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Lubelski Wegiel Bogdanka S.A (LWB) Fair Value & Analysis

Energy · PL · Market cap 719M PLN

LW Lubelski Wegiel Bogdanka S.A LWB · WAR
Price22.55 PLN
Fair Value65.10 PLN
Upside+188.7%
Quality45/100
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Expensive Growth
Loss-making · -17.3% net margin
Low debt · negative free cash flow
Mixed vs. peers (4/10)
Narrow moat 11/100
Evidence: Low Range 48.28 PLN – 81.92 PLN Share as image

Fair value as of: Aug 13, 2026

From 6 valuation models · updated today

Share price +4.2% over the past month.

Below-average quality, screening 189% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (48.28 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.
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Price vs Fair Value (5 years)

50.36 PLN 17.58 PLN Fair Value 65.10 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 17.58 PLN – 50.36 PLN · fair‑value band 48.28 PLN – 81.92 PLN · the 22.55 PLN price screens below the 65.10 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Lubelski Wegiel Bogdanka S.A (LWB) currently trades at 22.55 PLN, while our model-based Fair Value estimate is 65.10 PLN, implying the stock looks roughly 188.7% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Energy sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, Lubelski Wegiel Bogdanka S.A generated revenue of 2.7B PLN at a net margin of -1.6%. Revenue declined 19.1% year over year. It earns a return on equity of -1.5%. The balance sheet holds a net cash position of 307M PLN. Fundamentals as of Aug 13, 2026

Our scenario range runs from 48.28 PLN (bear case) to 81.92 PLN (bull case); at 22.55 PLN, the current price sits below 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 40% below its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -5% fair-value upside, at 189%, LWB screens cheaper 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
ROIC Compounder 34.99 PLN 39.22 PLN 42.75 PLN 72
EPV 34.99 PLN 39.22 PLN 42.75 PLN 59
EV/EBITDA 54.87 PLN 71.85 PLN 88.83 PLN 54
All 6 models by family
Earnings-Based
EPV 34.99 PLN 39.22 PLN 42.75 PLN 59
Multiples
EV/EBIT 36.28 PLN 47.07 PLN 57.85 PLN 53
EV/EBITDA 54.87 PLN 71.85 PLN 88.83 PLN 54
EV/Revenue 43.18 PLN 60.01 PLN 76.83 PLN 43
Asset-Based
NCAV (Graham) 37.24 PLN 49.91 PLN 74.49 PLN 50
Economic Profit
ROIC Compounder 34.99 PLN 39.22 PLN 42.75 PLN 72

Widest divergence: Multiples (60.01 PLN) versus Earnings-Based (39.22 PLN). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 2.7B PLN
Revenue growth (YoY) -19.1%
Net margin -17.3%
Return on equity -16.9%
Free cash flow −48.0M PLN FY2025
Operating margin -3.5%
More key figures
EPS (TTM) -13.69 PLN
EPS growth (YoY) +567%
Net cash 307M PLN FY2025

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

Quality Score breakdown

Overall quality 45/100

Of which business quality 47 · Market factors (momentum, volatility) 45

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 66
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 26
Distance to the 52-week high (market factor)
Net Issuance 82
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.

About the company

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 21/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.9B PLN
Latest YoY
−22.1%
Avg. 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.
+5.2%
Avg. growth/yr (5Y) 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.
+9.4%
Avg. growth/yr (17Y) 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.
+6.2%
Revenue +3.9%/yr
FY21 2.4B PLN
FY22 2.5B PLN
FY23 3.9B PLN
FY24 3.7B PLN
FY25 2.9B PLN
Net income
FY21 307M PLN
FY22 175M PLN
FY23 687M PLN
FY24 −1.5B PLN
FY25 −160M PLN

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

Peer Group

Thermal Coal · 99 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 45 · Below median
Fair Value upside +189% · Top 25%
Return on assets -4% · Bottom 25%
Net margin (TTM) -17% · Bottom 25%
Operating margin (TTM) -4% · Bottom 25%
Revenue growth -19% · Bottom 25%

Valuation Multiples vs Thermal Coal median · lower = cheaper

P/B 0.08× · Cheaper than 75% of peers
P/S (TTM) 0.07× · 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.

VALUE 100 · sector 30
FUTURE 0 · sector 0
PAST 0 · sector 21
HEALTH 100 · sector 93
DIVIDEND 0 · sector 38

Values & ESG

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

Coal Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Thermal Coal stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Frequently asked questions

Is Lubelski Wegiel Bogdanka S.A (LWB) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 65.10 PLN versus a price of 22.55 PLN, about +189% (undervalued).
What is the fair value of LWB?
Our model-based fair value for Lubelski Wegiel Bogdanka S.A is 65.10 PLN (as of Aug 13, 2026), built from audited fundamentals. The current price is 22.55 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 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 Aug 13, 2026).
What is the net profit margin of LWB?
The net profit margin of Lubelski Wegiel Bogdanka S.A is about -1.6%, meaning it is currently running at a net loss. 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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