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Athens Water Supply and Sewerage Company S.A (AHWSF) fair value: what the stock is really worth

As of Sep 18, 2026: fair value of Athens Water Supply and Sewerage Company S.A $7.25, price $8.10, upside -10.5%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Utilities · US

AW Athens Water Supply and Sewerage Company S.A logo Some data Sep 24, 2026

Athens Water Supply and Sewerage Company S.A

AHWSF · US

Weak valuationQuality is weak on top of the rich price.

!Fair value $7.25 · Overvalued (−10%)
!Quality 41/100
!Expensive Growth (revenue 5y +2.0 %/yr)
!Thin margins · 4.7% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers (6/13)
!Narrow moat 30/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 19 out of 100
!Weak on past: 8 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$8.10 $6.21 Fair Value $7.25 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $6.21 – $8.10 · fair‑value band $6.15 – $8.35 · the $8.10 price screens above the $7.25 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Athens Water Supply and Sewerage Company S.A., together with its subsidiaries, engages in the water supply and refinement, and sewerage and wastewater management activities in Greece.

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Athens Water Supply and Sewerage Company S.A., together with its subsidiaries, engages in the water supply and refinement, and sewerage and wastewater management activities in Greece. The company is involved in the design, construction, installation, operation, maintenance, development, and modernization / renovation of facilities and networks of water supply and sewerage. It operates a water distribution network of 14,000 kilometers; manages four water treatment plants with a total daily capacity of 1.8 million cubic water meters; a sewerage network of 8,500 kilometers; and three wastewater treatment centers in Psyttalia, Metamorphosis, and Thriasio. The company also engages in irrigation and rainwater collection activities. In addition, it produces electric energy through hydro, solar, biogas, natural gas, and thermal energy sources. Athens Water Supply and Sewerage Company S.A. was founded in 1980 and is headquartered in Athens, Greece. Athens Water Supply and Sewerage Company S.A. operates as a subsidiary of Hellenic Corporation of Assets & Participations S.A.

Stock analysis

Athens Water Supply and Sewerage Company S.A (AHWSF) currently trades at $8.10, while our model-based Fair Value estimate is $7.25, implying the stock looks roughly 11.7% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $6.44 per share, and 0 of the 4 models we run sit above the $8.10 price.

Bear case: the Asset-Based group reads lowest at $5.07, and 4 of the 4 models stay below the price. Evidence for this calculation is medium.

Scenario range: $6.15 (bear) to $8.35 (bull), the price of $8.10 sits inside 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 41/100 (below-average quality), in the Utilities sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Athens Water Supply and Sewerage Company S.A reported revenue of €365M in FY2025 versus €361M in FY2021, a compound +0.3%/yr. Reported net income was −€21.4M in FY2025.

Key figures

Market cap $863M · P/E ratio 15.6 · P/S ratio 2.36 · EPS (TTM) $0.5200 · Dividend yield 0.9% · Net margin −5.9% · Return on equity 2.1% · Return on assets (EBIT) 1.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).

What moves the price

The share trades at its 52-week high and at its 52-week low, currently above its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −42% fair-value upside, at −10%, AHWSF screens cheaper than that median.

Fair Value models

Bear $6.15 Fair Value $7.25 Bull $8.35
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.3804 per share) are deliberately not added. 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. Evidence ⓘEvidence = 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.
Highest evidence
Gordon GGM $0.5500 $0.5900 $0.6500 69
DDM Multi-Stage $0.5500 $0.6600 $0.7900 67
EV/EBITDA $5.48 $6.44 $7.40 67
All 4 models by family
Dividend Discount
Gordon GGM $0.5500 $0.5900 $0.6500 69
DDM Multi-Stage $0.5500 $0.6600 $0.7900 67
Multiples
EV/EBITDA $5.48 $6.44 $7.40 67
Asset-Based
NCAV (Graham) $3.78 $5.07 $7.56 54

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Quality Score breakdown

Overall quality 41/100

Of which business quality 40 · Market factors (momentum, volatility) 56

Profitability 9
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 12
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 18/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−2.5%
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.
+2.0%
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.
+2.0%
Start year 2020 (pandemic). Over 10 years: +1.2% a year
Revenue growth 21 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.
+0.5%
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.
−27.9% (2020) → −0.6% (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

