DB:KWK3

Stock Analysis Report

Energiedienst Holding

Executive Summary

Energiedienst Holding AG produces, distributes, and sells electricity in Switzerland.


Snowflake Analysis

Excellent balance sheet with moderate growth potential.

Share Price & News

How has Energiedienst Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KWK3 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

KWK3

4.2%

DE Electric Utilities

0.1%

DE Market


1 Year Return

6.1%

KWK3

33.0%

DE Electric Utilities

14.1%

DE Market

Return vs Industry: KWK3 underperformed the German Electric Utilities industry which returned 19% over the past year.

Return vs Market: KWK3 underperformed the German Market which returned 17.1% over the past year.


Shareholder returns

KWK3IndustryMarket
7 Day0%4.2%0.1%
30 Day0%9.8%0.2%
90 Day1.4%20.5%3.3%
1 Year8.8%6.1%38.1%33.0%17.6%14.1%
3 Year40.9%27.1%86.3%62.3%14.8%4.8%
5 Year31.2%7.4%71.0%32.3%22.2%5.4%

Price Volatility Vs. Market

How volatile is Energiedienst Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Energiedienst Holding undervalued compared to its fair value and its price relative to the market?

33.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: KWK3 (€28) is trading below our estimate of fair value (€41.77)

Significantly Below Fair Value: KWK3 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: KWK3 is poor value based on its PE Ratio (66.3x) compared to the Electric Utilities industry average (13.5x).

PE vs Market: KWK3 is poor value based on its PE Ratio (66.3x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: KWK3 is poor value based on its PEG Ratio (1.9x)


Price to Book Ratio

PB vs Industry: KWK3 is overvalued based on its PB Ratio (1.3x) compared to the XE Electric Utilities industry average (0.9x).


Next Steps

Future Growth

How is Energiedienst Holding forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

35.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KWK3's forecast earnings growth (35.1% per year) is above the savings rate (0.2%).

Earnings vs Market: KWK3's earnings (35.1% per year) are forecast to grow faster than the German market (13.2% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: KWK3's revenue (3.6% per year) is forecast to grow slower than the German market (4.8% per year).

High Growth Revenue: KWK3's revenue (3.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KWK3's Return on Equity is forecast to be low in 3 years time (6%).


Next Steps

Past Performance

How has Energiedienst Holding performed over the past 5 years?

-24.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KWK3 has a large one-off loss of €7.4M impacting its June 30 2019 financial results.

Growing Profit Margin: KWK3's current net profit margins (1.6%) are lower than last year (2.7%).


Past Earnings Growth Analysis

Earnings Trend: KWK3's earnings have declined by -24.2% per year over the past 5 years.

Accelerating Growth: KWK3's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: KWK3 had negative earnings growth (-42%) over the past year, making it difficult to compare to the Electric Utilities industry average (4.7%).


Return on Equity

High ROE: KWK3's Return on Equity (1.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Energiedienst Holding's financial position?


Financial Position Analysis

Short Term Liabilities: KWK3's short term assets (€319.8M) exceed its short term liabilities (€186.1M).

Long Term Liabilities: KWK3's short term assets (€319.8M) do not cover its long term liabilities (€455.2M).


Debt to Equity History and Analysis

Debt Level: KWK3 is debt free.

Reducing Debt: KWK3 currently has no debt however we can't compare to 5 years ago as we have no data for that period.

Debt Coverage: KWK3 has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: KWK3 has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet

Inventory Level: KWK3 has a high level of physical assets or inventory.

Debt Coverage by Assets: KWK3's debt is not covered by short term assets (assets are -54.2x debt).


Next Steps

Dividend

What is Energiedienst Holding's current dividend yield, its reliability and sustainability?

2.30%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: KWK3's dividend (2.3%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: KWK3's dividend (2.3%) is low compared to the top 25% of dividend payers in the German market (3.53%).


Stability and Growth of Payments

Stable Dividend: KWK3's dividend payments have been volatile in the past 10 years.

Growing Dividend: KWK3's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (154.9%), KWK3's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: KWK3's dividends in 3 years are forecast to be covered by earnings (62.9% payout ratio).


Next Steps

Management

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

7.7yrs

Average management tenure


CEO

Jörg Reichert 0

0.7yrs

Tenure

Mr. Jörg Reichert serves as Chairman of Executive Board at Energiedienst Holding AG since 2019 and serves as its Member of Executive Board. He holds PhD & Master of Business Research. 


Leadership Team

NamePositionTenureCompensationOwnership
Jörg Reichert
Chairman of Executive Board0.7yrsno datano data
Klaus Muller
Head of Finance & Human Resources and Member of the Extended Executive Board4.2yrsno datano data
Christian Bersier
Head of Innovation & New Business and Member of The Extended Executive Board 8.8yrsno datano data
Irene Knauber
Head of Service & Production and Member of the Extended Executive Board 8.8yrsno datano data
Achim Geigle
Head of Sales & Marketing and Member of The Extended Management Board 8.8yrsno datano data
Michel Schwery
Member of Executive Board7.7yrsno datano data
Boris Philippeit
Head of Staff & Member of the Extended Executive Board 4.2yrsno datano data
Herbert Meier
Member of the Extended Executive Board0yrsno datano data

7.7yrs

Average Tenure

53yo

Average Age

Experienced Management: KWK3's management team is seasoned and experienced (7.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Klaus Eberhardt
Member of the Advisory Board0yrs€2.16kno data
Bernhard Beck
Vice-President of the Board of Directors10.6yrs€78.74kno data
Dominique Candrian
Chairman of the Board of Director2.5yrs€177.47kno data
Ralph Rieker
President of The Advisory Board0yrs€2.93kno data
Bruno Knapp
Director9.5yrs€46.70kno data
Marc Wolpensinger
Director6.5yrs€58.80kno data
Phyllis Scholl
Director5.5yrs€52.75kno data
Martin Bäumle
Member of Advisory Board0yrs€2.93kno data
Tilmann Bollacher
Member of the Advisory Board0yrs€2.93kno data
Wolfgang Dietz
Member of the Advisory Board0yrsno datano data

6.5yrs

Average Tenure

58yo

Average Age

Experienced Board: KWK3's board of directors are considered experienced (6.5 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.


Top Shareholders

Company Information

Energiedienst Holding AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Energiedienst Holding AG
  • Ticker: KWK3
  • Exchange: DB
  • Founded:
  • Industry: Electric Utilities
  • Sector: Utilities
  • Market Cap: CHF1.021b
  • Listing Market Cap: CHF941.357m
  • Shares outstanding: 33.04m
  • Website: https://www.energiedienst.de

Number of Employees


Location

  • Energiedienst Holding AG
  • Baslerstrasse 44
  • Laufenburg
  • Aargau
  • 5080
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
EDHNSWX (SIX Swiss Exchange)YesNominal SharesCHCHFFeb 1993
KWK3DB (Deutsche Boerse AG)YesNominal SharesDEEURFeb 1993

Biography

Energiedienst Holding AG produces, distributes, and sells electricity in Switzerland. It generates electricity from hydro, gas, sun, and wind sources. The company also provides heat and decentralized production services. It serves approximately 270,000 private and commercial customers. The company is based in Laufenburg, Switzerland. Energiedienst Holding AG is a subsidiary of EnBW Energie Baden-Württemberg AG. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/25 20:48
End of Day Share Price2019/06/28 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.