EnBW Energie Baden-Württemberg AG (EBK) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of EnBW Energie Baden-Württemberg AG stock €21.11, price €65.20, that is 67.6% below the price, quality 30 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €54.44 – €92.00 · fair‑value band €21.11 – €39.41 · the €65.20 price screens above the €21.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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EnBW Energie Baden-Württemberg AG operates as an integrated energy company in Germany, Rest of Europe, and internationally. It operates through three segments: Sustainable Generation Infrastructure, Critical Infrastructure, and Smart Infrastructure for Customers.
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The Sustainable Generation Infrastructure segment encompasses company activities in the areas of renewable energies, conventional generation, district heating, waste management, and energy services.
This segment includes the trading of electricity, gas, CO2 allowances, and fuels, as well as the storage of gas and the direct marketing of renewable energy power plants.
The Critical Infrastructure segment transmits and distributes grids for electricity and gas, offers grid-related services, and supplies water.
The Smart Infrastructure for Customers segment comprises the sale of electricity and gas, the expansion of fast-charging infrastructure, and digital solutions for electromobility.
It also includes activities in the telecommunications sector and other household-level solutions, such as photovoltaics and home storage systems.
In addition, the company generates power from wind, water, sun, biomass, and geothermal energy, operates and dismantles nuclear power plants, and engages in the project development, planning, construction, and economic operation of power plants based on renewable energies.
Further, the company sells electricity and gas. The company operates under the EnBW, Yello, GVS, Erdgas Südwest, ODR, ZEAG, NaturEnergie, Pra"ská energetika, Stadtwerke Düsseldorf, VNG, and goldgas brands.
It serves retail customers, small commercial businesses, the housing industry, agriculture industries, industrial customers, redistributors, municipal utilities, local authorities, and public entities. The company was incorporated in 1931 and is headquartered in Karlsruhe, Germany.
Stock analysis
EnBW Energie Baden-Württemberg AG (EBK) currently trades at €65.20, while our model-based Fair Value estimate is €21.11, 68% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €107.00 per share, and 8 of the 14 models we run sit above the €65.20 price.
Bear case: the Earnings-Based group reads lowest at €5.56, and 6 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €21.11 (bear) to €39.41 (bull), the price of €65.20 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 30/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
EnBW Energie Baden-Württemberg AG reported revenue of €34.4B in FY2025 versus €32.1B in FY2021, a compound +1.7%/yr. Reported net income was −€207M in FY2025.
Key figures
Market cap €21.2B Large · P/S ratio 0.61 · EPS (TTM) €−1.66 · Dividend yield 2.6% · Net margin −1.2% · Return on equity 1.5% · Return on assets (EBIT) 2.9% · Operating margin 2.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −46% fair-value upside, at −68%, EBK screens richer than that median.
Fair Value models
Bear€21.11Fair Value €21.11Bull€39.41
Price €65.20 · Downside -67.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−0.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−15.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.8%
Start year 2020 (pandemic). Over 10 years: +5.0% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
7.2% (2020) → 4.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−12.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −14.2% a year for the price.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Stable grid operations form the main strength through reliable earnings, while negative net income and high leverage stand out as the key weakness.
Main risk: BNetzA's proposed standardised WACC for the 2028-2032 period could cut allowed returns on EnBW's regulated gas network assets and thereby squeeze margins on these operations.
Bull case: EnBW could adapt its grid investments to the new regulatory framework through efficiency gains and selective divestments while accelerating hydrogen infrastructure partnerships to secure supply for its plants.
Bear case: Persistent low regulatory returns combined with hydrogen supply shortfalls could force EnBW to scale back generation assets or grids, eroding its low-risk earnings base and increasing reliance on higher-cost alternatives.
EnBW draws most of its earnings from stable grid operations while pushing ahead with hydrogen production from hydropower and a nationwide fast-charging network. Our models currently see the stock as overvalued amid these capital-intensive moves. Will the growth areas lift overall returns enough to change that view, or will the low-risk base keep the company anchored where it is?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Diversified · 49 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score30 · Bottom 25%
Fair Value upside−67.6% · Bottom 25%
Profitability
Return on equity (12 months)1.5% · Bottom 25%
Return on assets−0.3% · Bottom 25%
Net margin (12 months)−1.2% · Bottom 25%
Operating margin (12 months)2.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)24.4% · Top 25%
Dividend yield (12 months)2.6% · Below median
Balance sheet
Debt / equity1.37× · Above median
Valuation Multiplesvs Utilities - Diversified median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "EnBW Energie Baden-Württemberg AG Fair Value". https://www.fairvalue-calculator.com/stock/EBK
Frequently asked questions
Is EnBW Energie Baden-Württemberg AG (EBK) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €21.11 versus a price of €65.20, about 68% lower (overvalued).
What is the fair value of EBK?
Our model-based fair value for EnBW Energie Baden-Württemberg AG is €21.11 (as of Nov 6, 2026), built from audited fundamentals. The current price: €65.20.
What is the quality score of EBK?
EnBW Energie Baden-Württemberg AG has a Quality Score of 30/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for EnBW Energie Baden-Württemberg AG (EBK)?
Our model-based price target is the fair value of €21.11 (as of Nov 6, 2026) from 14 valuation models. Cautious scenario €21.11, optimistic scenario €39.41. It is a calculation from audited fundamentals, not an analyst target.
What is the EnBW Energie Baden-Württemberg AG stock forecast for 2026?
Our models put fair value at €21.11, about 68% lower versus a price of €65.20 (overvalued). Cautious scenario €21.11, optimistic scenario €39.41. The calculation is refreshed regularly with new filings.
What is the revenue of EnBW Energie Baden-Württemberg AG (EBK)?
