Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima, a public service company, engages in the distribution and sale of electricity in Argentina. The last earnings update was 8 days ago. More info.
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PWD1 Share Price and Events
7 Day Returns
1 Year Returns
PWD1 Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (PWD1) | -1.4% | -12.3% | -3.2% | -52.1% | 58.6% | 376.9% |
| Europe Electric Utilities | -8.1% | -7.8% | -3.2% | 6.7% | 12.7% | -5.3% |
| DE Market | 1.3% | 2.8% | 7.5% | -7.6% | 9.3% | 13.3% |
1 Year Return vs Industry and Market
- PWD1 underperformed the Electric Utilities industry which returned 6.7% over the past year.
- PWD1 underperformed the Market in Germany which returned -7.6% over the past year.
Price Volatility
Related Companies
Sorry, no analysis for Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's competitors could be found in our database.
PWD1 Value
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
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Empresa Distribuidora y Comercializadora Norte Sociedad Anónima.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 5 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.
| 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 | 0.24 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.242 (1 + (1- 30%) (18.54%)) |
0.513 |
| 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:PWD1 using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Empresa Distribuidora y Comercializadora Norte Sociedad Anónima 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.
| Levered FCF (ARS, Millions) | Source |
Present Value Discounted (@ 5%) |
|
|---|---|---|---|
| 2019 | -170.33 | Analyst x3 | -162.23 |
| 2020 | -955.33 | Analyst x3 | -866.58 |
| 2021 | 207.50 | Analyst x2 | 179.27 |
| 2022 | 9,078.00 | Analyst x1 | 7,469.63 |
| 2023 | 10,558.00 | Analyst x1 | 8,274.05 |
| 2024 | 11,680.05 | Est @ 10.63% | 8,717.82 |
| 2025 | 12,556.94 | Est @ 7.51% | 8,926.36 |
| 2026 | 13,225.44 | Est @ 5.32% | 8,954.22 |
| 2027 | 13,727.34 | Est @ 3.8% | 8,851.80 |
| 2028 | 14,101.40 | Est @ 2.72% | 8,660.34 |
| Present value of next 10 years cash flows | ARS59,004.68 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= ARS14,101.40 × (1 + 0.23%) ÷ (5% – 0.23%) |
ARS296,425.17 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= ARS296,425.17 ÷ (1 + 5%)10 |
ARS182,048.68 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= ARS59,004.68 + ARS182,048.68 |
ARS241,053.36 |
| Equity Value per Share (ARS) |
= Total value / Shares Outstanding
= ARS241,053.36 / 877.95 |
ARS117.93 |
| Calculation | Result | |
|---|---|---|
| Non-primary Listing Adjustment Factor |
1 share in DB:PWD1
represents 0.42953x
of
BASE:EDN
(This could be a different class, a depositary receipt, a different currency, or all of these things.) |
0.42953x |
| Value per Share (Listing Adjusted, EUR) |
= Value per Share (ARS) x Listing Adjustment Factor
= ARS 274.56 x 0.42953 |
€117.93 |
| Value per share (EUR) | From above. | €117.93 |
| Current discount | Discount to share price of
€21.82
= -1 x (€21.82 - €117.93) / €117.93 |
81.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's share price is below the future cash flow value, and 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 Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in ARS | ARS4.83 |
| BASE:EDN Share Price ** | BASE (2019-03-19) in ARS | ARS50.8 |
| Europe Electric Utilities Industry PE Ratio | Median Figure of 64 Publicly-Listed Electric Utilities Companies | 12.18x |
| Germany Market PE Ratio | Median Figure of 423 Publicly-Listed Companies | 19.26x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = BASE:EDN Share Price ÷ EPS (both in ARS) = 50.8 ÷ 4.83 |
10.52x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is good value based on earnings compared to the Europe Electric Utilities industry average.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 10.52x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts |
25.6%per year |
| Europe Electric Utilities Industry PEG Ratio | Median Figure of 30 Publicly-Listed Electric Utilities Companies | 0.23x |
| Germany Market PEG Ratio | Median Figure of 276 Publicly-Listed Companies | 1.46x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 10.52x ÷ 25.6% |
0.41x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is good value based on expected growth next year.
