Drax Group plc (DRXGF)
SuperavaliadaFundamental
42
Preço
$804.50
Capitalização de Mercado
$2.72B
Parte 1 · Quanto vale a empresa
Visão Geral
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.
Como gera receita
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.
Vantagem competitiva
Nenhuma vantagem identificada · NenhumaDrax 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.
O que impulsiona a procura
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.
Principais riscos
- 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.
Os 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.
Os argumentos 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 setembro 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.
Balanço & Liquidez
Receita
$5.05B
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Resultado Líquido
$18M
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Fluxo de Caixa Livre
$274M
Capital Próprio Total
$1.74B
Passivo Total
$1.20B
Rácio de Liquidez
1.07
Cobertura de Juros
-
Dívida/EBITDA
1.59
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$351.72
Preço Atual
$804.50
Margem de Segurança
-128.7%
Intervalo de Valor Justo
$228.62 - $474.82
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
14908.59
ROE
0.8%
Rácio P/B
162.03
P/FCF
993.60
Margem Bruta
25.9%
ROIC
15.2%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
15.2%
WACC
6.1%
ROIC − WACC
+9.1 pp
O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.
Critérios de Análise Fundamental
Aprovado (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
Reprovado (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
Indisponível (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
Preocupações financeiras graves
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Não há declarações institucionais para esta empresa.
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| 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 | - |
Risco de Auditoria
5
Risco do Conselho
3
Risco de Remuneração
1
Risco dos Direitos dos Acionistas
1
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for DRXGF, sourced from Markets Gazette.