EVN (WBAG:EVN) - Share price, News & Analysis

Q: What is the Fair Price of EVN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

EVN (€22.15) is trading above our estimate of [[fair value]] (€15.12)

EVN fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	3/6
Past Performance	4/6
Financial Health	5/6
Dividends	4/6

EVN Stock Overview

EVN AG provides energy and environmental services for private and business customers, as well as municipalities in Austria, Bulgaria, Croatia, Germany, and Albania.

Rewards

Earnings are forecast to grow 8.4% per year

Earnings grew by 24% over the past year

Risk Analysis

Dividend of 2.35% is not well covered by earnings

EVN Competitors

VERBUND

WBAG:VER

€36.3b

PNM Resources

NYSE:PNM

US$4.1b

Inter RAO UES

MISX:IRAO

₽250.0b

Energisa

BOVESPA:ENGI3

R$18.8b

Price History & Performance

Summary of all time highs, changes and price drops for EVN
Historical stock prices
Current Share Price	€22.15
52 Week High	€28.00
52 Week Low	€19.20
Beta	0.88
1 Month Change	1.14%
3 Month Change	3.51%
1 Year Change	8.05%
3 Year Change	48.06%
5 Year Change	67.74%
Change since IPO	499.19%

Recent News & Updates

Jul 01

Does This Valuation Of EVN AG (VIE:EVN) Imply Investors Are Overpaying?

How far off is EVN AG ( VIE:EVN ) from its intrinsic value? Using the most recent financial data, we'll take a look at...

Shareholder Returns

	EVN	AT Electric Utilities	AT Market
7D	-3.7%	-0.1%	-0.5%
1Y	8.0%	-3.0%	-6.3%

Return vs Industry: EVN exceeded the Austrian Electric Utilities industry which returned -3% over the past year.

Return vs Market: EVN exceeded the Austrian Market which returned -6.3% over the past year.

Price Volatility

Is EVN's price volatile compared to industry and market?
EVN volatility
EVN Average Weekly Movement	4.8%
Electric Utilities Industry Average Movement	5.3%
Market Average Movement	4.9%
10% most volatile stocks in AT Market	7.2%
10% least volatile stocks in AT Market	2.8%

Stable Share Price: EVN is not significantly more volatile than the rest of Austrian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: EVN's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1922	7,147	Stefan Szyszkowitz	https://www.evn.at

EVN AG provides energy and environmental services for private and business customers, as well as municipalities in Austria, Bulgaria, Croatia, Germany, and Albania. The company operates through Energy, Generation, Networks, South East Europe, Environmental, and Other segments. It generates electricity from thermal sources and renewable energies; and procures, trades, and sells electricity and natural gas to end customers and on wholesale markets, as well as generates and sells heat.

EVN Fundamentals Summary

How do EVN's earnings and revenue compare to its market cap?
EVN fundamental statistics
Market Cap	€3.95b
Earnings (TTM)	€276.70m
Revenue (TTM)	€3.27b

14.3x

P/E Ratio

1.2x

P/S Ratio

Is EVN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
EVN income statement (TTM)
Revenue	€3.27b
Cost of Revenue	€2.38b
Gross Profit	€890.80m
Other Expenses	€614.10m
Earnings	€276.70m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 25, 2022

Earnings per share (EPS)	1.55
Gross Margin	27.24%
Net Profit Margin	8.46%
Debt/Equity Ratio	20.5%

How did EVN perform over the long term?

See historical performance and comparison

Dividends

2.3%

Current Dividend Yield

33%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is EVN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EVN?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for EVN. This is calculated by dividing EVN's market cap by their current preferred multiple.
What is EVN's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€3.95b

EVN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.6x
Enterprise Value/EBITDA	12.8x
PEG Ratio	1.7x

Price to Earnings Ratio vs Peers

How does EVN's PE Ratio compare to its peers?

EVN PE Ratio vs Peers

The above table shows the PE ratio for EVN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	16.6x
VER VERBUND	26.6x	8.5%	€36.3b
PNM PNM Resources	26.5x	8.5%	US$4.1b
IRAO Inter RAO UES	2.6x	-12.9%	₽250.0b
ENGI3 Energisa	10.8x	10.3%	R$18.8b
EVN EVN	14.3x	8.4%	€3.9b

Price-To-Earnings vs Peers: EVN is good value based on its Price-To-Earnings Ratio (14.3x) compared to the peer average (16.6x).

