Drax Group plc (DRXGF)
SurévaluéFondamental
42
Prix
$806.50
Capitalisation boursière
$2.72B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Avantage concurrentiel
Aucun avantage identifié · AucunDrax 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.
Ce qui stimule la demande
Modérément cycliqueUK 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.
Principaux risques
- 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 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.
Bilan & Liquidités
Chiffre d'affaires
$5.05B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$18M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
$274M
Capitaux propres totaux
$1.74B
Passif total
$1.20B
Ratio de liquidité général
1.07
Couverture des intérêts
-
Dette/EBITDA
1.59
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$351.72
Prix actuel
$806.50
Marge de sécurité
-129.3%
Fourchette de juste valeur
$228.62 - $474.82
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
14908.59
ROE
0.8%
Ratio P/B
162.03
P/FCF
993.60
Marge brute
25.9%
ROIC
15.2%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
15.2%
WACC
6.1%
ROIC − WACC
+9.1 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (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
Échoué (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
Indisponible (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)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 | - |
Risque d'audit
5
Risque du conseil
3
Risque de rémunération
1
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for DRXGF, sourced from Markets Gazette.