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
 06:55:52 2024-05-03 am EDT 		5-day change 1st Jan Change
2.37 AED +1.28% Intraday chart for Dubai Electricity and Water Authority 0.00% -3.66%
Apr. 23 DEWA Subsidiary Signs Cybersecurity Collaboration With Kaspersky MT
Apr. 17 DEWA, Acwa Power Report Financial Closing for AED3.4 Billion Dubai Project MT

Valuation

Fiscal Period: December 2022 2023 2024 2025 2026
Capitalization 1 116,000 123,000 118,500 - -
Enterprise Value (EV) 1 148,269 151,693 149,415 147,562 144,776
P/E ratio 15.5 x 16 x 17.3 x 16.2 x 15.3 x
Yield - - 5.16% 5.33% 5.41%
Capitalization / Revenue 4.24 x 4.21 x 3.75 x 3.65 x 3.52 x
EV / Revenue 5.42 x 5.19 x 4.73 x 4.54 x 4.31 x
EV / EBITDA 10.8 x 10.1 x 9.5 x 8.96 x 8.48 x
EV / FCF 26.6 x 15.7 x 23.9 x 16.7 x 15.3 x
FCF Yield 3.76% 6.39% 4.19% 6% 6.52%
Price to Book - 1.38 x 1.32 x 1.3 x 1.27 x
Nbr of stocks (in thousands) 50,000,000 50,000,000 50,000,000 - -
Reference price 2 2.320 2.460 2.370 2.370 2.370
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 31,561 32,479 33,625
EBITDA 1 - 13,677 14,971 15,734 16,465 17,082
EBIT 1 - 8,104 8,844 9,299 9,827 10,256
Operating Margin - 29.63% 30.25% 29.46% 30.26% 30.5%
Earnings before Tax (EBT) 1 - 7,723 7,842 7,884 8,584 9,368
Net income 1 6,123 7,969 7,701 6,665 7,210 7,741
Net margin 25.7% 29.14% 26.34% 21.12% 22.2% 23.02%
EPS 2 - 0.1500 0.1540 0.1367 0.1464 0.1554
Free Cash Flow 1 - 5,581 9,692 6,264 8,856 9,445
FCF margin - 20.4% 33.15% 19.85% 27.27% 28.09%
FCF Conversion (EBITDA) - 40.81% 64.74% 39.81% 53.79% 55.29%
FCF Conversion (Net income) - 70.03% 125.85% 93.99% 122.83% 122.01%
Dividend per Share 2 - - - 0.1224 0.1264 0.1283
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 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 8/11/22 11/10/22 2/8/23 5/8/23 8/10/23 11/10/23 2/8/24 - - - -
1AED in Million2AED
Estimates

Balance Sheet Analysis

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Net Debt 1 - 32,269 28,693 30,915 29,062 26,276
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) - 2.359 x 1.917 x 1.965 x 1.765 x 1.538 x
Free Cash Flow 1 - 5,581 9,692 6,265 8,856 9,445
ROE (net income / shareholders' equity) - 8.47% 8.88% 7.87% 8.12% 8.49%
ROA (Net income/ Total Assets) - - 4.38% 3.92% 4.05% 4.22%
Assets 1 - - 175,818 169,948 178,051 183,618
Book Value Per Share 2 - - 1.780 1.790 1.830 1.870
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% 24.41% 21.05% 18.71%
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
2.37 AED
Average target price
2.918 AED
Spread / Average Target
+23.12%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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