olivLaw · European equity research
PGF Polska Grupa Fotowoltaiczna S.A. EGO.WA
Poland · GPW Warszawa · ISIN PLZSTAL00012 · Vertical: Listed companies from Poland
PGF Polska Grupa Fotowoltaiczna is a Polish group active in electricity trading, repair services and parts production, and photovoltaics. The electricity trading segment dominates revenue, and in 2023 the company went through a structural change after ceasing to be an investment entity. Consolidated sales reached 840.704 thousand PLN, and gross profit was 3.522 thousand PLN.
At the close of 05 Nov 2026, PGF Polska Grupa Fotowoltaiczna S.A. (EGO.WA) stock was 1.22 PLN (−14.08% on the day), with market capitalisation 122.1 m PLN, beta -0.36, 52-week range 0.44–1.47 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.3
- weak (30–45)
- Bollinger (20, 2)
- 1.31 – 1.50
- below the lower band · %B -0.44 · band width 13.9%
- SMA 50 / 200
- 1.22 / 0.69
- mixed trend
- MACD (12, 26, 9)
- 0.04 / 0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.7% | −0.6% | −8.0 pp | — |
| 3 months | +169.9% | −4.2% | +174.1 pp | — |
| 6 months | +114.4% | +4.3% | +110.1 pp | — |
| Year to date | +144.0% | +7.5% | +136.5 pp | — |
| 1 year | +116.3% | +9.9% | +106.4 pp | +7.1% |
| 3 years | +120.2% | +49.8% | +70.4 pp | +3.3% |
| 5 years | −38.1% | +42.8% | −80.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 0 | 117.2 m | 840.7 m |
| Revenue YoY | unavailable | unavailable | +617.0% |
| Net income | 88.5 m | -185.6 m | -8.0 m |
| Net income YoY | unavailable | −309.6% | unavailable |
| Diluted EPS | 0.88 | -1.85 | -0.08 |
| Diluted EPS YoY | unavailable | −310.2% | unavailable |
| net % | unavailable | -158.3% | -1.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 7.1 m PLN
- Financial debt
- 1.2 m PLN
- Net debt
- -5.9 m PLN
- Equity
- 142.7 m PLN
- Total assets
- 194.3 m PLN
- Debt / equity
- 0.01x
- Current ratio
- 2.06x
- ROE
- -5.9%
- ROA
- -4.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 117.2 m | 840.7 m | esef· 08 May 2024verified |
| Cost of revenue | 0 | 105.5 m | 806.5 m | esef· 08 May 2024verified |
| Gross profit | 0 | 11.8 m | 34.2 m | esef· 08 May 2024verified |
| Operating income | -1.3 m | -27.9 m | -324.0 k | esef· 08 May 2024verified |
| Interest expense | 5.3 m | 212.1 m | 2.1 m | esef· 08 May 2024verified |
| Pre-tax income | 111.5 m | -239.2 m | 3.5 m | esef· 08 May 2024verified |
| Income tax | 22.9 m | -35.5 m | 4.5 m | esef· 08 May 2024verified |
| Net income | 88.5 m | -185.6 m | -8.0 m | esef· 08 May 2024verified |
| Diluted EPS | 0.88 | -1.85 | -0.08 | esef· 08 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.0 k | 7.4 m | 7.1 m | esef· 08 May 2024verified |
| Inventories | 0 | 9.3 m | 11.8 m | esef· 08 May 2024verified |
| Current assets | 25.9 m | 45.0 m | 48.9 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 10.0 k | 8.0 m | 6.2 m | esef· 08 May 2024verified |
| Goodwill | 0 | 119.5 m | 103.9 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 0 | 48.0 k | 10.0 m | esef· 08 May 2024verified |
| Total assets | 310.1 m | 195.5 m | 194.3 m | esef· 08 May 2024verified |
| Long-term debt | 0 | 770.0 k | 1.2 m | esef· 08 May 2024verified |
| Current liabilities | 4.9 m | 45.7 m | 23.7 m | esef· 08 May 2024verified |
| Total liabilities | 51.8 m | 66.6 m | 51.6 m | esef· 08 May 2024verified |
| Equity | 258.3 m | 128.9 m | 142.7 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 87.7 m | 87.5 m | 100.1 m | esef· 08 May 2024derived |
Cash flow · PLN
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 122.1 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.2% | 0 (vs peers) | 38% |
| Net margin · Quality | -1.0% | 21 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.2x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PGF POLSKA GRUPA FOTOWOLTAICZNA SPÓŁKA AKCYJNA (EGO.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 840.7 m PLN in 2023; YoY growth 617.0%; net margin -1.0%; ROE -9.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
What contradicts it
- ROIC: -0.2%
- Net margin: -1.0%
- Interest coverage: -0.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| EGO.WAPgf Polska Grupa Fotowoltaiczna Spółka Akcyjna | 122.1 m | — | -9.9% | -1.0% | +617.0% | +118% / +128% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for EGO.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PGF Polska Grupa Fotowoltaiczna is a Polish group active in electricity trading, repair services and parts production, and photovoltaics. The electricity trading segment dominates revenue, and in 2023 the company went through a structural change after ceasing to be an investment entity. Consolidated sales reached 840.704 thousand PLN 1, and gross profit was 3.522 thousand PLN 1.
