Ankündigung • May 15
Acen Corporation announces Annual dividend, payable on June 18, 2026 Acen Corporation announced Annual dividend of PHP 0.0500 per share payable on June 18, 2026, ex-date on May 27, 2026 and record date on May 28, 2026. Price Target Changed • May 15
Price target increased by 7.3% to ₱3.70 Up from ₱3.45, the current price target is an average from 4 analysts. New target price is 17% above last closing price of ₱3.15. Stock is up 21% over the past year. The company is forecast to post earnings per share of ₱0.19 for next year compared to ₱0.047 last year. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: ₱0.06 (vs ₱0.037 in 1Q 2025) First quarter 2026 results: EPS: ₱0.06 (up from ₱0.037 in 1Q 2025). Revenue: ₱11.0b (up 44% from 1Q 2025). Net income: ₱2.44b (up 66% from 1Q 2025). Profit margin: 22% (up from 19% in 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱3.21, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Renewable Energy industry in Asia. Total loss to shareholders of 45% over the past three years. Major Estimate Revision • Apr 09
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₱35.9b to ₱36.9b. EPS estimate increased from ₱0.15 to ₱0.17 per share. Net income forecast to grow 313% next year vs 13% growth forecast for Renewable Energy industry in Philippines. Consensus price target broadly unchanged at ₱3.45. Share price was steady at ₱3.00 over the past week. Reported Earnings • Mar 10
Full year 2025 earnings released: EPS: ₱0.05 (vs ₱0.19 in FY 2024) Full year 2025 results: EPS: ₱0.05 (down from ₱0.19 in FY 2024). Revenue: ₱32.0b (down 13% from FY 2024). Net income: ₱3.78b (down 49% from FY 2024). Profit margin: 12% (down from 20% in FY 2024). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Price Target Changed • Dec 31
Price target increased by 8.6% to ₱3.68 Up from ₱3.39, the current price target is an average from 3 analysts. New target price is 35% above last closing price of ₱2.72. Stock is down 32% over the past year. The company is forecast to post earnings per share of ₱0.10 for next year compared to ₱0.19 last year. Ankündigung • Nov 10
Acen Corporation, Annual General Meeting, Apr 22, 2026 Acen Corporation, Annual General Meeting, Apr 22, 2026, at 09:00 W. Australia Standard Time. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ₱0.01 (vs ₱0.034 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.01 (down from ₱0.034 in 3Q 2024). Revenue: ₱7.27b (down 17% from 3Q 2024). Net income: ₱1.03b (down 25% from 3Q 2024). Profit margin: 14% (down from 16% in 3Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Board Change • Oct 25
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director David Nicol was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Jun 12
Upcoming dividend of ₱0.05 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 03 July 2025. Trailing yield: 1.6%. Lower than top quartile of Filipino dividend payers (6.0%). Lower than average of industry peers (4.9%). Ankündigung • Jun 05
Acen Corporation Declares Cash Dividend on Common Shares, Payable on 3 July 2025 Acen Corporation at its special meeting held on 4 June 2025, the Board of Directors declared cash dividends of Five Centavos
(PHP 0.05) per common share on the Company's 39,677,394,773 outstanding common shares or a total of PHP 1,983,869,738.65. Record Date: 20 June 2025. Payment Date: 3 July 2025. The dividend represents 33% of the previous year's core net income, aligned with the target dividend payout of 25% to 50% per the Company's dividend policy for common shares. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ₱0.04 (vs ₱0.056 in 1Q 2024) First quarter 2025 results: EPS: ₱0.04 (down from ₱0.056 in 1Q 2024). Revenue: ₱7.77b (down 21% from 1Q 2024). Net income: ₱1.95b (down 13% from 1Q 2024). Profit margin: 25% (up from 23% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 30
Price target decreased by 18% to ₱4.08 Down from ₱4.96, the current price target is an average from 5 analysts. New target price is 53% above last closing price of ₱2.67. Stock is down 36% over the past year. The company is forecast to post earnings per share of ₱0.29 for next year compared to ₱0.19 last year. Major Estimate Revision • Apr 29
Consensus EPS estimates increase by 35%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₱42.1b to ₱40.2b. EPS estimate rose from ₱0.215 to ₱0.29. Net income forecast to grow 22% next year vs 15% growth forecast for Renewable Energy industry in Philippines. Consensus price target down from ₱4.96 to ₱4.66. Share price fell 3.9% to ₱2.69 over the past week. Price Target Changed • Apr 28
