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Észak-magyarországi Áramszolgáltató Nyrt

BUSE:EMASZ
Snowflake Description

Adequate balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EMASZ
BUSE
HUF75B
Market Cap
  1. Home
  2. HU
  3. Utilities
Company description

Észak-magyarországi Áramszolgáltató Nyrt. The last earnings update was 60 days ago. More info.


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EMASZ Share Price and Events
7 Day Returns
0%
BUSE:EMASZ
0.6%
Europe Electric Utilities
-1.5%
HU Market
1 Year Returns
-1.6%
BUSE:EMASZ
19.4%
Europe Electric Utilities
12.9%
HU Market
EMASZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Észak-magyarországi Áramszolgáltató Nyrt (EMASZ) 0% -0.8% -3.9% -1.6% 12.4% 97.6%
Europe Electric Utilities 0.6% 3.1% 5.4% 19.4% 47.9% 6%
HU Market -1.5% -0.9% -5.8% 12.9% 55.6% 104.4%
1 Year Return vs Industry and Market
  • EMASZ underperformed the Electric Utilities industry which returned 19.4% over the past year.
  • EMASZ underperformed the Market in Hungary which returned 12.9% over the past year.
Price Volatility
EMASZ
Industry
5yr Volatility vs Market

Value

 Is Észak-magyarországi Áramszolgáltató Nyrt 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 Észak-magyarországi Áramszolgáltató Nyrt to its discounted cash flow analysis.value.

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

Below are the data sources, inputs and calculation used to determine the intrinsic value for Észak-magyarországi Áramszolgáltató Nyrt.

BUSE:EMASZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 10.2%
Perpetual Growth Rate 10-Year HU Government Bond Rate 3%

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 BUSE:EMASZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HU Govt Bond Rate 3%
Equity Risk Premium S&P Global 9%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.28
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.28 (1 + (1- 9%) (2.08%))
0.521
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)
= 2.96% + (0.8 * 9.02%)
10.18%

Discounted Cash Flow Calculation for BUSE:EMASZ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Észak-magyarországi Áramszolgáltató Nyrt 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.

BUSE:EMASZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HUF, Millions) Source Present Value
Discounted (@ 10.18%)
2019 6,290.11 Est @ -9.99% 5,709.15
2020 5,905.91 Est @ -6.11% 4,865.34
2021 5,705.84 Est @ -3.39% 4,266.37
2022 5,621.21 Est @ -1.48% 3,814.89
2023 5,612.76 Est @ -0.15% 3,457.34
2024 5,656.70 Est @ 0.78% 3,162.57
2025 5,737.92 Est @ 1.44% 2,911.69
2026 5,846.55 Est @ 1.89% 2,692.80
2027 5,975.95 Est @ 2.21% 2,498.18
2028 6,121.60 Est @ 2.44% 2,322.71
Present value of next 10 years cash flows HUF35,701.03
BUSE:EMASZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HUF6,121.60 × (1 + 2.96%) ÷ (10.18% – 2.96%)
HUF87,344.74
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HUF87,344.74 ÷ (1 + 10.18%)10
HUF33,141.09
BUSE:EMASZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HUF35,701.03 + HUF33,141.09
HUF68,842.12
Equity Value per Share
(HUF)
= Total value / Shares Outstanding
= HUF68,842.12 / 3.05
HUF22568.07
BUSE:EMASZ Discount to Share Price
Calculation Result
Value per share (HUF) From above. HUF22,568.07
Current discount Discount to share price of HUF24,600.00
= -1 x (HUF24,600.00 - HUF22,568.07) / HUF22,568.07
-9%

