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Elia Group SA/NV

ELI.BR
44
Regulated Electric · Utilities
Price
€139.10
+0.30 (+0.22%)
Market Cap
€15.18B
Exchange
Euronext Brussels
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+45.0% over 4y

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

Diluted shares outstanding: 69.0M (2021) → 100.1M (2025)

Elia Group SA/NV develops and operates as a transmission system operator in Belgium and Germany. The company provides electricity transmission solutions; generates, imports, and exports electricity; and offers engineering consultancy services. Elia Group SA/NV was founded in 1937 and is headquartered in Brussels, Belgium.

Winston Score History

Score breakdown

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Quality

Gross Margin
29.1%
Modest — 29.1% gross margin
Operating Margin
34.9%
Excellent — 34.9% operating margin
ROCE
3.1%
Weak — 3.1% 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 YoY
-10.9%
Shrinking sales (-10.9% YoY)
EPS YoY
-25.8%
Earnings shrinking (-25.8% YoY)

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

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
346%
Turns 346% of profit into real cash
FCF Margin
-71.7%
Burning cash (-71.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
2.40
Heavy debt load (2.40)
Interest Cover
2.99x
Tight — interest eats into profit (3.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
33.8x
Pricey — P/E 33.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+17.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (33.8 → 16.7)

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Dividends

Dividend Yield
1.47%
Small dividend — 1.47% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+17.4%
Dividend growing fast (17.4% YoY)

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