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Societatea Energetica Electrica

DB:ECEA
Snowflake Description

Excellent balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ECEA
DB
RON4B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

Societatea Energetica Electrica S.A., together with its subsidiaries, engages in electricity distribution and supply business in Romania. The last earnings update was 19 days ago. More info.


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ECEA Share Price and Events
7 Day Returns
-2.8%
DB:ECEA
1.9%
Europe Electric Utilities
-0.2%
DE Market
1 Year Returns
-3.9%
DB:ECEA
10%
Europe Electric Utilities
-10.3%
DE Market
ECEA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Societatea Energetica Electrica (ECEA) -2.8% -7.6% -2.3% -3.9% -18.5% -
Europe Electric Utilities 1.9% 2.3% 3.1% 10% 26.9% 0.9%
DE Market -0.2% -2.4% 4.2% -10.3% 11.2% 10.8%
1 Year Return vs Industry and Market
  • ECEA underperformed the Electric Utilities industry which returned 10% over the past year.
  • ECEA outperformed the Market in Germany which returned -10.3% over the past year.
Price Volatility
ECEA
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Societatea Energetica Electrica's competitors could be found in our database.

Value

 Is Societatea Energetica Electrica undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Societatea Energetica Electrica to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Societatea Energetica Electrica.

DB:ECEA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:ECEA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.23
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.235 (1 + (1- 16%) (18.47%))
0.512
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:ECEA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Societatea Energetica Electrica is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:ECEA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (RON, Millions) Source Present Value
Discounted (@ 5%)
2019 -20.00 Analyst x1 -19.05
2020 200.00 Analyst x1 181.42
2021 319.00 Analyst x1 275.60
2022 289.00 Analyst x1 237.80
2023 269.22 Est @ -6.84% 210.98
2024 256.51 Est @ -4.72% 191.45
2025 248.20 Est @ -3.24% 176.44
2026 242.75 Est @ -2.2% 164.35
2027 239.18 Est @ -1.47% 154.23
2028 236.88 Est @ -0.96% 145.48
Present value of next 10 years cash flows RON1,718.70
DB:ECEA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= RON236.88 × (1 + 0.23%) ÷ (5% – 0.23%)
RON4,979.49
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= RON4,979.49 ÷ (1 + 5%)10
RON3,058.14
DB:ECEA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= RON1,718.70 + RON3,058.14
RON4,776.84
Equity Value per Share
(RON)
= Total value / Shares Outstanding
= RON4,776.84 / 339.05
RON14.09
DB:ECEA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:ECEA represents 0.79167x of BVB:EL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.79167x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (RON) x Listing Adjustment Factor
= RON 14.09 x 0.79167
€11.15
Value per share (EUR) From above. €11.15
Current discount Discount to share price of €8.55
= -1 x (€8.55 - €11.15) / €11.15
23.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Societatea Energetica Electrica is available for.
Intrinsic value
23%
Share price is €8.55 vs Future cash flow value of €11.15
Current Discount Checks
For Societatea Energetica Electrica to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Societatea Energetica Electrica's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Societatea Energetica Electrica's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Societatea Energetica Electrica's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Societatea Energetica Electrica's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:ECEA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in RON RON0.38
BVB:EL Share Price ** BVB (2019-05-17) in RON RON10.8
Europe Electric Utilities Industry PE Ratio Median Figure of 66 Publicly-Listed Electric Utilities Companies 11.74x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 20.17x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Societatea Energetica Electrica.

DB:ECEA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BVB:EL Share Price ÷ EPS (both in RON)

= 10.8 ÷ 0.38

28.11x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Societatea Energetica Electrica is overvalued based on earnings compared to the Europe Electric Utilities industry average.
  • Societatea Energetica Electrica is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Societatea Energetica Electrica's expected growth come at a high price?
Raw Data
DB:ECEA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28.11x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
20%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 32 Publicly-Listed Electric Utilities Companies 1.39x
Germany Market PEG Ratio Median Figure of 273 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

