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Market Research Report
European Utilities Key Player Profiles: Atel
| Published by |
Datamonitor |
| Published |
February, 2007 |
Product code |
49802 |
| Content info |
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| Price |
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This publication has been discontinued on July 19, 2011.
Abstract
Introduction
The European Utilities Key Player Profiles are based on Datamonitor' s unique
utility scorecard. The scorecard examines 31 leading utilities drawn from
across Europe and assesses them across four pillars: Scale, Performance,
Growth and Exposure.
Scope
- A thorough review of the key operational and financial metrics that drive
utility performance.
- A comparison and ranking of key metrics across Europe' s leading utilities.
Report Highlights
The Finnish utility Fortum leads on the Performance pillar and Russia' s
Gazprom on the Scale pillar whilst Denmark' s Dong leads in both the Growth and
Exposure pillars
Reasons to Purchase
- See where a company ranks in Datamonitor' s European utility scorecard
- Gain a comprehensive assessment of a company' s market share across Europe
- Acquire a wealth of company data from retail volumes to structural hedge
positions
Table of Contents
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: Atel
- Key Player Scorecard examines 31 leading utilities drawn from across
Europe' s competitive arenas
- Key Players dominate power generation capacity market share in the
Wmed competitive arena
- Key Players dominate power generation output market share in the Wmed
and CEE competitive arenas
- Despite ongoing industry consolidation, in no competitive arenas do
Key Players dominate power supply volume market share
- Despite ongoing industry consolidation, in no competitive arenas do
Key Players dominate gas volume market share
- The Key Player Scorecard assesses utilities across four pillars:
Performance, Scale, Growth and Exposure
- The Performance pillar combines 5 financial metrics to measure
business performance
- The Scale pillar combines financial and operational metrics to measure
the size of a utility
- The Growth pillar measures the rate of growth of a utility' s financial
and energy resources
- The Exposure pillar combines both operational and financial
measurements of risk
- Atel scores 32.8/100 on Datamonitor' s European Utility Scorecard and
ranks 15 out of the 31 Key Players covered
- Atel' s ranking varies widely across the four pillars
- Atel achieves an overall ranking of 15, with a utility score of 32.8
- Atel' s better than average Growth and Exposure scores lift its overall
ranking
- Atel' s financial Performance lags the Key Player average, though the
company has a lower than average level of risk
- Atel lags the top ten utilities in Scale, yet beats most in Growth
- Atel' s Performance ranking of 23 reflects its poor results in most
Performance metrics
- Atel' s overall financial Performance score of 9 lags the Key Player
average of 10.9
- Atel underperforms the Key Player average in return on sales and
operating profit margin, yet pulls ahead on return on fixed assets
- Atel surpasses the Key Player average and the top ten utilities in
return on investment
- Atel underperforms on the Scale pillar with a ranking of 22, despite
higher than average power supply volume
- On the Scale pillar Atel ranks 22
- In generation capacity, Atel ranks 22 with 3.6 GW
- Atel is focused solely on power, with a supply volume of 93 TWh
- Atel ranks in the lower half of Key Player power customer rankings,
with a less than one percent share
- At 93 TWh, Atel ranks 8 in terms of power volume
- Atel ranks 22 in both revenue and net income
- Atel has a high Growth ranking of 3, despite a lack of gas supply volumes
- Atel has a Growth ranking of 3 despite more average profit and power
supply volume growth
- Atel' s price earnings ratio is in line with the Key Player average
(15), yet far below the average operating profit margin (21%)
- Atel saw annual profit growth (19.5%) outpace annual revenue growth
(18.3%) from 2001 and 2005
- Atel expanded operating cash flow 153.5% from 2004 to 2005, despite
only moderate power supply volume growth of 2.4%
- Atel' s strong operating cash flow lifts its Exposure ranking to 7
- Atel is more highly leveraged and has a larger negative power NTR than
the Key Player averages
- Atel has a negative (short) power NTR position of -63.3%
- Atel' s power supply obligations exceed its generation output,
resulting in a short power NTR position of -171749 GW
- Compared to the average Key Player, Atel has a smaller operating
profit margin and higher debt to equity ratio (206%)
- Atel ranks 27 of the 31 Key Players in terms of debt leverage
- Atel' s energy volume only grew 2%, despite a massive 153.5% growth in
operating cash flow
- Atel' s principal geographic area of operations is the NWE competitive
arena
- Atel sells power to countries neighbouring its home market of
Switzerland
- Atel owns only hydro generating capacity, located in Switzerland, and
has a less than 1% share of Key Player power customers
- APPENDIX
- Databook
- Definitions
- List of Tables
- Table 1: The Key Players are drawn from across a diverse range of
markets
