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Compagnie des Eaux de Royan (MLEDR) Fair Value & Analysis

Utilities · FR · Market cap €6.5M

CD Compagnie des Eaux de Royan MLEDR · PA
Price€37.00
Fair Value€41.64
Upside+12.5%
Quality64/100
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Mixed Growth
Thin margins · 5.4% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/13)
Narrow moat 33/100
Evidence: High Range €31.23 – €52.05 Share as image

Fair value as of: Jul 13, 2026

From 18 valuation models · updated 28 days ago

Fair value updated Jul 13, 2026, revised from €32.87 to €41.64 (+26.7%) since Jun 24, 2026. Share price +1.6% over the past month.

A solid business, screening 13% undervalued on our models.

What matters now

  • Our model range runs from €31.23 (bear) to €52.05 (bull), base €41.64. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 64/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€124.05 €31.40 Fair Value €41.64 Mar 2017 Aug 2026

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

How to read this chart

60‑month range €31.40 – €124.05 · fair‑value band €31.23 – €52.05 · the €37.00 price screens below the €41.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

Compagnie des Eaux de Royan (MLEDR) currently trades at €37.00, while our model-based Fair Value estimate is €41.64, implying the stock looks roughly 12.5% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Compagnie des Eaux de Royan generated revenue of €11.0M at a net margin of 2.5%. It earns a return on equity of 6.1%. The stock trades on a trailing P/E of 14.9. Fundamentals as of Jul 13, 2026

Our scenario range runs from €31.23 (bear case) to €52.05 (bull case); at €37.00, the current price sits within 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 26% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -10% fair-value upside, at 13%, MLEDR screens cheaper 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.

Model 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
Highest evidence
Growth DCF €37.59 €46.52 €59.81 80
Rev-Margin DCF €39.69 €58.07 €80.65 74
Growth-Adj P/E €23.50 €33.57 €43.63 68
All 18 models by family
DCF Models
FCF DCF €36.66 €46.17 €61.48 38
5Y Revenue Exit €39.69 €57.04 €82.23 39
5Y EBITDA Exit €20.46 €23.80 €28.26 41
5Y P/E Exit €32.32 €44.31 €58.70 38
10Y Revenue Exit €37.15 €48.41 €60.35 36
10Y EBITDA Exit €28.05 €30.86 €33.34 37
10Y P/E Exit €34.21 €41.68 €48.58 35
Earnings-Based
Graham-Dodd €16.66 €20.36 €22.90 54
Multiples
P/E Multiple €33.07 €44.09 €55.11 63
P/S Multiple €31.23 €41.64 €52.05 58
P/B Multiple €27.96 €37.27 €46.59 55
EV/EBITDA €6.73 €8.96 €11.20 54
EV/Revenue €46.18 €65.95 €85.73 43
Asset-Based
NCAV (Graham) €10.35 €13.87 €20.71 50
Growth DCF
Growth DCF €37.59 €46.52 €59.81 80
Rev-Margin DCF €39.69 €58.07 €80.65 74
Economic Profit
Residual Income €17.15 €18.88 €24.43 61
Growth Earnings
Growth-Adj P/E €23.50 €33.57 €43.63 68

Widest divergence: Growth DCF (€46.52) versus Asset-Based (€13.87). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €8.2M
Net margin 5.4%
Return on equity 12.6%
Free cash flow €909K FY2021
P/E ratio 14.9
Operating margin -2.6%
More key figures
EPS (TTM) €2.45
Net cash €1.3K FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 35

Profitability 40
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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

Compagnie des Eaux de Royan engages in the drinkable water and related services in France. The company also offers waste water sanitation services. The company is based in Vaux-sur-Mer, France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Compagnie des Eaux de Royan reported revenue of €7.6M in FY2025 versus €22.3M in FY2021, a compound −23.6%/yr. Reported net income was €439K in FY2025, compounding −21.3%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€7.6M
Latest YoY
−20.3%
Avg. growth/yr (3Y) 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.
−24.2%
Avg. growth/yr (5Y) 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.
−21.5%
Avg. growth/yr (27Y) 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.
−3.9%
Revenue −23.6%/yr
FY21 €22.3M
FY22 €17.4M
FY23 €11.0M
FY24 €9.5M
FY25 €7.6M
Net income −21.3%/yr
FY21 €1.1M
FY22 €1.1M
FY23 €270K
FY24 −€451K
FY25 €439K

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Cite: Fair Value Calculator (2026). "Compagnie des Eaux de Royan Fair Value". https://www.fairvalue-calculator.com/stock/MLEDR

Peer Group

Utilities - Regulated Water · 67 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.

Quality Score 64 · Top 25%
Fair Value upside +13% · Above median
Return on equity (TTM) 13% · Top 25%
Return on assets -2% · Bottom 25%
Net margin (TTM) 5% · Below median
Operating margin (TTM) -3% · Bottom 25%
Revenue growth 0% · Below median

Valuation Multiples vs Utilities - Regulated Water median · lower = cheaper

P/E (TTM) 14.9× · Cheaper than median
P/B 2.03× · Pricier than median
P/S (TTM) 0.92× · Cheaper than 75% of peers
P/FCF 8.3× · Pricier than 75% of peers
EV/EBITDA 82.0× · Pricier than 75% of peers

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 50 · sector 1
FUTURE 0 · sector 28
PAST 50 · sector 29
HEALTH 100 · sector 66
DIVIDEND 0 · sector 49

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

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 - Regulated Water stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
American Water Works Company AWK $134.33 $65.80 -51%
SBSP3 SBSP3 R$29.22 R$31.23 +7%
SBS SBS $5.79 $5.21 -10%
Essential Utilities, Inc WTRG $38.59 $21.81 -43%
CSMG3 CSMG3 R$66.10 R$60.17 -9%
Grandblue Environment Co 600323 ¥29.42 ¥33.29 +13%
American States Water Company AWR $85.01 $48.02 -44%
Chengdu Xingrong Environment Co 000598 ¥6.97 ¥10.74 +54%
California Water Service Group CWT $49.73 $33.56 -33%
Chongqing Water Group 601158 ¥4.12 ¥2.77 -33%

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Frequently asked questions

Is Compagnie des Eaux de Royan (MLEDR) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of €41.64 versus a price of €37.00, about +13% (undervalued).
What is the fair value of MLEDR?
Our model-based fair value for Compagnie des Eaux de Royan is €41.64 (as of Jul 13, 2026), built from audited fundamentals. The current price is €37.00.
What is the quality score of MLEDR?
Compagnie des Eaux de Royan has a Quality Score of 64/100. 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 revenue of Compagnie des Eaux de Royan (MLEDR)?
Compagnie des Eaux de Royan reported trailing-twelve-month revenue of about €11.0M (latest available figure, as of Jul 13, 2026).
What is the net profit margin of MLEDR?
The net profit margin of Compagnie des Eaux de Royan is about 2.5%, meaning it keeps roughly 2.5% of revenue as net income. Based on the latest reported figures.

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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