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Thessaloniki Water Supply & Sewerage Co

ATSE:EYAPS
Snowflake Description

Flawless balance sheet unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EYAPS
ATSE
€178M
Market Cap
  1. Home
  2. GR
  3. Utilities
Company description

Thessaloniki Water Supply & Sewerage Co S.A., doing business as EYATH S.A., provides water supply and sewerage services in Greece. The last earnings update was 45 days ago. More info.


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EYAPS Share Price and Events
7 Day Returns
0.6%
ATSE:EYAPS
-2.8%
Europe Water Utilities
-1.6%
GR Market
1 Year Returns
16.1%
ATSE:EYAPS
11.4%
Europe Water Utilities
30.7%
GR Market
EYAPS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Thessaloniki Water Supply & Sewerage Co (EYAPS) 0.6% -3% -4.1% 16.1% 41.9% 57.4%
Europe Water Utilities -2.8% -0.5% 12.8% 11.4% 2% 3.4%
GR Market -1.6% 1.8% 6.2% 30.7% 49.3% -75.1%
1 Year Return vs Industry and Market
  • EYAPS outperformed the Water Utilities industry which returned 11.4% over the past year.
  • EYAPS underperformed the Market in Greece which returned 30.7% over the past year.
Price Volatility
EYAPS
Industry
5yr Volatility vs Market

Value

 Is Thessaloniki Water Supply & Sewerage Co undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Thessaloniki Water Supply & Sewerage Co to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Thessaloniki Water Supply & Sewerage Co.

ATSE:EYAPS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 16.9%
Perpetual Growth Rate 10-Year GR Government Bond Rate 4.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ATSE:EYAPS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GR Govt Bond Rate 4.9%
Equity Risk Premium S&P Global 15%
Water Utilities Unlevered Beta Simply Wall St/ S&P Global 0.3
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.3 (1 + (1- 29%) (0.58%))
0.532
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 4.93% + (0.8 * 14.99%)
16.92%

Discounted Cash Flow Calculation for ATSE:EYAPS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Thessaloniki Water Supply & Sewerage Co is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

ATSE:EYAPS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 16.92%)
2020 13.48 Est @ -5.49% 11.53
2021 13.16 Est @ -2.36% 9.63
2022 13.14 Est @ -0.17% 8.22
2023 13.32 Est @ 1.36% 7.13
2024 13.64 Est @ 2.43% 6.24
2025 14.08 Est @ 3.18% 5.51
2026 14.60 Est @ 3.71% 4.89
2027 15.19 Est @ 4.07% 4.35
2028 15.85 Est @ 4.33% 3.88
2029 16.57 Est @ 4.51% 3.47
Present value of next 10 years cash flows €64.00
ATSE:EYAPS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €16.57 × (1 + 4.93%) ÷ (16.92% – 4.93%)
€144.97
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €144.97 ÷ (1 + 16.92%)10
€30.36
ATSE:EYAPS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €64.00 + €30.36
€94.36
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €94.36 / 36.30
€2.6
ATSE:EYAPS Discount to Share Price
Calculation Result
Value per share (EUR) From above. €2.60
Current discount Discount to share price of €4.91
= -1 x (€4.91 - €2.60) / €2.60
-88.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Thessaloniki Water Supply & Sewerage Co is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Thessaloniki Water Supply & Sewerage Co's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Thessaloniki Water Supply & Sewerage Co's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ATSE:EYAPS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €0.27
ATSE:EYAPS Share Price ** ATSE (2019-11-11) in EUR €4.91
Europe Water Utilities Industry PE Ratio Median Figure of 10 Publicly-Listed Water Utilities Companies 16.84x
Greece Market PE Ratio Median Figure of 92 Publicly-Listed Companies 16.93x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Thessaloniki Water Supply & Sewerage Co.

ATSE:EYAPS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ATSE:EYAPS Share Price ÷ EPS (both in EUR)

= 4.91 ÷ 0.27

18.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Thessaloniki Water Supply & Sewerage Co is overvalued based on earnings compared to the Europe Water Utilities industry average.
  • Thessaloniki Water Supply & Sewerage Co is overvalued based on earnings compared to the Greece market.
Price based on expected Growth
Does Thessaloniki Water Supply & Sewerage Co's expected growth come at a high price?
Raw Data
ATSE:EYAPS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
8.7%per year
Global Water Utilities Industry PEG Ratio Median Figure of 37 Publicly-Listed Water Utilities Companies 1.06x
Greece Market PEG Ratio Median Figure of 26 Publicly-Listed Companies 1.04x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Thessaloniki Water Supply & Sewerage Co, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Thessaloniki Water Supply & Sewerage Co's assets?
Raw Data
ATSE:EYAPS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €4.83
ATSE:EYAPS Share Price * ATSE (2019-11-11) in EUR €4.91
Europe Water Utilities Industry PB Ratio Median Figure of 10 Publicly-Listed Water Utilities Companies 1.65x
Greece Market PB Ratio Median Figure of 134 Publicly-Listed Companies 0.9x
ATSE:EYAPS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ATSE:EYAPS Share Price ÷ Book Value per Share (both in EUR)

