Financials Nickel Asia Corporation

Equities

End-of-day quote Philippines S.E. Other stock markets 18:00:00 2024-06-25 EDT			5-day change	1st Jan Change
3.8 ^PHP	+0.26%		-1.55%	-30.66%

06-07	Nickel Asia Names Chairman	MT
06-07	Nickel Asia Corporation Announces Directorate Change	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,279	76,333	72,925	79,604	76,193	52,938	-	-
Enterprise Value (EV) ¹	46,279	76,333	72,925	73,159	76,193	47,129	51,483	40,360
P/E ratio	17 x	18.7 x	9.39 x	10.1 x	20.3 x	11.9 x	10.5 x	9.97 x
Yield	2.36%	1.61%	4.11%	2.91%	-	3.35%	2.78%	3.51%
Capitalization / Revenue	2.58 x	3.51 x	2.66 x	2.84 x	3.08 x	2.25 x	2.19 x	1.98 x
EV / Revenue	2.58 x	3.51 x	2.66 x	2.61 x	3.08 x	2 x	2.13 x	1.51 x
EV / EBITDA	7.05 x	8.17 x	5.06 x	5.12 x	6.95 x	4.39 x	4.6 x	3.35 x
EV / FCF	-	-	-	7.04 x	-	55.1 x	-19.5 x	4.62 x
FCF Yield	-	-	-	14.2%	-	1.81%	-5.13%	21.7%
Price to Book	-	-	-	2.23 x	-	1.2 x	1.09 x	1.07 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	3.800	3.800	3.800
Announcement Date	20-03-13	21-03-11	22-03-10	23-04-14	24-03-31	-	-	-

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	23,534	24,227	26,700
EBITDA ¹	6,563	9,340	14,400	14,302	10,967	10,729	11,203	12,040
EBIT ¹	5,144	7,917	12,793	12,639	8,961	8,958	9,266	9,934
Operating Margin	28.7%	36.36%	46.68%	45.14%	36.28%	38.06%	38.25%	37.21%
Earnings before Tax (EBT) ¹	-	-	-	14,305	8,022	7,386	8,031	8,884
Net income ¹	2,685	4,069	7,813	7,931	3,750	4,428	5,008	5,282
Net margin	14.98%	18.69%	28.51%	28.32%	15.18%	18.81%	20.67%	19.78%
EPS ²	0.2000	0.3000	0.5700	0.5800	0.2700	0.3205	0.3624	0.3812
Free Cash Flow ¹	-	-	-	10,391	-	854.8	-2,642	8,745
FCF margin	-	-	-	37.11%	-	3.63%	-10.9%	32.75%
FCF Conversion (EBITDA)	-	-	-	72.65%	-	7.97%	-	72.63%
FCF Conversion (Net income)	-	-	-	131.02%	-	19.31%	-	165.57%
Dividend per Share ²	0.0800	0.0900	0.2200	0.1700	-	0.1274	0.1057	0.1332
Announcement Date	20-03-13	21-03-11	22-03-10	23-04-14	24-03-31	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	6,445	-	5,809	1,455	12,578
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	10,391	-	855	-2,642	8,745
ROE (net income / shareholders' equity)	8.8%	13%	24.4%	23.1%	-	11.5%	13.1%	11.3%
ROA (Net income/ Total Assets)	-	-	-	15.6%	-	-	10.4%	10.9%
Assets ¹	-	-	-	50,730	-	-	47,928	48,616
Book Value Per Share ²	-	-	-	2.620	-	3.180	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%	-	29.84%	43.99%	7.02%
Announcement Date	20-03-13	21-03-11	22-03-10	23-04-14	24-03-31	-	-	-

¹PHP in Million²PHP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

3.8 PHP

Average target price

4.462 PHP

Spread / Average Target

+17.43%

	1st Jan change	Capi.
NICKEL ASIA CORPORATION	-30.66%	899M
PT MERDEKA BATTERY MATERIALS TBK.	+5.36%	3.88B
PT TRIMEGAH BANGUN PERSADA TBK	0.00%	3.84B
IGO LIMITED	-35.14%	2.97B
PT VALE INDONESIA TBK	-6.50%	2.44B
NICKEL INDUSTRIES LIMITED	+17.27%	2.34B
PT ADHI KARTIKO PRATAMA TBK	0.00%	248M
CANADA NICKEL COMPANY INC.	+14.91%	173M
PACIFIC METALS CO., LTD.	+6.18%	157M
GLOBAL FERRONICKEL HOLDINGS, INC.	-24.76%	135M