Financials Southern Company

Equities

SO

US8425871071

Electric Utilities

Market Closed - Nyse Other stock markets 04:00:02 2024-12-10 pm EST			5-day change	1st Jan Change
84.39 ^USD	+0.09%		-2.17%	+20.35%

Nov. 25	JPMorgan Adjusts Southern Company Price Target to $92 From $91	MT
Nov. 22	Morgan Stanley Lowers Price Target on Southern to $85 From $88, Maintains Equalweight Rating	MT

Projected Income Statement: Southern Company

income-statement-evolution-chart SOUTHERN-COMPANY

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,419	20,375	23,113	29,279	25,253	26,423	27,344	28,332
Change	-	-4.87%	13.44%	26.68%	-13.75%	4.63%	3.48%	3.61%
EBITDA ¹	8,178	8,889	9,123	9,284	10,351	11,845	12,586	13,383
Change	-	8.69%	2.63%	1.76%	11.49%	14.43%	6.26%	6.33%
EBIT ¹	5,140	5,371	5,558	5,621	5,826	7,046	7,648	8,247
Change	-	4.49%	3.48%	1.13%	3.65%	20.93%	8.55%	7.83%
Interest Paid ¹	-1,736	-1,821	-1,837	-2,022	-2,446	-2,652	-2,742	-2,827
Earnings before Tax (EBT) ¹	6,542	3,496	2,042	4,223	4,345	5,260	5,618	6,168
Change	-	-46.56%	-41.59%	106.81%	2.89%	21.05%	6.81%	9.79%
Net income ¹	4,739	3,119	2,393	3,524	3,976	4,419	4,767	5,118
Change	-	-34.18%	-23.28%	47.26%	12.83%	11.14%	7.88%	7.37%
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	4,914	5,018	4,620	5,620	5,117	5,910	5,198	6,238	5,767	6,648	7,206	8,378	7,047	6,480	5,748	6,980	6,045	6,646	6,463	7,274	6,214	7,253	6,541	7,683
Change	-	2.12%	-7.93%	21.65%	-8.95%	15.5%	-12.05%	20.01%	-7.55%	15.28%	8.39%	16.26%	-15.89%	-8.05%	-11.3%	21.43%	-13.4%	9.94%	-2.75%	12.55%	-14.58%	16.73%	-9.81%	17.45%
EBITDA ¹	1,313	2,054	2,268	2,783	1,726	2,348	2,297	2,465	1,434	2,277	2,568	3,115	1,324	2,329	2,402	3,253	2,367	2,848	3,121	3,578	2,094	3,277	2,923	3,720
Change	-	56.44%	10.42%	22.71%	-37.98%	36.04%	-2.17%	7.31%	-41.83%	58.79%	12.78%	21.3%	-57.5%	75.91%	3.13%	35.43%	-27.24%	20.32%	9.59%	14.64%	-41.48%	56.52%	-10.8%	27.25%
EBIT ¹	542	1,197	1,395	1,894	827	1,477	1,406	1,569	527	1,384	1,655	2,193	389	1,218	1,290	2,110	1,207	1,703	1,939	2,368	1,059	2,108	1,821	2,628
Change	-	120.85%	16.54%	35.77%	-56.34%	78.6%	-4.81%	11.59%	-66.41%	162.62%	19.58%	32.51%	-82.26%	213.11%	5.91%	63.57%	-42.8%	41.09%	13.86%	22.12%	-55.3%	99.17%	-13.61%	44.31%
Charge d'intérêts ¹	-442	-456	-444	-443	-478	-450	-450	-451	-485	-462	-488	-511	-561	-582	-610	-620	-634	-665	-694	-692	-708.4	-	-	-
Earnings before Tax (EBT) ¹	335	986	626	1,576	307	1,297	364	1,482	-	1,164	1,393	1,901	-234	896	921	1,729	800	1,294	1,478	1,912	603	-	-	-
Change	-	194.33%	-36.51%	151.76%	-80.52%	322.48%	-71.94%	307.14%	-100%	-	19.67%	36.47%	-	-	2.79%	87.73%	-53.73%	61.75%	14.22%	29.36%	-68.46%	-100%	-	-
Net income ¹	440	868	612	1,251	387	1,135	372	1,101	-215	1,032	1,107	1,472	-87	862	838	1,422	855	1,129	1,203	1,535	583	1,489	1,208	-
Change	-	97.27%	-29.49%	104.41%	-69.06%	193.28%	-67.22%	195.97%	-	-	7.27%	32.97%	-	-	-2.78%	69.69%	-39.87%	32.05%	6.55%	27.6%	-62.02%	155.47%	-18.9%	-100%
Announcement Date	2/20/20	4/30/20	7/30/20	10/29/20	2/18/21	4/29/21	7/29/21	11/4/21	2/17/22	4/28/22	7/28/22	10/27/22	2/16/23	4/27/23	8/3/23	11/2/23	2/15/24	5/2/24	8/1/24	10/31/24	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Southern Company

