Financials Nickel Asia Corporation

Equities

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
4.05 ^PHP	-1.22%		-5.59%	-26.09%

May. 16	Nickel Asia's Q1 Profit Plunges as Ore Sales Revenue Falls	MT
May. 14	Nickel Asia Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,279	76,333	72,925	79,604	76,193	56,421	-	-
Enterprise Value (EV) ¹	46,279	76,333	72,925	73,159	76,193	50,612	54,966	43,843
P/E ratio	17 x	18.7 x	9.39 x	10.1 x	20.3 x	11.8 x	9.97 x	10.6 x
Yield	2.36%	1.61%	4.11%	2.91%	-	3.83%	2.98%	3.29%
Capitalization / Revenue	2.58 x	3.51 x	2.66 x	2.84 x	3.08 x	2.26 x	2.33 x	2.11 x
EV / Revenue	2.58 x	3.51 x	2.66 x	2.61 x	3.08 x	2.03 x	2.27 x	1.64 x
EV / EBITDA	7.05 x	8.17 x	5.06 x	5.12 x	6.95 x	4.28 x	4.82 x	3.64 x
EV / FCF	-	-	-	7.04 x	-	59.2 x	-20.8 x	5.01 x
FCF Yield	-	-	-	14.2%	-	1.69%	-4.81%	19.9%
Price to Book	-	-	-	2.23 x	-	1.28 x	1.16 x	1.14 x
Nbr of stocks (in thousands)	13,651,538	13,630,850	13,630,850	13,630,850	13,903,901	13,931,125	-	-
Reference price ²	3.390	5.600	5.350	5.840	5.480	4.050	4.050	4.050
Announcement Date	3/13/20	3/11/21	3/10/22	4/14/23	3/31/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,923	21,772	27,404	28,003	24,700	24,938	24,234	26,700
EBITDA ¹	6,563	9,340	14,400	14,302	10,967	11,831	11,397	12,040
EBIT ¹	5,144	7,917	12,793	12,639	8,961	8,701	9,347	9,934
Operating Margin	28.7%	36.36%	46.68%	45.14%	36.28%	34.89%	38.57%	37.21%
Earnings before Tax (EBT) ¹	-	-	-	14,305	8,022	7,386	8,031	8,884
Net income ¹	2,685	4,069	7,813	7,931	3,750	4,752	5,621	5,282
Net margin	14.98%	18.69%	28.51%	28.32%	15.18%	19.06%	23.2%	19.78%
EPS ²	0.2000	0.3000	0.5700	0.5800	0.2700	0.3432	0.4061	0.3812
Free Cash Flow ¹	-	-	-	10,391	-	854.8	-2,642	8,745
FCF margin	-	-	-	37.11%	-	3.43%	-10.9%	32.75%
FCF Conversion (EBITDA)	-	-	-	72.65%	-	7.22%	-	72.63%
FCF Conversion (Net income)	-	-	-	131.02%	-	17.99%	-	165.57%
Dividend per Share ²	0.0800	0.0900	0.2200	0.1700	-	0.1549	0.1207	0.1332
Announcement Date	3/13/20	3/11/21	3/10/22	4/14/23	3/31/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	6,445	-	5,809	1,455	12,578
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	10,391	-	855	-2,642	8,745
ROE (net income / shareholders' equity)	8.8%	13%	24.4%	23.1%	-	12.3%	13.1%	11.3%
ROA (Net income/ Total Assets)	-	-	-	15.6%	-	-	10.4%	10.9%
Assets ¹	-	-	-	50,730	-	-	53,801	48,616
Book Value Per Share ²	-	-	-	2.620	-	3.180	3.490	3.560
Cash Flow per Share ²	-	-	-	0.9400	-	0.5700	0.6400	0.7600
Capex ¹	1,274	2,141	1,805	2,485	-	7,023	10,657	1,874
Capex / Sales	7.11%	9.83%	6.58%	8.87%	-	28.16%	43.98%	7.02%
Announcement Date	3/13/20	3/11/21	3/10/22	4/14/23	3/31/24	-	-	-

¹PHP in Million²PHP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4.05 PHP

Average target price

5.848 PHP

Spread / Average Target

+44.38%

	1st Jan change	Capi.
NICKEL ASIA CORPORATION	-26.09%	963M
PT MERDEKA BATTERY MATERIALS TBK.	+19.64%	4.45B
PT TRIMEGAH BANGUN PERSADA TBK	+0.50%	3.9B
IGO LIMITED	-22.76%	3.51B
PT VALE INDONESIA TBK	+15.31%	3.04B
PT ADHI KARTIKO PRATAMA TBK	-.--%	249M
CANADA NICKEL COMPANY INC.	+24.56%	189M
GLOBAL FERRONICKEL HOLDINGS, INC.	-4.85%	172M
PACIFIC METALS CO., LTD.	+7.33%	162M
PT IFISHDECO TBK	-4.60%	98.25M