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

  • The current share price of Észak-magyarországi Áramszolgáltató Nyrt is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Észak-magyarországi Áramszolgáltató Nyrt's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Észak-magyarországi Áramszolgáltató Nyrt's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BUSE:EMASZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HUF HUF2,134.13
BUSE:EMASZ Share Price ** BUSE (2019-06-25) in HUF HUF24600
Europe Electric Utilities Industry PE Ratio Median Figure of 70 Publicly-Listed Electric Utilities Companies 12.12x
Hungary Market PE Ratio Median Figure of 25 Publicly-Listed Companies 11.66x

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

** Primary Listing of Észak-magyarországi Áramszolgáltató Nyrt.

BUSE:EMASZ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BUSE:EMASZ Share Price ÷ EPS (both in HUF)

= 24600 ÷ 2,134.13

11.53x

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

  • Észak-magyarországi Áramszolgáltató Nyrt is good value based on earnings compared to the Europe Electric Utilities industry average.
  • Észak-magyarországi Áramszolgáltató Nyrt is good value based on earnings compared to the Hungary market.
Price based on expected Growth
Does Észak-magyarországi Áramszolgáltató Nyrt's expected growth come at a high price?
Raw Data
BUSE:EMASZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
4.1%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 33 Publicly-Listed Electric Utilities Companies 1.2x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Észak-magyarországi Áramszolgáltató Nyrt, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Észak-magyarországi Áramszolgáltató Nyrt's assets?
Raw Data
BUSE:EMASZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HUF HUF27,292.30
BUSE:EMASZ Share Price * BUSE (2019-06-25) in HUF HUF24600
Europe Electric Utilities Industry PB Ratio Median Figure of 75 Publicly-Listed Electric Utilities Companies 0.88x
Hungary Market PB Ratio Median Figure of 28 Publicly-Listed Companies 1.81x
BUSE:EMASZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BUSE:EMASZ Share Price ÷ Book Value per Share (both in HUF)

= 24600 ÷ 27,292.30

0.9x

* Primary Listing of Észak-magyarországi Áramszolgáltató Nyrt.

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

  • Észak-magyarországi Áramszolgáltató Nyrt is overvalued based on assets compared to the Europe Electric Utilities industry average.
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Value checks
We assess Észak-magyarországi Áramszolgáltató Nyrt'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. Észak-magyarországi Áramszolgáltató Nyrt has a total score of 2/6, see the detailed checks below.

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

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

Future Performance

 How is Észak-magyarországi Áramszolgáltató Nyrt expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Észak-magyarországi Áramszolgáltató Nyrt, future earnings growth has been estimated based on fundamentals.
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
4.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Észak-magyarországi Áramszolgáltató Nyrt expected to grow at an attractive rate?
  • Észak-magyarországi Áramszolgáltató Nyrt's earnings growth is expected to exceed the low risk savings rate of 3%.
Growth vs Market Checks
  • Észak-magyarországi Áramszolgáltató Nyrt's earnings growth is positive but not above the Hungary market average.
  • Unable to compare Észak-magyarországi Áramszolgáltató Nyrt's revenue growth to the Hungary market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BUSE:EMASZ Future Growth Rates Data Sources
Data Point Source Value (per year)
BUSE:EMASZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 4.1%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 8.7%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
Hungary Market Earnings Growth Rate Market Cap Weighted Average 5%
Hungary Market Revenue Growth Rate Market Cap Weighted Average 4.5%

*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
BUSE:EMASZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in HUF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BUSE:EMASZ Past Financials Data
Date (Data in HUF Millions) Revenue Cash Flow Net Income *
2018-12-31 52,385 19,463 6,510
2018-09-30 52,128 17,956 5,918
2018-06-30 51,871 16,448 5,325
2018-03-31 53,199 18,799 6,436
2017-12-31 54,526 21,150 7,547
2017-09-30 54,599 8,307
2017-06-30 54,671 17,118 9,067
2017-03-31 53,112 14,024 7,131
2016-12-31 51,552 10,930 5,195
2016-09-30 48,841 3,242
2016-06-30 46,130 1,288
2016-03-31 49,852 2,146

