S.P.E.E.H. Hidroelectrica S.A.

BVB:H2O Stock Report

Market Cap: RON 54.4b

S.P.E.E.H. Hidroelectrica Valuation

Is H2O undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • 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 H2O when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: H2O (RON120.9) is trading below our estimate of fair value (RON132.89)

Significantly Below Fair Value: H2O is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for H2O?

Key metric: As H2O is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for H2O. This is calculated by dividing H2O's market cap by their current earnings.
What is H2O's PE Ratio?
PE Ratio11.5x
EarningsRON 4.71b
Market CapRON 54.38b

Price to Earnings Ratio vs Peers

How does H2O's PE Ratio compare to its peers?

The above table shows the PE ratio for H2O vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average51x
SNN S.N. Nuclearelectrica
6.4x-23.6%RON 12.9b
600674 Sichuan Chuantou EnergyLtd
16.5x6.1%CN¥82.2b
EDPR EDP Renováveis
155x32.2%€11.5b
NHPC NHPC
26.4x28.9%₹785.1b
H2O S.P.E.E.H. Hidroelectrica
11.5x-1.3%RON 54.4b

Price-To-Earnings vs Peers: H2O is good value based on its Price-To-Earnings Ratio (11.5x) compared to the peer average (51x).

Price to Earnings Ratio vs Industry

How does H2O's PE Ratio compare vs other companies in the European Renewable Energy Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
H2O 11.5xIndustry Avg. 16.5xNo. of Companies7PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: H2O is good value based on its Price-To-Earnings Ratio (11.5x) compared to the European Renewable Energy industry average (16.8x).

Price to Earnings Ratio vs Fair Ratio

What is H2O'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.

H2O PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.5x
Fair PE Ratio8.7x

Price-To-Earnings vs Fair Ratio: H2O is expensive based on its Price-To-Earnings Ratio (11.5x) compared to the estimated Fair Price-To-Earnings Ratio (8.7x).

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 H2O forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRON 120.90
RON 120.64
-0.2%
10.2%RON 135.00RON 95.00n/a10
Nov ’25RON 122.00
RON 120.64
-1.1%
10.2%RON 135.00RON 95.00n/a10
Oct ’25RON 124.30
RON 120.64
-2.9%
10.2%RON 135.00RON 95.00n/a10
Sep ’25RON 122.60
RON 120.44
-1.8%
10.0%RON 135.00RON 95.00n/a10
Aug ’25RON 123.70
RON 120.44
-2.6%
10.0%RON 135.00RON 95.00n/a10
Jul ’25RON 125.00
RON 121.44
-2.8%
10.5%RON 135.00RON 95.00n/a10
Jun ’25RON 133.50
RON 124.21
-7.0%
10.3%RON 138.60RON 95.00n/a10
May ’25RON 134.70
RON 123.84
-8.1%
11.0%RON 138.60RON 95.00n/a9
Apr ’25RON 134.40
RON 123.84
-7.9%
11.0%RON 138.60RON 95.00n/a9
Mar ’25RON 126.50
RON 123.46
-2.4%
10.5%RON 138.60RON 95.00n/a10
Feb ’25RON 127.10
RON 126.46
-0.5%
12.4%RON 145.00RON 95.00n/a10
Jan ’25RON 128.00
RON 126.76
-1.0%
9.7%RON 145.00RON 110.00n/a10
Dec ’24RON 128.70
RON 126.76
-1.5%
9.7%RON 145.00RON 110.00n/a10
Nov ’24RON 116.30
RON 126.75
+9.0%
9.7%RON 145.00RON 110.00RON 122.0010
Oct ’24RON 120.00
RON 126.75
+5.6%
9.7%RON 145.00RON 110.00RON 124.3010
Sep ’24RON 112.70
RON 124.72
+10.7%
9.0%RON 144.90RON 110.00RON 122.609

Analyst Forecast: Target price is lower than the current share price.

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