Price target decreased by 12% to ₱4.66 Down from ₱5.32, the current price target is an average from 5 analysts. New target price is 73% above last closing price of ₱2.69. Stock is down 33% over the past year. The company is forecast to post earnings per share of ₱0.29 for next year compared to ₱0.19 last year. Ankündigung • Apr 25
Acen Corporation has filed a Follow-on Equity Offering in the amount of PHP 30 million. Acen Corporation has filed a Follow-on Equity Offering in the amount of PHP 30 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 13,043,478
Price\Range: PHP 2.3
Transaction Features: Rights Offering Major Estimate Revision • Apr 24
Consensus revenue estimates increase by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₱42.1b to ₱48.4b. EPS estimate unchanged from ₱0.21 at last update. Renewable Energy industry in Philippines expected to see average net income growth of 16% next year. Consensus price target of ₱4.96 unchanged from last update. Share price fell 5.3% to ₱2.67 over the past week. Ankündigung • Apr 23
Acen Corporation Announces Board Changes Acen Corporation at its Annual Stockholders, held on 23 April, 2025, resolved, to elect the following as directors of the Corporation to serve from 23 April 2025 until their successors are elected and qualified: Christopher Paul Beshouri (independent director) and David John Nicol (independent director). Reported Earnings • Mar 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₱0.19 (up from ₱0.17 in FY 2023). Revenue: ₱37.3b (up 2.2% from FY 2023). Net income: ₱7.43b (up 10% from FY 2023). Profit margin: 20% (up from 19% in FY 2023). Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 4.4%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Ankündigung • Mar 11
Acen Corporation, Annual General Meeting, Apr 23, 2025 Acen Corporation, Annual General Meeting, Apr 23, 2025, at 09:00 W. Australia Standard Time. Ankündigung • Jan 17
ACEN and BrightNight's 153 MW Hybrid Renewable Project in India Begins Commissioning ACEN Corporation has begun commissioning the first phase of the hybrid ~153 MWdc (~115 MWac) Optima Maharashtra project. As one of the first co-located wind-solar projects in the State of Maharashtra, this milestone marks a significant advancement in India's clean energy journey. Strategically located in Dharashiv, Southern Maharashtra, and spanning over 500 acres, Optima Maharashtra combines state-of-the-art wind and solar technologies with BrightNight's proprietary AI-enabled PowerAlpha® platform. This cutting-edge system maximizes energy output while maintaining a minimal environmental footprint, setting a benchmark for scalable, sustainable energy solutions across India. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: ₱0.03 (vs ₱0.059 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.03 (down from ₱0.059 in 3Q 2023). Revenue: ₱8.79b (up 7.4% from 3Q 2023). Net income: ₱1.85b (down 21% from 3Q 2023). Profit margin: 21% (down from 28% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ₱0.08 (vs ₱0.056 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.08 (up from ₱0.056 in 2Q 2023). Revenue: ₱9.45b (down 17% from 2Q 2023). Net income: ₱3.09b (up 40% from 2Q 2023). Profit margin: 33% (up from 20% in 2Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 03
Upcoming dividend of ₱0.05 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 25 July 2024. Payout ratio is a comfortable 10% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Filipino dividend payers (6.1%). Lower than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₱5.00, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total loss to shareholders of 27% over the past three years. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ₱0.06 (vs ₱0.051 in 1Q 2023) First quarter 2024 results: EPS: ₱0.06 (up from ₱0.051 in 1Q 2023). Revenue: ₱9.85b (up 7.9% from 1Q 2023). Net income: ₱2.24b (up 11% from 1Q 2023). Profit margin: 23% (in line with 1Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Ankündigung • Apr 25
Acen Corporation Announces Election of Directors Acen Corporation announced that at the AGM held on 24 April 2024, approved to elect Gerardo C. Ablaza, Jr. and Jaime Z. Urquijo as Directors. Ankündigung • Apr 24
Acen Corporation Announces Board and Committee Changes Acen Corporation announced that at its organizational meeting 24 April 2024, announced list of Committees and Membership: Executive Committee: Cezar P. Consing - Chairman. Gerardo C. Ablaza, Jr. - Vice Chairman. John Eric T. Francia - Member. Jesse O. Ang (independent) - Member. Jaime Z. Urquijo - Member. Personnel and Compensation Committee: Jesse O. Ang (independent) - Chairperson. Maria Lourdes Heras-de Leon (independent) - Member. Cezar P. Consing - Member. Audit Committee: Garry K. Lester (independent). Chairperson - Melinda L. Ocampo (independent) - Member. Nicole Goh Phaik Khim - Member. Board Risk Management and Related Party Transactions Committee: Melinda L. Ocampo (independent) - Chairperson. Garry K. Lester (independent) - Member. Nicole Goh Phaik Khim - Member. Corporate Governance and Nomination Committee: Jesse O. Ang (independent) - Chairperson. Garry K. Lester (independent) - Member. Melinda L. Ocampo (independent) - Member. Sustainability Committee: Jaime Z. Urquijo - Chairperson. Maria Lourdes Heras-de Leon (independent) - Member. Melinda L. Ocampo (independent) - Member. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱3.10, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₱1.35 per share. Reported Earnings • Mar 13
