Investment Thesis for Polskie Górnictwo Naftowe I Gazownictwo (WSE: PGN)
Embargo until
Date
2017-03
Journal Title
Journal ISSN
Volume Title
Publisher
Institute for Applied Economics, Global Health, and the Study of Business Enterprise
Abstract
This working paper is an in-depth financial analysis of Polskie Górnictwo Naftowe i Gazownictwo (PGNiG), a Polish state-controlled oil and natural gas company. Our analysis examines the economic trends and commodity movements that affect PGNiG and how the firm adjusts to these changing factors. This analysis is combined with our proprietary Discounted Cash Flow (PDCF) model and a Monte-Carlo simulation. This results in distributions of probable free cash flows and future earnings. Our goal is to provide the necessary financial and background information along with in-depth analysis to allow the reader to make an informed investment decision.
Description
The Studies in Applied Finance series is under the general direction of Prof. Steve H. Hanke, Co-Director of the Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise (hanke@jhu.edu) and Dr. Hesam Motlagh (hesamnmotlagh@gmail.com), a Fellow at the Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise.
This working paper is one in a series on applied financial economics, which focuses on company valuations. The authors are mainly students at the Johns Hopkins University in Baltimore who have conducted their work at the Institute as undergraduate researchers.
Keywords
finance, investment thesis, PGNiG, Polskie Górnictwo Naftowe I Gazownictwo, financial modeling, discounted cash flow, free cash flow, Monte Carlo simulation, sensitivity analysis