balance-sheet-analysis-chart SOUTHERN-COMPANY

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	44,867	48,124	51,919	-	61,252	65,382	68,229	69,955
Change	-	7.26%	7.89%	-	-	6.74%	4.35%	2.53%
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Southern Company

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
CAPEX ¹	7,555	7,441	7,240	9,095	10,452	10,247	9,481
Change	-	-1.51%	-2.7%	-	14.92%	-1.97%	-7.48%
Free Cash Flow (FCF) ¹	-1,774	-745	-1,071	-1,542	677.6	1,128	1,002
Change	-	-58%	43.76%	-	-143.95%	66.46%	-11.15%
Announcement Date	2/20/20	2/18/21	2/17/22	2/15/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Southern Company

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	38.18%	43.63%	39.47%	31.71%	40.99%	44.83%	46.03%	47.24%
EBIT Margin (%)	24%	26.36%	24.05%	19.2%	23.07%	26.66%	27.97%	29.11%
EBT Margin (%)	30.54%	17.16%	8.83%	14.42%	17.21%	19.91%	20.55%	21.77%
Net margin (%)	22.13%	15.31%	10.35%	12.04%	15.74%	16.72%	17.43%	18.07%
FCF margin (%)	-8.28%	-3.66%	-4.63%	-	-6.11%	2.56%	4.13%	3.54%
FCF / Net Income (%)	-37.43%	-23.89%	-44.76%	-	-38.78%	15.33%	23.66%	19.58%
Profitability
ROA	2.76%	2.85%	2.89%	-	2.9%	3.06%	3.17%	3.29%
ROE	12.45%	12.39%	12.96%	-	12.86%	13.46%	13.71%	13.92%
Financial Health
Leverage (Debt/EBITDA)	5.49x	5.41x	5.69x	-	5.92x	5.52x	5.42x	5.23x
Debt / Free cash flow	-25.29x	-64.6x	-48.48x	-	-39.72x	96.48x	60.49x	69.8x
Capital Intensity
CAPEX / Current Assets (%)	35.27%	36.52%	31.32%	-	36.02%	39.56%	37.47%	33.46%
CAPEX / EBITDA (%)	92.38%	83.71%	79.36%	-	87.87%	88.24%	81.41%	70.84%
CAPEX / FCF (%)	-425.87%	-998.79%	-676%	-	-589.82%	1,542.46%	908.42%	946%
Items per share
Cash flow per share ¹	5.485	6.287	5.776	-	6.879	8.82	9.356	-
Change	-	14.63%	-8.13%	-	-	28.22%	6.07%	-
Dividend per Share ¹	2.46	2.54	2.62	-	2.78	2.864	2.955	3.052
Change	-	3.25%	3.15%	-	-	3.03%	3.16%	3.29%
Book Value Per Share ¹	26.11	26.48	26.3	-	28.82	30.18	31.72	33.45
Change	-	1.42%	-0.68%	-	-	4.7%	5.12%	5.44%
EPS ¹	4.53	2.95	2.26	3.28	3.64	4.014	4.3	4.574
Change	-	-34.88%	-23.39%	45.13%	10.98%	10.28%	7.11%	6.39%
Nbr of stocks (in thousands)	1,048,734	1,056,242	1,059,804	1,087,673	1,090,619	1,095,684	1,095,684	1,095,684
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-