DB:ECEA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 28.11x ÷ 20%

1.4x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Societatea Energetica Electrica is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Societatea Energetica Electrica's assets?
Raw Data
DB:ECEA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in RON RON16.48
BVB:EL Share Price * BVB (2019-05-17) in RON RON10.8
Europe Electric Utilities Industry PB Ratio Median Figure of 73 Publicly-Listed Electric Utilities Companies 0.9x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.77x
DB:ECEA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BVB:EL Share Price ÷ Book Value per Share (both in RON)

= 10.8 ÷ 16.48

0.66x

* Primary Listing of Societatea Energetica Electrica.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Societatea Energetica Electrica is good value based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess Societatea Energetica Electrica's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. Societatea Energetica Electrica has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Societatea Energetica Electrica expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
20%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Societatea Energetica Electrica expected to grow at an attractive rate?
  • Societatea Energetica Electrica's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Societatea Energetica Electrica's earnings growth is expected to exceed the Germany market average.
  • Societatea Energetica Electrica's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:ECEA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:ECEA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 20%
DB:ECEA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 2.2%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 9.7%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:ECEA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in RON Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:ECEA Future Estimates Data
Date (Data in RON Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 6,399 794 335 1
2021-12-31 6,294 834 380 1
2020-12-31 6,192 770 329 1
2019-12-31 6,091 664 239 1
DB:ECEA Past Financials Data
Date (Data in RON Millions) Revenue Cash Flow Net Income *
2019-03-31 5,847 642 130
2018-12-31 5,613 696 230
2018-09-30 5,578 1,009 379
2018-06-30 5,581 833 344
2018-03-31 5,564 789 228
2017-12-31 5,603 389 128
2017-09-30 5,559 -68 53
2017-06-30 5,514 197 81
2017-03-31 5,507 234 197
2016-12-31 5,518 718 357
2016-09-30 5,531 887 404
2016-06-30 5,587 808 422

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Societatea Energetica Electrica's earnings are expected to grow by 20% yearly, however this is not considered high growth (20% yearly).
  • Societatea Energetica Electrica's revenue is expected to grow by 2.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:ECEA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Societatea Energetica Electrica Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ECEA Future Estimates Data
Date (Data in RON Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31
2019-12-31
DB:ECEA Past Financials Data
Date (Data in RON Millions) EPS *
2019-03-31 0.38
2018-12-31 0.68
2018-09-30 1.12
2018-06-30 1.01
2018-03-31 0.67
2017-12-31 0.38
2017-09-30 0.15
2017-06-30 0.24
2017-03-31 0.58
2016-12-31 1.05
2016-09-30 1.19
2016-06-30 1.24

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Societatea Energetica Electrica is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Societatea Energetica Electrica's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Societatea Energetica Electrica has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Societatea Energetica Electrica performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Societatea Energetica Electrica's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Societatea Energetica Electrica's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Societatea Energetica Electrica's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Societatea Energetica Electrica's 1-year earnings growth is negative, it can't be compared to the Europe Electric Utilities industry average.
Earnings and Revenue History
Societatea Energetica Electrica's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Societatea Energetica Electrica Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ECEA Past Revenue, Cash Flow and Net Income Data
Date (Data in RON Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 5,846.74 130.28 738.18
2018-12-31 5,612.78 230.40 720.31
2018-09-30 5,578.23 378.57 707.51
2018-06-30 5,581.39 343.85 684.40
2018-03-31 5,564.06 228.31 725.94
2017-12-31 5,603.24 127.73 731.70
2017-09-30 5,559.43 52.54 725.48
2017-06-30 5,513.70 80.67 739.33
2017-03-31 5,506.87 197.26 721.13
2016-12-31 5,517.80 356.57 732.44
2016-09-30 5,531.29 404.12 727.20
2016-06-30 5,587.28 421.60 718.69
2016-03-31 5,562.29 384.72 706.93
2015-12-31 5,502.80 362.68 703.79
2015-09-30 5,351.41 386.18 724.34
2015-06-30 5,224.57 363.21 758.92
2015-03-31 5,118.29 326.64 795.96
2014-12-31 5,043.73 296.81 807.61
2014-09-30 5,175.74 215.97 855.99
2014-06-30 5,178.84 226.94 860.43
2014-03-31 5,252.56 248.10 834.29
2013-12-31 5,382.82 244.41 826.44
2012-12-31 5,252.95 355.95 758.83

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Societatea Energetica Electrica has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Societatea Energetica Electrica used its assets less efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • Societatea Energetica Electrica's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Societatea Energetica Electrica's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Societatea Energetica Electrica has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Societatea Energetica Electrica's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Societatea Energetica Electrica's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Societatea Energetica Electrica is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Societatea Energetica Electrica's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Societatea Energetica Electrica's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Societatea Energetica Electrica Company Filings, last reported 1 month ago.