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₱0.18 (down from ₱0.33 in FY 2022). Revenue: ₱36.5b (up 3.6% from FY 2022). Net income: ₱7.40b (down 43% from FY 2022). Profit margin: 20% (down from 37% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jan 09
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₱0.242 to ₱0.213 per share. Revenue forecast steady at ₱37.2b. Net income forecast to shrink 24% next year vs 36% growth forecast for Renewable Energy industry in Philippines . Consensus price target broadly unchanged at ₱6.41. Share price rose 3.3% to ₱4.44 over the past week. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₱3.71, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Renewable Energy industry in Asia. Total loss to shareholders of 21% over the past three years. Ankündigung • Dec 15
Acen Corporation Announces Executive Changes Acen Corporation announced that following the announcement of her retirement as the Company's CFO effective 31 December2023, Ms. Maria Corazon G. Dizon (Ms. Dizon) will also retire as the Company's Compliance Officer effective 31 December 2023. At the special meeting held on 15 December 2023, the Board of Directors appointed Mr. Dodjie D. Lagazo ("Mr. Lagazo")as Group Compliance Officer effective 1 January 2024 to replace Ms. Dizon. Mr. Lagazo's appointment as GroupCompliance Officer effective 1 January 2024 will be concurrent with his position as the Company's General Counsel andAssistant Corporate Secretary. At the same meeting, the Board of Directors approved the change in designation of the following executive officers effective 1 January 2024: Mr. Jose Maria Eduardo P. Zabaleta ("Mr. Zabaleta") from Chief Development Officer to Group Chief Operating and Development Officer - In his expanded role, Mr. Zabaleta will be responsible for the ACEN group's activities that include origination and land acquisition, development and construction, plant and commercial operations, regulatory and external affairs including stakeholder relations; and Mr. Patrice R. Clausse ("Mr. Clausse") from Chief Operating Officer for International to Group Chief Investment Officer Mr. Clausse's key priorities and focus areas will include International and Philippines' business development, investments, mergers & acquisitions, and partnerships. He will also oversee the revenue committees within the ACEN group. New Risk • Nov 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Ankündigung • Nov 17
Acen Corporation Appoints Ms. Mae Christine L. Go as Chief Audit Executive Board of Directors of Acen Corporation announced on 16 November 2023, appointed Ms. Mae Christine L. Go as Chief Audit Executive effective 16 November 2023. Ms. Go is a Certified Public Accountant with over 20 years of experience and comprehensive knowledge of auditing, budgeting, forecasting and financial reports. Ms. Go has been with the Ayala Group since January 2013 and is currently a Senior Manager in the Internal Audit Department of Ayala Corporation. She served as Group Head of the Internal Audit Department of Liveit Investments Limited Philippine ROHQ, an Ayala subsidiary, from January 2013 to August 2015. She also worked under the FinanceGroup and Facilities Management Group of Ayala Property Management Corporation from July 2005 to May 2008. Prior to joining the Ayala Group, Ms. Go was a Group Internal Audit Manager of Shang Properties Inc. from July 2008 to January 2013, and was an Accountant of Philam Properties Corporation from May 2002 to July 2005. Ms. Go obtained her degree of Bachelor of Science in Commerce, Major in Accountancy from the De La Salle University.She is also a Certified Internal Auditor of the Institute of Internal Auditors. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ₱0.06 (vs ₱0.049 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.06 (up from ₱0.049 in 3Q 2022). Revenue: ₱8.18b (down 12% from 3Q 2022). Net income: ₱2.33b (up 21% from 3Q 2022). Profit margin: 28% (up from 21% in 3Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Aug 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: ₱0.06 (vs ₱0.046 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.06 (up from ₱0.046 in 2Q 2022). Revenue: ₱11.3b (up 32% from 2Q 2022). Net income: ₱2.21b (up 24% from 2Q 2022). Profit margin: 20% (down from 21% in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Ankündigung • Jul 06
