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Empresa Distribuidora y Comercializadora Norte Sociedad Anónima

DB:PWD1
Snowflake Description

Undervalued with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PWD1
DB
ARS45B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

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
-1.4%
DB:PWD1
-8.1%
Europe Electric Utilities
1.3%
DE Market
1 Year Returns
-52.1%
DB:PWD1
6.7%
Europe Electric Utilities
-7.6%
DE Market
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
PWD1
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's competitors could be found in our database.

PWD1 Value

 Is Empresa Distribuidora y Comercializadora Norte Sociedad Anónima 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 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.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Empresa Distribuidora y Comercializadora Norte Sociedad Anónima.

DB:PWD1 Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for DB:PWD1
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.

DB:PWD1 DCF 1st Stage: Next 10 year cash flow forecast
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
DB:PWD1 DCF 2nd Stage: Terminal Value
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
DB:PWD1 Total Equity Value
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
DB:PWD1 Discount to Share Price
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
Amount off the current price Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is available for.
Intrinsic value
>50%
Share price is €21.82 vs Future cash flow value of €117.93
Current Discount Checks
For Empresa Distribuidora y Comercializadora Norte Sociedad Anónima to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
DB:PWD1 PE (Price to Earnings) Ratio Data Sources
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.

DB:PWD1 PE (Price to Earnings) Ratio Calculation
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?
Raw Data
DB:PWD1 PEG (Price to Earnings to Growth) Ratio Data Sources
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 .

DB:PWD1 PEG (Price to Earnings to Growth) Ratio Calculation
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?
Raw Data
DB:PWD1 PB (Price to Book) Ratio Data Sources
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
DB:PWD1 PB (Price to Book) Ratio Calculation
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.
X
Value checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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. 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

 How is Empresa Distribuidora y Comercializadora Norte Sociedad Anónima expected to perform in the next 1 to 3 years based on estimates from 5 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
25.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Empresa Distribuidora y Comercializadora Norte Sociedad Anónima expected to grow at an attractive rate?
  • 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
Raw Data
DB:PWD1 Future Growth Rates Data Sources
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
Raw Data
DB:PWD1 Analysts Growth Expectations Data Sources
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 numbers in ARS Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:PWD1 Future Estimates Data
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
DB:PWD1 Past Financials Data
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.

Super high growth metrics
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
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:PWD1 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.

DB:PWD1 Future Estimates Data
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
DB:PWD1 Past Financials Data
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%).
X
Future performance checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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.
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

  How has Empresa Distribuidora y Comercializadora Norte Sociedad Anónima 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 Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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.
  • 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
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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 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.

DB:PWD1 Past Revenue, Cash Flow and Net Income Data
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).
X
Past performance checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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.
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

 How is Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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 Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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.
  • 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.
Raw Data

All data from Empresa Distribuidora y Comercializadora Norte Sociedad Anónima Company Filings, last reported 2 months ago.

DB:PWD1 Past Debt and Equity Data
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).
X
Financial health checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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. Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has a total score of 3/6, 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.

PWD1 Dividends

 What is Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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
0%
Current annual income from Empresa Distribuidora y Comercializadora Norte Sociedad Anónima dividends. Estimated to be 12.16% next year.
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
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?
  • 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.
Raw Data
DB:PWD1 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 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.

DB:PWD1 Future Dividends Estimate Data
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.
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.7x coverage).
X
Income/ dividend checks
We assess Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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 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)
  7. 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

 What is the CEO of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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
Ricardo Torres
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:

4.7
Average Tenure
54
Average Age
  • The tenure for the Empresa Distribuidora y Comercializadora Norte Sociedad Anónima management team is about average.
Management Team

Ricardo Torres

TITLE
Chairman & CEO
AGE
60
TENURE
3.7 yrs

Leandro Montero

TITLE
Chief Financial Officer
AGE
42

Eduardo Maggi

TITLE
Director of Operations
AGE
63
TENURE
18.2 yrs

Victor Augusto Ruiz

TITLE
Principal Accounting Officer
AGE
59

Daniel Flaks

TITLE
Technical Director
AGE
54

Maria Sigwald

TITLE
Director of Legal & Regulaory Affairs and Director
AGE
51
TENURE
3.4 yrs

Mariana De La Fuente

TITLE
Director of Human Resources
AGE
50
TENURE
4.7 yrs

Marcos Mindlin

TITLE
VP & Director
AGE
54
TENURE
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:

7.1
Average Tenure
51.5
Average Age
  • The tenure for the Empresa Distribuidora y Comercializadora Norte Sociedad Anónima board of directors is about average.
Board of Directors

Gustavo Mariani

TITLE
Vice Chairman
AGE
48
TENURE
6.2 yrs

Ricardo Torres

TITLE
Chairman & CEO
AGE
60
TENURE
7 yrs

Leandro Montero

TITLE
Chief Financial Officer
AGE
42
TENURE
7.2 yrs

Maria Sigwald

TITLE
Director of Legal & Regulaory Affairs and Director
AGE
51
TENURE
3.2 yrs

Marcos Mindlin

TITLE
VP & Director
AGE
54
TENURE
13.3 yrs

Damián Mindlin

TITLE
Director
AGE
52
TENURE
13.3 yrs

Maximiliano Alejandro Fernández

TITLE
Independent Director
AGE
58
TENURE
12.2 yrs

Eduardo Llanos

TITLE
Independent Director
AGE
74
TENURE
10.9 yrs

Emiliano Basavilvaso

TITLE
Independent Director
AGE
42
TENURE
3.2 yrs

Lucas Amado

TITLE
Independent Director
AGE
44
TENURE
3.2 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 Empresa Distribuidora y Comercializadora Norte Sociedad Anónima'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. 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 News

Simply Wall St News

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
Staff numbers
4,789
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima employees.
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.