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Gelsenwasser AG (WWG) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Gelsenwasser AG €497, price €550, upside -9.7%, quality 55 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? Yes
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Utilities · DE · ISIN DE0007760001

GA Broad data Sep 24, 2026

Gelsenwasser AG

WWG · F

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value €496.75 · Overvalued (−10%)
!Quality 55/100
!Mixed Growth (revenue YoY +0.7 %/yr)
!Thin margins · 3.4% net margin (TTM)
✓Low debt · generates free cash flow
!Mixed vs. peers (6/14)
!Narrow moat 40/100
!Weak on valuation: 20 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

€1,359 €420.75 Fair Value €496.75 Jul 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 €420.75 – €1,359 · fair‑value band €372.56 – €703.53 · the €550.00 price screens above the €496.75 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Gelsenwasser AG engages in the water, energy, and service businesses in Germany, the Czech Republic, and Poland. It operates through Water, Wastewater, Energy Networks, Energy Procurement & Sales, and Investments and Projects segments.

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Gelsenwasser AG engages in the water, energy, and service businesses in Germany, the Czech Republic, and Poland. It operates through Water, Wastewater, Energy Networks, Energy Procurement & Sales, and Investments and Projects segments. The company engages in the purchase, production, sale, and transport, and distribution of drinking water; investment in municipal utilities; planning, construction, and operation of wind turbines and photovoltaic systems, as well as charging infrastructure; and provision of digital solutions and services comprising radiator controls, digital meters and metering point operations, and neighborhood solutions. It is also involved in the operation of sewers, and sewage and wastewater treatment plants; installs mini combined heat and power units; district heating solutions; heating solutions; water supply, wastewater disposal, and groundwater management activities; rental of standpipes; fault repair services; purchase and sale of natural gas, electricity, and heat to household customers, special contract customers, and resellers; and energy procurement and trading business. The company was formerly known as Wasserwerk für das nördliche westfälische Kohlenrevier and changed its name to Gelsenwasser AG in 1973. The company was founded in 1887 and is headquartered in Gelsenkirchen, Germany. Gelsenwasser AG operates as a subsidiary of Wasser und Gas Westfalen GmbH.

Stock analysis

Gelsenwasser AG (WWG) currently trades at €550.00, while our model-based Fair Value estimate is €496.75, implying the stock looks roughly 10.7% fairly valued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of €541.18 per share, and 6 of the 24 models we run sit above the €550.00 price.

Bear case: the Economic Profit group reads lowest at €52.11, and 18 of the 24 models stay below the price. Evidence for this calculation is high.

Scenario range: €372.56 (bear) to €703.53 (bull), the price of €550.00 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 55/100 (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.

Gelsenwasser AG reported revenue of €3.0B in FY2025 versus €6.3B in FY2021, a compound −17.1%/yr. Reported net income was €103M in FY2025, compounding −2.5%/yr from FY2021.

Key figures

Market cap €1.9B · P/E ratio 18.6 · P/S ratio 0.64 · EPS (TTM) €29.64 · Net margin 3.5% · Return on equity 9.6% · Return on assets (EBIT) 0.7% · Operating margin 1.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).

What moves the price

The share trades about 6% below its 52-week high and 9% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −45% fair-value upside, at −10%, WWG screens cheaper than that median.

