Electricite et Eaux de Madagascar SA (EEM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Electricite et Eaux de Madagascar SA €2.00, price €1.90, upside +5.3%, quality 69 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range €1.80 – €4.44 · fair‑value band €1.50 – €2.49 · the €1.90 price screens below the €2.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Electricité et Eaux de Madagascar engages in the real estate business. It invests in and rents real estate properties. The company was formerly known as Viktoria Invest SA and changed its name to Electricité et Eaux de Madagascar in January 2019. Electricité et Eaux de Madagascar was incorporated in 1928 and is headquartered in Paris, France.
Stock analysis
Electricite et Eaux de Madagascar SA (EEM) currently trades at €1.90, while our model-based Fair Value estimate is €2.00, implying the stock looks roughly 5.0% fairly valued today.
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Valuation
How firm this estimate is: it rests on 9 models at a data quality of 94/100, which puts the evidence level at low.
Scenario range: €1.50 (bear) to €2.49 (bull), the price of €1.90 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 69/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Electricite et Eaux de Madagascar SA reported revenue of €0 in FY2025 versus €70.0K in FY2021. Reported net income was €2.8M in FY2025.
Key figures
Market cap €10.9M · P/E ratio 4.0 · P/S ratio 26.5 · EPS (TTM) €0.4800 · Return on equity 22.4% · Return on assets (EBIT) −13.6% · Operating margin 1,155% · Revenue (TTM) €411K.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 5%, EEM screens cheaper than that median.
Fair Value models
Bear €1.50Fair Value €2.00Bull €2.49
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 (€0.3524 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.
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.46/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−49.1%
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.
+58.9%
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.
+12.9%
Revenue growth 20 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.
−19.6%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−30.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−30.1%
Dividend (yield on the price)0.0%
Profit margin 2019 to 2024 ⓘ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.−1,128% → −3,250%
⚠ Revenue per share shrinking 30.4%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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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.Asset Management · 657 stocks
Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+1% · Below median
Profitability
Return on equity (TTM)22% · Top 25%
Return on assets−3% · Bottom 25%
Growth and dividend
Revenue growth103% · Top 25%
Valuation Multiplesvs Asset Management 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). "Electricite et Eaux de Madagascar SA Fair Value". https://www.fairvalue-calculator.com/stock/EEM
Frequently asked questions
Is Electricite et Eaux de Madagascar SA (EEM) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €2.00 versus a price of €1.90, about +5% upside (fairly valued).
What is the fair value of EEM?
Our model-based fair value for Electricite et Eaux de Madagascar SA is €2.00 (as of Sep 23, 2026), built from audited fundamentals. The current price: €1.90.
What is the quality score of EEM?
Electricite et Eaux de Madagascar SA has a Quality Score of 69/100. 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 Electricite et Eaux de Madagascar SA (EEM)?
Our model-based price target is the fair value of €2.00 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario €1.50, optimistic scenario €2.49. It is a calculation from audited fundamentals, not an analyst target.
What is the Electricite et Eaux de Madagascar SA stock forecast for 2026?
Our models put fair value at €2.00, about +5% upside versus a price of €1.90 (fairly valued). Cautious scenario €1.50, optimistic scenario €2.49. The calculation is refreshed regularly with new filings.
What is the revenue of Electricite et Eaux de Madagascar SA (EEM)?
Electricite et Eaux de Madagascar SA reported trailing-twelve-month revenue of about €411K (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Electricite et Eaux de Madagascar SA (EEM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Electricite et Eaux de Madagascar SA it is €2.00 per share (as of Sep 23, 2026), against a price of €1.90. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Electricite et Eaux de Madagascar SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, EEM trades below its calculated fair value: price €1.90, fair value €2.00, a gap of about +5% (fairly valued). 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 EEM?
No. The price is what the market pays today (€1.90); the fair value is what the company's own numbers justify (€2.00). For Electricite et Eaux de Madagascar SA the two are €0.1000 per share apart. That gap is exactly why we show both numbers side by side.
How much is Electricite et Eaux de Madagascar SA worth?
The market values Electricite et Eaux de Madagascar SA at about €10.9M (market capitalisation, as of Sep 23, 2026). Per share that is €1.90; our models calculate a fair value of €2.00 per share.
What do the bullish and bearish scenarios say about EEM?
Our models span a range for Electricite et Eaux de Madagascar SA: cautious scenario €1.50, base €2.00, optimistic €2.49 per share (as of Sep 23, 2026, price €1.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EEM?
Electricite et Eaux de Madagascar SA trades at a price-to-earnings ratio of 4.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €2.00 is built from several models across several years. Other multiples: P/B 1.0, P/S 31.6.
How solid is the balance sheet of Electricite et Eaux de Madagascar SA (EEM)?
Balance-sheet figures for Electricite et Eaux de Madagascar SA (as of Sep 23, 2026): return on equity 22.4%. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is EEM from its 52-week high?
Electricite et Eaux de Madagascar SA trades at €1.90, about 40% below its 52-week high of €3.16 and 6% above the low of €1.80 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €2.00 is for.
Which stocks are comparable to Electricite et Eaux de Madagascar SA?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 Electricite et Eaux de Madagascar SA stock attractive at the current price?
The data as of Sep 23, 2026: price €1.90, calculated fair value €2.00 (+5%), Quality Score 69/100, from 2 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 EEM calculated?
We run Electricite et Eaux de Madagascar SA through 2 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 €2.00, 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 13.0 % above its aggregate fair value. Electricite et Eaux de Madagascar SA currently trades 5 % below its own fair value, and the market average says nothing about that. 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 Electricite et Eaux de Madagascar SA (EEM)?
The closing price on Sep 24, 2026 was €1.90. Our model-based fair value is €2.00, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Electricite et Eaux de Madagascar SA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Electricite et Eaux de Madagascar SA
How large is the market capitalisation of Electricite et Eaux de Madagascar SA (EEM)?
The market capitalisation of Electricite et Eaux de Madagascar SA is €10.9M. 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 Electricite et Eaux de Madagascar SA (EEM)?
The price-to-sales ratio of Electricite et Eaux de Madagascar SA is 26.5 (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 Electricite et Eaux de Madagascar SA (EEM)?
Earnings per share at Electricite et Eaux de Madagascar SA are €0.4800 (price ÷ EPS = P/E 4.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Electricite et Eaux de Madagascar SA (EEM)?
The return on equity (ROE) of Electricite et Eaux de Madagascar SA is 22.4% (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 Electricite et Eaux de Madagascar SA (EEM)?
On an EBIT basis the return on assets of Electricite et Eaux de Madagascar SA is −13.6% (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 Electricite et Eaux de Madagascar SA (EEM)?
The operating margin of Electricite et Eaux de Madagascar SA is 1,155% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Electricite et Eaux de Madagascar SA (EEM)?
Revenue at Electricite et Eaux de Madagascar SA is growing +103% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Electricite et Eaux de Madagascar SA (EEM) generate?
The free cash flow of Electricite et Eaux de Madagascar SA is −€3.9M (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 Electricite et Eaux de Madagascar SA (EEM) hold?
Electricite et Eaux de Madagascar SA holds more cash than debt, €6.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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