Poland Entry: Second New-Market Move in Days, Reasonable Valuation

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M

Update

July 31, 2026 05:41 PM GMT

Public Power Corp | Europe

Morgan Stanley & Co. International plc+

Ricardo Rezende, CFA

Equity Analyst

Poland Entry: Second NewMarket Move in Days,

Reasonable Valuation

Giulia Faro

Research Associate

Sylvia C Richards

Research Associate

Public Power Corp (DEHr.AT, PPC GA)

Key Takeaways

EEMEA - Utilities | Greece

MW; valuation does not seem expensive.

Stock Rating

Industry View

Price target

Shr price, close (Jul 31, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

175.4MW operating (130.5MW wind, 44.9MW solar) + 101.9MW cable-pooling

* = GAAP or approximated based on GAAP

PPC agrees to acquire a 277.3MW Polish renewables portfolio (wind & solar)

from EDP Renewables Polska.

EDP confirms deal EV at EUR0.25bn for the 166MW scope, implying ~EUR1.5mn/

Overweight

No Rating

€27.00

€22.30

€24.42-13.77

€13,109

€4,917

€20,119

solar in development (2029).

Second new-market entry in a week (after Hungary), supporting PPC's 2.2GW

Hungary/Poland/Slovakia 2030 target.

Bottom-line: neutral. Coming just days after the Hungarian PV acquisition (here),

this Polish deal signals PPC is moving quickly to execute its 2026-2030 plan and the

2.2GW new-market target across Hungary, Poland and Slovakia. EDP's confirmation

of an estimated Enterprise Value of EUR0.25bn for the transaction (~EUR1.5mn/MW

on the 166MW in-scope portfolio) gives us a first data point to assess value creation

from PPC's new-market push. Valuation does not seem expensive, giving some

comfort that PPC is maintaining capital discipline as it accelerates entries into new

markets. We keep our base case conservative, assuming ~50% delivery of PPC's

stated 2030 new-market capacity target, and see this as confirming direction of

travel rather than changing our numbers. We expect investors to press management

for further financial details on next Wednesday's 2Q26 results call.

What happened? PPC has agreed to acquire a 277.3MW renewables portfolio in

Poland from EDP Renewables Polska Sp. z o.o. and EDP Renewables Polska HoldCo

S.A.…