= 4.91 ÷ 4.83

1.02x

* Primary Listing of Thessaloniki Water Supply & Sewerage Co.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Thessaloniki Water Supply & Sewerage Co is good value based on assets compared to the Europe Water Utilities industry average.
X
Value checks
We assess Thessaloniki Water Supply & Sewerage Co's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Water Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Water Utilities industry average (and greater than 0)? (1 check)
  5. Thessaloniki Water Supply & Sewerage Co has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Thessaloniki Water Supply & Sewerage Co expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Thessaloniki Water Supply & Sewerage Co, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Thessaloniki Water Supply & Sewerage Co expected to grow at an attractive rate?
  • Thessaloniki Water Supply & Sewerage Co's earnings growth is expected to exceed the low risk savings rate of 4.9%.
Growth vs Market Checks
  • Thessaloniki Water Supply & Sewerage Co's earnings growth is positive but not above the Greece market average.
  • Unable to compare Thessaloniki Water Supply & Sewerage Co's revenue growth to the Greece market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
ATSE:EYAPS Future Growth Rates Data Sources
Data Point Source Value (per year)
ATSE:EYAPS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 8.7%
Europe Water Utilities Industry Earnings Growth Rate Market Cap Weighted Average -0.6%
Europe Water Utilities Industry Revenue Growth Rate Market Cap Weighted Average 0.5%
Greece Market Earnings Growth Rate Market Cap Weighted Average 17.9%
Greece Market Revenue Growth Rate Market Cap Weighted Average 3.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ATSE:EYAPS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ATSE:EYAPS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 69 17 10
2019-03-31 71 16 12
2018-12-31 73 15 14
2018-09-30 74 13 16
2018-06-30 75 12 18
2018-03-31 74 15 17
2017-12-31 73 18 16
2017-09-30 73 19 17
2017-06-30 73 20 17
2017-03-31 73 19 15
2016-12-31 73 19 12
2016-09-30 75 18 15

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Thessaloniki Water Supply & Sewerage Co's earnings are expected to grow by 8.7% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Thessaloniki Water Supply & Sewerage Co is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ATSE:EYAPS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Thessaloniki Water Supply & Sewerage Co Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ATSE:EYAPS Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 0.27
2019-03-31 0.33
2018-12-31 0.39
2018-09-30 0.44
2018-06-30 0.48
2018-03-31 0.47
2017-12-31 0.45
2017-09-30 0.46
2017-06-30 0.46
2017-03-31 0.40
2016-12-31 0.34
2016-09-30 0.41

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Thessaloniki Water Supply & Sewerage Co will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Thessaloniki Water Supply & Sewerage Co's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Thessaloniki Water Supply & Sewerage Co has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Thessaloniki Water Supply & Sewerage Co performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Thessaloniki Water Supply & Sewerage Co's growth in the last year to its industry (Water Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Thessaloniki Water Supply & Sewerage Co's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Thessaloniki Water Supply & Sewerage Co's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Thessaloniki Water Supply & Sewerage Co's 1-year earnings growth is negative, it can't be compared to the Europe Water Utilities industry average.
Earnings and Revenue History
Thessaloniki Water Supply & Sewerage Co's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Thessaloniki Water Supply & Sewerage Co Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ATSE:EYAPS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 69.26 9.79 11.76 0.14
2019-03-31 71.14 11.90 11.61 0.13
2018-12-31 73.03 14.00 11.46 0.12
2018-09-30 74.07 15.79 11.11 0.14
2018-06-30 75.10 17.58 9.89 0.16
2018-03-31 74.25 17.02 9.10 0.15
2017-12-31 73.40 16.45 8.31 0.15
2017-09-30 73.30 16.56 8.12 0.27
2017-06-30 73.20 16.66 7.94 0.40
2017-03-31 73.24 14.56 8.23 0.44
2016-12-31 73.28 12.46 8.51 0.49
2016-09-30 75.17 15.06 7.96 0.30
2016-06-30 73.52 13.43 7.37 0.19
2016-03-31 72.78 11.35 9.58 0.17
2015-12-31 73.05 13.49 9.00 0.19
2015-09-30 73.12 8.30 11.70 0.24
2015-06-30 73.19 9.39 11.12 0.24
2015-03-31 73.59 12.55 10.01 0.28
2014-12-31 73.69 13.38 10.62 0.23
2014-09-30 73.92 16.05 9.52 0.26
2014-06-30 73.94 13.59 12.51 0.26
2014-03-31 73.21 12.31 13.34 0.23
2013-12-31 72.30 13.08 12.66 0.25
2013-09-30 72.28 12.94 15.40 0.36
2013-06-30 72.26 15.43 14.66 0.40
2013-03-31 72.94 17.93 13.16 0.43
2012-12-31 73.85 17.72 14.03 0.43

