Dubai Electricity and Water Authority (PJSC)

AED 2.73As of Sun 8 Nov 2026, 12:00 UTC

DFM:DEWAUtilities

Country UAE

PE (Fwd) •••

TSR 5Y CAGR 4.83%

Div yield 4.54%

ROE 10.09%

Utilities (Diversified)

Beta (5Y) 0.19

PE TTM 15.54

TSR TTM 2.78%

Mkt cap AED 136.5B

ROIC 5.18%

SE Grade™

Value

Quality

Moat

Consensus

Reference

AED 3.12

14.43%

(89.55%)

Hold 12|6|1|6|12

TTM

FYE 31 Dec AED

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

7.523

RevenueAED B

12.14

13.08

14.19

15.36

16.77

18.24

20.03

21.29

23.42

25.34

7.746

8.61%

8.54%

6.40

Revenue growth%

17.29

16.07

17.15

17.49

16.37

13.46

12.84

11.42

12.51

11.84

9.90

12.51

14.76

20.97

Gross margin%

24.37

24.25

24.04

21.09

18.93

18.07

17.58

20.14

18.70

20.47

18.84

18.70

20.31

29.67

Operating margin%

18.82

16.35

19.23

20.82

20.33

17.72

16.27

15.39

13.20

15.86

28.27

15.86

17.04

23.55

Net margin%

29.54

31.44

28.92

30.18

32.29

34.69

36.98

39.74

41.89

39.30

28.00

39.30

33.49

22.70

P/E ratio (avg)x

28.25

31.02

35.32

37.61

38.64

43.78

42.89

49.56

57.21

61.98

19.86

49.56

40.76

23.80

EV/EBITx

31.24

34.27

39.42

39.09

43.74

47.99

54.73

52.23

52.52

59.97

31.79

52.52

45.87

4.96

FCF yield (avg)%

25.26

27.56

28.93

28.03

25.52

27.52

29.24

32.05

33.33

34.22

24.28

32.05

28.48

16.93

FCF margin%

18.69

17.12

19.04

18.11

20.44

20.17

21.22

23.42

20.49

21.81

15.33

21.22

20.30

1.401

FCF / Net incomex

0.697

0.676

0.645

0.655

0.714

0.721

0.666

0.639

0.620

0.599

0.166

0.639

0.661

21.00

ROIC%

24.34

25.92

24.85

27.66

29.47

26.92

26.55

28.51

30.04

28.72

6.44

28.51

27.29

15.57

Return on equity%

10.03

11.02

10.38

12.00

10.64

12.81

13.12

15.26

15.80

16.68

12.97

15.26

12.41

6.79

Return on assets%

13.55

13.52

13.94

15.34

16.08

18.46

16.25

18.36

17.72

20.62

20.18

18.36

16.17

0.17

EPSAED

0.42

0.48

0.50

0.59

0.70

0.71

0.76

0.91

1.09

0.17

9.43%

10.65%

—

21.69

EPS growth%

10.30

7.97

10.60

9.70

11.94

13.55

12.37

10.51

9.82

10.25

22.92

10.51

10.40

0.35

Bookvalue per shAED

0.21

0.22

0.24

0.22

0.21

0.22

0.23

0.24

0.23

1.17%

0.85%

—

0.27

FCF per shareAED

0.36

0.37

0.33

0.31

0.30

0.27

0.26

0.24

0.25

0.34

(3.90%)

(3.23%)

—

0.11

Dividend per shAED

0.14

0.15

0.14

0.15

0.13

0.14

0.15

0.14

0.28

(1.47%)

0.56%

—

22.82

Div yield (avg)%

2.59

5.36

6.39

8.53

10.12

11.94

9.99

9.28

8.98

6.07

2.77

9.28

8.76

21.41

Payout ratio%

4.98

6.77

7.16

5.13

3.87

5.42

8.18

7.88

7.63

7.54

24.03

7.63

6.97

50.79

Shares (diluted)B

67.52

63.97

69.20

74.35

85.46

96.24

94.70

99.26

98.82

95.13

49.06

2.17%

3.91%

19.73

Buyback yield%

11.75

9.70

8.97

11.27

11.69

9.38

7.25

4.42

2.98

3.35

18.44

4.42

9.17

1.154

D/E ratiox

1.672

1.840

1.991

2.151

2.075

2.079

2.382

2.281

2.304

2.554

1.230

2.304

2.115

8.059

Enterprise valueAED B

29.67

34.99

39.69

47.35

48.21

47.05

51.85

57.09

62.58

70.06

26.50

7.76%

10.33%

7.996

LT debtAED B

28.54

28.93

30.63

31.25

32.60

31.29

35.45

39.84

42.57

44.22

13.64

6.29%

5.42%

Peers (US$37.18B)

Cap (US$)

Emirates Central…

4.222B

14.54x

RWE Aktiengesellschaft

45.99B

12.76x

SSE plc

43.26B

25.13x

ACWA Power Company

32.40B

63.09x

Capital

TTM

10Y

Leveragex

0.357

0.089

0.083

EBIT/Intx

1.010

0.183

0.151

Own earn%

155.94

24.36

33.15

Sh yield%

42.55

13.70

15.21

Owners

Insiders/Inst%

2.10

72.91

Short interest%

5.08

SBC / revenue%

5.91

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

13–21

$1 testx

0.0

Incr. ROIC%

Dubai Electricity and Water Authority (PJSC) generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai. The company operates through four segments: DEWA, EMPOWER, IWPP, and Others.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

AED 25.34B

8.54%

1.00×

Cost of revenue

AED 17.74B

8.54%

1.00×

Operating expenses

AED 5.073B

8.33%

0.98×