International Company for Water and Power Projects (ACWA Power) (2082) Fair Value & Analysis
Utilities · SA · Market cap 151B SAR (≈ $40.3B) · ISIN SA15CGS10H12
What is International Company for Water and Power Projects (ACWA Power) really worth?
Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Below-average quality, and trading another 689% above our fair value of 24.19 SAR.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 16 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from 25.38 SAR to 24.19 SAR (−4.7%) since Aug 4, 2026. Share price −2.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (30.24 SAR). The favourable scenario is already priced in.
- Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
56‑month range 75.85 SAR – 497.20 SAR · fair‑value band 24.19 SAR – 30.24 SAR · the 190.80 SAR price screens above the 24.19 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
International Company for Water and Power Projects (ACWA Power) (2082) currently trades at 190.80 SAR, while our model-based Fair Value estimate is 24.19 SAR, implying the stock looks roughly 688.6% overvalued today. The Quality Score stands at 43/100 (below-average quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of 41.14 SAR per share, and 0 of the 13 models we run sit above the 190.80 SAR price. Bear case: the Dividend Discount group reads lowest at 2.54 SAR, and 13 of the 13 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, International Company for Water and Power Projects (ACWA Power) generated revenue of 7.5B SAR at a net margin of 23.7%. Revenue grew 2.8% year over year. It earns a return on equity of 7.1%. Net debt stands at 22.7B SAR. Fundamentals as of Aug 13, 2026
Our scenario range runs from 24.19 SAR (bear case) to 30.24 SAR (bull case); at 190.80 SAR, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −35% fair-value upside, at −87%, 2082 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 1.59 SAR per share, which is 6.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 16 models by family
Widest divergence: Growth Earnings (41.14 SAR) versus Dividend Discount (2.54 SAR). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 52
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
ACWA Power Company, together with its subsidiaries, engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa. The company operates through Thermal and Water Desalination; Renewables; and Others segments.
Full company description
ACWA Power Company, together with its subsidiaries, engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa. The company operates through Thermal and Water Desalination; Renewables; and Others segments. It generates power through fossil fuel, such as oil, coal, and gas. The company also sells electricity, desalinated water, and green hydrogen and/or green ammonia. In addition, it installs, maintains, and operates contracting of electricity generation, and desalination plants; power plants; generating renewable energy using photovoltaic, concentrated solar power, wind plants, and hydrogen sources; investment in industrial and commercial enterprises and management; and managing office; and provision of financial advisory, book-keeping and reporting, tax compliance, and related services, as well as reinsurance services. Further, the company constructs, owns, buys, manages, operates, and invests in industrial, services and construction projects of power stations, electricity, steam stations, water desalination plants and provides operation and maintenance under long-term contracts; and supplies power, water, desalinated water, and steam. The company was formerly known as International Company for Water and Power Projects and changed its name to ACWA Power Company in January 2022. ACWA Power Company was founded in 2004 and is headquartered in Riyadh, the Kingdom of Saudi Arabia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
International Company for Water and Power Projects (ACWA Power) reported revenue of 7.4B SAR in FY2025 versus 5.2B SAR in FY2021, a compound +9.1%/yr. Reported net income was 1.9B SAR in FY2025, compounding +25.0%/yr from FY2021.
2082 screens 689% overvalued. Compare with Iberdrola, S.A →
Peer Group
Utilities - Diversified · 52 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Utilities - Diversified median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Iberdrola, S.A IBE | €20.28 | €8.45 | −58% |
| Enel SpA ENEL | €9.42 | €4.82 | −49% |
| Engie SA ENGI | €24.50 | €21.15 | −14% |
| Sempra SRE | $84.57 | $44.47 | −47% |
| E.ON SE EOAN | €17.83 | €11.71 | −34% |
| RWE Aktiengesellschaft generates and RWE | €59.10 | €55.77 | −6% |
| Brookfield Infrastructure Partners L.P. BIPUN | C$54.99 | C$34.34 | −38% |
| EnBW Energie Baden-Württemberg AG EBK | €68.60 | €21.11 | −69% |
| EDP, S.A EDP | €4.70 | €3.81 | −19% |
| Origin Energy Limited ORG | A$11.89 | A$7.70 | −35% |
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