Price based on value of assets
What value do investors place on
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in ARS | ARS35.27 |
| BASE:EDN Share Price * | BASE (2019-03-19) in ARS | ARS50.8 |
| Europe Electric Utilities Industry PB Ratio | Median Figure of 75 Publicly-Listed Electric Utilities Companies | 0.97x |
| Germany Market PB Ratio | Median Figure of 570 Publicly-Listed Companies | 1.76x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = BASE:EDN Share Price ÷ Book Value per Share (both in ARS) = 50.8 ÷ 35.27 |
1.44x |
* Primary Listing of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is overvalued based on assets compared to the Europe Electric Utilities industry average.
Value checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check) Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has a total score of 5/6, 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.
PWD1 Future Performance
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!
Earnings growth vs Low Risk Savings
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's earnings growth is expected to exceed the Germany market average.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| DB:PWD1 Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts | 25.6% |
| DB:PWD1 Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts | 13.5% |
| Europe Electric Utilities Industry Earnings Growth Rate | Market Cap Weighted Average | 8.6% |
| Europe Electric Utilities Industry Revenue Growth Rate | Market Cap Weighted Average | 2.9% |
| Germany Market Earnings Growth Rate | Market Cap Weighted Average | 11.8% |
| Germany Market Revenue Growth Rate | Market Cap Weighted Average | 5.1% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Date (Data in ARS Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 113,352 | 18,125 | 1 | |
| 2022-12-31 | 103,234 | 15,783 | 1 | |
| 2021-12-31 | 100,805 | 12,505 | 2 | |
| 2020-12-31 | 88,031 | 8,107 | 8,811 | 4 |
| 2019-12-31 | 74,922 | 8,543 | 6,359 | 5 |
| Date (Data in ARS Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 55,954 | 9,621 | 4,298 |
| 2018-09-30 | 41,490 | 8,536 | 2,123 |
| 2018-06-30 | 34,488 | 7,242 | 1,567 |
| 2018-03-31 | 29,985 | 5,832 | 1,712 |
| 2017-12-31 | 24,340 | 3,283 | 682 |
| 2017-09-30 | 21,539 | 3,134 | 1,314 |
| 2017-06-30 | 18,491 | 2,335 | 366 |
| 2017-03-31 | 15,456 | 2,587 | -642 |
| 2016-12-31 | 13,080 | 2,931 | -1,189 |
| 2016-09-30 | 10,008 | 3,064 | -1,639 |
| 2016-06-30 | 7,641 | 3,259 | -768 |
| 2016-03-31 | 5,824 | 2,847 | 548 |
*GAAP earnings excluding extraordinary items.
High Growth Checks
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's earnings are expected to grow significantly at over 20% yearly.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's revenue is expected to grow by 13.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
All data from Empresa Distribuidora y Comercializadora Norte Sociedad Anónima Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in ARS Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | ||||
| 2020-12-31 | 7.18 | 10.23 | 3.50 | 3.00 |
| 2019-12-31 | 5.51 | 7.23 | 3.11 | 4.00 |
| Date (Data in ARS Millions) | EPS * |
|---|---|
| 2018-12-31 | 4.83 |
| 2018-09-30 | 2.37 |
| 2018-06-30 | 1.74 |
| 2018-03-31 | 1.90 |
| 2017-12-31 | 0.76 |
| 2017-09-30 | 1.46 |
| 2017-06-30 | 0.41 |
| 2017-03-31 | -0.72 |
| 2016-12-31 | -1.33 |
| 2016-09-30 | -1.83 |
| 2016-06-30 | -0.86 |
| 2016-03-31 | 0.61 |
*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.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
Future performance checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has a total score of 5/6, 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.
PWD1 Past Performance
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
Past Earnings growth analysis
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has delivered over 20% year on year earnings growth in the past 5 years.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's 1-year earnings growth exceeds its 5-year average (530% vs 39.1%)
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (530% vs -1.2%).
