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naturenergie holding AG (ENGDF) fair value: what the stock is really worth

We calculate from audited financials what naturenergie holding AG is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Utilities · US · ISIN CH0039651184

NH naturenergie holding AG logo Some data Sep 13, 2026

naturenergie holding AG

ENGDF · US

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value $83.36 · Strongly undervalued (+131%)
!Quality 56/100
!Mixed Growth (revenue YoY −8.3 %/yr)
✓Solidly profitable · 11.8% net margin (TTM)
✓Low debt · generates free cash flow
·2.68% dividend yield
!Moderate moat 62/100
!Evidence only medium, so the estimate is less certain

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

$43.13 $32.85 Fair Value $83.36 Sep 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range $32.85 – $43.13 · fair‑value band $51.56 – $121.60 · the $36.06 price screens below the $83.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

naturenergie holding AG, through its subsidiaries, engages in the production, distribution, and sale of electricity under the Naturenergie brand in Switzerland and internationally. It operates through three segments: Customer-Oriented Energy Solutions, System-Relevant Infrastructure, and Renewable Generation Infrastructure.

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naturenergie holding AG, through its subsidiaries, engages in the production, distribution, and sale of electricity under the Naturenergie brand in Switzerland and internationally. It operates through three segments: Customer-Oriented Energy Solutions, System-Relevant Infrastructure, and Renewable Generation Infrastructure. The company generates electricity from hydropower, hydrogen, and photovoltaics sources. It also provides products and services in the areas of electricity, gas, heat, housing, photovoltaics and mobility for private and business customers; car sharing; and system and energy solutions for companies, such as heat pumps, combined heat and power plants, photovoltaic systems, battery storage systems, and charging stations for electric cars. In addition, the company offers solar solutions; PV contracting solutions; and e-car sharing solutions. Further, it is involved in the provision of construction, operation, and maintenance services; and electrical installations for single-family homes and apartment buildings, commercial buildings, and modern industrial plants. The company was formerly known as Energiedienst Holding AG and changed its name to naturenergie holding AG in May 2024. The company was founded in 1894 and is headquartered in Laufenburg, Switzerland. naturenergie holding AG is a subsidiary of EnBW Energie Baden-Württemberg AG.

Stock analysis

naturenergie holding AG (ENGDF) currently trades at $36.06, while our model-based Fair Value estimate is $83.36, implying the stock looks roughly 56.7% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $88.76 per share, and 19 of the 26 models we run sit above the $36.06 price.

Bear case: the Dividend Discount group reads lowest at $11.21, and 7 of the 26 models stay below the price. Evidence for this calculation is medium.

Scenario range: $51.56 (bear) to $121.60 (bull), the price of $36.06 sits below 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 56/100 (solid quality), in the Utilities sector.

Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.

naturenergie holding AG reported revenue of €1.6B in FY2025 versus €1.1B in FY2021, a compound +8.7%/yr. Reported net income was €188M in FY2025, compounding +22.2%/yr from FY2021.

Key figures

Market cap $1.2B · P/E ratio 6.1 · P/S ratio 0.73 · EPS (TTM) $5.92 · Dividend yield 2.7% · Net margin 12.0% · Return on equity 14.7% · Return on assets (EBIT) 7.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (medium confidence).

What moves the price

The share trades about 16% below its 52-week high and 3% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −10% fair-value upside, at 131%, ENGDF screens cheaper than that median.