DB:ECEA Past Debt and Equity Data
Date (Data in RON Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 5,587.59 676.22 651.18
2018-12-31 5,628.44 451.80 802.22
2018-09-30 5,725.10 417.30 1,026.22
2018-06-30 5,619.81 480.12 1,064.47
2018-03-31 5,714.81 466.55 1,106.24
2017-12-31 5,655.56 611.74 1,309.47
2017-09-30 6,266.53 556.83 2,182.22
2017-06-30 6,179.38 506.51 2,253.54
2017-03-31 6,469.27 555.44 2,441.45
2016-12-31 6,520.49 397.49 2,763.90
2016-09-30 6,511.65 333.92 2,905.11
2016-06-30 6,381.20 312.15 2,987.01
2016-03-31 6,584.40 325.98 2,831.56
2015-12-31 6,442.59 347.43 2,881.37
2015-09-30 6,374.58 339.12 2,854.03
2015-06-30 6,223.48 310.57 3,031.03
2015-03-31 6,415.53 319.20 2,860.55
2014-12-31 6,288.71 298.98 2,850.03
2014-09-30 6,444.37 274.11 2,826.36
2014-06-30 6,470.04 256.90 1,006.39
2014-03-31 6,752.03 288.73 667.50
2013-12-31 6,445.62 352.88 650.84
2012-12-31 6,371.82 513.43 641.81
  • Societatea Energetica Electrica's level of debt (12.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (4.3% vs 12.1% today).
  • Debt is well covered by operating cash flow (94.9%, greater than 20% of total debt).
  • Societatea Energetica Electrica earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Societatea Energetica Electrica's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Societatea Energetica Electrica has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Societatea Energetica Electrica's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.76%
Current annual income from Societatea Energetica Electrica dividends. Estimated to be 7.2% next year.
If you bought €2,000 of Societatea Energetica Electrica shares you are expected to receive €135 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Societatea Energetica Electrica's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Societatea Energetica Electrica's dividend is above the markets top 25% of dividend payers in Germany (3.81%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:ECEA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 4.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:ECEA Future Dividends Estimate Data
Date (Data in RON) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.01 1.00
2021-12-31 0.87 1.00
2020-12-31 0.64 1.00
2019-12-31 0.59 1.00
DB:ECEA Past Annualized Dividends Data
Date (Data in RON) Dividend per share (annual) Avg. Yield (%)
2019-04-25 0.730 6.694
2018-03-07 0.724 6.913
2017-05-17 0.742 5.859
2016-04-28 0.860 6.404
2015-08-14 0.722 5.999
2015-06-29 0.722 5.749
2014-11-14 0.108 0.903

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Societatea Energetica Electrica has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Societatea Energetica Electrica only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Societatea Energetica Electrica's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Societatea Energetica Electrica's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Societatea Energetica Electrica afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Societatea Energetica Electrica has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Societatea Energetica Electrica's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Georgeta-Corina Popescu
TENURE AS CEO 0.3 years
CEO Bio

Ms. Georgeta-Corina Popescu has been Chief Executive Officer of Societatea Energetica Electrica S.A. since February 1, 2019 and served as it’s Director. Ms. Popescu had served as the Chief Executive Officer of CNTEE Transelectrica S.A. since June 01, 2017 and also served as its Directorate President and served as its Directorate Member until May 31, 2018. Ms. Popescu served as Secretary of State in the Ministry of Energy from 2015 to 2017. She served as Director of the Bucharest Branch of OMV Trading GmbH Vienna, Austria from 2011 to 2015. She served as Director of Regulation and Power Market Supervision at E.ON Romania from 2008 to 2011. She served as Director of the Electricity Procurement Department at E.ON Moldova from 2007 to 2008. She served as the Head of the Distribution Office with Electrica SA from 2001 to 2006. She was also a Manager of the Energy Market Regulation and Supervision for E.ON Romania and Head of Electricity Purchasing for E.ON Moldova. Ms. Popescu served as a Non-Executive Director of Societatea Energetica Electrica S.A. (also know as S.C. Electrica S.A.) from December 14, 2015 to 2017. She is a member of the International Council on Large Electric Systems, “Island Cables” Study Committee (CIGRE), the Association of Electricity Suppliers in Romania (AFFER) and Romanian National Committee of World Energy Council (CNR CMR). Ms. Popescu graduated in 1991 the Energy Faculty, Electric Power Engineering Section of the Polytechnic University in Bucharest. In 2007, she was certified in management with The Open University (CODESC).