Earnings and Revenue History
All data from Empresa Distribuidora y Comercializadora Norte Sociedad Anónima Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in ARS Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 55,953.60 | 4,297.50 | 7,904.80 | |
| 2018-09-30 | 41,490.23 | 2,122.88 | 4,518.39 | |
| 2018-06-30 | 34,487.68 | 1,566.65 | 3,871.44 | |
| 2018-03-31 | 29,984.73 | 1,711.63 | 3,538.36 | |
| 2017-12-31 | 24,340.00 | 682.19 | 3,267.45 | |
| 2017-09-30 | 21,538.65 | 1,313.53 | 3,115.90 | |
| 2017-06-30 | 18,490.73 | 365.59 | 2,994.69 | |
| 2017-03-31 | 15,456.12 | -642.23 | 2,938.01 | |
| 2016-12-31 | 13,079.61 | -1,188.65 | 2,667.31 | |
| 2016-09-30 | 10,008.32 | -1,638.66 | 2,278.21 | |
| 2016-06-30 | 7,641.30 | -767.77 | 2,044.26 | |
| 2016-03-31 | 5,823.67 | 547.52 | 1,684.92 | |
| 2015-12-31 | 3,802.16 | 1,142.44 | 1,480.95 | |
| 2015-09-30 | 3,761.36 | 1,602.86 | 1,389.38 | |
| 2015-06-30 | 3,713.17 | 667.83 | 1,295.37 | |
| 2015-03-31 | 3,666.43 | 428.73 | 1,189.71 | |
| 2014-12-31 | 3,598.38 | -779.72 | 1,105.84 | |
| 2014-09-30 | 3,620.40 | -1,462.98 | 991.65 | |
| 2014-06-30 | 3,537.12 | -1,247.61 | 883.58 | |
| 2014-03-31 | 3,504.88 | 542.43 | 866.25 | |
| 2013-12-31 | 3,440.69 | 866.85 | 834.13 | |
| 2013-09-30 | 3,378.20 | 550.38 | 761.23 | |
| 2013-06-30 | 3,198.87 | 766.68 | 727.14 | |
| 2013-03-31 | 3,087.00 | -1,313.80 | 639.75 | |
| 2012-12-31 | 2,976.18 | -1,030.30 | 574.20 | |
| 2012-09-30 | 2,909.90 | -935.39 | 534.65 | |
| 2012-06-30 | 2,949.02 | -713.25 | 520.58 | |
| 2012-03-31 | 2,974.57 | -550.97 | 518.09 |
*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.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has a total score of 4/6, 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.
PWD1 Health
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 Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's finances.
The net worth of a company is the difference between its assets and liabilities.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 1.7x 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.
All data from Empresa Distribuidora y Comercializadora Norte Sociedad Anónima Company Filings, last reported 2 months ago.
| Date (Data in ARS Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 30,969.00 | 8,270.00 | 4,618.00 |
| 2018-09-30 | 2,381.06 | 11,783.19 | 8,156.78 |
| 2018-06-30 | 1,533.66 | 8,622.68 | 5,967.04 |
| 2018-03-31 | 2,459.23 | 6,652.12 | 4,970.59 |
| 2017-12-31 | 1,060.86 | 6,147.96 | 2,991.62 |
| 2017-09-30 | 1,047.23 | 4,650.65 | 1,866.26 |
| 2017-06-30 | 738.37 | 4,400.10 | 1,729.22 |
| 2017-03-31 | 805.19 | 4,199.18 | 1,736.59 |
| 2016-12-31 | 361.83 | 4,170.09 | 2,253.99 |
| 2016-09-30 | -317.18 | 4,077.81 | 2,088.44 |
| 2016-06-30 | 339.59 | 2,896.00 | 2,374.77 |
| 2016-03-31 | 1,400.02 | 4,059.01 | 1,969.18 |
| 2015-12-31 | 1,525.05 | 3,609.53 | 1,689.39 |
| 2015-09-30 | 1,323.87 | 2,805.73 | 1,316.34 |
| 2015-06-30 | 1,109.74 | 2,647.50 | 1,244.77 |
| 2015-03-31 | 854.89 | 2,441.95 | 902.82 |
| 2014-12-31 | 385.00 | 2,139.16 | 433.53 |
| 2014-09-30 | -267.40 | 1,809.86 | 402.68 |
| 2014-06-30 | 453.50 | 1,549.64 | 325.10 |
| 2014-03-31 | 437.74 | 1,561.29 | 490.82 |
| 2013-12-31 | 1,176.30 | 1,350.53 | 459.91 |
| 2013-09-30 | 1,217.85 | 1,331.28 | 378.48 |
| 2013-06-30 | 1,744.94 | 1,207.86 | 219.97 |
| 2013-03-31 | -19.94 | 1,482.39 | 182.17 |
| 2012-12-31 | 489.29 | 1,453.84 | 74.52 |
| 2012-09-30 | 852.06 | 1,435.27 | 58.41 |
| 2012-06-30 | 1,131.80 | 1,362.95 | 330.30 |
| 2012-03-31 | 1,392.27 | 1,368.64 | 210.97 |
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's level of debt (26.7%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (115.8% vs 26.7% today).
