Financials Semirara Mining and Power 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
32.5 ^PHP	+0.78%		+8.33%	+7.44%

Apr. 25	Philippine conglomerate DMCI to buy Cemex Philippines for $305 million	RE
Apr. 25	Dacon Corporation, DMCI Holdings, Inc. and Semirara Mining and Power Corporation signed signed a share purchase agreement to acquire Cemex Asian South East Corporation from CEMEX Espana, S.A.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	93,512	58,573	90,749	146,644	128,579	138,143	-
Enterprise Value (EV) ¹	105,664	70,465	97,603	136,784	128,579	88,961	79,019
P/E ratio	9.69 x	17.9 x	5.6 x	3.68 x	4.6 x	5.06 x	6.89 x
Yield	5.68%	9.07%	14.1%	14.5%	-	10%	8.85%
Capitalization / Revenue	2.11 x	2.07 x	1.73 x	1.61 x	1.67 x	1.87 x	2.17 x
EV / Revenue	2.39 x	2.49 x	1.86 x	1.5 x	1.67 x	1.2 x	1.24 x
EV / EBITDA	5.93 x	6.86 x	4.14 x	2.89 x	-	2.56 x	2.71 x
EV / FCF	8.44 x	16.3 x	5.6 x	3.75 x	-	2.98 x	3.32 x
FCF Yield	11.8%	6.15%	17.8%	26.7%	-	33.6%	30.1%
Price to Book	2.11 x	1.39 x	1.99 x	2.28 x	-	1.4 x	1.38 x
Nbr of stocks (in thousands)	4,250,548	4,250,548	4,250,548	4,250,548	4,250,548	4,250,548	-
Reference price ²	22.00	13.78	21.35	34.50	30.25	32.50	32.50
Announcement Date	3/6/20	3/24/21	2/28/22	2/28/23	3/25/24	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	44,255	28,250	52,424	91,128	76,960	73,958	63,774
EBITDA ¹	17,812	10,277	23,587	47,366	-	34,780	29,149
EBIT ¹	10,235	3,997	16,920	42,875	28,934	28,670	21,095
Operating Margin	23.13%	14.15%	32.27%	47.05%	37.6%	38.77%	33.08%
Earnings before Tax (EBT) ¹	9,377	3,419	16,545	42,275	30,082	28,817	21,436
Net income ¹	9,644	3,287	16,200	39,871	27,933	27,305	20,052
Net margin	21.79%	11.63%	30.9%	43.75%	36.3%	36.92%	31.44%
EPS ²	2.270	0.7700	3.810	9.380	6.570	6.424	4.718
Free Cash Flow ¹	12,514	4,333	17,415	36,471	-	29,876	23,766
FCF margin	28.28%	15.34%	33.22%	40.02%	-	40.4%	37.27%
FCF Conversion (EBITDA)	70.26%	42.16%	73.83%	77%	-	85.9%	81.53%
FCF Conversion (Net income)	129.76%	131.84%	107.5%	91.47%	-	109.41%	118.52%
Dividend per Share ²	1.250	1.250	3.000	5.000	-	3.250	2.875
Announcement Date	3/6/20	3/24/21	2/28/22	2/28/23	3/25/24	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	12,152	11,893	6,854	-	-	-	-
Net Cash position ¹	-	-	-	9,860	-	49,182	59,124
Leverage (Debt/EBITDA)	0.6822 x	1.157 x	0.2906 x	-	-	-	-
Free Cash Flow ¹	12,514	4,333	17,415	36,471	-	29,876	23,766
ROE (net income / shareholders' equity)	22.9%	7.61%	36.9%	72.6%	-	29.7%	20.5%
ROA (Net income/ Total Assets)	13.3%	4.59%	22.7%	50.2%	-	23.7%	17.8%
Assets ¹	72,299	71,677	71,395	79,373	-	115,094	112,883
Book Value Per Share ²	10.40	9.920	10.70	15.10	-	23.20	23.60
Cash Flow per Share ²	5.630	2.310	5.010	9.590	-	7.670	6.440
Capex ¹	11,422	5,484	3,900	4,304	-	2,725	3,597
Capex / Sales	25.81%	19.41%	7.44%	4.72%	-	3.68%	5.64%
Announcement Date	3/6/20	3/24/21	2/28/22	2/28/23	3/25/24	-	-

¹PHP in Million²PHP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

32.5 PHP

Average target price

37.39 PHP

Spread / Average Target

+15.05%

	1st Jan change	Capi.
SEMIRARA MINING AND POWER CORPORATION	+7.44%	2.39B
CHINA SHENHUA ENERGY COMPANY LIMITED	+19.44%	104B
PT BAYAN RESOURCES TBK.	-5.15%	38.78B
COAL INDIA LIMITED	+21.22%	33.68B
SHAANXI COAL INDUSTRY COMPANY LIMITED	+19.96%	33.53B
YANKUANG ENERGY GROUP COMPANY LIMITED	+11.73%	20.45B
CHINA COAL ENERGY COMPANY LIMITED	+7.75%	18.4B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	-4.70%	8.62B
SHANXI COKING COAL ENERGY GROUP CO., LTD.	+6.48%	8.24B
HUAIBEI MINING HOLDINGS CO.,LTD.	+7.46%	6.64B