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Thessaloniki Water Supply & Sewerage Co has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Thessaloniki Water Supply & Sewerage Co used its assets less efficiently than the Europe Water Utilities industry average last year based on Return on Assets.
  • Thessaloniki Water Supply & Sewerage Co's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Thessaloniki Water Supply & Sewerage Co's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Water Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Thessaloniki Water Supply & Sewerage Co has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Thessaloniki Water Supply & Sewerage Co's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Thessaloniki Water Supply & Sewerage Co's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Thessaloniki Water Supply & Sewerage Co is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Thessaloniki Water Supply & Sewerage Co's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Thessaloniki Water Supply & Sewerage Co's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Thessaloniki Water Supply & Sewerage Co has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Thessaloniki Water Supply & Sewerage Co Company Filings, last reported 4 months ago.

ATSE:EYAPS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 175.19 0.00 82.72
2019-03-31 175.19 0.00 82.72
2018-12-31 173.14 0.00 71.63
2018-09-30 173.14 0.00 71.63
2018-06-30 165.23 0.00 74.10
2018-03-31 165.23 0.00 74.10
2017-12-31 162.42 0.00 65.21
2017-09-30 162.42 0.00 65.21
2017-06-30 155.57 0.00 71.10
2017-03-31 155.57 0.00 71.10
2016-12-31 154.16 0.00 56.70
2016-09-30 154.16 0.00 56.70
2016-06-30 147.08 0.00 55.04
2016-03-31 147.08 0.00 55.04
2015-12-31 150.67 0.00 50.96
2015-09-30 144.47 0.00 50.88
2015-06-30 142.62 0.00 59.32
2015-03-31 150.67 0.00 54.63
2014-12-31 145.78 0.00 50.31
2014-09-30 145.33 0.00 46.07
2014-06-30 142.06 0.00 56.17
2014-03-31 149.09 0.00 54.92
2013-12-31 143.36 0.00 53.59
2013-09-30 139.81 0.00 40.57
2013-06-30 139.34 0.00 42.33
2013-03-31 142.68 0.14 38.37
2012-12-31 136.19 0.14 32.98
  • Thessaloniki Water Supply & Sewerage Co has no debt.
  • Thessaloniki Water Supply & Sewerage Co currently has no debt however we can't compare to 5 years ago as we have no data for that period.
  • Thessaloniki Water Supply & Sewerage Co has no debt, it does not need to be covered by operating cash flow.
  • Thessaloniki Water Supply & Sewerage Co has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Thessaloniki Water Supply & Sewerage Co's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Thessaloniki Water Supply & Sewerage Co has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Thessaloniki Water Supply & Sewerage Co's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.57%
Current annual income from Thessaloniki Water Supply & Sewerage Co dividends.
If you bought €2,000 of Thessaloniki Water Supply & Sewerage Co shares you are expected to receive €51 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Thessaloniki Water Supply & Sewerage Co's pays a higher dividend yield than the bottom 25% of dividend payers in Greece (1.86%).
  • Thessaloniki Water Supply & Sewerage Co's dividend is below the markets top 25% of dividend payers in Greece (3.66%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ATSE:EYAPS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Europe Water Utilities Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 4.6%
Greece Market Average Dividend Yield Market Cap Weighted Average of 50 Stocks 4%
Greece Minimum Threshold Dividend Yield 10th Percentile 1.2%
Greece Bottom 25% Dividend Yield 25th Percentile 1.9%
Greece Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ATSE:EYAPS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-23 0.126 2.586
2018-04-03 0.221 4.921
2017-09-29 0.228 4.978
2017-05-12 0.228 5.165
2017-04-27 0.228 5.574
2016-05-13 0.125 3.655
2015-08-31 0.240 7.976
2015-04-02 0.121 4.529
2014-08-27 0.120 3.921
2013-07-02 0.162 3.117
2012-04-23 0.188 4.208
2012-03-29 0.188 4.652
2011-03-29 0.114 3.066
2010-03-01 0.133 3.177
2010-01-15 0.133 3.247
2008-12-31 0.140 2.687

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Thessaloniki Water Supply & Sewerage Co's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Thessaloniki Water Supply & Sewerage Co's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Thessaloniki Water Supply & Sewerage Co afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Thessaloniki Water Supply & Sewerage Co has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Thessaloniki Water Supply & Sewerage Co's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Narkissos Georgiadis
TENURE AS CEO 0.3 years
CEO Bio

Narkissos Georgiadis serves as Chief Executive Officer and Executive Director at Thessaloniki Water Supply & Sewerage Co S.A. since August 2019.