- Debt is well covered by operating cash flow (116.3%, greater than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 0.9x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
PWD1 Dividends
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
€2,000 of
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
shares you are expected to receive
€0
in your first year as a dividend.
Dividend Amount
- Unable to evaluate Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
- Unable to evaluate Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's dividend against the top 25% market benchmark as the company has not reported any payouts.
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.
| 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 5 Analyst Estimates (S&P Global) | See Below |
| Europe Electric Utilities Industry Average Dividend Yield | Market Cap Weighted Average of 43 Stocks | 5.1% |
| Germany Market Average Dividend Yield | Market Cap Weighted Average of 331 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 | 3.9% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in ARS) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | ||
| 2022-12-31 | ||
| 2021-12-31 | ||
| 2020-12-31 | 10.46 | 1.00 |
| 2019-12-31 | 1.90 | 1.00 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to perform a dividend volatility check as Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has not reported any payouts.
- Unable to verify if Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's earnings are
paid
to the shareholders as a dividend.
- Unable to calculate sustainability of dividends as Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has not reported any payouts.
Income/ dividend checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Empresa Distribuidora y Comercializadora Norte Sociedad Anónima afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has a total score of 0/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
PWD1 Management
CEO
| AGE | 60 |
| TENURE AS CEO | 3.7 years |
CEO Bio
Mr. Ricardo Alejandro Torres is a Co-Founder of Pampa Energía S.A. and had been its Chief Executive Officer since November 2005 until December 2018 and served as its Chief Financial Officer & Chief of Distribution until December 2018 and serves as its Director. Mr. Torres served as Chief Financial Officer and Chief of Distribution at Petrobras Argentina S.A. He served as Interim Chief Financial Officer of Pampa Energía S.A. since September 2012. Mr. Torres served as Co-Chief Executive Officer of Petrobras Argentina SA. Mr. Torres has been the Chief Executive Officer of Empresa Distribuidora y Comercializadora Norte S.A. since July 1, 2015. He serves as Co-Chief Executive Officer of Pampa Energia SA. He served as Co-Chief Executive Officer and Vice President at Pampa Energia SA until May 10, 2016. He served as the Chief Generation Director at Pampa Energia SA. He served as Distribution Director of Pampa Energia SA. He served as the Vice President, Chief Generation Manager and General Manager of Pampa Energia SA. He served as the Chief Financial Officer of IRSA Investments and Representations Inc. From 1993 to 2001, Mr. Torres served as Chief Financial Officer of IRSA Inversiones y Representaciones S.A. He was a Partner of Darwin Inversiones S.A. He served as the Finance Director of IRSA. He serves as Chairman of Edenor at Pampa Energia SA. Mr. Torres has been the Chairman of Empresa Distribuidora y Comercializadora Norte S.A. since March 2012 and has been its Director since November 2005. He serves as Vice Chairman of Distribution and Administration Director at Petrobras Argentina S.A. He serves as Vice chairman of Pampa Energia SA. He served as the Vice-Chairman of Pampa Energia SA since April 25, 2008. He has been a Director of Pampa Holding S.A and Pampa Energia SA since November 2005. He served as Vice Chairman of Central Termica Guemes S.A. and serves as its Director. He serves as Director of Bodega Loma la Lata S.A., CPB, CTG, Loma de la Lata, Energ a Distribuida S.A., EASA, PEPCA, HIDISA, HINISA, IEASA, Diamante, Nihuiles, IPB, Pampa Comercializadora S.A., PISA, Pampa Participaciones, Pampa Participaciones II, Ponderosa Assets Holding I LLC. Ponderosa Assets Holding II LLC, RT Warrants S.A., Transelec, Pop Argentina S.R.L. (Partner), Todos Capital S.R.L. (Partner); Citelec (alternate director), Or genes Seguros de Vida S.A., Or genes Seguro de Retiro S.A., Transba (alternate director). He has been a Director of Petrobras Argentina SA since November 2005. He serves as Non-Independent Director at Petrolera Pampa S.A. He serves as a Director of Pampa Advisors S.A, Veredit S.A, Verinver S.A, Inversora Nihuiles, Inversora Diamante, Hidroeléctrica Nihuiles S.A, Hidroeléctrica Diamante S.A and Central Térmica Güemes and Deputy Director of Edenor. He served as a Director of Alto Palermo, Brazil Realty Empreendimentos e Participações S.A, Abril S.A and Inversora Bolívar S.A from 1993 to 2001. He served as a Professor of Finance and Taxation at Facultad de Ciencias Económicas (School of Economy) of the Universidad de Buenos Aires. He has a degree in Public Accountancy (Universidad de Buenos Aires) and a Master Degree in Business Administration (Institutor de Altos Studios Empresariales – Escuela de Negocios, Universidad Austral).
