Stock MER MANILA ELECTRIC COMPANY
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Financials Manila Electric Company

Equities

MER

PHY5764J1483

Electric Utilities

End-of-day quote Philippines S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
368.4 PHP +3.77% Intraday chart for Manila Electric Company +5.26% -7.67%
Mar. 08 PLDT Forms New Digital Entity MT
Mar. 05 Meralco, Aboitiz Power to Invest in LNG Assets Via Chromite Gas Deal MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 357,290 329,113 332,720 336,777 449,712 415,223 - -
Enterprise Value (EV) 1 360,281 318,345 368,489 384,778 466,369 456,058 478,748 527,397
P/E ratio 15.3 x 20.2 x 14.2 x 11.8 x 11.8 x 13 x 12.9 x 11.7 x
Yield 5.07% 5.17% 5.18% 5.37% 4.9% 5.08% 5.25% 5.37%
Capitalization / Revenue 1.12 x 1.2 x 1.04 x 0.79 x 1.01 x 0.89 x 0.85 x 0.85 x
EV / Revenue 1.13 x 1.16 x 1.16 x 0.9 x 1.05 x 0.98 x 0.98 x 1.07 x
EV / EBITDA 9.47 x 9.02 x 8.26 x 7.41 x 7.14 x 9.21 x 8.82 x 9.1 x
EV / FCF 15.7 x 31.2 x 21.8 x -45.4 x 14.1 x 22.6 x 18.6 x 13.6 x
FCF Yield 6.38% 3.21% 4.59% -2.2% 7.11% 4.43% 5.38% 7.33%
Price to Book 4.24 x 4.15 x 3.49 x 3.07 x 3.68 x 2.98 x 2.72 x 2.58 x
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 2 317.0 292.0 295.2 298.8 399.0 368.4 368.4 368.4
Announcement Date 2/24/20 3/1/21 2/28/22 2/27/23 2/26/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 318,315 275,304 318,547 426,529 443,612 467,408 486,546 491,217
EBITDA 1 38,026 35,287 44,586 51,947 65,341 49,515 54,275 57,937
EBIT 1 31,239 20,991 29,344 20,181 36,333 31,525 35,782 37,650
Operating Margin 9.81% 7.62% 9.21% 4.73% 8.19% 6.74% 7.35% 7.66%
Earnings before Tax (EBT) 1 31,915 22,415 33,000 35,236 46,789 42,681 44,915 46,891
Net income 1 23,285 16,316 23,498 28,431 38,023 33,957 34,107 35,614
Net margin 7.32% 5.93% 7.38% 6.67% 8.57% 7.26% 7.01% 7.25%
EPS 2 20.66 14.48 20.85 25.23 33.74 28.25 28.64 31.59
Free Cash Flow 1 22,993 10,210 16,921 -8,481 33,174 20,219 25,762 38,673
FCF margin 7.22% 3.71% 5.31% -1.99% 7.48% 4.33% 5.29% 7.87%
FCF Conversion (EBITDA) 60.47% 28.93% 37.95% - 50.77% 40.83% 47.47% 66.75%
FCF Conversion (Net income) 98.75% 62.58% 72.01% - 87.25% 59.54% 75.53% 108.59%
Dividend per Share 2 16.06 15.09 15.28 16.04 19.55 18.73 19.35 19.79
Announcement Date 2/24/20 3/1/21 2/28/22 2/27/23 2/26/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - - - - 111,645 105,642 119,178 110,411 110,817 115,341 115,341 110,817 111,959
EBITDA - - - - - - - - - - - - -
EBIT 1 - - - - 3,289 7,259 - 9,874 7,459 7,764 7,764 7,459 8,069
Operating Margin - - - - 2.95% 6.87% - 8.94% 6.73% 6.73% 6.73% 6.73% 7.21%
Earnings before Tax (EBT) 1 - - - - 11,112 9,722 12,503 12,777 8,978 9,344 9,344 8,978 9,613
Net income 1 - 6,573 6,976 - 8,673 8,071 9,782 10,546 6,286 6,543 6,543 6,286 6,731
Net margin - - - - 7.77% 7.64% 8.21% 9.55% 5.67% 5.67% 5.67% 5.67% 6.01%
EPS 2 - 5.831 6.191 - 7.700 7.161 8.679 9.360 5.577 5.805 5.805 5.577 5.972
Dividend per Share 2 5.060 - - 10.23 - - - - 13.66 - - - 14.63
Announcement Date 7/26/21 10/25/21 2/28/22 4/25/22 2/27/23 4/25/23 7/31/23 11/6/23 - - - - -
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,991 - 35,769 48,001 16,657 40,835 63,525 112,173
Net Cash position 1 - 10,768 - - - - - -
Leverage (Debt/EBITDA) 0.0787 x - 0.8022 x 0.924 x 0.2549 x 0.8247 x 1.17 x 1.936 x
Free Cash Flow 1 22,993 10,210 16,921 -8,481 33,174 20,219 25,762 38,673
ROE (net income / shareholders' equity) 28% 26.6% 28.2% 26.5% 32.8% 24.4% 19.9% 21.7%
ROA (Net income/ Total Assets) 6.72% 5.81% 5.63% 5.41% 6.88% 6.32% 5.58% 5.93%
Assets 1 346,637 280,797 417,171 525,964 552,652 537,291 611,758 600,578
Book Value Per Share 2 74.70 70.30 84.50 97.30 109.0 124.0 136.0 143.0
Cash Flow per Share 2 37.60 26.50 38.30 22.30 51.40 43.00 47.50 -
Capex 1 19,438 19,662 27,501 33,663 24,800 27,958 30,346 29,919
Capex / Sales 6.11% 7.14% 8.63% 7.89% 5.59% 5.98% 6.24% 6.09%
Announcement Date 2/24/20 3/1/21 2/28/22 2/27/23 2/26/24 - - -
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

Ratings for Manila Electric Company

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
368.4 PHP
Average target price
403.9 PHP
Spread / Average Target
+9.63%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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