CEO Compensation
  • Insufficient data for Narkissos to compare compensation growth.
  • Insufficient data for Narkissos to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team

Thomareis Georgios

TITLE
Administrator Manager
COMPENSATION
€51K

Ioannis Kasioulas

TITLE
Head of Internal Audit Unit
COMPENSATION
€39K

Legbelos Pantelis

TITLE
Manager of the Sewerage Network
COMPENSATION
€59K

Kampouridis Lazaros

TITLE
Water Supply Network Director
COMPENSATION
€62K

Petridis Panayiotis

TITLE
Consumers Manager
COMPENSATION
€55K

Adamopoulos Alexandros

TITLE
Consumer Director
COMPENSATION
€57K

Agis Papadopoulos

TITLE
Executive Chairman

Narkissos Georgiadis

TITLE
CEO & Executive Director
TENURE
0.3 yrs

Alexandris Dimitrios

TITLE
Chief Financial Officer

Arabatzis Nikolaos

TITLE
Director of Administration & Organization
TENURE
0.8 yrs
Board of Directors Tenure

Average tenure of the Thessaloniki Water Supply & Sewerage Co board of directors in years:

3
Average Tenure
  • The tenure for the Thessaloniki Water Supply & Sewerage Co board of directors is about average.
Board of Directors

Agis Papadopoulos

TITLE
Executive Chairman
TENURE
0.3 yrs

Narkissos Georgiadis

TITLE
CEO & Executive Director
TENURE
0.3 yrs

Penelis Grigorios

TITLE
Vice Chairman
TENURE
0.7 yrs

Papaioannou Ioannis

TITLE
Executive Director
TENURE
3.5 yrs

Klitou Nikolaos

TITLE
Independent Non-Executive Director
TENURE
0.8 yrs

Georgios Archontopoulos

TITLE
Employee Representative
TENURE
6.9 yrs

Tanimanidou Stefania

TITLE
Independent Non-Executive Director
TENURE
3.5 yrs

Latsiou Olympia

TITLE
Non-Executive Director
TENURE
3.5 yrs

Sachinidis Anastasios

TITLE
Employee Representative
TENURE
3.5 yrs

Gogos Panagiotis

TITLE
Independent Non-Executive Director
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Thessaloniki Water Supply & Sewerage Co's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Thessaloniki Water Supply & Sewerage Co has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Read This Before You Buy Thessaloniki Water Supply & Sewerage Co S.A. (ATH:EYAPS) Because Of Its P/E Ratio

The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Thessaloniki Water Supply & Sewerage Co: P/E of 13.33 = €5.14 ÷ €0.39 (Based on the year to December 2018.) Is A High Price-to-Earnings Ratio Good? … Thessaloniki Water Supply & Sewerage Co's earnings per share fell by 15% in the last twelve months. … The Bottom Line On Thessaloniki Water Supply & Sewerage Co's P/E Ratio Thessaloniki Water Supply & Sewerage Co has a P/E of 13.3.

Simply Wall St -

Thessaloniki Water Supply & Sewerage Co S.A.'s (ATH:EYAPS) Earnings Dropped -15%, Did Its Industry Show Weakness Too?

Today I will examine Thessaloniki Water Supply & Sewerage Co S.A.'s (ATH:EYAPS) latest earnings update (31 December 2018) and compare these figures against its performance over the past couple of years, in addition to how the rest of EYAPS's industry performed. … Check out our latest analysis for Thessaloniki Water Supply & Sewerage Co Was EYAPS weak performance lately part of a long-term decline? … However, its return on assets (ROA) of 5.9% exceeds the GR Water Utilities industry of 4.4%, indicating Thessaloniki Water Supply & Sewerage Co has used its assets more efficiently.