Fair Value models

Bear $51.56 Fair Value $83.36 Bull $121.60
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 8 months old). Earnings retained since then ($3.49 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
FCF DCF $26.00 $35.13 $46.93 81
Growth DCF $26.24 $34.31 $44.17 80
Owner Earnings $28.20 $38.22 $51.18 77
All 26 models by family
DCF Models
FCF DCF $26.00 $35.13 $46.93 81
Owner Earnings $28.20 $38.22 $51.18 77
5Y Revenue Exit $42.65 $68.54 $101.43 72
5Y EBITDA Exit $43.17 $69.49 $99.77 75
5Y P/E Exit $52.64 $86.82 $122.11 70
10Y Revenue Exit $34.04 $54.53 $81.59 66
10Y EBITDA Exit $35.68 $55.13 $80.45 68
10Y P/E Exit $41.15 $66.00 $95.72 63
Earnings-Based
Graham-Dodd $38.61 $108.16 $142.26 65
Lynch FV $21.82 $31.18 $40.53 61
PEG = 1.0 $21.82 $31.18 $40.53 57
EPV $43.50 $48.96 $53.51 74
Dividend Discount
Gordon GGM $7.53 $13.57 $18.68 68
DDM Multi-Stage $7.53 $11.21 $14.49 67
Multiples
P/E Multiple $76.66 $102.21 $127.77 63
P/S Multiple $72.40 $96.54 $120.67 58
P/B Multiple $54.55 $72.73 $90.92 55
EV/EBIT $69.85 $91.98 $114.10 66
EV/EBITDA $61.99 $81.49 $101.00 67
EV/Revenue $57.16 $80.18 $103.19 54
Asset-Based
NCAV (Graham) $20.20 $27.07 $40.41 54
Growth DCF
Growth DCF $26.24 $34.31 $44.17 80
Rev-Margin DCF $42.65 $68.32 $96.80 72
Economic Profit
Residual Income $37.01 $44.38 $91.94 71
ROIC Compounder $44.05 $51.88 $60.59 72
Growth Earnings
Growth-Adj P/E $62.13 $88.76 $115.39 67

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Quality Score breakdown

Overall quality 56/100

Of which business quality 55 · Market factors (momentum, volatility) 56

Profitability 50
Margins and returns on capital today
Quality Growth 19
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 26
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. 55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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 5 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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+35.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.5%
Dividend (yield on the price)2.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.34% vs 17%, picking up
Profit margin 2020 to 2025 ⓘ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.4% → 13%
2025 sits 76% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

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).
+1.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.

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Values & ESG

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None of the checked exposures detected

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Cite: Fair Value Calculator (2026). "naturenergie holding AG Fair Value". https://www.fairvalue-calculator.com/stock/ENGDF

