Share price
TAURON shares have been listed on the Main Market of the Warsaw Stock Exchange (WSE) since June 30, 2010.
TAURON share price fluctuated between PLN 1.745 and PLN 3.562 (at the closing prices) in 2022. During the last stock market session of 2022 the share price stood at PLN 2.119.
2022 was marked by the Russian Federation’s aggression against Ukraine. The event had a material impact on the majority of the sectors of the economies around the world, including, in particular, on the situation on the electricity and fuel markets. The majority of the global stock exchanges experienced declines. The rapid diversion of the supply routes’ directions due to the raw materials embargo, the commodity availability problems and as a consequence rising fuel and energy prices led to a significant increase in the level of the inflation rate, which averaged 14.4% in Poland in 2022. The high rate of inflation has resulted in a number of high interest rate hikes, which have had a negative impact on the sentiment on the WSE.
After an upbeat 2021, the Warsaw trading floor experienced a halt to the good times and suffered a reversal of the upward trends. After a sharp downturn caused by the start of the hostilities by the Russian Federation, the sentiment began to gradually and slowly improve in the fourth quarter of 2022, but for all of 2022 the Polish stock market was among the weakest exchanges in the world. Most indices recorded double digit declines, the largest in recent years – the WIG index fell 17.08% over the course of 2022, the WIG20 plummeted 20.95%, the mWIG40 dived 21.49%, while the WIG-Energia index, which groups the energy sector companies, posted a 12.68% drop.
Despite the difficult stock market situation, the Polish economy reported the quarterly gains. The domestic GDP grew 8.6% in the first quarter of 2022, 5.8% in the second quarter, 3.6% year on year in the third quarter, and 2.0% in the fourth quarter, which led to a 4.9% economic growth rate for all of 2022.
The price performance of TAURON shares and the shares of the entire energy sector were impacted in 2022, in addition to the above mentioned macro economic factors, by the information related to the situation on the electricity market, the prices of coal and the problems with the availability thereof, the transition of the energy sector under way, carried out as part of the Government’s NABE (The National Energy Security Agency) Concept, the shutdowns of the 910 MW power generation unit in Jaworzno as well as the process of the sale of the coal mining assets operating thus far as part of TAURON Capital Group to the State Treasury completed at the end of 2022.
Stock exchange indices
As of December 31, 2022, TAURON shares were included in the following stock exchange indices:
- WIG – an index that includes all of the companies listed on WSE’s Main Market that meet the basic criteria for the inclusion in the indices. TAURON’s share in the WIG index: 0.7448%,
- WIG-Poland – a national index that groups solely shares of the domestic companies listed on WSE’s Main Market that meet the basic criteria for the inclusion in the indices. TAURON’s share in the WIG-Poland index: 0.7783%,
- WIG30 – an index that includes 30 of the largest and most liquid companies listed on WSE’s Main Market. TAURON’s share in the WIG30 index: 1.0377%,
- WIG40 – an index that includes 40 of the largest and most liquid companies listed on WSE’s Main Market. TAURON’s share in the WSE’s index: 4.0121%,
- WIG-Energia – a sector based index that comprises companies that are included in the WIG index and also qualified to the energy sector. TAURON’s share in the WIG-Energia index: 17.153%,
- WIG-ESG – an index that includes the shares of the companies considered as socially responsible, i.e. those that comply with the principles of the corporate social responsibility, in particular with respect to the environmental, social, economic and corporate governance issues. TAURON’s share in the WIG-ESG index: 0.6026%.
Key data on the Company’s shares price performance in 2011-2022
| Year | Share price high (PLN) | Share price low (PLN) | Last share price (PLN) | Market capitalization at the end of the period (PLN m) | Market capitalization at the end of the period (%) | Book value (PLN m) | Price / Earnings |
|---|---|---|---|---|---|---|---|
| 2011 | 6.81 | 4.65 | 5.35 | 9 376 | 2.1 | 15 922 | 8.1 |
| 2012 | 5.61 | 4.08 | 4.75 | 8 325 | 1.59 | 16 839 | 5.5 |
| 2013 | 5.39 | 3.85 | 4.37 | 7 659 | 1.29 | 17 675 | 5.5 |
| 2014 | 5.69 | 4.04 | 5.05 | 8 850 | 1.5 | 18 107 | 7.8 |
| 2015 | 5.29 | 2.37 | 2.88 | 5 047 | 0.98 | 18 837 | 4.2 |
| 2016 | 3.19 | 2.31 | 2.85 | 4 995 | 0.9 | 16 349 | – |
| 2017 | 4.12 | 2.75 | 3.05 | 5 345 | 0.8 | 17 880 | 3.02 |
| 2018 | 3.28 | 1.67 | 2.19 | 3 838 | 0.66 | 18 967 | 3.7 |
| 2019 | 2.44 | 1.43 | 1.64 | 2 874 | 0.52 | 19 168 | 13.9 |
| 2020 | 3.26 | 0.82 | 2.72 | 4 770 | 0.89 | 18 071 | – |
| 2021 | 3.82 | 2.495 | 2.654 | 4 651 | 0.66 | 16 497 | – |
| 2022 | 3.562 | 1.745 | 2.119 | 3 714 | 0.65 | 17 235 | 13.5 |
| Year | Price / Book Value | Rate of return ytd* (%) | Dividend yield (%) | Trading volume (PLN m) | Trading volume share (%) | Average volume per session (pcs) | Average number of transactions per session (pcs) |
|---|---|---|---|---|---|---|---|
| 2011 | 0.59 | -16.73 | 2.8 | 5 575 | 2.21 | 3 721 539 | 1 373 |
| 2012 | 0.49 | -5.03 | 6.5 | 3 199 | 1.7 | 2 667 725 | 960 |
| 2013 | 0.43 | -3.64 | 4.6 | 3 104 | 1.41 | 2 793 020 | 1 022 |
| 2014 | 0.49 | 20.07 | 3.8 | 3 135 | 1.53 | 2 489 329 | 1 106 |
| 2015 | 0.27 | -40.78 | 5.2 | 3 063 | 1.5 | 3 190 195 | 1 431 |
| 2016 | 0.31 | -1.04 | – | 3 199 | 1.69 | 4 662 087 | 1 465 |
| 2017 | 0.31 | 7.02 | – | 2 737 | 1.16 | 3 261 765 | 1 323 |
| 2018 | 0.2 | -28.2 | – | 3 104 | 1.52 | 5 622 737 | 1 769 |
| 2019 | 0.15 | -25.11 | – | 2 001 | 1.04 | 4 508 965 | 1 699 |
| 2020 | 0.26 | 65.98 | – | 3 233 | 1.09 | 6 807 622 | 2 523 |
| 2021 | 0.28 | -2.50 | – | 3 015 | 0.96 | 3 883 666 | 2 167 |
| 2022 | 0.22 | -20.16 | – | 2 651 | 0.93 | 4 086 822 | 2 026 |
Following the stock market session on March 18, 2022, an annual portfolio review of the WIG20, WIG20TR, mWIG40, mWIG40TR, sWIG80, sWIG80TR, WIG30 and WIG30TR indices was carried out, as a result of which TAURON left the WIG20 index and became a part of the mWIG40 index.
The below graphs present the historical TAURON share price performance and trading volumes, including against the backdrop of the WIG20, mWIG40 and WIG-Energia indices.