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MANILA ELECTRIC COMPANY |
End-of-day quote
Other stock markets
|
|
5-day change | 1st Jan Change | |
| 372.6 PHP | -0.11% | +1.53% | +24.70% | |
Valuation
| Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 428 298 | 357 290 | 329 113 | 332 720 | 336 777 | 419 957 | - | - |
| Enterprise Value (EV) 1 | 431 843 | 360 281 | 318 345 | 368 489 | 384 778 | 473 069 | 483 521 | 487 832 |
| P/E ratio | 18,6x | 15,3x | 20,2x | 14,2x | 11,8x | 11,3x | 11,9x | 11,6x |
| Yield | 4,19% | 5,07% | 5,17% | 5,18% | 5,37% | 5,51% | 5,77% | 5,61% |
| Capitalization / Revenue | 1,41x | 1,12x | 1,20x | 1,04x | 0,79x | 0,91x | 0,91x | 0,89x |
| EV / Revenue | 1,42x | 1,13x | 1,16x | 1,16x | 0,90x | 1,02x | 1,04x | 1,03x |
| EV / EBITDA | 11,6x | 9,47x | 9,02x | 8,26x | 7,41x | 9,94x | 9,56x | 8,86x |
| EV / FCF | 15,9x | 15,7x | 31,2x | 21,8x | -45,4x | 43,0x | 36,1x | 27,7x |
| FCF Yield | 6,29% | 6,38% | 3,21% | 4,59% | -2,20% | 2,33% | 2,77% | 3,61% |
| Price to Book | 5,22x | 4,24x | 4,15x | 3,49x | 3,07x | 3,41x | 3,13x | 2,89x |
| Nbr of stocks (in thousands) | 1 127 099 | 1 127 099 | 1 127 099 | 1 127 099 | 1 127 099 | 1 127 099 | - | - |
| Reference price 2 | 380 | 317 | 292 | 295 | 299 | 373 | 373 | 373 |
| Announcement Date | 2/26/19 | 2/24/20 | 3/1/21 | 2/28/22 | 2/27/23 | - | - | - |
1PHP in Million2PHP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 304 454 | 318 315 | 275 304 | 318 547 | 426 529 | 462 514 | 463 600 | 471 963 |
| EBITDA 1 | 37 351 | 38 026 | 35 287 | 44 586 | 51 947 | 47 584 | 50 556 | 55 062 |
| EBIT 1 | 28 442 | 31 239 | 20 991 | 29 344 | 20 181 | 31 436 | 32 840 | 35 182 |
| Operating Margin | 9,34% | 9,81% | 7,62% | 9,21% | 4,73% | 6,80% | 7,08% | 7,45% |
| Earnings before Tax (EBT) 1 | 30 545 | 31 915 | 22 415 | 33 000 | 35 236 | 45 405 | 44 857 | 44 102 |
| Net income 1 | 23 020 | 23 285 | 16 316 | 23 498 | 28 431 | 36 940 | 34 630 | 33 123 |
| Net margin | 7,56% | 7,32% | 5,93% | 7,38% | 6,67% | 7,99% | 7,47% | 7,02% |
| EPS 2 | 20,4 | 20,7 | 14,5 | 20,8 | 25,2 | 32,9 | 31,2 | 32,0 |
| Free Cash Flow 1 | 27 149 | 22 993 | 10 210 | 16 921 | -8 481 | 11 014 | 13 388 | 17 616 |
| FCF margin | 8,92% | 7,22% | 3,71% | 5,31% | -1,99% | 2,38% | 2,89% | 3,73% |
| FCF Conversion (EBITDA) | 72,7% | 60,5% | 28,9% | 38,0% | - | 23,1% | 26,5% | 32,0% |
| FCF Conversion (Net income) | 118% | 98,7% | 62,6% | 72,0% | - | 29,8% | 38,7% | 53,2% |
| Dividend per Share 2 | 15,9 | 16,1 | 15,1 | 15,3 | 16,0 | 20,5 | 21,5 | 20,9 |
| Announcement Date | 2/26/19 | 2/24/20 | 3/1/21 | 2/28/22 | 2/27/23 | - | - | - |
1PHP in Million2PHP
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period : December | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 |
|---|---|---|---|---|
| Net sales 1 | 111 645 | 105 642 | 119 178 | 110 411 |
| EBITDA | - | - | - | - |
| EBIT 1 | 3 289 | 7 259 | - | 9 874 |
| Operating Margin | 2,95% | 6,87% | - | 8,94% |
| Earnings before Tax (EBT) 1 | 11 112 | 9 722 | 12 503 | 12 777 |
| Net income 1 | 8 673 | 8 071 | 9 782 | 10 546 |
| Net margin | 7,77% | 7,64% | 8,21% | 9,55% |
| EPS 2 | 7,70 | 7,16 | 8,68 | 9,36 |
| Dividend per Share | - | - | - | - |
| Announcement Date | 2/27/23 | 4/25/23 | 7/31/23 | 11/6/23 |
1PHP in Million2PHP
Estimates
Balance Sheet Analysis
| Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 3 545 | 2 991 | - | 35 769 | 48 001 | 53 112 | 63 564 | 67 875 |
| Net Cash position 1 | - | - | 10 768 | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0,09x | 0,08x | - | 0,80x | 0,92x | 1,12x | 1,26x | 1,23x |
| Free Cash Flow 1 | 27 149 | 22 993 | 10 210 | 16 921 | -8 481 | 11 014 | 13 388 | 17 616 |
| ROE (net income / shareholders' equity) | 29,6% | 28,0% | 26,6% | 28,2% | 26,5% | 31,9% | 26,8% | 24,9% |
| Shareholders' equity 1 | 77 836 | 83 136 | 61 423 | 83 286 | 107 445 | 115 630 | 129 133 | 132 996 |
| ROA (Net income/ Total Assets) | 7,20% | 6,72% | 5,81% | 5,63% | 5,41% | 7,33% | 6,09% | 5,87% |
| Assets 1 | 319 847 | 346 637 | 280 797 | 417 171 | 525 964 | 503 963 | 568 450 | 564 299 |
| Book Value Per Share 2 | 72,8 | 74,7 | 70,3 | 84,5 | 97,3 | 109 | 119 | 129 |
| Cash Flow per Share 2 | 35,6 | 37,6 | 26,5 | 38,3 | 22,3 | 41,7 | 43,0 | 47,5 |
| Capex 1 | 12 997 | 19 438 | 19 662 | 27 501 | 33 663 | 34 192 | 32 004 | 30 656 |
| Capex / Sales | 4,27% | 6,11% | 7,14% | 8,63% | 7,89% | 7,39% | 6,90% | 6,50% |
| Announcement Date | 2/26/19 | 2/24/20 | 3/1/21 | 2/28/22 | 2/27/23 | - | - | - |
1PHP in Million2PHP
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating :
Investor Rating :
ESG Refinitiv :
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
372.6PHP
Average target price
388.6PHP
Spread / Average Target
+4.29%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +24.70% | 7 550 M $ | |
| -28.59% | 122 B $ | |
| +7.91% | 79 123 M $ | |
| +0.13% | 77 979 M $ | |
| -8.35% | 72 747 M $ | |
| -16.12% | 41 881 M $ | |
| -22.55% | 39 739 M $ | |
| -9.30% | 39 031 M $ | |
| +29.00% | 35 518 M $ | |
| +8.30% | 35 146 M $ |
- Stock
- Equities
- Stock Manila Electric Company - Philippines Stock Exchange
- Financials Manila Electric Company
