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Romande Energie Holding S.A.

REHN.SW
50
Regulated Electric · Utilities
Also trades as: 0QQG.L
Price
CHF 49.90
+1.50 (+3.10%)
Market Cap
CHF 1.28B
Exchange
SIX Swiss Exchange
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Dec 31, 2019
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Exceptional
Valuation
Good
Dividends
Mixed

Share count rising — dilution

+2388.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.0M (2018) → 25.7M (2022)

Winston Score History

The full picture

Romande Energie Holding is a Swiss utility company that produces and delivers electricity to homes and businesses in the canton of Vaud and surrounding regions of western Switzerland. It generates power mainly from hydroelectric plants, which use the flow of rivers and water reservoirs to create electricity, and it also has a growing share of solar and wind energy. The company is one of the larger regional electricity providers in French-speaking Switzerland.

Romande Energie makes money by selling electricity directly to customers and by charging fees to transport power through its grid network. It operates almost entirely within Switzerland, which gives it a stable, regulated revenue base since Swiss authorities set the rules for how much utilities can charge. The main risk the company faces is that regulated electricity prices and returns are controlled by government policy, which limits how much profit it can earn, while the main growth opportunity lies in expanding its renewable energy capacity and energy services for businesses and households.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-96.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

53.9%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 669M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Romande Energie Holding S.A. is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
41.7%
Healthy — 41.7% gross margin
Profit after running costs
Operating Margin
9.6%
Modest — 9.6% operating margin
Return on the money invested
ROCE
2.3%
Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+4.8%
Slow sales growth (+4.8% YoY)
Profit growth
EPS YoY
-58.3%
Earnings shrinking (-58.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
431%
Turns 431% of profit into real cash
Spare cash per sale
FCF Margin
5.3%
Thin free cash flow (5.3%)

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
0.11
Conservative — low debt load (0.11)
Covers its interest
Interest Cover
15.82x
Comfortably covers interest (15.8x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
15.6x
Fair value — P/E 15.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.1
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
2.87%
Moderate income — 2.87% yield

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

Dividend record
Dividend Growth
-72.0%
Dividend cut (-72.0% YoY) — warning sign

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