Company Valuation: Manila Electric Company

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 357,290 329,113 332,720 336,777 449,712 550,472 550,472 -
Change - -7.89% 1.1% 1.22% 33.53% 22.41% 0% -
Enterprise Value (EV) 1 360,281 318,345 368,489 384,778 466,369 574,139 605,269 624,596
Change - -11.64% 15.75% 4.42% 21.2% 23.11% 5.42% 3.19%
P/E ratio 15.3x 20.2x 14.2x 11.8x 11.8x 12.7x 13x 10.8x
PBR 4.24x 4.15x 3.49x 3.07x 3.68x 3.68x 3.25x 3.15x
PEG - -0.7x 0.3x 0.6x 0.4x 0.9x -6.19x 0.5x
Capitalization / Revenue 1.12x 1.2x 1.04x 0.79x 1.01x 1.16x 1.13x 1.08x
EV / Revenue 1.13x 1.16x 1.16x 0.9x 1.05x 1.21x 1.25x 1.23x
EV / EBITDA 9.47x 9.02x 8.26x 7.41x 7.14x 9.18x 9.47x 8.36x
EV / EBIT 11.5x 15.2x 12.6x 19.1x 12.8x 12.6x 13.3x 11.7x
EV / FCF 15.7x 31.2x 21.8x -45.4x 14.1x 22.1x 30.1x 26.7x
FCF Yield 6.38% 3.21% 4.59% -2.2% 7.11% 4.53% 3.33% 3.74%
Dividend per Share 2 16.06 15.09 15.28 16.04 19.55 22.21 23.28 24.42
Rate of return 5.07% 5.17% 5.18% 5.37% 4.9% 4.55% 4.77% 5%
EPS 2 20.66 14.48 20.85 25.23 33.74 38.41 37.61 45.41
Distribution rate 77.7% 104% 73.3% 63.6% 58% 57.8% 61.9% 53.8%
Net sales 1 318,315 275,304 318,547 426,529 443,612 476,163 485,333 508,952
EBITDA 1 38,026 35,287 44,586 51,947 65,341 62,543 63,885 74,709
EBIT 1 31,239 20,991 29,344 20,181 36,333 45,535 45,521 53,187
Net income 1 23,285 16,316 23,498 28,431 38,023 43,684 44,256 50,917
Net Debt 1 2,991 -10,768 35,769 48,001 16,657 23,667 54,797 74,124
Reference price 2 317.00 292.00 295.20 298.80 399.00 488.40 488.40 488.40
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 -
Announcement Date 2/24/20 3/1/21 2/28/22 2/27/23 2/26/24 - - -
1PHP in Million2PHP
Estimates

P/E ratio, Detailed evolution

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P/E ratio (Y) EV / Sales (Y) EV / EBITDA (Y) Yield (Y) Capi.($)
12.71x1.21x9.18x4.55% 9.53B
19.8x8.04x13.78x3.02% 140B
53.71x2.52x29.71x0.2% 101B
30.08x4.62x23.01x0.45% 99.26B
21.25x6.05x13.55x3.35% 93.77B
14.9x2.78x8.37x4.56% 88.03B
18.85x5.53x12.14x3.74% 86.6B
10.03x1.39x5.48x6.66% 73.35B
27.44x4.18x13.99x0.53% 57.04B
17.25x4.83x11.4x3.72% 54.18B
Average 22.60x 4.11x 14.06x percentage-no-prefix 80.31B
Weighted average by Cap. 24.28x 4.66x 15.18x percentage-no-prefix
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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