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Észak-magyarországi Áramszolgáltató Nyrt's earnings are expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Észak-magyarországi Áramszolgáltató Nyrt is high growth as no revenue estimate data is available.
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
BUSE:EMASZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Észak-magyarországi Áramszolgáltató Nyrt Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BUSE:EMASZ Past Financials Data
Date (Data in HUF Millions) EPS *
2018-12-31 2,134.13
2018-09-30 1,940.21
2018-06-30 1,746.23
2018-03-31 2,110.22
2017-12-31 2,474.08
2017-09-30 2,723.45
2017-06-30 2,972.86
2017-03-31 2,337.90
2016-12-31 1,703.04
2016-09-30 1,062.53
2016-06-30 422.15
2016-03-31 703.27

*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.
  • Unable to establish if Észak-magyarországi Áramszolgáltató Nyrt will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
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Future performance checks
We assess Észak-magyarországi Áramszolgáltató Nyrt'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.
Észak-magyarországi Áramszolgáltató Nyrt has a total score of 1/6, see the detailed checks below.

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

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

Past Performance

  How has Észak-magyarországi Áramszolgáltató Nyrt 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 Észak-magyarországi Áramszolgáltató Nyrt'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.
  • Észak-magyarországi Áramszolgáltató Nyrt's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Észak-magyarországi Áramszolgáltató Nyrt's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Észak-magyarországi Áramszolgáltató Nyrt's 1-year earnings growth is negative, it can't be compared to the Europe Electric Utilities industry average.
Earnings and Revenue History
Észak-magyarországi Áramszolgáltató Nyrt'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 Észak-magyarországi Áramszolgáltató Nyrt Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BUSE:EMASZ Past Revenue, Cash Flow and Net Income Data
Date (Data in HUF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 52,385.00 6,510.00 6,881.00
2018-09-30 52,128.00 5,917.50 6,788.50
2018-06-30 51,871.00 5,325.00 6,696.00
2018-03-31 53,198.50 6,436.00 6,518.00
2017-12-31 54,526.00 7,547.00 6,340.00
2017-09-30 54,598.50 8,307.00 6,125.50
2017-06-30 54,671.00 9,067.00 5,911.00
2017-03-31 53,111.50 7,131.00 5,708.50
2016-12-31 51,552.00 5,195.00 5,506.00
2016-09-30 48,841.00 3,241.50 5,664.00
2016-06-30 46,130.00 1,288.00 5,822.00
2016-03-31 49,852.00 2,145.50 5,562.50
2015-12-31 53,574.00 3,003.00 5,303.00
2015-09-30 43,013.00 6,956.50 3,443.50
2015-06-30 53,282.00 8,261.00 3,770.00
2015-03-31 58,916.50 7,478.00 4,053.00
2014-12-31 64,551.00 6,695.00 4,336.00
2014-09-30 86,964.00 3,315.50 7,181.50
2014-06-30 87,775.00 2,585.00 3,441.00
2014-03-31 89,075.50 2,485.00 2,633.00
2013-12-31 91,148.00 2,385.00 6,225.00
2013-09-30 91,600.50 8,971.00 3,856.00
2013-06-30 89,605.00 15,581.00 2,500.00
2013-03-31 88,840.00 16,823.50 2,186.50
2012-12-31 88,214.00 15,490.00 1,886.00
2012-09-30 89,900.45 7,269.39 1,807.78
2012-06-30 91,093.00 4,683.00 1,802.00

*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.
  • Észak-magyarországi Áramszolgáltató Nyrt has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Észak-magyarországi Áramszolgáltató Nyrt used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • Észak-magyarországi Áramszolgáltató Nyrt's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Észak-magyarországi Áramszolgáltató Nyrt'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.
Észak-magyarországi Áramszolgáltató Nyrt has a total score of 2/6, see the detailed checks below.

