HOKKAIDO ELECTRIC POWER COMPANY, INCORPORATED

Financials Hokkaido Electric Power Company, Incorporated

Equities

9509

JP3850200001

Electric Utilities

Delayed Japan Exchange Other stock markets 09:25:38 2024-04-29 pm EDT			5-day change	1st Jan Change
1,134 ^JPY	+3.94%		-8.40%	+81.56%

2023	Rio Tinto, Japan's Sumitomo to build hydrogen plant in Queensland	RE
2023	Japan approves energy firms' household power price hike	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	130,706	96,176	103,777	99,373	99,781	223,993	-	-
Enterprise Value (EV) ¹	1,440,492	1,455,753	1,417,157	1,395,502	1,486,331	172,501	1,567,978	1,576,372
P/E ratio	6.24 x	3.8 x	2.99 x	18.2 x	-4.23 x	2.66 x	7.31 x	10.6 x
Yield	1.57%	2.14%	3.96%	4.13%	-	2.38%	1.68%	1.95%
Capitalization / Revenue	0.17 x	0.13 x	0.14 x	0.15 x	0.11 x	0.18 x	0.24 x	0.24 x
EV / Revenue	1.91 x	1.94 x	1.91 x	2.1 x	1.67 x	0.18 x	1.7 x	1.71 x
EV / EBITDA	10.9 x	12.3 x	10.7 x	13.6 x	25.8 x	10.5 x	13.6 x	13.3 x
EV / FCF	3,039 x	-60.5 x	18.8 x	56.7 x	-	131 x	130 x	-70.1 x
FCF Yield	0.03%	-1.65%	5.33%	1.76%	-	0.76%	0.77%	-1.43%
Price to Book	0.78 x	0.51 x	0.45 x	0.44 x	0.51 x	0.63 x	0.78 x	0.75 x
Nbr of stocks (in thousands)	205,512	205,505	205,498	205,315	205,311	205,310	-	-
Reference price ²	636.0	468.0	505.0	484.0	486.0	1,091	1,091	1,091
Announcement Date	4/25/19	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	752,238	748,468	740,790	663,414	888,874	953,784	923,833	921,325
EBITDA ¹	132,389	117,878	133,042	102,405	57,646	148,750	115,000	118,350
EBIT ¹	42,217	42,415	53,775	24,970	-22,530	101,155	43,000	40,775
Operating Margin	5.61%	5.67%	7.26%	3.76%	-2.53%	10.61%	4.65%	4.43%
Earnings before Tax (EBT) ¹	24,849	33,437	41,411	12,194	-26,596	88,597	54,000	33,050
Net income ¹	22,357	26,720	36,155	6,864	-22,193	66,201	31,600	22,250
Net margin	2.97%	3.57%	4.88%	1.03%	-2.5%	6.94%	3.42%	2.42%
EPS ²	101.9	123.2	169.1	26.57	-115.0	315.4	149.3	103.2
Free Cash Flow ¹	474	-24,059	75,559	24,617	-	11,900	12,100	-22,500
FCF margin	0.06%	-3.21%	10.2%	3.71%	-	1.26%	1.31%	-2.44%
FCF Conversion (EBITDA)	0.36%	-	56.79%	24.04%	-	8%	10.52%	-
FCF Conversion (Net income)	2.12%	-	208.99%	358.64%	-	21.53%	38.29%	-
Dividend per Share ²	10.00	10.00	20.00	20.00	-	20.00	18.33	21.25
Announcement Date	4/25/19	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	349,447	339,597	145,332	273,469	167,735	222,210	176,029	210,824	386,853	236,994	265,027	227,791	230,788	458,579	227,002	268,203
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,520	33,511	10,403	27,118	-8,261	6,113	13,067	-14,052	-985	-25,862	4,317	49,426	25,540	74,966	6,064	20,125
Operating Margin	4.16%	9.87%	7.16%	9.92%	-4.93%	2.75%	7.42%	-6.67%	-0.25%	-10.91%	1.63%	21.7%	11.07%	16.35%	2.67%	7.5%
Earnings before Tax (EBT)	9,793	28,500	9,696	22,997	-11,548	745	12,742	-14,115	-1,373	-25,716	493	47,522	-	70,536	3,563	-
Net income ¹	7,931	24,146	7,825	17,481	-8,725	-1,892	10,438	-12,050	-1,612	-19,393	-1,188	34,605	16,432	51,037	2,624	12,540
Net margin	2.27%	7.11%	5.38%	6.39%	-5.2%	-0.85%	5.93%	-5.72%	-0.42%	-8.18%	-0.45%	15.19%	7.12%	11.13%	1.16%	4.68%
EPS ²	35.16	114.1	36.39	81.71	-44.23	-10.91	49.13	-60.42	-11.29	-96.20	-7.470	166.8	78.22	245.0	11.05	59.38
Dividend per Share	5.000	5.000	-	10.00	-	-	-	-	-	-	-	-	-	5.000	-	-
Announcement Date	10/30/19	10/28/20	10/28/21	10/28/21	1/27/22	4/28/22	7/29/22	10/26/22	10/26/22	1/26/23	4/27/23	7/28/23	10/26/23	10/26/23	1/31/24	4/26/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,309,786	1,359,577	1,313,380	1,296,129	1,386,550	1,336,107	1,343,985	1,352,378
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.893 x	11.53 x	9.872 x	12.66 x	24.05 x	8.982 x	11.69 x	11.43 x
Free Cash Flow ¹	474	-24,059	75,559	24,617	-	11,900	12,100	-22,500
ROE (net income / shareholders' equity)	10.7%	11.8%	14.1%	2.5%	-8.6%	23.5%	7.39%	7.07%
ROA (Net income/ Total Assets)	1.56%	1.67%	2.08%	0.69%	-1.43%	4.12%	1.6%	1.2%
Assets ¹	1,433,711	1,602,072	1,739,969	991,263	1,550,126	1,605,468	1,975,000	1,854,167
Book Value Per Share ²	820.0	911.0	1,117	1,096	957.0	1,323	1,393	1,451
Cash Flow per Share	548.0	497.0	562.0	411.0	282.0	680.0	-	-
Capex ¹	113,334	128,463	60,988	74,096	83,252	107,000	111,700	129,200
Capex / Sales	15.07%	17.16%	8.23%	11.17%	9.37%	11.36%	12.09%	14.02%
Announcement Date	4/25/19	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hokkaido Electric Power Company, Incorporated

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,091 JPY

Average target price

740 JPY

Spread / Average Target

-32.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
HOKKAIDO ELECTRIC POWER COMPANY, INCORPORATED	+81.56%	1.42B
NEXTERA ENERGY	+11.00%	136B
IBERDROLA, S.A.	-1.81%	77.98B
DUKE ENERGY CORPORATION	+1.74%	75.38B
ENEL S.P.A.	-7.88%	66.47B
CONSTELLATION ENERGY CORPORATION	+61.36%	59.36B
AMERICAN ELECTRIC POWER COMPANY, INC.	+6.71%	44.9B
DOMINION ENERGY, INC.	+8.81%	42.26B
GE VERNOVA INC.	0.00%	41.65B
EXELON CORPORATION	+5.07%	37.31B

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