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Lubelski Wegiel Bogdanka S.A. (LWB) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Lubelski Wegiel Bogdanka S.A. PLN 38.88, price PLN 24.30, upside +60.0%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Energy · PL · ISIN PLLWBGD00016

LW Thin data Sep 27, 2026

Lubelski Wegiel Bogdanka S.A.

LWB · WAR

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value 38.88 PLN · Strongly undervalued (+60.0%)
!Quality 45/100
!Expensive Growth (revenue 5y +9.4 %/yr)
!Loss-making · -17.3% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (4/11)
!Narrow moat 11/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 2 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

50.36 PLN 17.58 PLN Fair Value 38.88 PLN Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range 17.58 PLN – 50.36 PLN · fair‑value band 35.48 PLN – 41.59 PLN · the 24.30 PLN price screens below the 38.88 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 Sep 27, 2026.

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Company profile

Lubelski Wegiel Bogdanka S.A. engages in the hard coal mining business in Poland. It produces heat; carries out overhauls; maintains and installs power equipment; produces drinking and industrial water; and transports and recovers waste from washing and cleaning of coal shale and land reclamation.

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Lubelski Wegiel Bogdanka S.A. engages in the hard coal mining business in Poland. It produces heat; carries out overhauls; maintains and installs power equipment; produces drinking and industrial water; and transports and recovers waste from washing and cleaning of coal shale and land reclamation. It also engages in the production of steel structures, as well as mining and auxiliary works and coal haulage handling business. The company was incorporated in 2001 and is based in Puchaczów, Poland. Lubelski Wegiel Bogdanka S.A. is a subsidiary of ENEA S.A.

Stock analysis

Lubelski Wegiel Bogdanka S.A. (LWB) currently trades at 24.30 PLN, while our model-based Fair Value estimate is 38.88 PLN, implying the stock looks roughly 37.5% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 60.01 PLN per share, and 6 of the 6 models we run sit above the 24.30 PLN price.

Bear case: the Earnings-Based group reads lowest at 34.99 PLN, and 0 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: 35.48 PLN (bear) to 41.59 PLN (bull), the price of 24.30 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 45/100 (below-average quality), in the Energy sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Lubelski Wegiel Bogdanka S.A. reported revenue of 2.9B PLN in FY2025 versus 2.4B PLN in FY2021, a compound +3.9%/yr. Reported net income was −160M PLN in FY2025.

Key figures

Market cap 827M PLN (≈ $215M) · P/S ratio 0.27 · EPS (TTM) −13.69 PLN · Dividend yield 0.1% · Net margin −5.6% · Return on equity −16.9% · Return on assets (EBIT) −3.3% · Operating margin −3.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 34% below its 52-week high and 38% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Energy peers we cover trades at −33% fair-value upside, at 60%, LWB screens cheaper than that median.

Fair Value models

Bear 35.48 PLN Fair Value 38.88 PLN Bull 41.59 PLN
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. 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. 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.
Highest evidence
EPV 31.66 PLN 34.99 PLN 37.69 PLN 74
ROIC Compounder 31.66 PLN 34.99 PLN 37.69 PLN 72
EV/EBITDA 54.87 PLN 71.85 PLN 88.83 PLN 67
All 6 models by family
Earnings-Based
EPV 31.66 PLN 34.99 PLN 37.69 PLN 74
Multiples
EV/EBIT 36.28 PLN 47.07 PLN 57.85 PLN 66
EV/EBITDA 54.87 PLN 71.85 PLN 88.83 PLN 67
EV/Revenue 43.18 PLN 60.01 PLN 76.83 PLN 54
Asset-Based
NCAV (Graham) 37.24 PLN 49.91 PLN 74.49 PLN 54
Economic Profit
ROIC Compounder 31.66 PLN 34.99 PLN 37.69 PLN 72