EnBW Energie Baden-Württemberg AG reported trailing-twelve-month revenue of about €36.0B (latest available figure, as of Nov 6, 2026).
Does EnBW Energie Baden-Württemberg AG pay a dividend?
EnBW Energie Baden-Württemberg AG currently shows a dividend yield of 2.61% relative to its recent price (as of Nov 6, 2026).
What growth is priced into EnBW Energie Baden-Württemberg AG (EBK)?
For today's price to be fair in a discounted-cash-flow model, EnBW Energie Baden-Württemberg AG would have to grow free cash flow by -12.3 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.8 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of EBK use?
Our models discount EnBW Energie Baden-Württemberg AG at 7.9 %: a base by market capitalisation (large), damped by beta 0.20, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For EnBW Energie Baden-Württemberg AG that is -12.3 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has EnBW Energie Baden-Württemberg AG (EBK) delivered so far?
Over the past 5 years revenue at EnBW Energie Baden-Württemberg AG grew +11.8 % a year. The price currently implies -12.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of EnBW Energie Baden-Württemberg AG (EBK) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into EnBW Energie Baden-Württemberg AG (-12.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of EnBW Energie Baden-Württemberg AG (EBK)?
The free-cash-flow yield on the price is 19.97 %: that much free cash flow EnBW Energie Baden-Württemberg AG produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of EnBW Energie Baden-Württemberg AG (EBK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For EnBW Energie Baden-Württemberg AG it is €21.11 per share (as of Nov 6, 2026), against a price of €65.20. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is EnBW Energie Baden-Württemberg AG stock overvalued or undervalued in 2026?
As of Nov 6, 2026, EBK trades above its calculated fair value: price €65.20, fair value €21.11, a gap of about −68% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EBK?
No. The price is what the market pays today (€65.20); the fair value is what the company's own numbers justify (€21.11). For EnBW Energie Baden-Württemberg AG the two are €44.09 per share apart. That gap is exactly why we show both numbers side by side.
How much is EnBW Energie Baden-Württemberg AG worth?
The market values EnBW Energie Baden-Württemberg AG at about €21.2B (market capitalisation, as of Nov 6, 2026). Per share that is €65.20; our models calculate a fair value of €21.11 per share.
What do the bullish and bearish scenarios say about EBK?
Our models span a range for EnBW Energie Baden-Württemberg AG: cautious scenario €21.11, base €21.11, optimistic €39.41 per share (as of Nov 6, 2026, price €65.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of EBK?
The PEG ratio of EnBW Energie Baden-Württemberg AG is 9.35 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of EnBW Energie Baden-Württemberg AG (EBK)?
Balance-sheet figures for EnBW Energie Baden-Württemberg AG (as of Nov 6, 2026): return on equity 1.5%, debt of 1.37 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is EBK from its 52-week high?
EnBW Energie Baden-Württemberg AG trades at €65.20, about 11% below its 52-week high of €73.00 and 2% above the low of €64.00 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €21.11 is for.
Which stocks are comparable to EnBW Energie Baden-Württemberg AG?
From the same area (Utilities) we also value Iberdrola, S.A, Enel SpA, Engie SA, E.ON SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is EnBW Energie Baden-Württemberg AG stock attractive at the current price?
The data as of Nov 6, 2026: price €65.20, calculated fair value €21.11 (−68%), Quality Score 30/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EBK calculated?
We run EnBW Energie Baden-Württemberg AG through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €21.11, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. EnBW Energie Baden-Württemberg AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of EnBW Energie Baden-Württemberg AG (EBK)?
The closing price on Nov 5, 2026 was €65.20. Our model-based fair value is €21.11, about 68% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with EnBW Energie Baden-Württemberg AG right now?
The price sits above even our optimistic bull case (€39.41). The favourable scenario is already priced in. Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (€21.11 to €39.41) leaves room in how you read the outcome.
Key figures of EnBW Energie Baden-Württemberg AG
How large is the market capitalisation of EnBW Energie Baden-Württemberg AG (EBK)?
The market capitalisation of EnBW Energie Baden-Württemberg AG is €21.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of EnBW Energie Baden-Württemberg AG (EBK)?
The price-to-sales ratio of EnBW Energie Baden-Württemberg AG is 0.61 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of EnBW Energie Baden-Württemberg AG (EBK)?
Earnings per share at EnBW Energie Baden-Württemberg AG are €−1.66. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of EnBW Energie Baden-Württemberg AG (EBK)?
The dividend yield of EnBW Energie Baden-Württemberg AG is 2.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of EnBW Energie Baden-Württemberg AG (EBK)?
The net margin of EnBW Energie Baden-Württemberg AG is −1.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of EnBW Energie Baden-Württemberg AG (EBK)?
The return on equity (ROE) of EnBW Energie Baden-Württemberg AG is 1.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of EnBW Energie Baden-Württemberg AG (EBK)?
On an EBIT basis the return on assets of EnBW Energie Baden-Württemberg AG is 2.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of EnBW Energie Baden-Württemberg AG (EBK)?
The operating margin of EnBW Energie Baden-Württemberg AG is 2.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at EnBW Energie Baden-Württemberg AG (EBK)?
Revenue at EnBW Energie Baden-Württemberg AG is growing +24.4% versus a year earlier (3y avg −15.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at EnBW Energie Baden-Württemberg AG (EBK)?
Earnings per share at EnBW Energie Baden-Württemberg AG are growing −85.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does EnBW Energie Baden-Württemberg AG (EBK) carry?
The net debt of EnBW Energie Baden-Württemberg AG is €16.9B (fiscal year 2025, ≈ 4.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 6, 2026