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

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

Health

 How is Észak-magyarországi Áramszolgáltató Nyrt'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 Észak-magyarországi Áramszolgáltató Nyrt's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Észak-magyarországi Áramszolgáltató Nyrt's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Észak-magyarországi Áramszolgáltató Nyrt's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Észak-magyarországi Áramszolgáltató Nyrt'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 5.4x 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 Észak-magyarországi Áramszolgáltató Nyrt Company Filings, last reported 5 months ago.

BUSE:EMASZ Past Debt and Equity Data
Date (Data in HUF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 83,253.00 1,558.00 13.00
2018-09-30 83,253.00 1,558.00 13.00
2018-06-30 80,116.00 3,964.00 43.00
2018-03-31 80,116.00 3,964.00 43.00
2017-12-31 81,136.00 3,604.00 21.00
2017-09-30 81,136.00 3,604.00 21.00
2017-06-30 78,888.00 5,104.00 140.00
2017-03-31 78,888.00 5,104.00 140.00
2016-12-31 77,285.00 9,598.00 88.00
2016-09-30 77,285.00 9,598.00 88.00
2016-06-30 73,009.00 7,572.00 158.00
2016-03-31 73,336.00 5,744.00 726.00
2015-12-31 73,336.00 5,744.00 726.00
2015-09-30 73,336.00 5,744.00 726.00
2015-06-30
2015-03-31 70,822.00 10,813.00 1,107.00
2014-12-31 70,822.00 10,813.00 1,107.00
2014-09-30 70,822.00 10,813.00 1,107.00
2014-06-30 68,771.00 13,951.00 811.00
2014-03-31 68,771.00 13,951.00 811.00
2013-12-31 75,775.00 15,564.00 989.00
2013-09-30 75,775.00 15,564.00 988.00
2013-06-30 75,185.00 11,374.00 1,787.00
2013-03-31 75,185.00 11,374.00 1,787.00
2012-12-31 77,661.00 15,672.00 658.00
2012-09-30 70,780.00 0.00
2012-06-30 63,875.00 13,511.00 1,237.00
  • Észak-magyarországi Áramszolgáltató Nyrt's level of debt (1.9%) 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 (20.5% vs 1.9% today).
  • Debt is well covered by operating cash flow (1249.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 437.8x coverage).
X
Financial health checks
We assess Észak-magyarországi Áramszolgáltató Nyrt'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. Észak-magyarországi Áramszolgáltató Nyrt has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is Észak-magyarországi Áramszolgáltató Nyrt'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
5.69%
Current annual income from Észak-magyarországi Áramszolgáltató Nyrt dividends.
If you bought HUF2,000 of Észak-magyarországi Áramszolgáltató Nyrt shares you are expected to receive HUF114 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?
  • Észak-magyarországi Áramszolgáltató Nyrt's pays a higher dividend yield than the bottom 25% of dividend payers in Hungary (2.32%).
  • Észak-magyarországi Áramszolgáltató Nyrt's dividend is below the markets top 25% of dividend payers in Hungary (5.74%).
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
BUSE:EMASZ 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 0 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 4.3%
Hungary Market Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3%
Hungary Minimum Threshold Dividend Yield 10th Percentile 1.9%
Hungary Bottom 25% Dividend Yield 25th Percentile 2.3%
Hungary Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

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

BUSE:EMASZ Past Annualized Dividends Data
Date (Data in HUF) Dividend per share (annual) Avg. Yield (%)
2019-04-29 1,400.000 5.618
2016-03-29 1,100.000 4.909
2015-03-25 900.000 4.188
2014-03-21 2,950.000 21.087
2013-04-29 1,400.000 12.710
2012-04-19 1,400.000 11.592
2012-01-17 1,400.000 9.379
2011-03-09 1,400.000 8.243
2009-12-31 1,600.000 7.339