AHWSF screens 12% overvalued. Compare with American Water Works Company →

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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 - Regulated Water · 65 stocks

Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 41 · Below median
Fair Value upside −11% · Above median
Profitability
Return on equity (TTM) 2% · Bottom 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) 5% · Below median
Operating margin (TTM) 5% · Bottom 25%
Growth and dividend
Revenue growth −4% · Below median
Dividend yield (TTM) 0.9% · Bottom 25%

Valuation Multiplesvs Utilities - Regulated Water median · lower = cheaper

P/E (TTM) 15.6× · Cheaper than median
P/B 1.07× · Cheaper than median
P/S (TTM) 2.36× · Cheaper than median
EV/EBITDA 9.1× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)19 · sector 4
FUTURE (revenue growth)0 · sector 29
PAST (return on equity)8 · sector 31
HEALTH (low debt)100 · sector 66
DIVIDEND (yield)17 · sector 48

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Water stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
American Water Works Company AWK $133.82 $65.80 −51%
SBS SBS $5.39 $7.68 +42%
Essential Utilities, Inc WTRG $40.38 $23.28 −42%
Guangdong Investment Limited 0270 HK$8.67 HK$12.82 +48%
Grandblue Environment Co 600323 ¥28.90 ¥57.09 +98%
American States Water Company AWR $84.39 $38.40 −54%
Chengdu Xingrong Environment Co 000598 ¥7.06 ¥9.09 +29%
California Water Service Group CWT $47.29 $25.75 −46%
Chongqing Water Group 601158 ¥3.99 ¥1.76 −56%
H2O America, through its subsidiaries, HTO $62.92 $29.35 −53%

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Athens Water Supply and Sewerage Company S.A · Fair Value
$7.25 −12%Fair Value
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Cite: Fair Value Calculator (2026). "Athens Water Supply and Sewerage Company S.A Fair Value". https://www.fairvalue-calculator.com/stock/AHWSF

Frequently asked questions

Is Athens Water Supply and Sewerage Company S.A (AHWSF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $7.25 versus a price of $8.10, about −10% upside (overvalued).
What is the fair value of AHWSF?
Our model-based fair value for Athens Water Supply and Sewerage Company S.A is $7.25 (as of Sep 24, 2026), built from audited fundamentals. The current price: $8.10.
What is the quality score of AHWSF?
Athens Water Supply and Sewerage Company S.A has a Quality Score of 41/100. 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 Athens Water Supply and Sewerage Company S.A (AHWSF)?
Our model-based price target is the fair value of $7.25 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario $6.15, optimistic scenario $8.35. It is a calculation from audited fundamentals, not an analyst target.
What is the Athens Water Supply and Sewerage Company S.A stock forecast for 2026?
Our models put fair value at $7.25, about −10% upside versus a price of $8.10 (overvalued). Cautious scenario $6.15, optimistic scenario $8.35. The calculation is refreshed regularly with new filings.
What is the revenue of Athens Water Supply and Sewerage Company S.A (AHWSF)?
Athens Water Supply and Sewerage Company S.A reported trailing-twelve-month revenue of about €365M (latest available figure, as of Sep 24, 2026).
Does Athens Water Supply and Sewerage Company S.A pay a dividend?
Athens Water Supply and Sewerage Company S.A currently shows a dividend yield of about 0.87% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Athens Water Supply and Sewerage Company S.A (AHWSF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Athens Water Supply and Sewerage Company S.A it is $7.25 per share (as of Sep 24, 2026), against a price of $8.10. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Athens Water Supply and Sewerage Company S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AHWSF trades above its calculated fair value: price $8.10, fair value $7.25, a gap of about −10% (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 AHWSF?
No. The price is what the market pays today ($8.10); the fair value is what the company's own numbers justify ($7.25). For Athens Water Supply and Sewerage Company S.A the two are $0.8500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Athens Water Supply and Sewerage Company S.A worth?
The market values Athens Water Supply and Sewerage Company S.A at about $863M (market capitalisation, as of Sep 24, 2026). Per share that is $8.10; our models calculate a fair value of $7.25 per share.
What do the bullish and bearish scenarios say about AHWSF?
Our models span a range for Athens Water Supply and Sewerage Company S.A: cautious scenario $6.15, base $7.25, optimistic $8.35 per share (as of Sep 24, 2026, price $8.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AHWSF?
Athens Water Supply and Sewerage Company S.A trades at a price-to-earnings ratio of 15.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $7.25 is built from several models across several years. Other multiples: P/B 1.1, P/S 2.4, EV/EBITDA 9.1.
How solid is the balance sheet of Athens Water Supply and Sewerage Company S.A (AHWSF)?
Balance-sheet figures for Athens Water Supply and Sewerage Company S.A (as of Sep 24, 2026): return on equity 2.1%. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is AHWSF from its 52-week high?
Athens Water Supply and Sewerage Company S.A trades at $8.10, at its 52-week high of $8.10 and at the low of $8.10 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $7.25 is for.
Which stocks are comparable to Athens Water Supply and Sewerage Company S.A?
From the same area (Utilities) we also value American Water Works Company, SBS, Essential Utilities, Inc, Guangdong Investment Limited, 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 Athens Water Supply and Sewerage Company S.A stock attractive at the current price?
The data as of Sep 24, 2026: price $8.10, calculated fair value $7.25 (−10%), Quality Score 41/100, from 4 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 AHWSF calculated?
We run Athens Water Supply and Sewerage Company S.A through 4 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 $7.25, 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 14.1 % above its aggregate fair value. Athens Water Supply and Sewerage Company S.A 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 Athens Water Supply and Sewerage Company S.A (AHWSF)?
The closing price on Sep 18, 2026 was $8.10. Our model-based fair value is $7.25, about −10% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Athens Water Supply and Sewerage Company S.A right now?
The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Athens Water Supply and Sewerage Company S.A (AHWSF) come from?
Earnings per share at Athens Water Supply and Sewerage Company S.A grew −8.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.2 %, EBIT margin −12.6 %, tax rate −0.4 %, residual (interest, one-offs) +4.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Athens Water Supply and Sewerage Company S.A