Fair Value models

Bear €372.56 Fair Value €496.75 Bull €703.53
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 (€21.68 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 €371.95 €682.69 €1,210 75
EPV €42.64 €52.11 €60.28 74
Growth DCF €366.99 €645.52 €1,098 73
All 24 models by family
DCF Models
FCF DCF €371.95 €682.69 €1,210 75
Owner Earnings €313.83 €578.17 €1,027 71
5Y Revenue Exit €155.50 €228.34 €317.51 71
5Y EBITDA Exit €233.10 €390.02 €582.50 72
5Y P/E Exit €362.34 €659.26 €1,001 67
10Y Revenue Exit €224.99 €319.40 €447.95 65
10Y EBITDA Exit €277.74 €435.92 €667.02 65
10Y P/E Exit €361.90 €629.95 €1,013 60
Earnings-Based
Graham-Dodd €204.54 €984.70 €1,356 62
Lynch FV €262.99 €375.70 €488.41 59
PEG = 1.0 €262.99 €375.70 €488.41 55
EPV €42.64 €52.11 €60.28 74
Multiples
P/E Multiple €406.08 €541.44 €676.80 63
P/S Multiple €383.52 €511.36 €639.20 58
P/B Multiple €383.52 €511.36 €639.20 55
EV/EBIT €65.13 €92.63 €120.12 65
EV/EBITDA €179.68 €245.35 €311.03 67
EV/Revenue €49.37 €77.96 €106.55 53
Asset-Based
NCAV (Graham) €161.89 €216.93 €323.78 54
Growth DCF
Growth DCF €366.99 €645.52 €1,098 73
Rev-Margin DCF €155.50 €232.09 €332.98 70
Economic Profit
Residual Income €274.93 €300.06 €398.11 68
ROIC Compounder €42.64 €52.11 €60.28 70
Growth Earnings
Growth-Adj P/E €378.83 €541.18 €703.53 65

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Quality Score breakdown

Overall quality 55/100

Of which business quality 52 · Market factors (momentum, volatility) 56

Profitability 40
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 45
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) ⓘ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.
−2.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.0%
Dividend (yield on the price)0.0%
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.2% → 1%

Growth Forecast

Price in line with expectations
The price assumes about as much growth as 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).
+10.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +8.0% a year for the price.

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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 - Diversified · 51 stocks

Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 55 · Top 25%
Fair Value upside −10% · Above median
Profitability
Return on equity (TTM) 10% · Above median
Return on assets 1% · Bottom 25%
Net margin (TTM) 3% · Bottom 25%
Operating margin (TTM) 1% · Bottom 25%
Growth and dividend
Revenue growth −21% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.08× · Lowest 25%

Valuation Multiplesvs Utilities - Diversified median · lower = cheaper

P/E (TTM) 18.6× · Cheaper than median
P/B 1.93× · Pricier than median
P/S (TTM) 0.72× · Cheapest 25%
P/FCF 28.4× · Pricier than median
EV/EBITDA 23.6× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)20 · sector 3
FUTURE (revenue growth)0 · sector 6
PAST (return on equity)38 · sector 35
HEALTH (low debt)96 · sector 49
DIVIDEND (yield)0 · sector 82

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

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Brookfield Infrastructure Partners L.P. BIP $35.22 $42.92 +22%
EnBW Energie Baden-Württemberg AG EBK €68.00 €21.11 −69%
EDP, S.A EDP €4.86 €3.81 −22%

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€496.75 −11%Fair Value
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Cite: Fair Value Calculator (2026). "Gelsenwasser AG Fair Value". https://www.fairvalue-calculator.com/stock/WWG

