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
 04:29:08 26/04/2024 pm IST 		5-day change 1st Jan Change
2.37 AED +0.85% Intraday chart for Dubai Electricity and Water Authority -0.42% -3.66%
23/04 DEWA Subsidiary Signs Cybersecurity Collaboration With Kaspersky MT
17/04 DEWA, Acwa Power Report Financial Closing for AED3.4 Billion Dubai Project MT

Valuation

Fiscal Period: December 2022 2023 2024 2025 2026
Capitalization 1 1,16,000 1,23,000 1,18,500 - -
Enterprise Value (EV) 1 1,48,269 1,51,693 1,49,495 1,47,713 1,45,003
P/E ratio 15.5 x 16 x 17.3 x 16.3 x 15.4 x
Yield - - 5.16% 5.33% 5.41%
Capitalization / Revenue 4.24 x 4.21 x 3.8 x 3.66 x 3.53 x
EV / Revenue 5.42 x 5.19 x 4.79 x 4.56 x 4.33 x
EV / EBITDA 10.8 x 10.1 x 9.53 x 9 x 8.52 x
EV / FCF 26.6 x 15.7 x 24.6 x 16.9 x 15.5 x
FCF Yield 3.76% 6.39% 4.07% 5.92% 6.43%
Price to Book - 1.38 x 1.33 x 1.3 x 1.27 x
Nbr of stocks (in thousands) 5,00,00,000 5,00,00,000 5,00,00,000 - -
Reference price 2 2.320 2.460 2.370 2.370 2.370
Announcement Date 08/02/23 08/02/24 - - -
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 31,192 32,393 33,525
EBITDA 1 - 13,677 14,971 15,683 16,418 17,026
EBIT 1 - 8,104 8,844 9,248 9,780 10,201
Operating Margin - 29.63% 30.25% 29.65% 30.19% 30.43%
Earnings before Tax (EBT) 1 - 7,723 7,842 8,071 8,455 9,219
Net income 1 6,123 7,969 7,701 6,680 7,076 7,614
Net margin 25.7% 29.14% 26.34% 21.42% 21.84% 22.71%
EPS 2 - 0.1500 0.1540 0.1367 0.1455 0.1542
Free Cash Flow 1 - 5,581 9,692 6,082 8,742 9,328
FCF margin - 20.4% 33.15% 19.5% 26.99% 27.82%
FCF Conversion (EBITDA) - 40.81% 64.74% 38.78% 53.25% 54.79%
FCF Conversion (Net income) - 70.03% 125.85% 91.05% 123.54% 122.5%
Dividend per Share 2 - - - 0.1224 0.1264 0.1283
Announcement Date 12/04/22 08/02/23 08/02/24 - - -
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 6,032 8,300 10,476 8,042
EBITDA 1 - - - - - - 3,769 3,016 4,423 5,169 3,334
EBIT 1 2,266 3,273 1,687 891.7 2,223 3,729 1,991 1,148 2,626 3,800 1,766
Operating Margin 32.33% 38.27% 25.1% 16.4% 30.48% 39.58% 28.14% 19.03% 31.63% 36.27% 21.96%
Earnings before Tax (EBT) 1 - - - - - - - 1,051 2,459 3,188 1,374
Net income 1 - - - - - - 1,702 764.2 2,010 2,827 1,134
Net margin - - - - - - 24.05% 12.67% 24.21% 26.99% 14.1%
EPS 2 - - - - - - - 0.0173 0.0402 0.0565 0.0227
Dividend per Share 2 - - - - - - - - 0.0620 - 0.0651
Announcement Date 11/08/22 10/11/22 08/02/23 08/05/23 10/08/23 10/11/23 08/02/24 - - - -
1AED in Million2AED
Estimates

Balance Sheet Analysis

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Net Debt 1 - 32,269 28,693 30,995 29,213 26,503
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) - 2.359 x 1.917 x 1.976 x 1.779 x 1.557 x
Free Cash Flow 1 - 5,581 9,692 6,083 8,742 9,328
ROE (net income / shareholders' equity) - 8.47% 8.88% 7.71% 8.07% 8.44%
ROA (Net income/ Total Assets) - - 4.38% 3.77% 4% 4.16%
Assets 1 - - 1,75,818 1,77,241 1,76,712 1,83,142
Book Value Per Share 2 - - 1.780 1.790 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 7,704 6,838 6,291
Capex / Sales - 31.58% 21.91% 24.7% 21.11% 18.77%
Announcement Date 12/04/22 08/02/23 08/02/24 - - -
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
2.37 AED
Average target price
2.908 AED
Spread / Average Target
+22.70%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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