Financials Manila Electric Company

Equities

Market Closed - Philippines S.E. Other stock markets 01:50:52 2025-01-17 am EST			5-day change	1st Jan Change
491.00 ^PHP	+1.32%		+1.07%	+0.61%

Jan. 06	Meralco's Affiliate Secures Rights to Build CCGT Facility in Singapore	MT
Dec. 08	Manila Electric Company acquired 5% stake in CIS Bayad Center, Inc. from Densan System Holdings Co., Ltd. for approximately PHP 240 million.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	318,315	275,304	318,547	426,529	443,612	476,163	485,333	508,952
Change	-	-13.51%	15.71%	33.9%	4.01%	7.34%	1.93%	4.87%
EBITDA ¹	38,026	35,287	44,586	51,947	65,341	62,543	63,885	74,709
Change	-	-7.2%	26.35%	16.51%	25.78%	-4.28%	2.15%	16.94%
EBIT ¹	31,239	20,991	29,344	20,181	36,333	45,535	45,521	53,187
Change	-	-32.81%	39.79%	-31.23%	80.04%	25.33%	-0.03%	16.84%
Interest Paid ¹	-	-1,594	-1,531	-4,096	-1,808	-4,755	-5,211	-6,464
Earnings before Tax (EBT) ¹	31,915	22,415	33,000	35,236	46,789	54,090	54,768	59,547
Change	-	-29.77%	47.22%	6.78%	32.79%	15.6%	1.25%	8.73%
Net income ¹	23,285	16,316	23,498	28,431	38,023	43,684	44,256	50,917
Change	-	-29.93%	44.02%	20.99%	33.74%	14.89%	1.31%	15.05%
Announcement Date	2/24/20	3/1/21	2/28/22	2/27/23	2/26/24	-	-	-

¹PHP in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q3	2021 Q4	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q1	2024 Q2
Net sales ¹	-	-	-	-	-	-	-	111,645	105,642	119,178	110,411	104,548	132,929
Change	-	-	-	-	-	-	-	-	-5.38%	12.81%	-7.36%	-5.31%	27.15%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	-	-	-	-	3,289	7,259	-	9,874	11,104	13,900
Change	-	-	-	-	-	-	-	-	120.71%	-100%	-	12.46%	25.18%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	11,112	9,722	12,503	12,777	12,167	16,477
Change	-	-	-	-	-	-	-	-	-12.51%	28.61%	2.19%	-4.77%	35.42%
Net income ¹	4,964	2,619	4,225	4,408	5,064	6,573	6,976	8,673	8,071	9,782	10,546	9,597	12,844
Change	-	-47.24%	61.32%	4.33%	14.88%	29.8%	6.13%	24.33%	-6.94%	21.2%	7.81%	-9%	33.83%
Announcement Date	2/24/20	4/27/20	7/27/20	10/26/20	3/1/21	10/25/21	2/28/22	2/27/23	4/25/23	7/31/23	11/6/23	4/29/24	7/29/24

¹PHP in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,991	-10,768	35,769	48,001	16,657	23,667	54,797	74,124
Change	-	-460.01%	232.18%	34.2%	-65.3%	42.08%	131.53%	35.27%
Announcement Date	2/24/20	3/1/21	2/28/22	2/27/23	2/26/24	-	-	-

¹PHP in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	19,438	19,662	27,501	33,663	24,800	35,435	53,974	52,207
Change	-	1.15%	39.87%	22.41%	-26.33%	42.88%	52.32%	-3.27%
Free Cash Flow (FCF) ¹	22,993	10,210	16,921	-8,481	33,174	26,008	20,139	23,383
Change	-	-55.6%	65.73%	-150.12%	-491.16%	-21.6%	-22.56%	16.1%
Announcement Date	2/24/20	3/1/21	2/28/22	2/27/23	2/26/24	-	-	-

¹PHP in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	11.95%	12.82%	14%	12.18%	14.73%	13.13%	13.16%	14.68%
EBIT Margin (%)	9.81%	7.62%	9.21%	4.73%	8.19%	9.56%	9.38%	10.45%
EBT Margin (%)	10.03%	8.14%	10.36%	8.26%	10.55%	11.36%	11.28%	11.7%
Net margin (%)	7.32%	5.93%	7.38%	6.67%	8.57%	9.17%	9.12%	10%
FCF margin (%)	7.22%	3.71%	5.31%	-1.99%	7.48%	5.46%	4.15%	4.59%
FCF / Net Income (%)	98.75%	62.58%	72.01%	-29.83%	87.25%	59.54%	45.51%	45.92%
Profitability
ROA	6.72%	5.81%	5.63%	5.41%	6.88%	6.81%	6.68%	7.12%
ROE	28.01%	26.56%	28.21%	26.46%	32.78%	30.51%	28.31%	27.06%
Financial Health
Leverage (Debt/EBITDA)	0.08x	-	0.8x	0.92x	0.25x	0.38x	0.86x	0.99x
Debt / Free cash flow	0.13x	-	2.11x	-5.66x	0.5x	0.91x	2.72x	3.17x
Capital Intensity
CAPEX / Current Assets (%)	6.11%	7.14%	8.63%	7.89%	5.59%	7.44%	11.12%	10.26%
CAPEX / EBITDA (%)	51.12%	55.72%	61.68%	64.8%	37.95%	56.66%	84.49%	69.88%
CAPEX / FCF (%)	84.54%	192.58%	162.53%	-396.92%	74.76%	136.25%	268%	223.27%
Items per share
Cash flow per share ¹	37.65	26.51	38.32	22.34	51.44	50.8	64.5	85.3
Change	-	-29.6%	44.55%	-41.68%	130.22%	-1.25%	26.97%	32.25%
Dividend per Share ¹	16.06	15.09	15.28	16.04	19.55	22.21	23.28	24.42
Change	-	-6.02%	1.27%	4.95%	21.88%	13.6%	4.81%	4.9%
Book Value Per Share ¹	74.74	70.31	84.48	97.31	108.5	132.7	150.1	154.8
Change	-	-5.93%	20.15%	15.19%	11.52%	22.33%	13.06%	3.16%
EPS ¹	20.66	14.48	20.85	25.23	33.74	38.41	37.61	45.41
Change	-	-29.93%	44.02%	21.01%	33.71%	13.87%	-2.1%	20.75%
Nbr of stocks (in thousands)	1,127,099	1,127,099	1,127,099	1,127,099	1,127,099	1,127,093	1,127,093	1,127,093
Announcement Date	2/24/20	3/1/21	2/28/22	2/27/23	2/26/24	-	-	-