Acen Corporation Announces CFO Changes Acen Corporation advised that Ms. Maria Corazon G. Dizon will retire as Chief Finance Officer of the Company effective 31 December 2023. Ms. Dizon has been the Company's CFO since 15 May 2019. Ms. Dizon has headed various functional units under Finance, including Controllership, Corporate Finance, Treasury, and Risk Management. Her leadership was vital to the Company's strategic pivot to focus on renewable energy, as well as projects and investments outside the Philippines. Cora was also instrumental in the Company's well-received debt capital market issuances, including its USD 400 million maiden green bonds and most recently, the Company's issuance of PHP 10 billion maiden peso bonds. The retirement was announced at the special meeting of the Board of Directors on 5 July 2023. At the same meeting, the Board of Directors appointed Mr. Jonathan P. Back as Chief Finance Officer effective 1 January 2024. Mr. Back is a banker and lawyer with over 25 years of experience in the legal, investment banking, and private investment sectors with significant experience in equity capital markets, corporate finance, and in advising on large infrastructure, power, and telecom projects. Mr. Back is currently the Company's Chief Strategy Officer. Previously, he was a director and Executive Chairman of BPI International Finance Ltd., the Hong Kong banking subsidiary of Bank of the Philippine Islands (BPI) and co-head of Wealth Management and head of international businesses of BPI. He was also a director of BPI Research & Management SPC (a Cayman fund vehicle) and Schools Relief Initiative Ltd., a Hong Kong based charity supporting education in Southern Sri Lanka. He was previously an Executive Director in Goldman Sachs, Hong Kong (Corporate Finance and Equity Capital Markets) and Managing Director and Head of Asian Equity Capital Markets in JP Morgan, Hong Kong. Mr. Back holds a Bachelor of Civil Laws degree from the University of Oxford, where he graduated with First Class Honours. He also received first class honours in the solicitors' final exam. Mr. Back's appointment as CFO effective 1 January 2024 will be concurrent with his position as the Company's Chief Strategy Officer. Recent Insider Transactions • Jul 02
Insider recently bought ₱5.1m worth of stock On the 23rd of June, Roman Miguel de Jesus bought around 1m shares on-market at roughly ₱5.11 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱11m more in shares than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱5.03, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 255% over the past three years. Major Estimate Revision • Jun 15
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₱44.8b to ₱41.0b. EPS estimate also fell from ₱0.255 per share to ₱0.195 per share. Net income forecast to shrink 36% next year vs 29% growth forecast for Renewable Energy industry in Philippines . Consensus price target broadly unchanged at ₱7.09. Share price fell 4.8% to ₱5.70 over the past week. Price Target Changed • Jun 14
Price target decreased by 7.3% to ₱7.09 Down from ₱7.66, the current price target is an average from 4 analysts. New target price is 24% above last closing price of ₱5.70. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₱0.20 for next year compared to ₱0.33 last year. Major Estimate Revision • May 22
Consensus revenue estimates increase by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₱37.1b to ₱44.8b. EPS estimate unchanged from ₱0.26 at last update. Renewable Energy industry in Philippines expected to see average net income growth of 34% next year. Consensus price target of ₱7.07 unchanged from last update. Share price rose 2.5% to ₱6.15 over the past week. Reported Earnings • May 05
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: ₱0.05 (up from ₱0.011 in 1Q 2022). Revenue: ₱9.14b (up 24% from 1Q 2022). Net income: ₱2.03b (up 400% from 1Q 2022). Profit margin: 22% (up from 5.5% in 1Q 2022). Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Price Target Changed • Apr 22
Price target decreased by 7.6% to ₱7.07 Down from ₱7.66, the current price target is an average from 6 analysts. New target price is 17% above last closing price of ₱6.06. Stock is down 26% over the past year. The company is forecast to post earnings per share of ₱0.26 for next year compared to ₱0.33 last year. Major Estimate Revision • Mar 21
