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1. Company Snapshot

1.a. Company Description

TAURON Polska Energia S.A., through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity and heat in Poland.The Mining segment offers hard coal mining, and cleaning and sales services.The Generation segment is involved in electricity generation through conventional sources, including co-generation, as well as through biomass burning; generation, distribution, and sales of heat; and the overhaul of generation equipment.


The Renewable Energy Sources segment engages in the electricity generation from renewable energy sources, including hydroelectric power plants, as well as wind and solar farms.The Distribution segment provides electricity distribution service using the distribution grids; and technical support services related to electricity metering systems and metering data acquisition.The Supply segment is involved in the electricity and natural gas supply; wholesale trade of electricity, natural gas, and derivative products; trading and management of CO2 emission allowances, property rights arising from certificates of origin that confirm electricity generation from renewable sources, and cogeneration and property rights arising from energy efficiency certificates and fuels; and lighting service sales.


The Other Operations segment is involved in the provision of services to consumers, as well as support services for accounting, IT, and HR; limestone mining for power generation, steel, construction, and road building industries; acquiring, transporting, and processing of biomass for utility scale power generation; and utilization of the hard coal combustion and extraction processes by-products.It also offers vehicles technical support, real estate administration, property security, and financial services.The company was formerly known as Energetyka Poludnie S.A. and changed its name to TAURON Polska Energia S.A. in November 2007.


TAURON Polska Energia S.A. was incorporated in 2006 and is based in Katowice, Poland.

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1.b. Last Insights on TPE

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.96%)

6. Segments

Sales

Expected Growth: 4.83%

TAURON Polska Energia S.A.'s 4.83% sales growth is driven by increasing electricity demand from industrial and commercial customers, favorable weather conditions, and strategic investments in renewable energy sources, such as wind and solar power. Additionally, the company's focus on energy efficiency and cost optimization measures have contributed to the growth.

Production

Expected Growth: 5.45%

TAURON Polska Energia S.A.'s 5.45% growth is driven by increasing electricity demand, favorable regulatory environment, and strategic investments in renewable energy sources. Additionally, the company's focus on improving operational efficiency, reducing costs, and expanding its customer base also contribute to its growth.

Distribution

Expected Growth: 4.73%

TAURON Polska Energia S.A.'s 4.73% growth is driven by increasing electricity demand, favorable regulatory environment, and strategic investments in renewable energy sources. Additionally, the company's cost optimization efforts and growing sales of higher-margin products contribute to its growth momentum.

Other

Expected Growth: 4.83%

TAURON Polska Energia S.A.'s 4.83% growth is driven by increasing electricity demand, favorable regulatory environment, and strategic investments in renewable energy sources. Additionally, the company's focus on cost optimization, efficient operations, and diversification of energy generation mix contribute to its growth momentum.

Renewable Energy Sources

Expected Growth: 8.23%

TAURON Polska Energia S.A.'s 8.23% growth in Renewable Energy Sources is driven by increasing demand for clean energy, Polish government's support for renewable energy development, and declining costs of wind and solar power generation. Additionally, EU's climate policy and emission reduction targets contribute to the growth, as well as TAURON's strategic investments in onshore wind farms and solar parks.

7. Detailed Products

Electricity Distribution

TAURON Polska Energia S.A. distributes electricity to households, businesses, and industries across Poland.

Renewable Energy

The company generates electricity from renewable sources such as wind, solar, and biomass.

Heat and Cooling

TAURON provides heat and cooling services to industrial and commercial customers.

Energy Trading

The company trades electricity, natural gas, and other energy commodities on the wholesale market.

Energy Efficiency Solutions

TAURON offers energy-efficient solutions, including energy audits, energy management systems, and energy-saving technologies.

Electric Vehicle Charging Infrastructure

The company develops and operates electric vehicle charging stations across Poland.

8. TAURON Polska Energia S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for TAURON Polska Energia S.A. is medium due to the presence of alternative energy sources such as solar and wind power. However, the high cost of switching to these alternatives and the lack of infrastructure in Poland mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of alternative energy providers in Poland and the high switching costs. Additionally, TAURON Polska Energia S.A. is one of the largest energy companies in Poland, giving it significant market power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of several large coal and gas suppliers in Poland. However, TAURON Polska Energia S.A. is a significant player in the market, which gives it some bargaining power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the energy market, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several large energy companies in Poland, including PGE Polska Grupa Energetyczna S.A. and Enea S.A. This leads to a highly competitive market with significant price competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 49.29%
Debt Cost 6.23%
Equity Weight 50.71%
Equity Cost 9.55%
WACC 7.91%
Leverage 97.21%

11. Quality Control: TAURON Polska Energia S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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TAURON Polska Energia

A-Score: 5.3/10

Value: 7.4

Growth: 7.1

Quality: 4.8

Yield: 0.0

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A-Score: 4.0/10

Value: 4.8

Growth: 7.0

Quality: 1.8

Yield: 0.0

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A-Score: 3.5/10

Value: 5.3

Growth: 3.2

Quality: 6.3

Yield: 1.9

Momentum: 3.0

Volatility: 1.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.7$

Current Price

8.7$

Potential

-0.00%

Expected Cash-Flows