LOPEZ HOLDINGS CORPORATION

Financials Lopez Holdings Corporation

Equities

LPZ

PHY5347P1085

Independent Power Producers

End-of-day quote Philippines S.E. Other stock markets 18:00:00 2024-05-12 EDT			5-day change	1st Jan Change
3.65 ^PHP	+4.29%		0.00%	-14.12%

04-16	Lopez Holdings Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Lopez Holdings Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	18,438	16,916	16,897	13,218	13,400	19,305
Enterprise Value (EV) ¹	127,312	104,360	88,163	86,008	86,020	94,664
P/E ratio	3.14 x	3.18 x	-6.41 x	7.66 x	2.08 x	5.74 x
Yield	2.5%	2.7%	2.69%	1.72%	3.39%	-
Capitalization / Revenue	0.15 x	0.13 x	0.16 x	0.11 x	0.08 x	0.12 x
EV / Revenue	1.02 x	0.78 x	0.82 x	0.69 x	0.5 x	0.57 x
EV / EBITDA	3.03 x	2.37 x	2.21 x	2.32 x	1.93 x	1.98 x
EV / FCF	6.14 x	5.26 x	6.56 x	14.7 x	12.3 x	7.58 x
FCF Yield	16.3%	19%	15.2%	6.81%	8.13%	13.2%
Price to Book	0.27 x	0.24 x	0.26 x	0.2 x	0.17 x	0.23 x
Nbr of stocks (in thousands)	4,609,533	4,559,652	4,542,299	4,542,299	4,542,299	4,542,299
Reference price ²	4.000	3.710	3.720	2.910	2.950	4.250
Announcement Date	4/15/19	8/26/20	6/8/21	5/17/22	4/18/23	4/16/24

¹PHP in Million²PHP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	125,389	133,594	107,281	125,159	170,338	164,952
EBITDA ¹	42,059	43,996	39,814	37,052	44,599	47,706
EBIT ¹	28,851	30,397	26,278	24,436	31,157	33,644
Operating Margin	23.01%	22.75%	24.49%	19.52%	18.29%	20.4%
Earnings before Tax (EBT) ¹	26,702	28,480	18,069	20,427	28,739	29,229
Net income ¹	5,893	5,322	-2,625	1,538	5,439	2,850
Net margin	4.7%	3.98%	-2.45%	1.23%	3.19%	1.73%
EPS ²	1.273	1.167	-0.5800	0.3800	1.420	0.7400
Free Cash Flow ¹	20,738	19,848	13,437	5,860	6,990	12,482
FCF margin	16.54%	14.86%	12.52%	4.68%	4.1%	7.57%
FCF Conversion (EBITDA)	49.31%	45.11%	33.75%	15.82%	15.67%	26.16%
FCF Conversion (Net income)	351.9%	372.94%	-	381.04%	128.52%	437.96%
Dividend per Share ²	0.1000	0.1000	0.1000	0.0500	0.1000	-
Announcement Date	4/15/19	8/26/20	6/8/21	5/17/22	4/18/23	4/16/24

¹PHP in Million²PHP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	108,874	87,444	71,266	72,790	72,620	75,359
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.589 x	1.988 x	1.79 x	1.965 x	1.628 x	1.58 x
Free Cash Flow ¹	20,738	19,848	13,437	5,860	6,990	12,482
ROE (net income / shareholders' equity)	11.3%	12.2%	6.59%	7.91%	10.4%	10%
ROA (Net income/ Total Assets)	4.63%	4.85%	4.15%	3.82%	4.69%	4.67%
Assets ¹	127,243	109,703	-63,178	40,255	115,903	61,092
Book Value Per Share ²	14.60	15.40	14.10	14.30	17.30	18.30
Cash Flow per Share ²	8.020	8.550	11.50	10.60	12.60	14.50
Capex ¹	7,541	8,893	9,684	15,999	15,436	24,159
Capex / Sales	6.01%	6.66%	9.03%	12.78%	9.06%	14.65%
Announcement Date	4/15/19	8/26/20	6/8/21	5/17/22	4/18/23	4/16/24

¹PHP in Million²PHP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Independent Power Producers

	1st Jan change	Capi.
LOPEZ HOLDINGS CORPORATION	-14.12%	276M
NTPC LTD	+12.78%	41.27B
ADANI POWER LIMITED	+13.28%	27.85B
SDIC POWER HOLDINGS CO., LTD	+21.17%	16.11B
CHINA RESOURCES POWER HOLDINGS COMPANY LIMITED	+37.47%	12.99B
HUADIAN POWER INTERNATIONAL CORPORATION LIMITED	+34.58%	9.07B
DATANG INTERNATIONAL POWER GENERATION CO., LTD.	+34.96%	6.61B
TALEN ENERGY CORPORATION	+63.83%	6.28B
HUBEI ENERGY GROUP CO., LTD.	+43.50%	5.32B
GLOW ENERGY PUBLIC COMPANY LIMITED	0.00%	3.72B

Other Independent Power Producers

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