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TAURON Polska Energia S.A (TPE) Fair Value & Analysis

Utilities · PL · Market cap 16.0B PLN

TP TAURON Polska Energia S.A TPE · WAR
Price8.89 PLN
Fair Value11.94 PLN
Upside+34.3%
Quality57/100
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Mixed Growth
Thin margins · 9.2% net margin
Moderate debt · generates free cash flow
2.17% dividend yield
Ranks above peers (12/15)
Moderate moat 55/100
Evidence: High Range 6.86 PLN – 20.25 PLN Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from 24.09 PLN to 11.94 PLN (−50.4%) since Jul 19, 2026. Share price −4.4% over the past month.

A solid business, screening 34% undervalued on our models.

What matters now

  • The model range is unusually wide (6.86 PLN to 20.25 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (57/100) 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)

11.52 PLN 1.71 PLN Fair Value 11.94 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 1.71 PLN – 11.52 PLN · fair‑value band 6.86 PLN – 20.25 PLN · the 8.89 PLN price screens below the 11.94 PLN fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

TAURON Polska Energia S.A (TPE) currently trades at 8.89 PLN, while our model-based Fair Value estimate is 11.94 PLN, implying the stock looks roughly 34.3% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Utilities 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: high), always confirm before acting.

Over the trailing twelve months, TAURON Polska Energia S.A generated revenue of 34.2B PLN at a net margin of 9.2%. Revenue declined 1.3% year over year. It earns a return on equity of 15.6%. Net debt stands at 12.6B PLN. Fundamentals as of Aug 13, 2026

Our scenario range runs from 6.86 PLN (bear case) to 20.25 PLN (bull case); at 8.89 PLN, the current price sits within 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 25% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -11% fair-value upside, at 34%, TPE 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
Growth DCF 3.76 PLN 8.13 PLN 14.13 PLN 80
Residual Income 12.56 PLN 17.13 PLN 59.88 PLN 76
Rev-Margin DCF 12.53 PLN 25.15 PLN 38.70 PLN 74
All 24 models by family
DCF Models
FCF DCF 3.48 PLN 8.21 PLN 15.03 PLN 38
5Y Revenue Exit 12.53 PLN 25.24 PLN 41.19 PLN 39
5Y EBITDA Exit 14.89 PLN 29.48 PLN 46.01 PLN 41
5Y P/E Exit 11.23 PLN 22.91 PLN 34.69 PLN 38
10Y Revenue Exit 8.30 PLN 19.04 PLN 32.83 PLN 36
10Y EBITDA Exit 10.54 PLN 21.92 PLN 36.37 PLN 37
10Y P/E Exit 8.24 PLN 17.46 PLN 28.06 PLN 35
Earnings-Based
Graham-Dodd 12.85 PLN 31.64 PLN 40.98 PLN 54
PEG = 1.0 5.70 PLN 8.15 PLN 10.59 PLN 46
EPV 15.30 PLN 18.98 PLN 22.20 PLN 59
Dividend Discount
Gordon GGM 1.38 PLN 2.53 PLN 4.06 PLN 70
DDM Multi-Stage 1.38 PLN 2.07 PLN 2.83 PLN 61
Multiples
P/E Multiple 25.52 PLN 34.03 PLN 42.53 PLN 63
P/S Multiple 24.10 PLN 32.14 PLN 40.17 PLN 58
P/B Multiple 16.01 PLN 21.35 PLN 26.68 PLN 55
EV/EBIT 25.33 PLN 36.03 PLN 46.74 PLN 53
EV/EBITDA 25.26 PLN 35.95 PLN 46.63 PLN 54
EV/Revenue 19.19 PLN 30.32 PLN 41.46 PLN 43
Asset-Based
NCAV (Graham) 5.93 PLN 7.95 PLN 11.86 PLN 50
Growth DCF
Growth DCF 3.76 PLN 8.13 PLN 14.13 PLN 80
Rev-Margin DCF 12.53 PLN 25.15 PLN 38.70 PLN 74
Economic Profit
Residual Income 12.56 PLN 17.13 PLN 59.88 PLN 76
ROIC Compounder 15.85 PLN 21.20 PLN 27.42 PLN 72
Growth Earnings
Growth-Adj P/E 19.82 PLN 28.32 PLN 36.81 PLN 68

Widest divergence: Multiples (32.14 PLN) versus Dividend Discount (2.07 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 34.2B PLN
Revenue growth (YoY) -1.3%
Net margin 9.2%
Return on equity 15.6%
Free cash flow 1.7B PLN FY2025
P/E ratio 4.9
More key figures
Operating margin 14.4%
EPS (TTM) 1.81 PLN
Dividend yield 2.2%
EPS growth (YoY) -12.5%
Net debt 12.6B PLN FY2025

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

Quality Score breakdown

Overall quality 57/100

Of which business quality 54 · Market factors (momentum, volatility) 45

Profitability 46
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 38
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

TAURON Polska Energia S.A., through its subsidiaries, generates, distributes, and supplies electricity and heat in Poland and the Czech Republic. It operates through Generation, Heat, Renewable Energy Sources, distribution, Supply and Wholesale Trading segments.