SWOT
Strengths
- The group has a diversified structure with activities in energy, industry and photovoltaics, which could cushion sector-specific risks.
- The repairs segment produced a net profit higher than its revenue would suggest, due to unusual operating income.
- Management reports a liquidity indicator that improved compared with the prior year.
Weaknesses
- The gross margin in electricity trading is very thin, making profit sensitive to costs.
- The group recorded a consolidated net loss in 2023 and has overdue trade payables.
- Frequent changes in executive management suggest managerial instability.
Opportunities
- Demand for large solar farms could provide new volumes for the photovoltaic segment.
- Military orders could become a stable source for the repairs segment if they are sustained.
- The Pure Energy acquisition could extend the group's competence in cogeneration and gas utilisation.
Threats
- Changes to prosumer settlement rules could reduce demand for small systems.
- Rising material costs could compress margins in photovoltaics and production.
- Overdue payables to suppliers could limit access to financing or trade credit.
Risks
- Liquidity and overdue payableshigh
The group has overdue trade payables and is negotiating their rescheduling. If negotiations fail or financing is not obtained, payments could become a problem 1.
- Consolidated net lossmedium
The group reported a consolidated net loss in 2023, which could limit its capacity to self-finance 1.
- Management instabilitymedium
Several changes of the chief executive in 2023 and early 2024 could affect continuity of strategy 1.
- Dependence on regulationmedium
The photovoltaic activity depends on prosumer settlement rules. Further changes could affect order volumes 1.
- Military concession exposurelow
The subsidiary RSY operates under a concession for military products, with obligations to deposit or transfer them if activity ceases 1.
Investment thesis
What would need to be true (bull case)
- If the photovoltaic segment benefits from larger solar farm orders and the repairs segment sustains military orders, group profitability could gradually recover.
- The Pure Energy acquisition and broader energy competence could open new revenue lines.
- Diversification across several segments could cushion shocks from any single sector.
What would break the thesis
- Very thin margins in electricity trading and the 2023 net loss could leave the group vulnerable to any cost increase.
- Overdue trade payables and the need for additional financing could limit the group's flexibility.
- Frequent management changes could affect execution of plans and partner confidence.
What to watch
- Development of overdue trade payables and rescheduling negotiations2024
- Photovoltaic segment results under the new prosumer rulesQ1 2025
- Contribution of the Pure Energy acquisition to group revenue2025
- Stability of executive management and strategy for coming yearsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Beyond energy activities, the group has interests in component manufacturing, vehicle repair including for the military sector, and experimental projects such as radar-undetectable drones through its Bizgate-Aviation subsidiary 1.
Segments
Electricity trading
The electricity trading segment generated most of the revenue, with 764.887 thousand PLN in 2023 1, and contributed 4.098 thousand PLN to segment net profit 1.
Market context
The Polish photovoltaic market was affected in 2023 by the change in settlement rules for prosumers and by higher material costs, according to management's report 1. Demand for larger solar farms remained a support for the segment 1. If regulations stabilise, activity could recover, though the report gives no quantified estimate.
In electricity trading, the group operates with a very thin gross margin, which makes profitability sensitive to price volatility and to the quality of settlements with counterparties 1.
Trends
- Prosumer settlement changeheadwind
The change in the settlement system for prosumers reduced the attractiveness of small installations and put pressure on the photovoltaic segment 1.
- Rising orders for solar farmstailwind
Management observed higher volumes of orders for components and structures used in large solar farms 1.
- Military sector demandtailwind
The war in Ukraine generated additional orders for repairing engines used by the army, and the group expanded staff to meet them 1.
- Rising material costsheadwind
Costs of materials and components rose, weighing on margins in photovoltaic production and assembly 1.
Competitive position
The annual report does not explicitly name competitors, but the group operates in fragmented markets with many local electricity suppliers, photovoltaic installers and vehicle repair workshops 1. Competition could be intense, especially in electricity trading and residential photovoltaics.
In photovoltaics the group faces rivals that produce mounting structures and offer complete solar farm solutions, and competitive pressure could rise if demand from the prosumer segment falls 1.
- Local electricity suppliers in Poland
Competitors in electricity trading, referenced implicitly through the group's segment; the report does not name them.
- Photovoltaic installers and builders in Poland
Competition in system installation and solar farm projects, unnamed in the source.
- Manufacturers of solar panel mounting structures
Competition in components and mounting solutions, an activity of the group's photovoltaic segment.
- Automotive and industrial repair workshops
Competition in repairs and parts production, unnamed in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202226 Sept 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / PGF Polska Grupa Fotowoltaiczna S.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.