Drax Group plc (DRXGF)
NEUTRALファンダメンタル
46
株価
$757.00
時価総額
$2.48B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
競争優位性（moat）
明確な優位性なし · なしDrax 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.
需要を左右する要因
中程度の景気循環性UK 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.
主なリスク
- 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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貸借対照表と流動性
売上高
$5.05B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$18M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$274M
自己資本合計
$1.74B
負債合計
$1.20B
流動比率
1.07
利払い倍率
-
負債/EBITDA
1.59
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$308.95
現在株価
$757.00
安全マージン
-145.0%
適正価値レンジ
$200.82 - $417.08
推定方法
バリュエーション指標
P/E レシオ
13519.19
ROE
0.8%
P/B レシオ
146.93
P/FCF
905.62
粗利益率
25.9%
ROIC
15.2%
収益性レーダー
Value Creation (Economic Moat)
ROIC
15.2%
WACC
6.4%
ROIC − WACC
+8.8 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（9）
- Price CAGR 7.02%
- ROIC 15.2%
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 63% Buy
- Earnings Surprise avg 9.5%
- Earnings Quality (OCF/NI) 7.25
不合格（11）
- Gross Margin 25.9%
- P/FCF 905.62
- P/B Ratio 146.93
- 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
データなし（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-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
4
取締役会リスク
3
報酬リスク
1
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for DRXGF, sourced from Markets Gazette.