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Quality Score breakdown

Overall quality 45/100

Of which business quality 47 · Market factors (momentum, volatility) 46

Profitability 15
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 21/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−22.1%
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.
+5.2%
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.
+9.4%
Start year 2020 (pandemic). Over 10 years: +4.2% a year
Revenue growth 17 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.
+6.2%
Profit margin (trend) ⓘ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.
17.4% (2019) → −50.6% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Thermal Coal · 94 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 45 · Below median
Fair Value upside +60.0% · Top 25%
Profitability
Return on assets −3.8% · Bottom 25%
Net margin (TTM) −17.3% · Bottom 25%
Operating margin (TTM) −3.5% · Bottom 25%
Growth and dividend
Revenue growth −19.1% · Bottom 25%
Dividend yield (TTM) 0.1% · Bottom 25%

Valuation Multiplesvs Thermal Coal median · lower = cheaper

P/B 0.08× · Cheapest 25%
P/S (TTM) 0.08× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 14
FUTURE (revenue growth)0 · sector 9
PAST (return on equity)0 · sector 23
HEALTH (low debt)100 · sector 92
DIVIDEND (yield)2 · sector 53

Context: sector, industry, market

Values & ESG

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

Coal Oil & gas

Similar stocks

10 more Thermal Coal stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
China Shenhua Energy Company 601088 ¥48.03 ¥31.96 −33%
Adani Enterprises Limited ADANIENT ₹2,917 ₹891.11 −69%
Shaanxi Coal Industry Company 601225 ¥25.83 ¥28.41 +10%
Yankuang Energy Group 600188 ¥19.76 ¥9.35 −53%
China Coal Energy Company 601898 ¥14.01 ¥14.62 +4%
Coal India Limited COALINDIA ₹426.10 ₹464.01 +9%
PT Bayan Resources Tbk., BYAN 12,100 IDR 4,698 IDR −61%
Inner Mongolia Dian Tou Energy Corporation 002128 ¥27.82 ¥20.72 −26%
PT Dian Swastatika Sentosa Tbk, DSSA 1,055 IDR 243.05 IDR −77%
Shanxi Lu'an Environmental Energy Development Co 601699 ¥15.35 ¥6.23 −59%

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38.88 PLN +38%Fair Value
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Cite: Fair Value Calculator (2026). "Lubelski Wegiel Bogdanka S.A. Fair Value". https://www.fairvalue-calculator.com/stock/LWB

