New Risk • 26m
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 4.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • May 05
Full year 2025 earnings released: €0.20 loss per share (vs €0.14 profit in FY 2024) Full year 2025 results: €0.20 loss per share (down from €0.14 profit in FY 2024). Revenue: €364.7m (down 2.4% from FY 2024). Net loss: €21.4m (down 246% from profit in FY 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Water Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Apr 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (6.9% average weekly change). New Risk • Mar 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Greek stocks, typically moving 6.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 28
First half 2025 earnings released: €0.052 loss per share (vs €0.095 profit in 1H 2024) First half 2025 results: €0.052 loss per share (down from €0.095 profit in 1H 2024). Revenue: €173.3m (flat on 1H 2024). Net loss: €5.57m (down 155% from profit in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €6.70, the stock trades at a trailing P/E ratio of 48.7x. Average trailing P/E is 30x in the Water Utilities industry in Europe. Total loss to shareholders of 7.5% over the past three years. Upcoming Dividend • Jul 15
Upcoming dividend of €0.07 per share Eligible shareholders must have bought the stock before 22 July 2025. Payment date: 28 July 2025. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Greek dividend payers (5.8%). Lower than average of industry peers (4.7%). Declared Dividend • Jun 10
Dividend reduced to €0.07 Dividend of €0.07 is 30% lower than last year. Ex-date: 22nd July 2025 Payment date: 28th July 2025 Dividend yield will be 1.2%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 43% to shift the payout ratio to a potentially unsustainable range, which is more than the 24% EPS decline seen over the last 5 years. Announcement • May 13
Athens Water Supply and Sewerage Company S.A. to Report First Half, 2025 Results on Sep 25, 2025 Athens Water Supply and Sewerage Company S.A. announced that they will report first half, 2025 results on Sep 25, 2025 Reported Earnings • May 05
Full year 2024 earnings released: EPS: €0.14 (vs €0.19 in FY 2023) Full year 2024 results: EPS: €0.14 (down from €0.19 in FY 2023). Revenue: €373.7m (up 6.3% from FY 2023). Net income: €14.7m (down 28% from FY 2023). Profit margin: 3.9% (down from 5.8% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • May 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.9% Last year net profit margin: 5.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Announcement • May 01
Athens Water Supply and Sewerage Company S.A. announces Annual dividend, payable on June 24, 2025 Athens Water Supply and Sewerage Company S.A. announced Annual dividend of EUR 0.0700 per share payable on June 24, 2025, ex-date on June 18, 2025 and record date on June 19, 2025. New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Large one-off items impacting financial results. Announcement • Mar 06
Athens Water Supply and Sewerage Company S.A., Annual General Meeting, Jun 10, 2025 Athens Water Supply and Sewerage Company S.A., Annual General Meeting, Jun 10, 2025. Reported Earnings • Sep 29
First half 2024 earnings released: EPS: €0.095 (vs €0.007 in 1H 2023) First half 2024 results: EPS: €0.095 (up from €0.007 in 1H 2023). Revenue: €174.5m (up 7.2% from 1H 2023). Net income: €10.1m (up €9.36m from 1H 2023). Profit margin: 5.8% (up from 0.4% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Sep 01
Athens Water Supply and Sewerage Company S.A. to Report First Half, 2024 Results on Sep 26, 2024 Athens Water Supply and Sewerage Company S.A. announced that they will report first half, 2024 results on Sep 26, 2024 Upcoming Dividend • Jul 15
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 29 July 2024. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Greek dividend payers (5.5%). Lower than average of industry peers (4.7%). Reported Earnings • Apr 26
Full year 2023 earnings released Full year 2023 results: Revenue: €351.6m (up 2.4% from FY 2022). Net income: €20.3m (up 304% from FY 2022). Profit margin: 5.8% (up from 1.5% in FY 2022). The increase in margin was primarily driven by higher revenue. New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 32% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Announcement • Apr 01
Athens Water Supply and Sewerage Company S.A. to Report Fiscal Year 2023 Results on Apr 25, 2024 Athens Water Supply and Sewerage Company S.A. announced that they will report fiscal year 2023 results on Apr 25, 2024 Reported Earnings • Oct 01
First half 2023 earnings released: EPS: €0.007 (vs €0.16 in 1H 2022) First half 2023 results: EPS: €0.007 (down from €0.16 in 1H 2022). Revenue: €162.8m (flat on 1H 2022). Net income: €702.0k (down 96% from 1H 2022). Profit margin: 0.4% (down from 10% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.5% Last year net profit margin: 8.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 29% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (1.5% net profit margin). New Risk • Jun 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. High level of non-cash earnings (33% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Paying a dividend despite having no free cash flows. Reported Earnings • Dec 16
Third quarter 2022 earnings released: EPS: €0.042 (vs €0.098 in 3Q 2021) Third quarter 2022 results: EPS: €0.042 (down from €0.098 in 3Q 2021). Revenue: €97.8m (down 4.4% from 3Q 2021). Net income: €4.46m (down 57% from 3Q 2021). Profit margin: 4.6% (down from 10% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 24
First half 2022 earnings released: EPS: €0.16 (vs €0.091 in 1H 2021) First half 2022 results: EPS: €0.16 (up from €0.091 in 1H 2021). Revenue: €163.9m (up 5.0% from 1H 2021). Net income: €16.7m (up 72% from 1H 2021). Profit margin: 10% (up from 6.2% in 1H 2021). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 29
Upcoming dividend of €0.28 per share Eligible shareholders must have bought the stock before 05 September 2022. Payment date: 12 September 2022. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 3.6%. Lower than top quartile of Greek dividend payers (5.0%). In line with average of industry peers (3.9%). Reported Earnings • Oct 03
First half 2021 earnings released: EPS €0.091 (vs €0.14 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: €156.0m (down 1.4% from 1H 2020). Net income: €9.69m (down 32% from 1H 2020). Profit margin: 6.2% (down from 9.1% in 1H 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 06
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 13 September 2021. Payment date: 17 September 2021. Trailing yield: 2.9%. Lower than top quartile of Greek dividend payers (3.7%). Lower than average of industry peers (3.6%). Upcoming Dividend • Jun 24
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 30 June 2021. Payment date: 07 July 2021. Trailing yield: 2.8%. Lower than top quartile of Greek dividend payers (4.0%). Lower than average of industry peers (3.6%). Reported Earnings • Apr 11
Full year 2020 earnings released: €0.62 loss per share (vs €0.55 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €330.3m (up 2.0% from FY 2019). Net loss: €66.1m (down 214% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 28
New 90-day low: €6.59 The company is down 1.0% from its price of €6.65 on 30 October 2020. The Greek market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is up 2.0% over the same period. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total profits of €47.4m, down 14% from the prior year. Total revenue was €330.4m over the last 12 months, up 3.0% from the prior year.