Stock

EVN AG

0EEI.L
56
Diversified Utilities · Utilities
Price
29.02 GBp
+0.14 (+0.47%)
Market Cap
£5.17B
Exchange
London Stock Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
14/30
Growth
Mixed
5/20
Cash Flow
Strong
7/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

56 of 100 counted points = Winston Score 56.

§Winston Score History

The full picture

EVN AG is an Austrian energy company that provides electricity, natural gas, and heat to homes and businesses. It also builds and operates water supply and wastewater treatment systems, mainly serving customers in Austria and several countries in Southeast Europe, including Bulgaria and North Macedonia. EVN is one of the largest regional utility providers in Central and Eastern Europe.

The company earns money by selling energy and water services, often under long-term regulated contracts set by government authorities. Most of its revenue comes from Austria, but its Southeast European operations are a meaningful part of the business. Regulated utility markets provide stable, predictable cash flows, which is EVN's main competitive advantage — but that same regulation also limits how much profit it can earn. The key risk going forward is the cost and complexity of transitioning its energy mix toward renewables while managing aging infrastructure across multiple countries with different regulatory environments.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 178.1M (2021) → 178.3M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
41.2%
Healthy — 41.2% gross margin
Profit after running costs
Operating Margin
15.1%
Healthy — 15.1% operating margin
Return on the money invested
ROCE
6.6%
Weak — 6.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
178%
Turns 178% of profit into real cash
Spare cash per sale
FCF Margin
3.8%
Thin free cash flow (3.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.19
Conservative — low debt load (0.19)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.9x
Attractive valuation — P/E 9.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
3.10%
Moderate income — 3.10% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+74.7%
Dividend growing fast (74.7% YoY)
Payout Ratio
30%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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