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naturenergie holding AG

NEAG.SW
52
Regulated Electric · Utilities
Also trades as: 0QOH.L
Price
CHF 30.00
-0.30 (-0.99%)
Market Cap
CHF 991.0M
Exchange
SIX Swiss Exchange
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Good
Dividends
Strong

Winston Score History

The full picture

naturenergie holding AG is a Swiss energy company that produces and sells electricity from renewable sources, mainly hydropower. It operates power plants along rivers in southwestern Germany and Switzerland, and sells electricity to homes, businesses, and industrial customers in the region. The company is one of the larger renewable electricity producers in the Baden-Württemberg area of Germany.

naturenergie earns money by generating electricity and selling it directly to end customers, as well as through energy services and grid-related activities. It operates primarily in Germany and Switzerland, with a market cap of around $1.1 billion, making it a mid-sized regional utility. Its main competitive advantage is its portfolio of hydropower assets, which provide stable, low-carbon electricity output that is difficult for competitors to replicate. The key risk is that electricity prices in Europe can be volatile, which directly affects the company's revenue and margins, as seen in its relatively thin operating margin of around 5.5%.

Share count broadly stable

+0.0% over 4y

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

Diluted shares outstanding: 33.1M (2021) → 33.1M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
10.3%
Thin — 10.3% gross margin
Profit after running costs
Operating Margin
10.3%
Modest — 10.3% operating margin
Return on the money invested
ROCE
13.2%
Good — 13.2% 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
-14.6%
Shrinking sales (-14.6% YoY)
Profit growth
EPS YoY
-5.8%
Earnings shrinking (-5.8% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
329%
Turns 329% of profit into real cash
Spare cash per sale
FCF Margin
14.4%
Converts sales into free cash efficiently (14.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.08
Conservative — low debt load (0.08)
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)
6.1x
Attractive valuation — P/E 6.1

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

Cheaper or dearer next year
P/E vs Forward
-8.7
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.96%
Moderate income — 2.96% yield

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

Dividend record
Dividend Growth
+14.5%
Dividend growing fast (14.5% YoY)

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