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₱49.4b to ₱44.8b. EPS estimate also fell from ₱0.31 per share to ₱0.255 per share. Net income forecast to shrink 18% next year vs 38% growth forecast for Renewable Energy industry in Philippines . Consensus price target down from ₱7.66 to ₱7.44. Share price was steady at ₱5.95 over the past week. Recent Insider Transactions • Mar 19
Company Secretary recently bought ₱600k worth of stock On the 14th of March, Solomon Hermosura bought around 100k shares on-market at roughly ₱6.00 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱18m more in shares than they bought in the last 12 months. Reported Earnings • Mar 10
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₱0.33 (up from ₱0.18 in FY 2021). Revenue: ₱35.2b (up 35% from FY 2021). Net income: ₱13.1b (up 149% from FY 2021). Profit margin: 37% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 105%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Ankündigung • Jan 26
Acen Corporation (PSE:ACEN) agreed to acquire a 5% stake in SP New Energy Corporation (PSE:SPNEC) from Solar Philippines Power Project Holdings, Inc. Acen Corporation (PSE:ACEN) agreed to acquire a 5% stake in SP New Energy Corporation (PSE:SPNEC) from Solar Philippines Power Project Holdings, Inc. on January 25, 2023. Under the terms, Acen Corporation will acquire 500 million shares of SP New Energy Ankündigung • Jan 19
Acen Corporation Appoints Mr. Jonathan Back as Chief Strategy Officer Acen Corporation announced that at its special board meeting held on 18 January 2023, approved the appointment of Mr. Jonathan Back as Chief Strategy Officer effective 18 January 2023. Mr. Back is a lawyer and banker with over 25 years of experience in the legal, investment banking, and private investment sectors with significant experience in equity capital markets, corporate finance, and in advising on large infrastructure, power, and telecom projects. Mr. Back was previously a director and the Executive Chairman of BPI International Finance Ltd., the Hong Kong bankingsubsidiary of Bank of the Philippine Islands (BPI) and concurrently, co-head of Wealth Management and head of international businesses of BPI. He was also a director of Schools Relief Initiative Ltd., a Hong Kong based charity supporting education in Southern Sri Lanka. Previously, Mr. Back served as an Executive Director in Goldman Sachs,Hong Kong (Corporate Finance and Equity Capital Markets) and Managing Director and Head of Asian Equity Capital Markets in JP Morgan, Hong Kong. Mr. Back holds a Bachelor of Civil Laws degree from the University of Oxford, where he graduated with First Class Honours. He also received first class honours in the solicitors final exam. Recent Insider Transactions • Jan 10
Insider recently sold ₱9.5m worth of stock On the 4th of January, Irene Maranan sold around 1m shares on-market at roughly ₱8.10 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₱111m more than they sold in the last 12 months. Ankündigung • Dec 02
Acen Corporation (PSE:ACEN) signed an agreement for the sale and purchase of Sinocalan Solar Power Corp from Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp. Acen Corporation (PSE:ACEN) signed an agreement for the sale and purchase of Sinocalan Solar Power Corp from Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp. on November 29, 2022. The transaction was approved by Acen Corporation Board during its meeting on September 28, 2022. Completion of the acquisition is expected to occur by December 15, 2022, subject to agreed conditions precedent. Price Target Changed • Nov 16
Price target decreased to ₱7.17 Down from ₱8.37, the current price target is an average from 5 analysts. New target price is 11% above last closing price of ₱6.45. Stock is down 46% over the past year. The company is forecast to post earnings per share of ₱0.15 for next year compared to ₱0.18 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Lead Independent Director Sherisa Nuesa was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Price Target Changed • Oct 27
Price target decreased to ₱7.17 Down from ₱8.37, the current price target is an average from 5 analysts. New target price is 16% above last closing price of ₱6.16. Stock is down 50% over the past year. The company is forecast to post earnings per share of ₱0.15 for next year compared to ₱0.18 last year. Ankündigung • Oct 13