CEO Compensation
- Insufficient data for Ricardo to compare compensation growth.
- Insufficient data for Ricardo to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure
Average tenure and age of the Empresa Distribuidora y Comercializadora Norte Sociedad Anónima management team in years:
- The tenure for the Empresa Distribuidora y Comercializadora Norte Sociedad Anónima management team is about average.
Management Team
Ricardo Torres
Chairman & CEO
60
3.7 yrs
Leandro Montero
Chief Financial Officer
42
Eduardo Maggi
Director of Operations
63
18.2 yrs
Victor Augusto Ruiz
Principal Accounting Officer
59
Daniel Flaks
Technical Director
54
Maria Sigwald
Director of Legal & Regulaory Affairs and Director
51
3.4 yrs
Mariana De La Fuente
Director of Human Resources
50
4.7 yrs
Marcos Mindlin
VP & Director
54
14.2 yrs
Board of Directors Tenure
Average tenure and age of the Empresa Distribuidora y Comercializadora Norte Sociedad Anónima board of directors in years:
- The tenure for the Empresa Distribuidora y Comercializadora Norte Sociedad Anónima board of directors is about average.
Board of Directors
Gustavo Mariani
Vice Chairman
48
6.2 yrs
Ricardo Torres
Chairman & CEO
60
7 yrs
Leandro Montero
Chief Financial Officer
42
7.2 yrs
Maria Sigwald
Director of Legal & Regulaory Affairs and Director
51
3.2 yrs
Marcos Mindlin
VP & Director
54
13.3 yrs
Damián Mindlin
Director
52
13.3 yrs
Maximiliano Alejandro Fernández
Independent Director
58
12.2 yrs
Eduardo Llanos
Independent Director
74
10.9 yrs
Emiliano Basavilvaso
Independent Director
42
3.2 yrs
Lucas Amado
Independent Director
44
3.2 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Empresa Distribuidora y Comercializadora Norte Sociedad Anónima 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.
PWD1 Company Info
Description
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima, a public service company, engages in the distribution and sale of electricity in Argentina. It serves approximately 8.5 million people in the northwestern part of the greater Buenos Aires metropolitan area and the northern part of the City of Buenos Aires through the concession of 4,637 square kilometers. The company was formerly known as Empresa Distribuidora Norte Sociedad Anónima and changed its name to Empresa Distribuidora y Comercializadora Norte Sociedad Anónima in June 1996. The company was founded in 1992 and is based in Buenos Aires, Argentina. Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is a subsidiary of Electricidad Argentina S.A.
Details
| Name: | Empresa Distribuidora y Comercializadora Norte Sociedad Anónima |
| PWD1 | |
| Exchange: | DB |
| Founded: | 1992 |
| ARS974,881,360 | |
| 877,952,604 | |
| Website: | http://www.edenor.com.ar |
| Address: |
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima Avenida del Libertador 6363, Buenos Aires, Capital Federal, C1428ARG, Argentina |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| BASE | EDN | Class B Shares | Buenos Aires Stock Exchange | AR | ARS | 03. Jul 2007 | |
| NYSE | EDN | ADR EACH REP 20 CLASS 'B' ARS1 | New York Stock Exchange | US | USD | 26. Apr 2007 | |
| DB | PWD1 | ADR EACH REP 20 CLASS 'B' ARS1 | Deutsche Boerse AG | DE | EUR | 26. Apr 2007 |
Number of employees
Current staff
Industry
| Electric Utilities | |
| Utilities |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/03/19 21:03 |
| End of day share price update: | 2019/03/19 00:00 |
| Last estimates confirmation: | 2019/03/11 |
| Last earnings filing: | 2019/03/11 |
| Last earnings reported: | 2018/12/31 |
| 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.
