Financials Nickel Asia Corporation

Equities

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
4.03 ^PHP	0.00%		+4.68%	-26.46%

Apr. 01	Nickel Asia Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Mar. 14	Nickel Asia's Net Income Plummets 53% in 2023	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,279	76,333	72,925	79,604	76,193	56,142	-	-
Enterprise Value (EV) ¹	46,279	76,333	72,925	73,159	76,193	50,946	54,687	43,564
P/E ratio	17 x	18.7 x	9.39 x	10.1 x	20.3 x	13.5 x	11.7 x	10.6 x
Yield	2.36%	1.61%	4.11%	2.91%	-	3.1%	3%	3.31%
Capitalization / Revenue	2.58 x	3.51 x	2.66 x	2.84 x	3.08 x	2.21 x	2.32 x	2.1 x
EV / Revenue	2.58 x	3.51 x	2.66 x	2.61 x	3.08 x	2.01 x	2.26 x	1.63 x
EV / EBITDA	7.05 x	8.17 x	5.06 x	5.12 x	6.95 x	4.1 x	5.3 x	3.62 x
EV / FCF	-	-	-	7.04 x	-	59.6 x	-7.32 x	4.98 x
FCF Yield	-	-	-	14.2%	-	1.68%	-13.7%	20.1%
Price to Book	-	-	-	2.23 x	-	1.39 x	1.16 x	1.13 x
Nbr of stocks (in thousands)	13,651,538	13,630,850	13,630,850	13,630,850	13,903,901	13,931,125	-	-
Reference price ²	3.390	5.600	5.350	5.840	5.480	4.030	4.030	4.030
Announcement Date	3/13/20	3/11/21	3/10/22	4/14/23	3/31/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,923	21,772	27,404	28,003	24,700	25,351	24,216	26,700
EBITDA ¹	6,563	9,340	14,400	14,302	10,967	12,425	10,325	12,040
EBIT ¹	5,144	7,917	12,793	12,639	8,961	10,647	8,347	9,934
Operating Margin	28.7%	36.36%	46.68%	45.14%	36.28%	42%	34.47%	37.21%
Earnings before Tax (EBT) ¹	-	-	-	14,305	8,022	7,519	8,031	8,884
Net income ¹	2,685	4,069	7,813	7,931	3,750	6,390	4,775	5,282
Net margin	14.98%	18.69%	28.51%	28.32%	15.18%	25.2%	19.72%	19.78%
EPS ²	0.2000	0.3000	0.5700	0.5800	0.2700	0.2995	0.3442	0.3812
Free Cash Flow ¹	-	-	-	10,391	-	854.8	-7,469	8,745
FCF margin	-	-	-	37.11%	-	3.37%	-30.84%	32.75%
FCF Conversion (EBITDA)	-	-	-	72.65%	-	6.88%	-	72.63%
FCF Conversion (Net income)	-	-	-	131.02%	-	13.38%	-	165.57%
Dividend per Share ²	0.0800	0.0900	0.2200	0.1700	-	0.1248	0.1207	0.1332
Announcement Date	3/13/20	3/11/21	3/10/22	4/14/23	3/31/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	6,445	-	5,196	1,455	12,578
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	10,391	-	855	-7,469	8,745
ROE (net income / shareholders' equity)	8.8%	13%	24.4%	23.1%	-	14.4%	11.4%	11.3%
ROA (Net income/ Total Assets)	-	-	-	15.6%	-	-	10.4%	10.9%
Assets ¹	-	-	-	50,730	-	-	45,701	48,616
Book Value Per Share ²	-	-	-	2.620	-	2.890	3.490	3.560
Cash Flow per Share ²	-	-	-	0.9400	-	0.5700	0.6400	0.7600
Capex ¹	1,274	2,141	1,805	2,485	-	7,023	10,657	1,874
Capex / Sales	7.11%	9.83%	6.58%	8.87%	-	27.7%	44.01%	7.02%
Announcement Date	3/13/20	3/11/21	3/10/22	4/14/23	3/31/24	-	-	-

¹PHP in Million²PHP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4.03 PHP

Average target price

5.203 PHP

Spread / Average Target

+29.11%

	1st Jan change	Capi.
NICKEL ASIA CORPORATION	-26.46%	972M
PT TRIMEGAH BANGUN PERSADA TBK	-5.00%	3.69B
PT MERDEKA BATTERY MATERIALS TBK.	-1.79%	3.66B
IGO LIMITED	-21.44%	3.5B
PT VALE INDONESIA TBK	-5.10%	2.51B
NICKEL INDUSTRIES LIMITED	+25.90%	2.45B
PT ADHI KARTIKO PRATAMA TBK	0.00%	270M
CANADA NICKEL COMPANY INC.	+29.82%	195M
GLOBAL FERRONICKEL HOLDINGS, INC.	-8.25%	168M
PACIFIC METALS CO LTD.,	+7.83%	162M