Stock AP ABOITIZ POWER CORPORATION
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Financials Aboitiz Power Corporation

Equities

AP

PHY0005M1090

Independent Power Producers

End-of-day quote Philippines S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
37.1 PHP +1.92% Intraday chart for Aboitiz Power Corporation +6.00% -1.85%
Mar. 25 Aboitiz Power Unit Picks Afry for Engineering Services at Solar Photovoltaic Plant in Philippines MT
Mar. 25 Aboitiz Power Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 251,664 195,371 218,551 250,560 272,381 267,337 - -
Enterprise Value (EV) 1 447,327 384,999 395,858 434,193 272,381 449,515 442,064 434,771
P/E ratio 14.6 x 15.5 x 10.5 x 9.1 x 8.36 x 7.43 x 7.9 x 6.44 x
Yield 4.3% 4.44% 2.86% 5.49% - 6.25% 5.96% 6.9%
Capitalization / Revenue 2 x 1.77 x 1.99 x 1.29 x 1.32 x 1.27 x 1.25 x 1.09 x
EV / Revenue 3.56 x 3.49 x 3.6 x 2.24 x 1.32 x 2.14 x 2.07 x 1.77 x
EV / EBITDA 10.4 x 8.86 x 7.85 x 7.78 x 4.01 x 9.03 x 8.92 x 7.84 x
EV / FCF 220 x 14.6 x 14.1 x 20.5 x - 17 x 14.3 x 11.8 x
FCF Yield 0.45% 6.84% 7.08% 4.88% - 5.89% 7% 8.44%
Price to Book 2 x 1.54 x 1.48 x 1.46 x - 1.42 x 1.29 x 1.26 x
Nbr of stocks (in thousands) 7,358,604 7,358,604 7,358,604 7,358,604 7,205,854 7,205,854 - -
Reference price 2 34.20 26.55 29.70 34.05 37.80 37.10 37.10 37.10
Announcement Date 3/12/20 3/9/21 3/9/22 3/19/23 3/12/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 125,635 110,377 110,043 193,994 207,100 210,419 213,274 245,924
EBITDA 1 43,032 43,452 50,401 55,813 67,914 49,764 49,537 55,456
EBIT 1 30,082 32,426 39,115 43,960 31,785 36,488 36,565 39,973
Operating Margin 23.94% 29.38% 35.55% 22.66% 15.35% 17.34% 17.14% 16.25%
Earnings before Tax (EBT) 1 23,397 20,883 24,656 32,712 43,742 47,663 43,174 55,037
Net income 1 17,323 12,578 20,837 27,535 33,102 36,717 34,566 42,383
Net margin 13.79% 11.4% 18.94% 14.19% 15.98% 17.45% 16.21% 17.23%
EPS 2 2.350 1.710 2.830 3.740 4.520 4.990 4.698 5.757
Free Cash Flow 1 2,029 26,353 28,045 21,199 - 26,471 30,934 36,713
FCF margin 1.62% 23.88% 25.49% 10.93% - 12.58% 14.5% 14.93%
FCF Conversion (EBITDA) 4.72% 60.65% 55.64% 37.98% - 53.19% 62.45% 66.2%
FCF Conversion (Net income) 11.72% 209.52% 134.59% 76.99% - 72.09% 89.49% 86.62%
Dividend per Share 2 1.470 1.180 0.8500 1.870 - 2.317 2.212 2.561
Announcement Date 3/12/20 3/9/21 3/9/22 3/19/23 3/12/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q4 2023 Q1 2023 Q2 2023 Q3
Net sales 1 33,250 16,441 - 58,101 48,741 57,523 48,375
EBITDA - - - - - - -
EBIT 1 8,022 9,237 - 11,469 12,760 9,880 7,945
Operating Margin 24.13% 56.18% - 19.74% 26.18% 17.18% 16.42%
Earnings before Tax (EBT) 1 6,793 6,024 - 9,210 9,779 13,149 11,241
Net income 1 5,553 5,150 - 8,024 7,527 10,288 8,922
Net margin 16.7% 31.32% - 13.81% 15.44% 17.89% 18.44%
EPS 2 0.7500 0.7000 - 1.090 1.020 1.400 1.240
Dividend per Share 2 - 0.8500 - 1.870 - - -
Announcement Date 11/15/21 3/9/22 4/27/22 3/19/23 5/16/23 8/14/23 11/15/23
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 195,663 189,628 177,307 183,633 - 182,178 174,727 167,434
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.547 x 4.364 x 3.518 x 3.29 x - 3.661 x 3.527 x 3.019 x
Free Cash Flow 1 2,029 26,353 28,045 21,199 - 26,471 30,934 36,713
ROE (net income / shareholders' equity) 14% 9.38% 15.1% 16.6% - 17.5% 15.9% 18%
ROA (Net income/ Total Assets) 4.33% 3.11% 5.05% 5.85% - 8.12% 7.73% 8.88%
Assets 1 400,069 404,197 412,663 470,324 - 452,048 447,283 477,229
Book Value Per Share 2 17.10 17.30 20.10 23.30 - 26.20 28.70 29.50
Cash Flow per Share 2 5.350 4.320 4.940 4.650 - 5.890 6.050 6.950
Capex 1 37,328 5,429 8,282 13,014 - 22,293 17,175 20,537
Capex / Sales 29.71% 4.92% 7.53% 6.71% - 10.59% 8.05% 8.35%
Announcement Date 3/12/20 3/9/21 3/9/22 3/19/23 3/12/24 - - -
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 Aboitiz Power Corporation

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
37.1 PHP
Average target price
43.38 PHP
Spread / Average Target
+16.92%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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