Simply Wall St -

What Thessaloniki Water Supply & Sewerage Co S.A.'s (ATH:EYAPS) ROE Can Tell Us

Our data shows Thessaloniki Water Supply & Sewerage Co has a return on equity of 8.1% for the last year. … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Thessaloniki Water Supply & Sewerage Co: 8.1% = €14m ÷ €173m (Based on the trailing twelve months to December 2018.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Combining Thessaloniki Water Supply & Sewerage Co's Debt And Its 8.1% Return On Equity Thessaloniki Water Supply & Sewerage Co is free of net debt, which is a positive for shareholders.

Simply Wall St -

Should You Like Thessaloniki Water Supply & Sewerage Co. S.A.’s (ATH:EYAPS) High Return On Capital Employed?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Thessaloniki Water Supply & Sewerage: 0.11 = €21m ÷ (€210m - €13m) (Based on the trailing twelve months to December 2018.) So, Thessaloniki Water Supply & Sewerage has an ROCE of 11%. … Do Thessaloniki Water Supply & Sewerage's Current Liabilities Skew Its ROCE? … Thessaloniki Water Supply & Sewerage reports few current liabilities, which have a negligible impact on its unremarkable ROCE.

Simply Wall St -

Does Thessaloniki Water Supply & Sewerage Co. S.A. (ATH:EYAPS) Have A High Beta?

Beta is worth considering, but it's also important to consider whether Thessaloniki Water Supply & Sewerage is growing earnings and revenue. … With a market capitalisation of €169m, Thessaloniki Water Supply & Sewerage is a very small company by global standards. … What this means for you: The Thessaloniki Water Supply & Sewerage doesn't usually show much sensitivity to the broader market.

Simply Wall St -

Introducing Thessaloniki Water Supply & Sewerage (ATH:EYAPS), A Stock That Climbed 26% In The Last Three Years

During three years of share price growth, Thessaloniki Water Supply & Sewerage achieved compound earnings per share growth of 1.3% per year. … We note that for Thessaloniki Water Supply & Sewerage the TSR over the last 3 years was 50%, which is better than the share price return mentioned above. … Before deciding if you like the current share price, check how Thessaloniki Water Supply & Sewerage scores on these 3 valuation metrics.

Simply Wall St -

Does Thessaloniki Water Supply & Sewerage Co. S.A. (ATH:EYAPS) Have A Good P/E Ratio?

To keep it practical, we'll show how Thessaloniki Water Supply & Sewerage Co. … Looking at earnings over the last twelve months, Thessaloniki Water Supply & Sewerage has a P/E ratio of 9.17. … See our latest analysis for Thessaloniki Water Supply & Sewerage?

Simply Wall St -

Is Thessaloniki Water Supply & Sewerage Co. S.A. (ATH:EYAPS) An Attractive Dividend Stock?

Historically, Thessaloniki Water Supply & Sewerage Co. … Let's dig deeper into whether Thessaloniki Water Supply & Sewerage should have a place in your portfolio. … Check out our latest analysis for Thessaloniki Water Supply & Sewerage

Simply Wall St -

Are Thessaloniki Water Supply & Sewerage Co. S.A.’s (ATH:EYAPS) High Returns Really That Great?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Did Thessaloniki Water Supply & Sewerage Co. S.A. (ATH:EYAPS) Use Debt To Deliver Its ROE Of 11%?

We'll use ROE to examine Thessaloniki Water Supply & Sewerage Co. … Over the last twelve months Thessaloniki Water Supply & Sewerage has recorded a ROE of 11%. … Check out our latest analysis for Thessaloniki Water Supply & Sewerage?

Simply Wall St -

Company Info

Description

Thessaloniki Water Supply & Sewerage Co S.A., doing business as EYATH S.A., provides water supply and sewerage services in Greece. The company engages in the design, construction, installation, operation, utilization, management, maintenance, extension, and renewal of water supply and sewerage systems, as well as undertakes waste water treatment services. It offers telecommunication services; and generates and sells electricity. Thessaloniki Water Supply & Sewerage Co S.A. was founded in 1998 and is based in Thessaloniki, Greece.

Details
Name: Thessaloniki Water Supply & Sewerage Co S.A.
EYAPS
Exchange: ATSE
Founded: 1998
€178,233,000
36,300,000
Website: http://www.eyath.gr
Address: Thessaloniki Water Supply & Sewerage Co S.A.
127 Egnatias Street,
Thessaloniki,
54635,
Greece
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ATSE EYAPS Common Registered Shares The Athens Stock Exchange GR EUR 21. Sep 2001
Number of employees
Current staff
Staff numbers
350
Thessaloniki Water Supply & Sewerage Co employees.
Industry
Water Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/11 20:44
End of day share price update: 2019/11/11 00:00
Last earnings filing: 2019/09/27
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.