CEO Compensation
  • Insufficient data for Georgeta-Corina to compare compensation growth.
  • Insufficient data for Georgeta-Corina to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure of the Societatea Energetica Electrica management team in years:

1.4
Average Tenure
  • The average tenure for the Societatea Energetica Electrica management team is less than 2 years, this suggests a new team.
Management Team

Georgeta-Corina Popescu

TITLE
Chief Executive Officer
TENURE
0.3 yrs

Mihai Darie

TITLE
Chief Financial Officer
TENURE
1.3 yrs

Dumbrava Ioan

TITLE
Manager of Operations

Catalina Popa

TITLE
Chief Sales Executive Officer
TENURE
1.4 yrs

Bibiana Constantin

TITLE
Chief Human Resources Officer
TENURE
0.3 yrs

Oana Galinschi

TITLE
Head of International Cooperation Office

Alexandra Romana Popescu Borislavschi

TITLE
Chief Corporate Governance and M&A Officer

Livioara Sujdea

TITLE
Chief Distribution Officer & Executive Manager
TENURE
2.3 yrs

Acristini-Georgescu Dana

TITLE
Chief Strategy & Performance Management Officer
TENURE
2 yrs
Board of Directors Tenure

Average tenure of the Societatea Energetica Electrica board of directors in years:

1.1
Average Tenure
  • The average tenure for the Societatea Energetica Electrica board of directors is less than 3 years, this suggests a new board.
Board of Directors

Valentin Radu

TITLE
Chairman of the Board
TENURE
0.4 yrs

Bogdan Iliescu

TITLE
Non-Executive Independent Director
TENURE
3.4 yrs

Ramona Ungur

TITLE
Non-Executive Independent Director
TENURE
1.1 yrs

Gicu Iorga

TITLE
Non-Executive Director
TENURE
2 yrs

Radu Florescu

TITLE
Independent Non-Executive Director
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Societatea Energetica Electrica's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Societatea Energetica Electrica has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Societatea Energetica Electrica S.A., together with its subsidiaries, engages in electricity distribution and supply business in Romania. It operates through Electricity Supply, Electricity Distribution, and External Electricity Network Maintenance segments. The company provides electricity distribution services to electricity suppliers; and supplies electricity to consumers in North Muntenia, Northern Transylvania, and Southern Transylvania. It also offers construction, repair, maintenance, and other services for electricity networks. The company was formerly known as Societatea de Distributie si Furnizare a Energiei Electrice Electrica S.A. and changed its name to Societatea Energetica Electrica S.A. in April 2016. Societatea Energetica Electrica S.A. was founded in 1898 and is headquartered in Bucharest, Romania.

Details
Name: Societatea Energetica Electrica S.A.
ECEA
Exchange: DB
Founded: 1898
RON769,048,009
339,049,336
Website: http://www.electrica.ro
Address: Societatea Energetica Electrica S.A.
no. 9 Grigore Alexandrescu Street,
1st District,
Bucharest,
Romania
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BVB EL Ordinary Shares Bucharest Stock Exchange RO RON 07. Jul 2014
LSE 0QVZ Ordinary Shares London Stock Exchange GB RON 07. Jul 2014
LSE ELSA GDR EACH REPR 4 SHS REG S London Stock Exchange GB USD 04. Jul 2014
DB ECEA GDR EACH REPR 4 SHS REG S Deutsche Boerse AG DE EUR 04. Jul 2014
Number of employees
Current staff
Staff numbers
7,995
Societatea Energetica Electrica employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/19 22:37
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.