Financials Dubai Electricity and Water Authority

Equities

DEWA

AED001801011

Electric Utilities

Market Closed - Dubai FM Other stock markets 06:59:54 2024-05-10 am EDT			5-day change	1st Jan Change
2.36 ^AED	+0.85%		-0.42%	-4.07%

May. 09	Dubai Electricity and Water Authority Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 09	Dubai Electricity and Water Authority Posts Lower Q1 Attributable Profit; Revenue Up	MT

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	116,000	123,000	118,000	-	-
Enterprise Value (EV) ¹	148,269	151,693	148,915	147,062	144,276
P/E ratio	15.5 x	16 x	17.3 x	16.1 x	15.2 x
Yield	-	-	5.19%	5.36%	5.44%
Capitalization / Revenue	4.24 x	4.21 x	3.74 x	3.63 x	3.51 x
EV / Revenue	5.42 x	5.19 x	4.72 x	4.53 x	4.29 x
EV / EBITDA	10.8 x	10.1 x	9.46 x	8.93 x	8.45 x
EV / FCF	26.6 x	15.7 x	23.8 x	16.6 x	15.3 x
FCF Yield	3.76%	6.39%	4.21%	6.02%	6.55%
Price to Book	-	1.38 x	1.32 x	1.29 x	1.26 x
Nbr of stocks (in thousands)	50,000,000	50,000,000	50,000,000	-	-
Reference price ²	2.320	2.460	2.360	2.360	2.360
Announcement Date	2/8/23	2/8/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	23,824	27,352	29,236	31,561	32,479	33,625
EBITDA ¹	-	13,677	14,971	15,734	16,465	17,082
EBIT ¹	-	8,104	8,844	9,299	9,827	10,256
Operating Margin	-	29.63%	30.25%	29.46%	30.26%	30.5%
Earnings before Tax (EBT) ¹	-	7,723	7,842	7,884	8,584	9,368
Net income ¹	6,123	7,969	7,701	6,665	7,210	7,741
Net margin	25.7%	29.14%	26.34%	21.12%	22.2%	23.02%
EPS ²	-	0.1500	0.1540	0.1367	0.1464	0.1554
Free Cash Flow ¹	-	5,581	9,692	6,264	8,856	9,445
FCF margin	-	20.4%	33.15%	19.85%	27.27%	28.09%
FCF Conversion (EBITDA)	-	40.81%	64.74%	39.81%	53.79%	55.29%
FCF Conversion (Net income)	-	70.03%	125.85%	93.99%	122.83%	122.01%
Dividend per Share ²	-	-	-	0.1224	0.1264	0.1283
Announcement Date	4/12/22	2/8/23	2/8/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	7,009	8,552	6,722	5,436	7,294	9,422	7,075	5,800	8,300	10,476	8,042
EBITDA ¹	-	-	-	-	-	-	3,769	2,574	4,423	5,169	3,334
EBIT ¹	2,266	3,273	1,687	891.7	2,223	3,729	1,991	994.9	2,626	3,800	1,766
Operating Margin	32.33%	38.27%	25.1%	16.4%	30.48%	39.58%	28.14%	17.15%	31.63%	36.27%	21.96%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	717.6	2,459	3,188	1,374
Net income ¹	-	-	-	-	-	-	1,702	647.4	2,010	2,827	1,134
Net margin	-	-	-	-	-	-	24.05%	11.16%	24.21%	26.99%	14.1%
EPS ²	-	-	-	-	-	-	-	0.0130	0.0402	0.0565	0.0227
Dividend per Share ²	-	-	-	-	-	-	-	-	0.0620	-	0.0651
Announcement Date	8/11/22	11/10/22	2/8/23	5/8/23	8/10/23	11/10/23	2/8/24	5/9/24	-	-	-

¹AED in Million²AED

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	32,269	28,693	30,915	29,062	26,276
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	2.359 x	1.917 x	1.965 x	1.765 x	1.538 x
Free Cash Flow ¹	-	5,581	9,692	6,265	8,856	9,445
ROE (net income / shareholders' equity)	-	8.47%	8.88%	7.87%	8.12%	8.49%
ROA (Net income/ Total Assets)	-	-	4.38%	3.92%	4.05%	4.22%
Assets ¹	-	-	175,818	169,948	178,051	183,618
Book Value Per Share ²	-	-	1.780	1.790	1.830	1.870
Cash Flow per Share ²	-	0.2800	0.3200	0.2300	0.2500	0.2600
Capex ¹	-	8,639	6,405	7,704	6,838	6,291
Capex / Sales	-	31.58%	21.91%	24.41%	21.05%	18.71%
Announcement Date	4/12/22	2/8/23	2/8/24	-	-	-

¹AED in Million²AED

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Dubai Electricity and Water Authority

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.36 AED

Average target price

2.918 AED

Spread / Average Target

+23.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
DUBAI ELECTRICITY AND WATER AUTHORITY	-4.07%	32.13B
NEXTERA ENERGY	+21.49%	152B
SOUTHERN COMPANY	+11.44%	85.44B
IBERDROLA, S.A.	+2.86%	82.74B
DUKE ENERGY CORPORATION	+5.80%	79.24B
ENEL S.P.A.	+0.37%	73.89B
CONSTELLATION ENERGY CORPORATION	+83.87%	67.75B
AMERICAN ELECTRIC POWER COMPANY, INC.	+12.79%	48.29B
GE VERNOVA INC.	0.00%	45.85B
DOMINION ENERGY, INC.	+12.91%	44.48B

Other Electric Utilities