EnBW Energie Baden-Württemberg AG (EBK.DE) | Investment Case

1. Company Snapshot

1.a. Company Description

EnBW Energie Baden-Württemberg AG operates as an integrated energy company in Germany, rest of Europe, and internationally.It operates through three segments: Smart Infrastructure for Customers, System-Critical Infrastructure, and Sustainable Generation Infrastructure.The company sells electricity and gas; provides energy industry services; and provides energy supply and energy solutions.

It also transmits and distributes grids for electricity and gas; offers grid-related services; and supplies water, as well as engages in the provision and expansion of quick charging infrastructure and digital solutions for electromobility; and broadband activities in the telecommunications sector.In addition, the company generates power from renewable energy sources consisting of solar, wind, hydropower, biomass, coal, and geothermal energy power plants.Further, it operates and dismantles nuclear power plants; stores gas; provides system services and waste management/environmental services; and engages in the project development, project planning, construction, and economic operation of power plants based on renewable energies.

Additionally, the company is also involved in the electricity and gas trading, gas midstream, and district heating businesses; and direct distribution of renewable energy power plants.It supplies energy solutions and energy industry services to approximately 5.5 million customers.It primarily operates under the EnBW, Yello, GVS, Erdgas Südwest, ODR, ZEAG, NaturEnergie, Praská energetika, Stadtwerke Düsseldorf, VNG, and goldgas brands.

The company serves retail customers, small commercial enterprises, the housing industry and agriculture industries, and industrial customers, as well as redistributors, municipal utilities, local authorities, and public entities.EnBW Energie Baden-Württemberg AG was founded in 1997 and is based in Karlsruhe, Germany.

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1.b. Last Insights on EBK

EnBW Energie Baden-Württemberg AG's recent performance was driven by several positive factors. The company's €3.6 billion capital increase in July 2025 will support its investment plan between 2024 and 2030, with projected expenditures reaching €50 billion. Additionally, EnBW's He Dreiht offshore wind farm secured a significant power purchase agreement with DHL, which will buy 80 GWh of electricity per year from 2026. Furthermore, the company's partnership with SEFE and Venture Global for liquefied natural gas (LNG) supply is expanding, with an additional 0.75 million tonnes per annum of LNG to be purchased for 20 years.

1.c. Company Highlights

Last Price	67
Change Percentage	-0.59%
Open	66.4
Previous Close	67.4
Market Cap ( Millions)	21736
Volume	64
Year High	74.8
Year Low	58.2
M A 50	67.45
M A 200	68.59

FCF Yield	-11.11%
Dividend Yield	2.33%
ROE	3.49%
Debt / Equity	0.00%
Net Debt / EBIDTA	-91.93%
Price To Book	1.84
Price Earnings Ratio	51.43
Price To FCF	-9.0
Price To sales	0.66
EV / EBITDA	3.3

2. Transcript Summary

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3. NewsRoom

Weak Statutory Earnings May Not Tell The Whole Story For EnBW Energie Baden-Württemberg (ETR:EBK)

Nov -20

Source:

Calisen launches in Germany with €100 million smart metering partnership with Octopus Group's Energy Metering Germany and appointment of first Managing Director - Claus Fest

Nov -11

Source:

Belfast Harbour announces £100 million deal

Nov -07

Source:

EV charging operators intensify fight against cable theft in Europe, U.S.

Oct -15

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EV charging operators intensify fight against cable theft in Europe, U.S.

Oct -15

Source:

EnBW commissions solar park aspect of new energy park in Germany

Sep -23

Source:

EnBW inaugurates integrated solar, wind, and storage energy park in Germany

Sep -23

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Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.00%)

6. Segments

Sustainable Generation Infrastructure

Expected Growth: 5.6%

EnBW's sustainable energy solutions are driven by increasing demand for renewable energy sources, and government initiatives promoting energy transition, enabling the company to expand its market share in the energy sector.

Intelligent Infrastructure for Customers

Expected Growth: 4.5%

EnBW Energie Baden-Württemberg AG's customer infrastructure solutions are driven by increasing demand for smart grids, electrification of transportation and growing renewable energy integration, leading to a forecasted CAGR of 4.5%.

System Critical Infrastructure

Expected Growth: 4.2%

EnBW's system critical infrastructure management enables reliable energy supply, driving growth through increasing demand for secure energy solutions and digitalization of grid operations.