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

  • Észak-magyarországi Áramszolgáltató Nyrt has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Észak-magyarországi Áramszolgáltató Nyrt has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Észak-magyarországi Áramszolgáltató Nyrt's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Észak-magyarországi Áramszolgáltató Nyrt's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - 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 Észak-magyarországi Áramszolgáltató Nyrt afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Észak-magyarországi Áramszolgáltató Nyrt has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of Észak-magyarországi Áramszolgáltató Nyrt'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.
  • Észak-magyarországi Áramszolgáltató Nyrt has no CEO, or we have no data on them.
Management Team

József Wilk

TITLE
Head of Department
Board of Directors Tenure

Average tenure and age of the Észak-magyarországi Áramszolgáltató Nyrt board of directors in years:

5.9
Average Tenure
54
Average Age
  • The tenure for the Észak-magyarországi Áramszolgáltató Nyrt board of directors is about average.
Board of Directors

Marie-Theres Thiell

TITLE
Chairwoman of Board of Directors
AGE
59
TENURE
9.4 yrs

Karl Kraus

TITLE
Chairman of Supervisory Board

Koncz László

TITLE
Director

Krisztina Horvath

TITLE
Director
TENURE
2.4 yrs

Franz Retzer

TITLE
Director
AGE
46
TENURE
1.7 yrs

Martin Konermann

TITLE
Member of Supervisory Board
AGE
57
TENURE
11.2 yrs

Marc Wolpensinger

TITLE
Member of Supervisory Board
AGE
51

Dénes József

TITLE
Member of Supervisory Board

Gábor Szörényi

TITLE
Member of Supervisory Board

Miklos Dobak

TITLE
Member of Supervisory Board
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HUF) Value (HUF)
X
Management checks
We assess Észak-magyarországi Áramszolgáltató Nyrt'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. Észak-magyarországi Áramszolgáltató Nyrt has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


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

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

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

News

Simply Wall St News

Do You Like Észak-magyarországi Áramszolgáltató Nyrt. (BUSE:EMASZ) At This P/E Ratio?

See our latest analysis for Észak-magyarországi Áramszolgáltató Nyrt How Do I Calculate Észak-magyarországi Áramszolgáltató Nyrt's Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Észak-magyarországi Áramszolgáltató Nyrt: P/E of 11.62 = HUF24800 ÷ HUF2134.13 (Based on the year to December 2018.) Is A High Price-to-Earnings Ratio Good? … Észak-magyarországi Áramszolgáltató Nyrt saw earnings per share decrease by 14% last year.

Simply Wall St -

Want To Invest In Észak-magyarországi Áramszolgáltató Nyrt. (BUSE:EMASZ)? Here's How It Performed Lately

In this article, I will take a look at Észak-magyarországi Áramszolgáltató Nyrt.'s (BUSE:EMASZ) most recent earnings update (31 December 2018) and compare these latest figures against its performance over the past few years, along with how the rest of EMASZ's industry performed. … Check out our latest analysis for Észak-magyarországi Áramszolgáltató Nyrt Was EMASZ weak performance lately part of a long-term decline? … I suggest you continue to research Észak-magyarországi Áramszolgáltató Nyrt to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for EMASZ’s future growth?

Simply Wall St -

Estimating The Fair Value Of Észak-magyarországi Áramszolgáltató Nyrt. (BUSE:EMASZ)

Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (HUF, Millions) HUF6.29k HUF5.91k HUF5.71k HUF5.62k HUF5.61k HUF5.66k HUF5.74k HUF5.85k HUF5.98k HUF6.12k Growth Rate Estimate Source Est @ -9.99% Est @ -6.11% Est @ -3.39% Est @ -1.48% Est @ -0.15% Est @ 0.78% Est @ 1.44% Est @ 1.89% Est @ 2.21% Est @ 2.44% Present Value (HUF, Millions) Discounted @ 10.18% HUF5.71k HUF4.87k HUF4.27k HUF3.81k HUF3.46k HUF3.16k HUF2.91k HUF2.69k HUF2.50k HUF2.32k Present Value of 10-year Cash Flow (PVCF)= HUF35.70b "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = Ft6.1b × (1 + 3%) ÷ (10.2% – 3%) = Ft87b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = HUFFt87b ÷ ( 1 + 10.2%)10 = HUF33.14b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is HUF68.84b.

