Qatar Electricity & Water Company Q.P.S.C Valuation

Q: What is the Fair Price of QEWS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

QEWS (QAR15.78) is trading below our estimate of [[fair value]] (QAR52.73)

Is QEWS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of QEWS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: QEWS (QAR15.78) is trading below our estimate of fair value (QAR52.73)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for QEWS?

Key metric: As QEWS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for QEWS. This is calculated by dividing QEWS's market cap by their current earnings.
What is QEWS's PE Ratio?
PE Ratio	10.5x
Earnings	ر.ق1.65b
Market Cap	ر.ق17.36b

QEWS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	7.3x
Enterprise Value/EBITDA	17.9x
PEG Ratio	3.8x

Price to Earnings Ratio vs Peers

How does QEWS's PE Ratio compare to its peers?

The above table shows the PE ratio for QEWS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	12.4x
AGL AGL Energy	10.2x	-2.3%	AU$7.3b
HER Hera	11.7x	2.3%	€4.9b
BKH Black Hills	17.5x	9.8%	US$4.5b
ACE ACEA	10.1x	-1.0%	€3.6b
QEWS Qatar Electricity & Water Company Q.P.S.C	10.5x	2.7%	ر.ق17.4b

Price-To-Earnings vs Peers: QEWS is good value based on its Price-To-Earnings Ratio (10.5x) compared to the peer average (12.3x).

Price to Earnings Ratio vs Industry

How does QEWS's PE Ratio compare vs other companies in the Global Integrated Utilities Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: QEWS is good value based on its Price-To-Earnings Ratio (10.5x) compared to the Global Integrated Utilities industry average (17.2x).

Price to Earnings Ratio vs Fair Ratio

What is QEWS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

QEWS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate QEWS's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst QEWS forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	ر.ق15.78	ر.ق20.84 +32.1%	12.8%	ر.ق26.00	ر.ق18.70	n/a	5
Nov ’25	ر.ق16.22	ر.ق20.84 +28.5%	12.8%	ر.ق26.00	ر.ق18.70	n/a	5
Oct ’25	ر.ق15.88	ر.ق20.88 +31.5%	13.3%	ر.ق26.00	ر.ق17.30	n/a	6
Sep ’25	ر.ق15.64	ر.ق20.88 +33.5%	13.3%	ر.ق26.00	ر.ق17.30	n/a	6
Aug ’25	ر.ق15.19	ر.ق20.95 +37.9%	12.8%	ر.ق26.00	ر.ق17.70	n/a	6
Jul ’25	ر.ق15.63	ر.ق21.12 +35.1%	12.6%	ر.ق26.00	ر.ق17.70	n/a	6
Jun ’25	ر.ق14.93	ر.ق21.12 +41.4%	12.6%	ر.ق26.00	ر.ق17.70	n/a	6
May ’25	ر.ق15.25	ر.ق21.12 +38.5%	12.6%	ر.ق26.00	ر.ق17.70	n/a	6
Apr ’25	ر.ق16.42	ر.ق21.75 +32.5%	10.5%	ر.ق26.00	ر.ق18.50	n/a	6
Mar ’25	ر.ق17.31	ر.ق21.60 +24.8%	11.5%	ر.ق26.00	ر.ق18.50	n/a	5
Feb ’25	ر.ق17.40	ر.ق21.44 +23.2%	12.5%	ر.ق26.00	ر.ق17.70	n/a	5
Jan ’25	ر.ق18.80	ر.ق21.44 +14.0%	12.5%	ر.ق26.00	ر.ق17.70	n/a	5
Dec ’24	ر.ق16.88	ر.ق21.44 +27.0%	12.5%	ر.ق26.00	ر.ق17.70	n/a	5
Nov ’24	ر.ق16.53	ر.ق21.44 +29.7%	12.5%	ر.ق26.00	ر.ق17.70	ر.ق16.22	5
Oct ’24	ر.ق17.39	ر.ق21.80 +25.4%	10.3%	ر.ق26.00	ر.ق19.52	ر.ق15.88	5
Sep ’24	ر.ق17.91	ر.ق21.68 +21.1%	10.7%	ر.ق26.00	ر.ق19.52	ر.ق15.64	5
Aug ’24	ر.ق18.43	ر.ق21.02 +14.1%	6.5%	ر.ق23.00	ر.ق19.20	ر.ق15.19	5
Jul ’24	ر.ق17.40	ر.ق21.02 +20.8%	6.5%	ر.ق23.00	ر.ق19.20	ر.ق15.63	5
Jun ’24	ر.ق17.05	ر.ق20.82 +22.1%	6.2%	ر.ق23.00	ر.ق19.20	ر.ق14.93	5
May ’24	ر.ق16.89	ر.ق20.82 +23.3%	6.2%	ر.ق23.00	ر.ق19.20	ر.ق15.25	5
Apr ’24	ر.ق16.87	ر.ق20.82 +23.4%	6.2%	ر.ق23.00	ر.ق19.20	ر.ق16.42	5
Mar ’24	ر.ق17.51	ر.ق20.82 +18.9%	6.2%	ر.ق23.00	ر.ق19.20	ر.ق17.31	5
Feb ’24	ر.ق17.13	ر.ق20.85 +21.7%	7.8%	ر.ق23.00	ر.ق18.40	ر.ق17.40	4
Jan ’24	ر.ق17.70	ر.ق20.80 +17.5%	9.1%	ر.ق23.00	ر.ق18.40	ر.ق18.80	3
Dec ’23	ر.ق17.00	ر.ق20.80 +22.4%	9.1%	ر.ق23.00	ر.ق18.40	ر.ق16.88	3
Nov ’23	ر.ق18.50	ر.ق20.85 +12.7%	7.8%	ر.ق23.00	ر.ق18.40	ر.ق16.53	4

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.