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1. Company Snapshot

1.a. Company Description

BKW AG operates as an international energy and infrastructure company, which plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.It operates through three segments: Energy, Grid, and Services.The Energy segment builds, operates, and maintains power plants, such as hydroelectric, nuclear, fossil-fuel, and other renewable energy power plants.


It also sells energy, as well as trades in electricity, certificates, and commodities.The Grid segment builds, operates, and maintains distribution grid.The Services segment engages in the provision of planning and engineering consultancy services for energy, infrastructure, and environmental projects; and integrated services in the area of building technology, as well as the construction, servicing, and maintenance of energy, telecommunication, transport, and water networks.


It also owns onshore wind and photovoltaic plants.BKW AG was formerly known as BKW FMB Energie AG and changed its name to BKW AG in December 2011.The company was incorporated in 2022 and is headquartered in Bern, Switzerland.

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1.b. Last Insights on BKW

BKW AG's recent performance was impacted by a decline in net profit, as reported in its Q2 2025 earnings call. The company's mixed performance was largely due to challenges in navigating the current business environment. Despite investing strategically in infrastructure and renewable energy, BKW AG faced a decrease in profitability. The company's largest shareholders, the state or government, hold 53% ownership, while individual investors own 24%. A recent earnings release highlighted the company's resilience, but also underscored the difficulties it faces.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Is There An Opportunity With BKW AG's (VTX:BKW) 34% Undervaluation?

Sep -30

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Could The Market Be Wrong About BKW AG (VTX:BKW) Given Its Attractive Financial Prospects?

Sep -11

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BKW AG (XSWX:BKW) (Q2 2025) Earnings Call Highlights: Navigating Challenges with Strategic ...

Aug -22

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While individual investors own 24% of BKW AG (VTX:BKW), state or government are its largest shareholders with 53% ownership

Aug -07

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A Look At The Intrinsic Value Of BKW AG (VTX:BKW)

Feb -27

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Compagnie Financière Tradition (VTX:CFT) shareholders have earned a 9.6% CAGR over the last five years

Jan -19

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BKW's (VTX:BKW) investors will be pleased with their impressive 148% return over the last five years

Dec -11

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Could The Market Be Wrong About BKW AG (VTX:BKW) Given Its Attractive Financial Prospects?

Nov -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.69%)

6. Segments

Energy

Expected Growth: 4.5%

BKW AG's 4.5% energy segment growth is driven by increasing demand for renewable energy, government incentives for sustainable power, and strategic acquisitions expanding its customer base. Additionally, investments in grid infrastructure and energy storage solutions contribute to the growth, as well as rising electricity prices and a growing focus on energy efficiency.

Services

Expected Growth: 4.8%

BKW AG's 4.8% growth in services is driven by increasing demand for renewable energy solutions, expansion of grid infrastructure, and rising energy efficiency measures. Additionally, the company's focus on digitalization and automation of its services, as well as its strategic acquisitions, contribute to its growth momentum.

Grid

Expected Growth: 5.2%

BKW AG's 5.2% growth is driven by increasing demand for renewable energy, expansion of grid infrastructure, and strategic investments in digitalization and electrification of transportation. Additionally, favorable regulatory frameworks and growing focus on energy efficiency contribute to the growth.

Other

Expected Growth: 4.2%

BKW AG's 4.2% growth is driven by increasing demand for renewable energy solutions, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on energy efficiency and grid stability contributes to its growth. Furthermore, BKW AG's diversified business model, including energy production, transmission, and distribution, provides a stable foundation for growth.

7. Detailed Products

Energy

BKW AG provides energy solutions to households, industries, and municipalities, including electricity, gas, and heat.

Grid Services

BKW AG offers grid services, including grid operation, maintenance, and expansion, to ensure a reliable energy supply.

Infrastructure

BKW AG provides infrastructure services, including construction, operation, and maintenance of energy infrastructure, such as power plants and transmission lines.

Building Technology

BKW AG offers building technology solutions, including heating, ventilation, and air conditioning systems, to optimize energy efficiency in buildings.

Engineering

BKW AG provides engineering services, including planning, design, and consulting, for energy and infrastructure projects.

8. BKW AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for BKW AG is moderate, as there are alternative energy sources available, but they are not yet widely adopted.

Bargaining Power Of Customers

The bargaining power of customers is low, as BKW AG is a leading energy company in Switzerland, and customers have limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as BKW AG relies on a diverse range of suppliers, but some suppliers have significant market power.

Threat Of New Entrants

The threat of new entrants is low, as the energy market in Switzerland is heavily regulated, and new entrants would face significant barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is high, as the energy market in Switzerland is highly competitive, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.58%
Debt Cost 4.17%
Equity Weight 68.42%
Equity Cost 4.93%
WACC 4.69%
Leverage 46.15%

11. Quality Control: BKW AG passed 5 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

Stock-Card
Drax

A-Score: 6.7/10

Value: 8.8

Growth: 8.0

Quality: 5.3

Yield: 5.6

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
BKW

A-Score: 5.9/10

Value: 3.9

Growth: 6.1

Quality: 5.4

Yield: 3.8

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
ERG

A-Score: 5.3/10

Value: 4.0

Growth: 5.2

Quality: 4.8

Yield: 6.9

Momentum: 3.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Fortum

A-Score: 5.3/10

Value: 3.8

Growth: 2.8

Quality: 6.1

Yield: 5.0

Momentum: 7.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Acciona Energías Renovables

A-Score: 5.2/10

Value: 7.3

Growth: 4.8

Quality: 5.3

Yield: 1.2

Momentum: 7.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Atlantica Sustainable Infrastructure

A-Score: 4.7/10

Value: 3.5

Growth: 5.1

Quality: 3.9

Yield: 5.6

Momentum: 4.0

Volatility: 6.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

166.6$

Current Price

166.6$

Potential

-0.00%

Expected Cash-Flows