Simply Wall St -

Evaluating Észak-magyarországi Áramszolgáltató Nyrt.’s (BUSE:EMASZ) Investments In Its Business

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

A Note On Észak-magyarországi Áramszolgáltató Nyrt.'s (BUSE:EMASZ) ROE and Debt To Equity

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Észak-magyarországi Áramszolgáltató Nyrt. … Our data shows Észak-magyarországi Áramszolgáltató Nyrt has a return on equity of 6.6% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Why Észak-magyarországi Áramszolgáltató Nyrt.'s (BUSE:EMASZ) High P/E Ratio Isn't Necessarily A Bad Thing

To keep it practical, we'll show how Észak-magyarországi Áramszolgáltató Nyrt.'s (BUSE:EMASZ) P/E ratio could help you assess the value on offer. … Észak-magyarországi Áramszolgáltató Nyrt has a price to earnings ratio of 14.77, based on the last twelve months. … How Do You Calculate Észak-magyarországi Áramszolgáltató Nyrt's P/E Ratio

Simply Wall St -

Examining Észak-magyarországi Áramszolgáltató Nyrt.’s (BUSE:EMASZ) Weak Return On Capital Employed

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Based On Its ROE, Is Észak-magyarországi Áramszolgáltató Nyrt (BUSE:EMASZ) A High Quality Stock?

Our data shows Észak-magyarországi Áramszolgáltató Nyrt has a return on equity of 6.6% for the last year. … Check out our latest analysis for Észak-magyarországi Áramszolgáltató Nyrt? … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Észak-magyarországi Áramszolgáltató Nyrt (BUSE:EMASZ): Why Return On Capital Employed Is Important

and want to better understand how you can grow your money by investing in Észak-magyarországi Áramszolgáltató Nyrt (BUSE:EMASZ). … You need to pay attention to this because your return on investment is linked to dividends and internal investments to improve the business, which can only occur if the company is expected to produce adequate earnings with the capital that has been provided. … To understand Észak-magyarországi Áramszolgáltató Nyrt’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

Is It Time To Buy Észak-magyarországi Áramszolgáltató Nyrt (BUSE:EMASZ) Based Off Its PE Ratio?

and want to begin learning the link between Észak-magyarországi Áramszolgáltató Nyrt (BUSE:EMASZ)’s fundamentals and stock market performance. … Észak-magyarországi Áramszolgáltató Nyrt (BUSE:EMASZ) trades with a trailing P/E of 10.3x, which is lower than the industry average of 12.7x. … While EMASZ might seem like an attractive stock to buy, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions.

Simply Wall St -

Company Info

Description

Észak-magyarországi Áramszolgáltató Nyrt. engages in energy procurement and trading activities in Hungary. The company is based in Budapest, Hungary.

Details
Name: Észak-magyarországi Áramszolgáltató Nyrt.
EMASZ
Exchange: BUSE
Founded:
HUF75,040,356,600
3,050,421
Website: http://www.emasz.hu
Address: Észak-magyarországi Áramszolgáltató Nyrt.
Váci út 72-74,
Budapest,
1132,
Hungary
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BUSE EMASZ Ordinary Shares Budapest Stock Exchange HU HUF 29. Apr 1999
DB EMZ1 Ordinary Shares Deutsche Boerse AG DE EUR 29. Apr 1999
Number of employees
Current staff
Staff numbers
839
Észak-magyarországi Áramszolgáltató Nyrt employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/25 20:46
End of day share price update: 2019/06/25 00:00
Last earnings filing: 2019/04/26
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.