Streszczenie
The article is an attempt to depict the procedures and regulations accompanying the policy of
dividends in a company with a particular emphasis which is put on Enea S.A. The purpose of the
empirical part is to analyze and assess the effectiveness of applying discounted dividends model to
calculate the cost of equity for the company. It juxtaposes advantages and impediments in using
the model, as well as infers if Gordon model is adequate in estimating the cost of equity for the
presented company.