Acen Corporation Announces Management Changes Acen Corporation at its board meeting held on 28 September 2022 Accepted the resignation of Mr. Jaime Augusto Zobel de Ayala as director and Vice-Chairman of the Board; Elected Mr. Delfin L. Lazaro as director to replace Mr. Fernando Zobel de Ayala and to serve his unexpired term; Mr. Lazaro has been Non-Executive Director of Ayala Corporation since January 2007. He was Secretary of Energy from 1992-1994. He holds the following positions in publicly listed companies: Director of Integrated Micro-Electronics Inc., and Globe Telecom Inc. His other significant positions include: Chairman of Atlas Fertilizer & Chemicals Inc., Chairman and President of A.C.S.T. Business Holdings Inc. and AYC Holdings Inc.; Vice Chairman and President of Asiacom Philippines Inc.; Director of AC Industrial Technology Holdings Inc., AC International Finance Ltd., Purefoods International Limited and Probe Productions Inc. He is an Independent Adviser to the Board of Directors of Ayala Land Inc. and a member of the BPI Advisory Council. He graduated with a degree of BS Metallurgical Engineering at the University of the Philippines in 1967 and took his MBA (with Distinction) at Harvard Graduate School of Business in 1971. Elected Mr. Jaime Alfonso Antonio Zobel de Ayala as director to replace Mr. Jaime Augusto Zobel de Ayala and to serve his unexpired term; Mr. Zobel de Ayala is a Director of ACE Enexor Inc. He currently heads the Business Development and Innovation Units of Ayala Corporation. He is also the Co-Deputy Head of Corporate Strategy Group. He is a director of Ayala Land Logistics Corporation and MCT Berhad, publicly listed companies in the Philippines and Malaysia, respectively. He is also a director of AC Ventures Corporation, BPI Capital Corporation, BPI Direct BanKo Inc. and AC Energy International Inc. He is the Chairman of Global Ideas Committee of the Makati Business Club and a member of the Investment Committee of the Kickstart Ventures Inc. Previously, he was Head of Business Development (Prepaid Division) of Globe Telecom. Before joining Ayala Group, he was an Analyst at Goldman Sachs Singapore under the Macro Sales Desk (FICC Division). He graduated from Harvard University, with a Primary Concentration in Government in 2013 and from Columbia Business School with a Masters' Degree in Business Administration in 2019; Appointed Mr. Delfin L. Lazaro as Chairman of the Board, and Chairman of the Executive Committee; Appointed Mr. Cezar P. Consing (incumbent director) as Vice-Chairman of the Board, and Vice-Chairman of the Executive Committee; Appointed Mr. Jaime Alfonso Antonio Zobel de Ayala as member of the Executive Committee; and Appointed Kyla Kamille U. Samson as Controller effective 1 October 2022 to replace Mr. Ronald F. Cuadro. Ms. Samson is an Assistant Vice President (Corporate Finance) of ACEN. She worked in SyCip Gorres Velayo & Co. from July 2010 to June 2021, where she rose to the position of Assurance Senior Director in October 2019. She graduated in 2009 from De La Salle University Manila with a degree of Bachelor of Science in Accountancy. Ankündigung • Sep 29
Acen Corporation Announces Board Appointments Acen Corporation approved at the special board meeting held on 28 September 2022 election of (i) Mr. Delfin L. Lazaro as director to replace Mr. Fernando Zobel de Ayala to serve his unexpired term; and (ii) Mr. Jaime Alfonso Antonio Zobel de Ayala as director to replace Jaime Augusto Zobel de Ayala to serve his unexpired term; Appointment of (i) Mr. Delfin L. Lazaro as Chairman of the Board and Chairman of the Executive Committee; (ii) Mr.Cezar P. Consing as Vice-Chairman of the Board and Vice-Chairman of the Executive Committee; and (iii) Mr. Jaime Alfonso Antonio Zobel de Ayala as a member of the Executive Committee. Recent Insider Transactions • Sep 24
Insider recently bought ₱650k worth of stock On the 21st of September, Solomon Hermosura bought around 100k shares on-market at roughly ₱6.50 per share. This transaction increased Solomon Hermosura's direct individual holding by 1x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱47m. Despite this recent purchase, insiders have collectively sold ₱571m more in shares than they bought in the last 12 months. Recent Insider Transactions • Sep 13
Insider recently bought ₱700k worth of stock On the 7th of September, Solomon Hermosura bought around 100k shares on-market at roughly ₱7.00 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth ₱47m. Despite this recent purchase, insiders have collectively sold ₱572m more in shares than they bought in the last 12 months. Ankündigung • Sep 12
Acen Corporation Announces the Resignation of Mr. Fernando Zobel De Ayala as Member and Chairman of Board of Directors Acen Corporation announced the resignation of Mr. Fernando Zobel de Ayala as member and Chairman of Board of Directors effective immediately due to health reasons. Recent Insider Transactions • Sep 06
Insider recently bought ₱7.6m worth of stock On the 31st of August, Roman Miguel de Jesus bought around 1m shares on-market at roughly ₱7.63 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱47m. Despite this recent purchase, insiders have collectively sold ₱573m more in shares than they bought in the last 12 months. Recent Insider Transactions • Aug 18
