. (ENEAY)?
Balance-sheet figures for ENEA S. A. (as of Sep 24, 2026): return on equity 8.5%, debt of 0.35 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is ENEAY from its 52-week high?
ENEA S. A. trades at $22.48, at its 52-week high of $22.48 and 145% above the low of $9.16 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $43.12 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 Sep 24, 2026: price $22.48, calculated fair value $43.12 (+92%), Quality Score 56/100, from 21 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 ENEAY calculated?
We run ENEA S. A. through 21 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 $43.12, 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 14.1 % above its aggregate fair value. ENEA S. A. currently trades 92 % 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. (ENEAY)?
The closing price on Sep 18, 2026 was $22.48. Our model-based fair value is $43.12, about +92% 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 ($32.33). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of ENEA S. A.
How large is the market capitalisation of ENEA S. A. (ENEAY)?
The market capitalisation of ENEA S. A. is $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. (ENEAY)?
The price-to-sales ratio of ENEA S. A. is 0.42 (P/E × margin). 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. (ENEAY)?
Earnings per share at ENEA S. A. are $3.50 (price ÷ EPS = P/E 6.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ENEA S. A. (ENEAY)?
The dividend yield of ENEA S. A. is 2.8% (payout 17.7%). 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. (ENEAY)?
The net margin of ENEA S. A. is 6.6% (fiscal year 2025). 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. (ENEAY)?
The return on equity (ROE) of ENEA S. A. is 8.5% (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. (ENEAY)?
On an EBIT basis the return on assets of ENEA S. A. is 8.9% (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.
How fast is revenue growing at ENEA S. A. (ENEAY)?
Revenue at ENEA S. A. is growing −3.3% 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. (ENEAY)?
Earnings per share at ENEA S. A. are growing −11.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does ENEA S. A. (ENEAY) carry?
The net debt of ENEA S. A. is $2.7B (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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Thin data
Sep 24, 2026