Frequently asked questions

Is naturenergie holding AG (ENGDF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $83.36 versus a price of $36.06, about +131% upside (undervalued).
What is the fair value of ENGDF?
Our model-based fair value for naturenergie holding AG is $83.36 (as of Sep 13, 2026), built from audited fundamentals. The current price: $36.06.
What is the quality score of ENGDF?
naturenergie holding AG has a Quality Score of 56/100. 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 naturenergie holding AG (ENGDF)?
Our model-based price target is the fair value of $83.36 (as of Sep 13, 2026) from 26 valuation models. Cautious scenario $51.56, optimistic scenario $121.60. It is a calculation from audited fundamentals, not an analyst target.
What is the naturenergie holding AG stock forecast for 2026?
Our models put fair value at $83.36, about +131% upside versus a price of $36.06 (undervalued). Cautious scenario $51.56, optimistic scenario $121.60. The calculation is refreshed regularly with new filings.
What is the revenue of naturenergie holding AG (ENGDF)?
naturenergie holding AG reported trailing-twelve-month revenue of about $1.6B (latest available figure, as of Sep 13, 2026).
Does naturenergie holding AG pay a dividend?
naturenergie holding AG currently shows a dividend yield of about 2.68% relative to its recent price (as of Sep 13, 2026).
What growth is priced into naturenergie holding AG (ENGDF)?
For today's price to be fair in a discounted-cash-flow model, naturenergie holding AG would have to grow free cash flow by +1.3 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.6 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of ENGDF use?
Our models discount naturenergie holding AG at 9.8 %: a base by market capitalisation (small), damped by beta 0.24, country premium for USA. 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 naturenergie holding AG that is +1.3 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has naturenergie holding AG (ENGDF) delivered so far?
Over the past 5 years revenue at naturenergie holding AG grew +8.6 % a year. The price currently implies +1.3 % 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 naturenergie holding AG (ENGDF) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into naturenergie holding AG (+1.3 % 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 naturenergie holding AG (ENGDF)?
The free-cash-flow yield on the price is 6.82 %: that much free cash flow naturenergie holding AG produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of naturenergie holding AG (ENGDF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For naturenergie holding AG it is $83.36 per share (as of Sep 13, 2026), against a price of $36.06. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is naturenergie holding AG stock overvalued or undervalued in 2026?
As of Sep 13, 2026, ENGDF trades below its calculated fair value: price $36.06, fair value $83.36, a gap of about +131% (undervalued). 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 ENGDF?
No. The price is what the market pays today ($36.06); the fair value is what the company's own numbers justify ($83.36). For naturenergie holding AG the two are $47.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is naturenergie holding AG worth?
The market values naturenergie holding AG at about $1.2B (market capitalisation, as of Sep 13, 2026). Per share that is $36.06; our models calculate a fair value of $83.36 per share.
What do the bullish and bearish scenarios say about ENGDF?
Our models span a range for naturenergie holding AG: cautious scenario $51.56, base $83.36, optimistic $121.60 per share (as of Sep 13, 2026, price $36.06). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is ENGDF from its 52-week high?
naturenergie holding AG trades at $36.06, about 16% below its 52-week high of $42.88 and 3% above the low of $34.91 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $83.36 is for.
Which stocks are comparable to naturenergie holding AG?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, Adani Green Energy 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 naturenergie holding AG stock attractive at the current price?
The data as of Sep 13, 2026: price $36.06, calculated fair value $83.36 (+131%), Quality Score 56/100, from 26 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 ENGDF calculated?
We run naturenergie holding AG through 26 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 $83.36, 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 15.8 % above its aggregate fair value. naturenergie holding AG currently trades 131 % 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 should I pay attention to with naturenergie holding AG right now?
The price is below even our cautious bear case ($51.56). The market is more pessimistic than our downside scenario. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($51.56 to $121.60) leaves room in how you read the outcome.
Where does the earnings growth of naturenergie holding AG (ENGDF) come from?
Earnings per share at naturenergie holding AG grew +15.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.5 %, EBIT margin +6.8 %, tax rate +0.8 %, residual (interest, one-offs) +1.0 %. 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 naturenergie holding AG

How large is the market capitalisation of naturenergie holding AG (ENGDF)?
The market capitalisation of naturenergie holding AG is $1.2B. 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/E ratio of naturenergie holding AG (ENGDF)?
The price-to-earnings ratio of naturenergie holding AG is 6.1. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of naturenergie holding AG (ENGDF)?
The price-to-sales ratio of naturenergie holding AG is 0.73 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of naturenergie holding AG (ENGDF)?
Earnings per share at naturenergie holding AG are $5.92 (price ÷ EPS = P/E 6.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of naturenergie holding AG (ENGDF)?
The dividend yield of naturenergie holding AG is 2.7% (payout 16.3%). 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 naturenergie holding AG (ENGDF)?
The net margin of naturenergie holding AG is 12.0% (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 naturenergie holding AG (ENGDF)?
The return on equity (ROE) of naturenergie holding AG is 14.7% (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 naturenergie holding AG (ENGDF)?
On an EBIT basis the return on assets of naturenergie holding AG is 7.8% (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 naturenergie holding AG (ENGDF)?
The operating margin of naturenergie holding AG is 16.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at naturenergie holding AG (ENGDF)?
Revenue at naturenergie holding AG is growing −11.0% versus a year earlier (3y avg +1.4%). 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 naturenergie holding AG (ENGDF)?
Earnings per share at naturenergie holding AG are growing +15.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does naturenergie holding AG (ENGDF) hold?
naturenergie holding AG holds more cash than debt, $115M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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