Insider recently sold ₱1.7m worth of stock On the 16th of August, Ronald Cuadro sold around 200k shares on-market at roughly ₱8.66 per share. In the last 3 months, there was an even bigger sale from another insider worth ₱16m. Insiders have been net sellers, collectively disposing of ₱690m more than they bought in the last 12 months. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: ₱0.05 (vs ₱0.07 in 2Q 2021) Second quarter 2022 results: EPS: ₱0.05. Net income: ₱1.78b (up 25% from 2Q 2021). Ankündigung • Jul 28
The Insular Life Assurance Company, Ltd. and other investors agreed to acquire South Luzon Thermal Energy Corp. from AC Energy Corporation (PSE:ACEN) for PHP 3.7 billion. The Insular Life Assurance Company, Ltd. and other investors agreed to acquire South Luzon Thermal Energy Corp. from AC Energy Corporation (PSE:ACEN) for PHP 3.7 billion on July 26, 2022. The transaction has been approved by the Board of AC Energy and is subject to regulatory approval. ACEN will use the proceeds from the divestment to invest in more renewable energy projects. BPI Capital and AlphaPrimus Advisors, Inc. acted as joint financial Advisors for the transaction. Recent Insider Transactions • Jul 23
Insider recently sold ₱16m worth of stock On the 19th of July, Gabino Ramon Mejia sold around 2m shares on-market at roughly ₱8.20 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱761m more than they bought in the last 12 months. Recent Insider Transactions • Jun 18
Insider recently sold ₱1.5m worth of stock On the 16th of June, Ronald Cuadro sold around 200k shares on-market at roughly ₱7.41 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱745m more than they bought in the last 12 months. Price Target Changed • Jun 15
Price target decreased to ₱9.13 Down from ₱10.16, the current price target is an average from 3 analysts. New target price is 24% above last closing price of ₱7.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of ₱0.15 for next year compared to ₱0.18 last year. Major Estimate Revision • Jun 08
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₱32.2b to ₱31.3b. EPS estimate also fell from ₱0.23 per share to ₱0.18 per share. Net income forecast to grow 93% next year vs 30% growth forecast for Renewable Energy industry in Philippines. Consensus price target up from ₱10.16 to ₱11.19. Share price rose 7.0% to ₱7.49 over the past week. Price Target Changed • Jun 04
Price target increased to ₱11.11 Up from ₱10.26, the current price target is an average from 4 analysts. New target price is 56% above last closing price of ₱7.11. Stock is down 8.6% over the past year. The company is forecast to post earnings per share of ₱0.23 for next year compared to ₱0.18 last year. Ankündigung • May 25
New South Wales Supports Battery Energy Storage Development of AC Energy Corporation's New England Solar Farm ACEN Australia announced the successful commencement of its 50 MW one hour battery that will be connected to its New England Solar Farm in Uralla, New South Wales. At the recent ground-breaking ceremony, Northern Tablelands MP Adam Marshall, together with the officials from ACEN Australia and ACEN led by its CEO Eric Francia, officially announced the construction of the Battery Energy Storage System (BESS) that will be critical in addressing the intermittency of renewable energy. MP Marshall said the 50MW/one hour BESS is supported by a AUD 12.5 million State Government grant, and will be built alongside the 720 MW New England Solar Farm currently in construction east of Uralla. Combined with the solar farm, the battery storage system will be one of Australia's largest co- located solar and battery energy storage facilities, helping to support a more stable electricity network. The BESS will improve system strength and grid reliability, allowing more low-cost renewable energy to connect to the grid, lowering prices for New South Wales consumers. In March 2022, Ayala group's listed energy platform, ACEN, increased its ownership in UPC\AC Renewables to 80%, with the intent to be at 100% ownership by early 2023. With this acquisition, UPC\AC Renewables has rebranded to ACEN Australia. In addition to the jobs created by the solar farm, the BESS project is expected to generate up to 50 jobs during peak construction. Construction of the first 400MWac /520MWdc stage of the New England Solar project is due to be completed in 2023 and is being built across two solar fields about six kilometres east of Uralla. Once the entire 720 MW project is complete, it will produce around 1,800,000 megawatt hours (MWh) of clean electricity each year - enough to power about 250,000 New South Wales homes. Ankündigung • May 13