Other/Consolidation

Expected Growth: 4.8%

EnBW Energie Baden-Württemberg’s renewable energy segment is driven by increasing demand for clean energy, German government’s Energiewende policy, and declining renewable energy costs.

7. Detailed Products

Electricity

EnBW Energie Baden-Württemberg AG generates and distributes electricity to households, businesses, and industries across Germany.

Natural Gas

EnBW Energie Baden-Württemberg AG supplies natural gas to customers for heating, cooking, and industrial processes.

Renewable Energy Solutions

EnBW Energie Baden-Württemberg AG offers customized renewable energy solutions, including wind, solar, and hydroelectric power.

Energy Efficiency Services

EnBW Energie Baden-Württemberg AG provides energy-efficient solutions, including energy audits, consulting, and implementation of energy-saving measures.

Grid Services

EnBW Energie Baden-Württemberg AG operates and maintains the power grid, ensuring reliable and efficient energy transmission and distribution.

E-Mobility Solutions

EnBW Energie Baden-Württemberg AG offers e-mobility solutions, including charging infrastructure and electric vehicle charging services.

8. EnBW Energie Baden-Württemberg AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for EnBW Energie Baden-Württemberg AG is medium due to the availability of alternative energy sources such as solar and wind power.

Bargaining Power Of Customers

The bargaining power of customers for EnBW Energie Baden-Württemberg AG is low due to the lack of switching options for electricity and gas supplies.

Bargaining Power Of Suppliers

The bargaining power of suppliers for EnBW Energie Baden-Württemberg AG is medium due to the dependence on a few large suppliers for fuel and equipment.

Threat Of New Entrants

The threat of new entrants for EnBW Energie Baden-Württemberg AG is low due to the high barriers to entry in the energy market, including regulatory hurdles and high capital requirements.

Intensity Of Rivalry

The intensity of rivalry for EnBW Energie Baden-Württemberg AG is high due to the competitive nature of the energy market, with many established players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	63.48%
Debt Cost	5.29%
Equity Weight	36.52%
Equity Cost	5.29%
WACC	5.29%
Leverage	173.81%

11. Quality Control: EnBW Energie Baden-Württemberg AG passed 1 out of 9 key points

Strong Liquidity

Low Deb

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

Enel

A-Score: 6.6/10

Value: 5.4

Growth: 5.1

Quality: 4.8

Yield: 8.1

Momentum: 6.5

Volatility: 10.0

1-Year Total Return ->

E.ON

A-Score: 6.6/10

Value: 7.3

Growth: 4.8

Quality: 3.2

Yield: 6.9

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

RWE

A-Score: 6.6/10

Value: 8.1

Growth: 5.4

Quality: 3.8

Yield: 5.0

Momentum: 8.0

Volatility: 9.0

1-Year Total Return ->

Iberdrola

A-Score: 6.2/10

Value: 3.7

Growth: 5.4

Quality: 4.6

Yield: 6.2

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

SSE

A-Score: 5.8/10

Value: 5.9

Growth: 4.9

Quality: 4.5

Yield: 6.9

Momentum: 3.5

Volatility: 9.3

1-Year Total Return ->

EnBW

A-Score: 4.8/10

Value: 6.6

Growth: 6.1

Quality: 3.2

Yield: 2.5

Momentum: 5.5

Volatility: 4.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

14.87%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.29%

EnBW Energie Baden-Württemberg AG - DE0005220008

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on EBK

1.c. Company Highlights

Lower Quality

Stable Momentum

Medium Volatility

Weak Momentum

Higher Growth

Fairly Valued

Average Yield

Average Growth

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 (5.00%)

6. Segments

Sustainable Generation Infrastructure

Expected Growth: 5.6%

Intelligent Infrastructure for Customers

Expected Growth: 4.5%

System Critical Infrastructure

Expected Growth: 4.2%

Other/Consolidation

Expected Growth: 4.8%

7. Detailed Products

Electricity

Natural Gas

Renewable Energy Solutions

Energy Efficiency Services

Grid Services

E-Mobility Solutions

8. EnBW Energie Baden-Württemberg 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: EnBW Energie Baden-Württemberg AG passed 1 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

67.0$

Current Price

67$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA