Waga Energy makes biogas upgrading systems, using membrane and PSA technology to turn raw landfill and wastewater biogas into pipeline-grade biomethane, and it sells the equipment plus the associated services. Its edge is a niche engineering position in a market where regulation is doing much of the selling, with European biomethane policy and waste-to-energy mandates pulling demand that a small set of specialist suppliers can meet. Revenue grew 22.2% in the latest reported figures and gross margin sits at 50.4%, which says the equipment is priced for value rather than commoditised, though the operating margin of -13.4% and ROE of -27.8% show the cost base has not yet caught up with that top line. The near-term question is whether order intake converts into profitable installations as projects scale, and that is the point a portfolio manager should test before going further. At a 602M EUR market cap with no earnings to anchor a multiple, this is a valuation built on order flow and margin trajectory, so it merits a deeper look at backlog quality and cash burn.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:53 CEST | ACCE price target | €22.50 | first publication | €22.50 |
Answered from Waga Energy SA fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| WAGA.PA Waga Energy SA | €22.50 | - | - | - | -27.8% | 29 | 35 |
| 6103.T Okuma Corporation | ¥4485.00 | - | - | 16.8x | 6.5% | 63 | 75 |
| 1980.T Dai-Dan Co., Ltd. | ¥2919.00 | ¥3362 | 13% below | 14.6x | 21.9% | 73 | 64 |
| 5631.T The Japan Steel Works, Ltd. | ¥6147.00 | - | - | 22.1x | 10.2% | 55 | 44 |
| 6324.T Harmonic Drive Systems Inc. | ¥4895.00 | - | - | 289.6x | 3.7% | 55 | 53 |
| 6268.T Nabtesco Corporation | ¥4118.00 | ¥3973 | 4% above | 25.2x | 7.0% | 63 | 53 |
| 6134.T Fuji Corporation | ¥5948.00 | - | - | 24.9x | - | 75 | 75 |
Where WAGA.PA ranks against its sector peers on each metric.