EVN AG (EVN.VI) | Investment Case

1. Company Snapshot

1.a. Company Description

EVN AG provides energy and environmental services for private and business customers, as well as municipalities in Austria, Bulgaria, Croatia, Germany, and Albania.The company operates through Energy, Generation, Networks, South East Europe, Environmental, and Other segments.It generates electricity from thermal sources and renewable energies; and procures, trades, and sells electricity and natural gas to end customers and on wholesale markets, as well as generates and sells heat.

The company also operates regional electricity and natural gas networks, as well as cable TV and telecommunications networks.In addition, it is involved in drinking water supply, wastewater disposal and treatment, thermal waste utilisation, and international project business activities.The company was founded in 1922 and is headquartered in Maria Enzersdorf, Austria.

EVN AG is a subsidiary of NÖ Landes-Beteiligungsholding GmbH.

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1.b. Last Insights on EVN

EVN AG's recent performance has been negatively impacted by concerns over its ability to maintain stable income streams amidst fluctuating market conditions. The company's reliance on dividend payouts to attract investors may be pressured by rising economic uncertainties. Additionally, the recent rate cut by the Federal Reserve may lead to increased competition for yield, making it challenging for EVN AG to maintain its dividend yield. Furthermore, the company's lack of significant growth catalysts, such as new products or acquisitions, may limit its ability to drive revenue growth and offset potential dividend pressures.

1.c. Company Highlights

Last Price	27.1
Change Percentage	-1.09%
Open	27.5
Previous Close	27.4
Market Cap ( Millions)	4831
Volume	43045
Year High	27.5
Year Low	20.1
M A 50	25.42
M A 200	23.69

FCF Yield	2.95%
Dividend Yield	3.32%
ROE	6.70%
Debt / Equity	18.85%
Net Debt / EBIDTA	111.98%
Price To Book	0.75
Price Earnings Ratio	11.35
Price To FCF	33.9
Price To sales	1.55
EV / EBITDA	5.96

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.00%)

6. Segments

South East Europe

Expected Growth: 5.9%

EVN AG's 5.9% growth in South East Europe is driven by increasing electricity demand, favorable regulatory frameworks, and strategic investments in renewable energy sources. Additionally, the region's economic growth, urbanization, and industrialization contribute to the rising energy consumption, further boosting EVN AG's growth prospects.

Energy

Expected Growth: 4.6%

EVN AG's 4.6% growth is driven by increasing demand for renewable energy, favorable regulatory environment, and strategic investments in grid expansion and modernization. Additionally, the company's focus on energy efficiency and cost savings initiatives contributes to its growth momentum.

Networks

Expected Growth: 4.83%

EVN AG's 4.83% growth in Networks segment is driven by increasing demand for renewable energy, grid expansion, and modernization. Additionally, the company's focus on smart grid technologies, energy storage, and e-mobility solutions contributes to the growth. Furthermore, EVN AG's strategic acquisitions and partnerships in the region have expanded its customer base and increased its market share.

Environment

Expected Growth: 9.9%

EVN AG's 9.9% growth in the Environment segment is driven by increasing demand for renewable energy, stringent regulations on emissions, and rising investments in sustainable infrastructure. Additionally, growing public awareness of environmental issues and government incentives for eco-friendly projects contribute to this growth.

Generation

Expected Growth: 7.43%

EVN AG's 7.43% growth is driven by increasing demand for renewable energy, favorable regulatory environment, and strategic investments in grid expansion and modernization. Additionally, the company's focus on energy efficiency and cost savings initiatives has contributed to its growth momentum.

All Other Segments

Expected Growth: 4.78%

EVN AG's 4.78% growth in All Other Segments is driven by increasing demand for renewable energy solutions, expansion into new markets, and strategic investments in digitalization and grid infrastructure. Additionally, favorable regulatory frameworks and growing customer base contribute to the segment's growth.

7. Detailed Products

Electricity

EVN AG provides electricity to households, businesses, and industries, ensuring a reliable and efficient supply of power.

Natural Gas

EVN AG supplies natural gas to customers, offering a clean and efficient source of energy.

Heat

EVN AG provides district heating, a sustainable and efficient way to warm buildings and supply hot water.

Water

EVN AG manages and operates water supply systems, ensuring a reliable and safe supply of drinking water.

Waste Management

EVN AG offers waste management services, including collection, recycling, and disposal of waste.

Telecommunications

EVN AG provides telecommunications services, including internet, phone, and data transmission.

Energy Efficiency

EVN AG offers energy-efficient solutions, including energy audits, consulting, and implementation of energy-saving measures.

Renewable Energy

EVN AG develops and operates renewable energy sources, such as wind, solar, and hydroelectric power.

8. EVN AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for EVN AG is medium due to the presence of alternative energy sources such as solar and wind power.

Bargaining Power Of Customers

The bargaining power of customers for EVN AG is low due to the lack of alternative energy providers in the region.

Bargaining Power Of Suppliers

The bargaining power of suppliers for EVN AG is medium due to the presence of multiple suppliers of fuel and equipment.

Threat Of New Entrants

The threat of new entrants for EVN AG is low due to the high barriers to entry in the energy industry.

Intensity Of Rivalry

The intensity of rivalry for EVN AG is high due to the presence of multiple competitors in the energy market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	19.85%
Debt Cost	4.24%
Equity Weight	80.15%
Equity Cost	7.46%
WACC	6.82%
Leverage	24.76%

11. Quality Control: EVN AG passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Iren

A-Score: 6.7/10

Value: 7.1

Growth: 5.6

Quality: 3.4

Yield: 7.5

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

ACEA

A-Score: 6.6/10

Value: 5.8

Growth: 5.6

Quality: 4.9

Yield: 8.1

Momentum: 7.0

Volatility: 8.3

1-Year Total Return ->

A2A

A-Score: 6.6/10

Value: 7.6

Growth: 6.4

Quality: 3.8

Yield: 7.5

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

Hera

A-Score: 6.5/10

Value: 6.8

Growth: 5.7

Quality: 3.9

Yield: 6.9

Momentum: 6.0

Volatility: 9.7

1-Year Total Return ->

EVN

A-Score: 5.9/10

Value: 6.6

Growth: 6.6

Quality: 5.6

Yield: 5.6

Momentum: 2.5

Volatility: 8.7

1-Year Total Return ->

EDP

A-Score: 5.9/10

Value: 6.5

Growth: 3.4

Quality: 3.4

Yield: 7.5

Momentum: 6.0

Volatility: 8.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

0.94%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.82%

EVN AG - AT0000741053

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on EVN

1.c. Company Highlights

Strong Momentum

Higher Growth

Less Volatile

Average Growth

Stable Momentum

Fairly Valued

Medium Volatility

Average Yield

Weak Momentum

Better Quality

Average Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.00%)

6. Segments

South East Europe

Expected Growth: 5.9%

Energy

Expected Growth: 4.6%

Networks

Expected Growth: 4.83%

Environment

Expected Growth: 9.9%

Generation

Expected Growth: 7.43%

All Other Segments

Expected Growth: 4.78%

7. Detailed Products

Electricity

Natural Gas

Heat

Water

Waste Management

Telecommunications

Energy Efficiency

Renewable Energy

8. EVN AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: EVN AG passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

27.1$

Current Price

27.1$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA