Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Athens Water Supply and Sewerage Company S.A. (EYDAP.AT)

Company Dividend Discount ModelIndustry: Regulated WaterSector: Utilities

Valuation Snapshot

Stable Growth$0.90 - $1.19$1.05
Multi-Stage$3.16 - $3.51$3.33
Blended Fair Value$2.19
Current Price$5.79
Upside-62.16%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-17.36%-12.13%0.100.020.280.470.370.260.190.470.300.19
YoY Growth--404.58%-92.80%-40.69%24.70%43.44%37.52%-59.75%57.38%54.80%-47.21%
Dividend Yield--1.70%0.33%4.06%5.97%5.44%3.45%3.79%7.46%5.36%3.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)28.65
(-) Cash Dividends Paid (M)12.86
(=) Cash Retained (M)15.79
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.733.582.15
Cash Retained (M)15.7915.7915.79
(-) Cash Required (M)-5.73-3.58-2.15
(=) Excess Retained (M)10.0612.2113.65
(/) Shares Outstanding (M)106.50106.50106.50
(=) Excess Retained per Share0.090.110.13
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.090.110.13
(=) Adjusted Dividend0.220.240.25
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-14.13%-13.13%-12.13%
Fair Value$0.90$1.05$1.19
Upside / Downside-84.39%-81.84%-79.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)28.6524.8921.6218.7816.3214.1714.60
Payout Ratio44.88%53.90%62.93%71.95%80.98%90.00%92.50%
Projected Dividends (M)12.8613.4213.6113.5113.2112.7613.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-14.13%-13.13%-12.13%
Year 1 PV (M)12.4712.6212.76
Year 2 PV (M)11.7612.0412.31
Year 3 PV (M)10.8611.2411.64
Year 4 PV (M)9.8710.3410.82
Year 5 PV (M)8.869.399.94
PV of Terminal Value (M)282.28299.11316.72
Equity Value (M)336.11354.73374.20
Shares Outstanding (M)106.50106.50106.50
Fair Value$3.16$3.33$3.51
Upside / Downside-45.49%-42.47%-39.32%

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