Stock DEWA DUBAI ELECTRICITY AND WATER AUTHORITY
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Financials Dubai Electricity and Water Authority

Equities

DEWA

AED001801011

Electric Utilities

Market Closed - Dubai FM
Other stock markets
 06:56:03 2024-05-23 am EDT 		5-day change 1st Jan Change
2.29 AED -0.43% Intraday chart for Dubai Electricity and Water Authority -2.14% -6.91%
May. 23 Parkin, DEWA Sign MoU to Build EV Charging Stations MT
May. 17 DEWA Subsidiary to Collaborate With Oracle MySQL on Digital Infrastructure MT

Valuation

Fiscal Period: December 2022 2023 2024 2025 2026
Capitalization 1 116,000 123,000 114,500 - -
Enterprise Value (EV) 1 148,269 151,693 146,570 145,933 143,985
P/E ratio 15.5 x 16 x 16.5 x 15.4 x 14.8 x
Yield - - 5.31% 5.49% 5.56%
Capitalization / Revenue 4.24 x 4.21 x 3.72 x 3.51 x 3.39 x
EV / Revenue 5.42 x 5.19 x 4.76 x 4.48 x 4.26 x
EV / EBITDA 10.8 x 10.1 x 9.3 x 8.83 x 8.42 x
EV / FCF 26.6 x 15.7 x 33.5 x 17.2 x 15.3 x
FCF Yield 3.76% 6.39% 2.99% 5.8% 6.53%
Price to Book - 1.38 x 1.29 x 1.26 x 1.23 x
Nbr of stocks (in thousands) 50,000,000 50,000,000 50,000,000 - -
Reference price 2 2.320 2.460 2.290 2.290 2.290
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 30,815 32,609 33,779
EBITDA 1 - 13,677 14,971 15,753 16,521 17,093
EBIT 1 - 8,104 8,844 9,294 9,859 10,253
Operating Margin - 29.63% 30.25% 30.16% 30.23% 30.35%
Earnings before Tax (EBT) 1 - 7,723 7,842 7,830 8,575 9,163
Net income 1 6,123 7,969 7,701 7,063 7,380 7,862
Net margin 25.7% 29.14% 26.34% 22.92% 22.63% 23.27%
EPS 2 - 0.1500 0.1540 0.1392 0.1483 0.1551
Free Cash Flow 1 - 5,581 9,692 4,381 8,460 9,396
FCF margin - 20.4% 33.15% 14.22% 25.94% 27.82%
FCF Conversion (EBITDA) - 40.81% 64.74% 27.81% 51.21% 54.97%
FCF Conversion (Net income) - 70.03% 125.85% 62.03% 114.64% 119.52%
Dividend per Share 2 - - - 0.1215 0.1257 0.1273
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 7,768 10,270 7,413
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 2,461 4,080 2,206
Operating Margin 32.33% 38.27% 25.1% 16.4% 30.48% 39.58% 28.14% 17.15% 31.68% 39.72% 29.76%
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% 25.87% 27.53% 15.3%
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 32,070 31,433 29,485
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) - 2.359 x 1.917 x 2.036 x 1.903 x 1.725 x
Free Cash Flow 1 - 5,581 9,692 4,381 8,460 9,396
ROE (net income / shareholders' equity) - 8.47% 8.88% 8.03% 8.21% 8.55%
ROA (Net income/ Total Assets) - - 4.38% 3.83% 4.09% 4.17%
Assets 1 - - 175,818 184,511 180,368 188,654
Book Value Per Share 2 - - 1.780 1.780 1.820 1.860
Cash Flow per Share 2 - 0.2800 0.3200 0.2300 0.2500 0.2600
Capex 1 - 8,639 6,405 9,786 7,298 6,521
Capex / Sales - 31.58% 21.91% 31.76% 22.38% 19.31%
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
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
2.29 AED
Average target price
2.924 AED
Spread / Average Target
+27.69%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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