Price to Earnings Ratio vs Industry

How does EVN's PE Ratio compare vs other companies in the European Electric Utilities Industry?

Price-To-Earnings vs Industry: EVN is expensive based on its Price-To-Earnings Ratio (14.3x) compared to the European Electric Utilities industry average (11x)

Price to Earnings Ratio vs Fair Ratio

What is EVN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EVN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.3x
Fair PE Ratio	22.1x

Price-To-Earnings vs Fair Ratio: EVN is good value based on its Price-To-Earnings Ratio (14.3x) compared to the estimated Fair Price-To-Earnings Ratio (22.1x).

Share Price vs Fair Value

What is the Fair Price of EVN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EVN (€22.15) is trading above our estimate of fair value (€15.12)

Significantly Below Fair Value: EVN is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

Future Growth

How is EVN forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

8.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: EVN's forecast earnings growth (8.4% per year) is above the savings rate (0.2%).

Earnings vs Market: EVN's earnings (8.4% per year) are forecast to grow faster than the Austrian market (2.8% per year).

High Growth Earnings: EVN's earnings are forecast to grow, but not significantly.

Revenue vs Market: EVN's revenue (12.6% per year) is forecast to grow faster than the Austrian market (-1% per year).

High Growth Revenue: EVN's revenue (12.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: EVN's Return on Equity is forecast to be low in 3 years time (4.2%).

Discover growth companies

Past Performance

How has EVN performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

4.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: EVN has high quality earnings.

Growing Profit Margin: EVN's current net profit margins (8.5%) are lower than last year (10%).

Past Earnings Growth Analysis

Earnings Trend: EVN's earnings have grown by 4.6% per year over the past 5 years.

Accelerating Growth: EVN's earnings growth over the past year (24%) exceeds its 5-year average (4.6% per year).

Earnings vs Industry: EVN earnings growth over the past year (24%) exceeded the Electric Utilities industry 9.2%.

Return on Equity

High ROE: EVN's Return on Equity (4.1%) is considered low.

Discover strong past performing companies

Financial Health

How is EVN's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: EVN's short term assets (€1.6B) exceed its short term liabilities (€1.6B).

Long Term Liabilities: EVN's short term assets (€1.6B) do not cover its long term liabilities (€3.2B).

Debt to Equity History and Analysis

Debt Level: EVN's net debt to equity ratio (12%) is considered satisfactory.

Reducing Debt: EVN's debt to equity ratio has reduced from 48.7% to 20.5% over the past 5 years.

Debt Coverage: EVN's debt is well covered by operating cash flow (27.1%).

Interest Coverage: EVN's interest payments on its debt are well covered by EBIT (10.8x coverage).

Balance Sheet

Discover healthy companies

Dividend

What is EVN current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

2.35%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: EVN's dividend (2.35%) is higher than the bottom 25% of dividend payers in the Austrian market (1.98%).

High Dividend: EVN's dividend (2.35%) is low compared to the top 25% of dividend payers in the Austrian market (5.28%).

Stability and Growth of Payments

Stable Dividend: EVN's dividends per share have been stable in the past 10 years.

Growing Dividend: EVN's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (33.5%), EVN's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: EVN is paying a dividend but the company has no free cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

9.6yrs

Average management tenure

CEO

Stefan Szyszkowitz (58 yo)

11.58yrs

Tenure

€633,200

Compensation

Mag. Stefan Szyszkowitz, MBA (EVN), serves as Member of Supervisory Board at VERBUND AG since April 23, 2018. He has been the Chairman of Supervisory Board and Member of Supervisory Board at Burgenland Hol...

CEO Compensation Analysis

Compensation vs Market: Stefan's total compensation ($USD643.10K) is below average for companies of similar size in the Austrian market ($USD2.22M).

Compensation vs Earnings: Stefan's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: EVN's management team is seasoned and experienced (9.6 years average tenure).

Board Members

Experienced Board: EVN's board of directors are considered experienced (7.6 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/07 00:00
End of Day Share Price	2022/08/05 00:00
Earnings	2022/03/31
Annual Earnings	2021/09/30