- Table 2: The Performance pillar combines 5 financial metrics to
measure business performance
- Table 3: The Scale pillar combines financial and operational metrics
to measure the size of a utility
- Table 4: The Growth pillar measures the rate of growth of a utility' s
financial and energy resources
- Table 5: The Exposure pillar combines both operational and financial
measurements of risk
- Table 6: Atel scores 32.8/100 on Datamonitor' s European Utility
Scorecard and ranks 15 out of the 31 Key Players covered
- Table 7: Atel scores 9/25 on the Performance pillar, and ranks 23 out
of 31 on this measurement
- Table 8: Atel scores 1.5/25 on the Scale pillar, and ranks 22 out of
31 on this measurement
- Table 9: Atel scores 11.3/25 on the Growth pillar, and ranks 3 out of
31 on this measurement
- Table 10: Atel scores 10.9/25 on the Exposure pillar, and ranks 7 out
of 31 on this measurement
- Table 11: Atel' s Performance ranking of 23 reflects its poor results
in most Performance metrics
- Table 12: Atel underperforms on the Scale pillar with a ranking of 22,
despite higher than average power supply volume
- Table 13: Atel has a high Growth ranking of 3, despite a lack of gas
supply volumes
- Table 14: Atel' s strong operating cash flow lifts its Exposure ranking
to 7
- Table 15: Return on fixed assets
- Table 16: Return on sales
- Table 17: Operating profit margin
- Table 18: Return on energy volume
- Table 19: Return on investment
- Table 20: Generation Capacity / EU25 market total
- Table 21: Power Supply Volume / EU25 market total
- Table 22: Gas Supply Volume / EU25 market total
- Table 23: Net income / Net income of 94 leading utilities
- Table 24: Revenue / Revenue of 94 leading utilities
- Table 25: Revenue growth, 2001-2005 CAGR
- Table 26: Profit growth, 2001-2005 CAGR
- Table 27: Growth in operating cash flow, 2004 to 2005
- Table 28: Gas supply volume growth, 2004-2005
- Table 29: Growth in power supply volume, 2004 to 2005
- Table 30: Power NTR / Power supply volume
- Table 31: Gas NTR / Gas supply volume
- Table 32: Debt leverage
- Table 33: Growth in operational cash flow - Growth in energy volume
- List of Figures
- Figure 1: Datamonitor' s Key Player Scorecard examines 31 leading
utilities drawn from across Europe' s competitive arenas
- Figure 2: Key Players dominate power generation capacity market share
in the Wmed competitive arena
- Figure 3: Key Players dominate power generation output market share in
the Wmed and CEE competitive arenas
- Figure 4: Despite ongoing industry consolidation, in no competitive
arenas do Key Players dominate power supply volume market share
- Figure 5: Despite ongoing industry consolidation, in no competitive
arenas do Key Players dominate gas volume market share
- Figure 6: Atel achieves an overall ranking of 15, with a utility score
of 32.8
- Figure 7: Atel' s better than average Growth and Exposure scores lift
its overall ranking
- Figure 8: Atel' s financial Performance lags the Key Player average,
though the company has a lower than average level of risk
- Figure 9: Atel lags the top ten utilities in Scale, yet beats most in
Growth
- Figure 10: Atel' s overall financial Performance score of 9 lags the
Key Player average of 10.9
- Figure 11: Atel underperforms the Key Player average in return on
sales and operating profit margin, yet pulls ahead on return on fixed
assets
- Figure 12: Atel surpasses the Key Player average and the top ten
utilities in return on investment
- Figure 13: On the Scale pillar Atel ranks 22
- Figure 14: In generation capacity, Atel ranks 22 with 3.6 GW
- Figure 15: Atel is focused solely on power, with a supply volume of 93
TWh
- Figure 16: Atel ranks in the lower half of Key Player power customer
rankings, with a less than one percent share
- Figure 17: At 93 TWh, Atel ranks 8 in terms of power volume
- Figure 18: Atel ranks 22 in both revenue and net income
- Figure 19: Atel has a Growth ranking of 3 despite more average profit
and power supply volume growth
- Figure 20: Atel' s price earnings ratio is in line with the Key Player
average (15), yet far below the average operating profit margin (21%)
- Figure 21: Atel saw annual profit growth (19.5%) outpace annual
revenue growth (18.3%) from 2001 and 2005
- Figure 22: Atel expanded operating cash flow 153.5% from 2004 to 2005,
despite only moderate power supply volume growth of 2.4%
- Figure 23: Atel is more highly leveraged and has a larger negative
power NTR than the Key Player averages
- Figure 24: Atel has a negative (short) power NTR position of -63.3%
- Figure 25: Atel' s power supply obligations exceed its generation
output, resulting in a short power NTR position of -171749 GW
- Figure 26: Compared to the average Key Player, Atel has a smaller
operating profit margin and higher debt to equity ratio (206%)
- Figure 27: Atel ranks 27 of the 31 Key Players in terms of debt
leverage
- Figure 28: Atel' s energy volume only grew 2%, despite a massive 153.5%
growth in operating cash flow
- Figure 29: Atel sells power to countries neighbouring its home market
of Switzerland
- Figure 30: Atel owns only hydro generating capacity, located in
Switzerland, and has a less than 1% share of Key Player power customers
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