EnBW Energie Baden-Württemberg AG (EBK) Fair Value & Analysis
Utilities · DE · Market cap €22.5B
Fair value as of: Jul 11, 2026
From 16 valuation models · updated 27 days ago
Fair value updated Jul 11, 2026, revised from €54.43 to €21.11 (−61.2%) since Jun 24, 2026. Share price −6.7% over the past month.
Below-average quality, and screening another 68% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (€39.41). The favourable scenario is already priced in.
- Weak quality (38/100) 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.
How to read this chart
60‑month range €54.44 – €92.00 · fair‑value band €21.11 – €39.41 · the €66.40 price screens above the €21.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.
Analysis
EnBW Energie Baden-Württemberg AG (EBK) currently trades at €66.40, while our model-based Fair Value estimate is €21.11, implying the stock looks roughly 68.2% overvalued today. We read business quality at 38/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, EnBW Energie Baden-Württemberg AG generated revenue of €34.7B at a net margin of -1.9%. Revenue declined 1.9% year over year. It earns a return on equity of 0.1%. Net debt stands at €16.9B. Fundamentals as of Jul 11, 2026
Our scenario range runs from €21.11 (bear case) to €39.41 (bull case); at €66.40, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -43% fair-value upside, at -68%, EBK screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 16 models by family
Widest divergence: DCF Models (€39.62) versus Dividend Discount (€11.25). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 34 · Market factors (momentum, volatility) 52
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
EBK screens 68% overvalued. Compare with Iberdrola, S.A →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Zelestra, EnBW sign agreement for 300MW Italian battery storage project
- EnBW and Zelestra partner on major battery storage project
- EnBW begins construction of 400MW BESS in Germany
- Venture Global (VG) Secures New Europe LNG Deals With EnBW And Atlantic
Peer Group
Utilities - Diversified · 51 stocks
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.
Valuation Multiples vs Utilities - Diversified median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Utilities - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Iberdrola, S.A IBE | €21.25 | €9.34 | -56% |
| Enel SpA ENEL | €10.28 | €5.83 | -43% |
| Engie SA 1ENGI | €27.14 | €21.32 | -21% |
| Sempra SRE | $93.15 | $47.77 | -49% |
| E.ON SE EOAN | €19.34 | €11.71 | -39% |
| RWE Aktiengesellschaft generates and 1RWE | €56.66 | €29.64 | -48% |
| ACWA Power Company 2082 | 198.20 SAR | 25.38 SAR | -87% |
| Brookfield Infrastructure Partners L.P. BIPUN | C$55.05 | C$17.66 | -68% |
| EDP, S.A EDP | €4.41 | €3.81 | -14% |
| Origin Energy Limited ORG | A$10.38 | A$10.36 | -0% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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