Frequently asked questions

Is Lubelski Wegiel Bogdanka S.A. (LWB) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 38.88 PLN versus a price of 24.30 PLN, about +60% upside (undervalued).
What is the fair value of LWB?
Our model-based fair value for Lubelski Wegiel Bogdanka S.A. is 38.88 PLN (as of Sep 27, 2026), built from audited fundamentals. The current price: 24.30 PLN.
What is the quality score of LWB?
Lubelski Wegiel Bogdanka S.A. has a Quality Score of 45/100. 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 Lubelski Wegiel Bogdanka S.A. (LWB)?
Our model-based price target is the fair value of 38.88 PLN (as of Sep 27, 2026) from 6 valuation models. Cautious scenario 35.48 PLN, optimistic scenario 41.59 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Lubelski Wegiel Bogdanka S.A. stock forecast for 2026?
Our models put fair value at 38.88 PLN, about +60% upside versus a price of 24.30 PLN (undervalued). Cautious scenario 35.48 PLN, optimistic scenario 41.59 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Lubelski Wegiel Bogdanka S.A. (LWB)?
Lubelski Wegiel Bogdanka S.A. reported trailing-twelve-month revenue of about 2.7B PLN (latest available figure, as of Sep 27, 2026).
Does Lubelski Wegiel Bogdanka S.A. pay a dividend?
Lubelski Wegiel Bogdanka S.A. currently shows a dividend yield of about 0.11% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Lubelski Wegiel Bogdanka S.A. (LWB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lubelski Wegiel Bogdanka S.A. it is 38.88 PLN per share (as of Sep 27, 2026), against a price of 24.30 PLN. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Lubelski Wegiel Bogdanka S.A. stock overvalued or undervalued in 2026?
As of Sep 27, 2026, LWB trades below its calculated fair value: price 24.30 PLN, fair value 38.88 PLN, a gap of about +60% (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 LWB?
No. The price is what the market pays today (24.30 PLN); the fair value is what the company's own numbers justify (38.88 PLN). For Lubelski Wegiel Bogdanka S.A. the two are 14.58 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Lubelski Wegiel Bogdanka S.A. worth?
The market values Lubelski Wegiel Bogdanka S.A. at about 827M PLN (market capitalisation, as of Sep 27, 2026). Per share that is 24.30 PLN; our models calculate a fair value of 38.88 PLN per share.
What do the bullish and bearish scenarios say about LWB?
Our models span a range for Lubelski Wegiel Bogdanka S.A.: cautious scenario 35.48 PLN, base 38.88 PLN, optimistic 41.59 PLN per share (as of Sep 27, 2026, price 24.30 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Lubelski Wegiel Bogdanka S.A. (LWB)?
Balance-sheet figures for Lubelski Wegiel Bogdanka S.A. (as of Sep 27, 2026): return on equity −16.9%. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is LWB from its 52-week high?
Lubelski Wegiel Bogdanka S.A. trades at 24.30 PLN, about 34% below its 52-week high of 37.00 PLN and 38% above the low of 17.58 PLN (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 38.88 PLN is for.
Which stocks are comparable to Lubelski Wegiel Bogdanka S.A.?
From the same area (Energy) we also value China Shenhua Energy Company, Adani Enterprises Limited, Shaanxi Coal Industry Company, Yankuang Energy Group, 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 Lubelski Wegiel Bogdanka S.A. stock attractive at the current price?
The data as of Sep 27, 2026: price 24.30 PLN, calculated fair value 38.88 PLN (+60%), Quality Score 45/100, from 6 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 LWB calculated?
We run Lubelski Wegiel Bogdanka S.A. through 6 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 38.88 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 16.1 % above its aggregate fair value. Lubelski Wegiel Bogdanka S.A. currently trades 60 % 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 Lubelski Wegiel Bogdanka S.A. (LWB)?
The closing price on Sep 25, 2026 was 24.30 PLN. Our model-based fair value is 38.88 PLN, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Lubelski Wegiel Bogdanka S.A. right now?
The price is below even our cautious bear case (35.48 PLN). 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 (45/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Lubelski Wegiel Bogdanka S.A.

How large is the market capitalisation of Lubelski Wegiel Bogdanka S.A. (LWB)?
The market capitalisation of Lubelski Wegiel Bogdanka S.A. is 827M PLN (≈ $215M). 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 Lubelski Wegiel Bogdanka S.A. (LWB)?
The price-to-sales ratio of Lubelski Wegiel Bogdanka S.A. is 0.27 (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 Lubelski Wegiel Bogdanka S.A. (LWB)?
Earnings per share at Lubelski Wegiel Bogdanka S.A. are −13.69 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Lubelski Wegiel Bogdanka S.A. (LWB)?
The dividend yield of Lubelski Wegiel Bogdanka S.A. is 0.1%. 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 Lubelski Wegiel Bogdanka S.A. (LWB)?
The net margin of Lubelski Wegiel Bogdanka S.A. is −5.6% (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 Lubelski Wegiel Bogdanka S.A. (LWB)?
The return on equity (ROE) of Lubelski Wegiel Bogdanka S.A. is −16.9% (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 Lubelski Wegiel Bogdanka S.A. (LWB)?
On an EBIT basis the return on assets of Lubelski Wegiel Bogdanka S.A. is −3.3% (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 Lubelski Wegiel Bogdanka S.A. (LWB)?
The operating margin of Lubelski Wegiel Bogdanka S.A. is −3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Lubelski Wegiel Bogdanka S.A. (LWB)?
Revenue at Lubelski Wegiel Bogdanka S.A. is growing −19.1% versus a year earlier (3y avg +5.2%). 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 Lubelski Wegiel Bogdanka S.A. (LWB)?
Earnings per share at Lubelski Wegiel Bogdanka S.A. are growing +567% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Lubelski Wegiel Bogdanka S.A. (LWB) generate?
The free cash flow of Lubelski Wegiel Bogdanka S.A. is −48.0M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Lubelski Wegiel Bogdanka S.A. (LWB) hold?
Lubelski Wegiel Bogdanka S.A. holds more cash than debt, 307M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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