Frequently asked questions

Is Gelsenwasser AG (WWG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €496.75 versus a price of €550.00, about −10% upside (fairly valued).
What is the fair value of WWG?
Our model-based fair value for Gelsenwasser AG is €496.75 (as of Sep 24, 2026), built from audited fundamentals. The current price: €550.00.
What is the quality score of WWG?
Gelsenwasser AG has a Quality Score of 55/100. 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 Gelsenwasser AG (WWG)?
Our model-based price target is the fair value of €496.75 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario €372.56, optimistic scenario €703.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Gelsenwasser AG stock forecast for 2026?
Our models put fair value at €496.75, about −10% upside versus a price of €550.00 (fairly valued). Cautious scenario €372.56, optimistic scenario €703.53. The calculation is refreshed regularly with new filings.
What is the revenue of Gelsenwasser AG (WWG)?
Gelsenwasser AG reported trailing-twelve-month revenue of about €3.0B (latest available figure, as of Sep 24, 2026).
What growth is priced into Gelsenwasser AG (WWG)?
For today's price to be fair in a discounted-cash-flow model, Gelsenwasser AG would have to grow free cash flow by +10.3 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of WWG use?
Our models discount Gelsenwasser AG at 8.3 %: a base by market capitalisation (mid), damped by beta 0.20, country premium for Germany. 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 Gelsenwasser AG that is +10.3 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Gelsenwasser AG (WWG) delivered so far?
Over the past 5 years revenue at Gelsenwasser AG grew +11.7 % a year. The price currently implies +10.3 % 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 Gelsenwasser AG (WWG) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into Gelsenwasser AG (+10.3 % 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 Gelsenwasser AG (WWG)?
The free-cash-flow yield on the price is 4.00 %: that much free cash flow Gelsenwasser AG produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Gelsenwasser AG (WWG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gelsenwasser AG it is €496.75 per share (as of Sep 24, 2026), against a price of €550.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Gelsenwasser AG stock overvalued or undervalued in 2026?
As of Sep 24, 2026, WWG trades above its calculated fair value: price €550.00, fair value €496.75, a gap of about −10% (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 WWG?
No. The price is what the market pays today (€550.00); the fair value is what the company's own numbers justify (€496.75). For Gelsenwasser AG the two are €53.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Gelsenwasser AG worth?
The market values Gelsenwasser AG at about €1.9B (market capitalisation, as of Sep 24, 2026). Per share that is €550.00; our models calculate a fair value of €496.75 per share.
What do the bullish and bearish scenarios say about WWG?
Our models span a range for Gelsenwasser AG: cautious scenario €372.56, base €496.75, optimistic €703.53 per share (as of Sep 24, 2026, price €550.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WWG?
Gelsenwasser AG trades at a price-to-earnings ratio of 18.6 (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 €496.75 is built from several models across several years. Other multiples: P/B 1.9, P/S 0.7, EV/EBITDA 23.6.
How solid is the balance sheet of Gelsenwasser AG (WWG)?
Balance-sheet figures for Gelsenwasser AG (as of Sep 24, 2026): return on equity 9.6%, debt of 0.08 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is WWG from its 52-week high?
Gelsenwasser AG trades at €550.00, about 6% below its 52-week high of €585.00 and 9% above the low of €504.43 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €496.75 is for.
Which stocks are comparable to Gelsenwasser AG?
From the same area (Utilities) we also value Iberdrola, S.A, Enel SpA, Engie SA, Sempra, 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 Gelsenwasser AG stock attractive at the current price?
The data as of Sep 24, 2026: price €550.00, calculated fair value €496.75 (−10%), Quality Score 55/100, from 24 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 WWG calculated?
We run Gelsenwasser AG through 24 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 €496.75, 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 14.0 % above its aggregate fair value. Gelsenwasser AG 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 Gelsenwasser AG (WWG)?
The closing price on Sep 24, 2026 was €550.00. Our model-based fair value is €496.75, about −10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gelsenwasser AG right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€372.56 to €703.53) leaves room in how you read the outcome.

Key figures of Gelsenwasser AG

How large is the market capitalisation of Gelsenwasser AG (WWG)?
The market capitalisation of Gelsenwasser AG is €1.9B. 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 Gelsenwasser AG (WWG)?
The price-to-sales ratio of Gelsenwasser AG is 0.64 (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 Gelsenwasser AG (WWG)?
Earnings per share at Gelsenwasser AG are €29.64 (price ÷ EPS = P/E 18.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Gelsenwasser AG (WWG)?
The net margin of Gelsenwasser AG is 3.5% (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 Gelsenwasser AG (WWG)?
The return on equity (ROE) of Gelsenwasser AG is 9.6% (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 Gelsenwasser AG (WWG)?
On an EBIT basis the return on assets of Gelsenwasser AG is 0.7% (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 Gelsenwasser AG (WWG)?
The operating margin of Gelsenwasser AG is 1.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gelsenwasser AG (WWG)?
Revenue at Gelsenwasser AG is growing −21.3% versus a year earlier (3y avg −39.4%). 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 Gelsenwasser AG (WWG)?
Earnings per share at Gelsenwasser AG are growing −9.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Gelsenwasser AG (WWG) carry?
The net debt of Gelsenwasser AG is €67.9M (fiscal year 2025, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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