olivLaw · European equity research
Zespół Elektrociepłowni Wrocławskich Kogeneracja Spółka Akcyjna KGN.WA
Poland · GPW Warszawa · ISIN PLKGNRC00015 · Vertical: Listed companies from Poland
At the close of 06 Nov 2026, Zespół Elektrociepłowni Wrocławskich Kogeneracja Spółka Akcyjna (KGN.WA) stock was 85.80 PLN (−0.69% on the day), with dividend yield 0.37%, beta 0.50, 52-week range 60.20–87.00 PLN.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.7
- strong (55–70)
- Bollinger (20, 2)
- 77.47 – 88.32
- in the upper half of the band · %B 0.77 · band width 13.1%
- SMA 50 / 200
- 76.71 / 74.96
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.58 / 2.68
- 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 | +11.6% | −0.6% | +12.2 pp | — |
| 3 months | +24.5% | −4.2% | +28.7 pp | — |
| 6 months | +6.5% | +4.3% | +2.1 pp | — |
| Year to date | +34.9% | +7.5% | +27.4 pp | — |
| 1 year | +33.0% | +9.9% | +23.1 pp | +5.9% |
| 3 years | +114.5% | +49.8% | +64.7 pp | +1.8% |
| 5 years | +153.8% | +42.8% | +111.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 1.2 bn | 1.4 bn | 1.8 bn |
| Revenue YoY | unavailable | +21.2% | +26.3% |
| Net income | 123.9 m | 56.3 m | 149.5 m |
| Net income YoY | unavailable | −54.6% | +165.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 10.5% | 3.9% | 8.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 5.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 1.9 bn PLN
- Total assets
- 3.5 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 1.14x
- ROE
- 8.2%
- ROA
- 4.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.2 bn | 1.4 bn | 1.8 bn | esef· 02 May 2023verified |
| Cost of revenue | 1.1 bn | 1.2 bn | 1.5 bn | esef· 02 May 2023verified |
| Gross profit | 144.8 m | 143.4 m | 269.7 m | esef· 02 May 2023verified |
| Operating income | 157.1 m | 66.8 m | 160.8 m | esef· 02 May 2023verified |
| Interest expense | 7.2 m | 3.3 m | 7.5 m | esef· 02 May 2023verified |
| Pre-tax income | 157.8 m | 72.8 m | 189.5 m | esef· 02 May 2023verified |
| Income tax | 31.8 m | 16.0 m | 37.6 m | esef· 02 May 2023verified |
| Net income | 123.9 m | 56.3 m | 149.5 m | esef· 02 May 2023verified |
| Dividend per share | — | — | 0.32 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.1 m | 21.9 m | 5.2 m | esef· 02 May 2023verified |
| Receivables | 805.7 m | 856.5 m | 770.6 m | esef· 02 May 2023verified |
| Inventories | 120.3 m | 64.0 m | — | esef· 29 Mar 2022verified |
| Current assets | 1.0 bn | 1.2 bn | 1.2 bn | esef· 02 May 2023verified |
| Property, plant & equipment, net | 1.6 bn | 1.7 bn | 2.0 bn | esef· 02 May 2023verified |
| Goodwill | 41.6 m | 41.6 m | — | esef· 29 Mar 2022verified |
| Intangibles (excl. goodwill) | — | 42.4 m | 42.2 m | esef· 02 May 2023verified |
| Total assets | 2.9 bn | 3.2 bn | 3.5 bn | esef· 02 May 2023verified |
| Accounts payable | 240.8 m | 464.0 m | 400.3 m | esef· 02 May 2023verified |
| Current liabilities | 508.2 m | 776.8 m | 1.0 bn | esef· 02 May 2023verified |
| Total liabilities | 1.2 bn | 1.5 bn | 1.6 bn | esef· 02 May 2023verified |
| Equity | 1.7 bn | 1.7 bn | 1.9 bn | esef· 02 May 2023verified |
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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.3% | 72 (vs peers) | 38% |
| 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 | 21.5x | 100 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.1x | 28 (on a fixed band) | 25% |
| 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 sheet71/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial72/100 · 1/3 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
ZESPÓŁ ELEKTROCIEPŁOWNI WROCŁAWSKICH KOGENERACJA SPÓŁKA AKCYJNA (KGN.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.8 bn PLN in 2022; YoY growth 26.3%; net margin 8.3%; ROE 8.3%.
The estimated value range is 3.14–3.88 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.47 PLN, the price of 85.80 PLN leaves a potential of -96.0% (value / price − 1) and a margin of safety of -2,373.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.3%
- Interest coverage: 21.5x
What contradicts it
- Current ratio: 1.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.0 bn | 37.8 | 7.8% | 2.9% | +19.8% | +18% / +199% |
| BDX.WABudimex Spółka Akcyjna | 18.9 bn | 35.3 | 41.5% | 6.2% | +8.9% | +18% / +33% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.7 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.6 | 18.1% | 12.0% | +36.5% | +6% / +50% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −15% / −26% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +88% |
| ACT.WAAction S.A. | 999.4 m | 27.2 | 8.3% | 1.5% | +6.1% | +71% / +171% |
| BRS.WABoryszew Spółka Akcyjna | 874.1 m | 8.2 | 6.3% | 1.6% | +8.4% | −25% / −28% |
| AGO.WAAgora Spółka Akcyjna | 588.0 m | — | -14.2% | -9.2% | +15.2% | +37% / +18% |
| AMB.WAAmbra S.A. | 462.9 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 344.7 m | 1.4 | 16.3% | 7.0% | −27.5% | −40% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 298.5 m | 11.0 | 8.9% | 11.6% | −22.0% | −11% / +2% |
| ART.WAArtifex Mundi S.A. | 229.7 m | 17.7 | 35.7% | 33.3% | +51.9% | +48% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 192.4 m | 9.4 | 11.4% | 13.8% | +21.8% | −2% / −22% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BMC.WABumech Spółka Akcyjna | 156.9 m | — | -3.4% | -3.9% | −40.0% | −36% / −49% |
| BBT.WABoomBit Spółka Akcyjna | 71.9 m | 4.5 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.6 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 36.3 m | 62.0 | 1.2% | 1.3% | −67.5% | −31% / −46% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.1 m | 0.5 | 115.4% | 964.7% | +13.0% | −29% / −43% |
| BCM.WABETACOM Spółka Akcyjna | 26.3 m | 17.3 | 8.0% | 0.9% | +21.3% | +6% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 13.8 m | — | -25.8% | -117,400.0% | −97.7% | −26% / −45% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for KGN.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
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202129 Mar 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.