Full company description

TAURON Polska Energia S.A., through its subsidiaries, generates, distributes, and supplies electricity and heat in Poland and the Czech Republic. It operates through Generation, Heat, Renewable Energy Sources, distribution, Supply and Wholesale Trading segments. The Generation segment is involved in electricity generation through conventional sources, including co-generation, as well as through biomass burning; generation and supply of heat; and generation equipment's overhaul operations. The Heat segment engages in heat generation from heat and transmission and supplies power plants and heat generation plants. This segment also generates and supplies electricity. The Renewable Energy Sources segment generates electricity from renewable energy sources, such as hydroelectric, wind, and photovoltaic. The Distribution segment provides electricity distribution service using the distribution grids; and technical support services related to electricity metering systems, metering data acquisition, and the real estate administration, as well as for the vehicles. The Supply and Wholesale Trading segment is involved in the electricity and natural gas supply; and offers wholesale trade of electricity, natural gas, and derivative products; trading and management of CO2 emission allowances, and property rights, as well as offers services related to street lighting management and maintenance, smart city and e-mobility products, and energy efficiency. The company was formerly known as Energetyka Poludnie S.A. and changed its name to TAURON Polska Energia S.A. in November 2007. The company was founded in 2006 and is based in Katowice, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TAURON Polska Energia S.A reported revenue of 34.4B PLN in FY2025 versus 25.2B PLN in FY2021, a compound +8.1%/yr. Reported net income was 3.3B PLN in FY2025, compounding +76.9%/yr from FY2021.

Growth Quality 68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
34.4B PLN
Latest YoY
−2.9%
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.
−2.3%
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.
+11.0%
Avg. growth/yr (16Y) 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.
+5.9%
Revenue +8.1%/yr
FY21 25.2B PLN
FY22 36.8B PLN
FY23 50.7B PLN
FY24 35.4B PLN
FY25 34.4B PLN
Net income +76.9%/yr
FY21 338M PLN
FY22 −134M PLN
FY23 1.7B PLN
FY24 585M PLN
FY25 3.3B PLN
Character of growth · EPS growth decomposed (2014-2025) +10.2 % p.a.
Revenue per share +9.3 pp

of which total revenue +9.3 pp · buybacks/dilution +0.0 pp

EBIT margin +2.6 pp
Tax rate −1.7 pp
Residual (interest, one-offs) +0.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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

Peer Group

Utilities - Renewable · 221 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 57 · Top 25%
Fair Value upside +34% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 14% · Below median
Revenue growth -1% · Above median
Dividend yield (TTM) 2.2% · Below median
Debt / equity 0.59× · Lower than median

Valuation Multiples vs Utilities - Renewable median · lower = cheaper

P/E (TTM) 4.9× · Cheaper than 75% of peers
P/B 0.21× · Cheaper than 75% of peers
P/S (TTM) 0.13× · Cheaper than 75% of peers
P/FCF 2.6× · Pricier than median
EV/EBITDA 2.4× · Cheaper than 75% of peers
PEG 0.62× · 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 79 · sector 10
FUTURE 0 · sector 0
PAST 62 · sector 11
HEALTH 71 · sector 67
DIVIDEND 43 · sector 50

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

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

Similar stocks

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

Stock Price Fair Value vs Fair Value
China Yangtze Power Co 600900 ¥28.02 ¥25.13 -10%
Ørsted A/S ORSTED kr 148.25 kr 31.40 -79%
Huaneng Lancang River Hydropower Inc 600025 ¥9.69 ¥5.57 -43%
Adani Green Energy Limited ADANIGREEN ₹1,319 ₹169.61 -87%
AXIA Energia SA AXIAP $10.74 $9.54 -11%
VERBUND AG OEWA €56.80 €66.19 +17%
BEP BEP $34.23 $70.40 +106%
BEPUN BEPUN C$44.56 C$10.15 -77%
China Longyuan Power Group 001289 ¥15.92 ¥7.55 -53%
SDIC Power Holdings 600886 ¥13.95 ¥16.63 +19%

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Frequently asked questions

Is TAURON Polska Energia S.A (TPE) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 11.94 PLN versus a price of 8.89 PLN, about +34% (undervalued).
What is the fair value of TPE?
Our model-based fair value for TAURON Polska Energia S.A is 11.94 PLN (as of Aug 13, 2026), built from audited fundamentals. The current price is 8.89 PLN.
What is the quality score of TPE?
TAURON Polska Energia S.A has a Quality Score of 57/100. 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 TAURON Polska Energia S.A (TPE)?
TAURON Polska Energia S.A reported trailing-twelve-month revenue of about 34.2B PLN (latest available figure, as of Aug 13, 2026).
What is the net profit margin of TPE?
The net profit margin of TAURON Polska Energia S.A is about 9.2%, meaning it keeps roughly 9.2% of revenue as net income. Based on the latest reported figures.
Does TAURON Polska Energia S.A pay a dividend?
TAURON Polska Energia S.A currently shows a dividend yield of about 2.17% relative to its recent price (as of Aug 13, 2026).

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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