Drax Group plc (DRXGF)
SobrevaloradaFundamental
42
Precio
$804.50
Capitalización Bursátil
$2.72B
Parte 1 · Cuánto vale la empresa
Resumen
Drax generates and supplies electricity in the United Kingdom, using biomass — wood pellets it manufactures itself, mostly in North America — to fuel its converted coal power station in North Yorkshire, alongside a portfolio of hydro, pumped-storage and gas plants. It sells the pellets it grows and presses through its own supply chain rather than buying them on the open market, then burns them for baseload power that qualifies as renewable under UK subsidy schemes.
Cómo genera ingresos
Drax earns money three ways: manufacturing wood pellets, generating electricity from them and from hydro/gas assets, and selling that power — plus power bought from others — to industrial and business customers. Much of its biomass output is government-subsidised through the Renewables Obligation and Contracts for Difference, which fix part of its revenue regardless of the wholesale price; the rest, from flexible gas and hydro generation, is exposed to swings in the wholesale electricity market.
Ventaja competitiva
Sin ventaja identificada · NingunaDrax sells a commodity — electricity — into a wholesale market where dozens of generators compete on price. Its subsidies fix part of its revenue but do not protect it from competitors; its biomass supply chain and pumped-storage assets lower its own costs without giving it pricing power over customers who can buy power from anyone.
Qué impulsa la demanda
Moderadamente cíclicoUK electricity demand itself is fairly stable, but Drax's earnings are not: a portion of its biomass generation is paid a subsidised top-up regardless of the market price, while its flexible gas and hydro plants, and the power it resells to business customers, are exposed to swings in wholesale prices driven by weather, fuel costs and the wider energy market.
Riesgos clave
- Dependence on government support schemes — The Renewables Obligation (ending 2027) and Contracts for Difference arrangements underpin biomass economics; if schemes are not renewed or replaced, that part of the revenue base disappears.
- Biomass sourcing and sustainability rules — Drax operates an extensive biomass sourcing and tracking policy; failing to meet the sustainability criteria that qualify pellets for subsidy support could disqualify part of its output.
- Wholesale power price exposure — Unsubsidised flexible generation is exposed to swings in wholesale electricity prices, mitigated only partly by forward hedging.
- Operational and weather disruption — Grid connection failures, planned outages and asset delays — such as those affecting the Cruachan pumped-storage plant — can cut output at short notice.
Los argumentos a favor
Buyers argue that subsidised biomass generation gives Drax a predictable cash flow base most power generators lack, that its hydro and pumped-storage fleet is a scarce, hard-to-replicate asset in a system needing more flexible capacity, and that the pellet business insulates margins from fuel-price swings other generators face.
Los argumentos en contra
Sellers worry that Drax's economics depend on political goodwill that could turn against burning wood for power, that the biomass sourcing and sustainability claims underpinning its subsidies invite scrutiny, and that once support schemes expire the company is left competing on wholesale electricity prices like any other generator.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de septiembre de 2026 with claude-haiku-4-5 — shared with all users
SSE is the other large UK-listed generator selling renewable and flexible power into the same GB wholesale market and capacity auctions Drax bids into.
Centrica competes both in GB flexible generation and storage and, through British Gas Business, for the same industrial and commercial electricity customers Drax Energy Solutions supplies.
Enviva is the world's largest industrial wood pellet producer and bids for the same long-term supply contracts with European and Asian power utilities that Drax's pellet business targets.
RWE Generation UK runs a large fleet of gas, biomass and battery plants in Britain, competing with Drax for the same dispatchable power and grid-balancing revenue.
Graanul Invest is Europe's largest wood pellet producer and sells into the same industrial biomass demand from European utilities that Drax's North American plants serve.
Balance y Liquidez
Ingresos
$5.05B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$18M
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$274M
Patrimonio Neto Total
$1.74B
Pasivo Total
$1.20B
Ratio de Liquidez
1.07
Cobertura de Intereses
-
Deuda/EBITDA
1.59
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$351.72
Precio Actual
$804.50
Margen de Seguridad
-128.7%
Rango de Valor Justo
$228.62 - $474.82
Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.
Métodos de Estimación
Métricas de Valoración
Ratio P/E
14908.59
ROE
0.8%
Ratio P/B
162.03
P/FCF
993.60
Margen Bruto
25.9%
ROIC
15.2%
Radar de Rentabilidad
Creación de Valor (Ventaja Competitiva)
ROIC
15.2%
WACC
6.1%
ROIC − WACC
+9.1 pp
El ROIC supera el coste del capital: la empresa está creando valor para los accionistas.
Criterios de Análisis Fundamental
Superado (9)
- Price CAGR 8.07%
- ROIC 15.2%
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 65% Buy
- Earnings Surprise avg 9.5%
- Earnings Quality (OCF/NI) 7.25
Fallido (11)
- Gross Margin 25.9%
- P/FCF 993.60
- P/B Ratio 162.03
- Operating Margin 4.0%
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 3.9%
- Revenue Growth 5Y 4.8%
- Net Margin Trend 1.4% vs 8.5%
- Piotroski F-Score 2/9
No disponible (7)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupaciones financieras graves
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Participaciones institucionales
No hay declaraciones institucionales para esta empresa.
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Dwight Daniel Willard Gardiner | Group CEO & Executive Director | 61 |
| Mr. Frank Hendrikus Lemmink | CFO & Executive Director | 57 |
| Mr. Lee Dawes | Chief Operations Officer | - |
| Mr. Mark Strafford | Head of Investor Relations | - |
| Ms. Hillary Berger | Group General Counsel | - |
| Ms. Farnaz Ranjbar | Chief People Officer | 55 |
| Mr. Paul Sheffield | Chief Commercial Officer | - |
| Mr. Tim Cole | Head of Customer Marketing | - |
| Mr. Ross McKenzie | Chief Corporate Affairs & Sustainability Officer | - |
| Hannah Steedman | Chief Strategy & Transformation Officer | - |
Riesgo de Auditoría
5
Riesgo del Consejo
3
Riesgo de Compensación
1
Riesgo de Derechos del Accionista
1
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for DRXGF, sourced from Markets Gazette.