How large is the market capitalisation of Athens Water Supply and Sewerage Company S.A (AHWSF)?
The market capitalisation of Athens Water Supply and Sewerage Company S.A is $863M. 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 Athens Water Supply and Sewerage Company S.A (AHWSF)?
The price-to-sales ratio of Athens Water Supply and Sewerage Company S.A is 2.36 (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 Athens Water Supply and Sewerage Company S.A (AHWSF)?
Earnings per share at Athens Water Supply and Sewerage Company S.A are $0.5200 (price ÷ EPS = P/E 15.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Athens Water Supply and Sewerage Company S.A (AHWSF)?
The dividend yield of Athens Water Supply and Sewerage Company S.A is 0.9% (payout 13.6%). 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 Athens Water Supply and Sewerage Company S.A (AHWSF)?
The net margin of Athens Water Supply and Sewerage Company S.A is −5.9% (fiscal year 2025). 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 Athens Water Supply and Sewerage Company S.A (AHWSF)?
The return on equity (ROE) of Athens Water Supply and Sewerage Company S.A is 2.1% (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 Athens Water Supply and Sewerage Company S.A (AHWSF)?
On an EBIT basis the return on assets of Athens Water Supply and Sewerage Company S.A is 1.0% (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 Athens Water Supply and Sewerage Company S.A (AHWSF)?
The operating margin of Athens Water Supply and Sewerage Company S.A is 4.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Athens Water Supply and Sewerage Company S.A (AHWSF)?
Revenue at Athens Water Supply and Sewerage Company S.A is growing −3.6% versus a year earlier (3y avg +2.0%). 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 Athens Water Supply and Sewerage Company S.A (AHWSF)?
Earnings per share at Athens Water Supply and Sewerage Company S.A are growing −82.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Athens Water Supply and Sewerage Company S.A (AHWSF) generate?
The free cash flow of Athens Water Supply and Sewerage Company S.A is −€56.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Athens Water Supply and Sewerage Company S.A (AHWSF) hold?
Athens Water Supply and Sewerage Company S.A holds more cash than debt, €265M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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