AC Energy Corporation Appoints Juan Martin L. Syquia as Deputy Chief Finance Officer, Effective May 16, 2022 AC Energy Corporation advised that the Board of Directors, during its regular meeting held 12 May 2022, appointed Mr. Juan Martin L. Syquia as the Company's Deputy Chief Finance Officer effective 16 May 2022. Mr. Syquia's appointment was endorsed for approval by the Company's Corporate Governance and Nominations Committee. Reported Earnings • May 12
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ₱0.01 (down from ₱0.062 in 1Q 2021). Revenue: ₱7.40b (up 29% from 1Q 2021). Net income: ₱405.0m (down 68% from 1Q 2021). Profit margin: 5.5% (down from 22% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 15%, compared to a 14% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has increased by 53% per year whereas the company’s share price has increased by 49% per year. Board Change • Apr 27
Less than half of directors are independent There are 11 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. 4 independent directors (7 non-independent directors). President, CEO & Director John Eric Francia is the most experienced director on the board, commencing their role in 2019. Lead Independent Director Sherisa Nuesa was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Ankündigung • Apr 26
AC Energy Corporation Approves Election of Dean L. Travers as Director AC Energy Corporation announced that at its AGM held on April 25, 2022, shareholders approved the election of Dean L. Travers as directors. Ankündigung • Apr 20
SPC Power Corporation (PSE:SPC) completed the acquisition of Power Barges 102 and 103 from AC Energy Corporation (PSE:ACEN). SPC Power Corporation (PSE:SPC) signed an agreement to acquire Power Barges 102 and 103 from AC Energy Corporation (PSE:ACEN) PHP 39.2 million on September 15, 2021. The transaction is subject to satisfaction of agreed conditions precedent and regulatory approvals. Closing of the transaction is expected to be completed in the fourth quarter of 2021. As of December 9, 2021. SPC Power Corporation (PSE:SPC) board approves the deal. The consideration was paid in cash. As of February 22, 2022. SPC Power Corporation completed the acquisition of Power Barges 102 from AC Energy Corporation.
SPC Power Corporation (PSE:SPC) completed the acquisition of Power Barges 103 from AC Energy Corporation (PSE:ACEN) on April 19, 2022. Upcoming Dividend • Mar 24
Upcoming dividend of ₱0.06 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 19 April 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Filipino dividend payers (4.2%). Lower than average of industry peers (2.6%). Recent Insider Transactions • Mar 23
Insider recently sold ₱2.5m worth of stock On the 17th of March, Ronald Cuadro sold around 300k shares on-market at roughly ₱8.36 per share. In the last 3 months, there was an even bigger sale from another insider worth ₱2.6m. Insiders have been net sellers, collectively disposing of ₱769m more than they bought in the last 12 months. Major Estimate Revision • Mar 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₱27.2b to ₱30.4b. EPS estimate unchanged from ₱0.22 at last update. Renewable Energy industry in Philippines expected to see average net income growth of 22% next year. Consensus price target down from ₱10.56 to ₱10.26. Share price rose 4.0% to ₱8.10 over the past week. Ankündigung • Mar 10
AC Energy Corporation Announces Declaration of Cash Dividend Payable on or Before April 19, 2022 AC Energy Corporation approved Declaration of cash dividends of six centavos (PHP 0.06) per share on the 38,315,838,177 outstanding shares of the Company, to be paid on or before 19 April 2022 to stockholders of record as of 5 April 2022. Reported Earnings • Mar 10
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₱0.18 (down from ₱0.35 in FY 2020). Revenue: ₱26.1b (up 28% from FY 2020). Net income: ₱5.25b (up 40% from FY 2020). Profit margin: 20% (up from 18% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 6.8%. Over the next year, revenue is expected to shrink by 4.7% compared to a 12% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has increased by 76% per year whereas the company’s share price has increased by 80% per year. Recent Insider Transactions • Mar 01
Insider recently sold ₱875k worth of stock On the 22nd of February, Ronald Cuadro sold around 100k shares on-market at roughly ₱8.75 per share. In the last 3 months, there was an even bigger sale from another insider worth ₱2.6m. Insiders have been net sellers, collectively disposing of ₱766m more than they bought in the last 12 months. Recent Insider Transactions • Feb 23
Vice Chairman of the Board recently sold ₱2.6m worth of stock On the 17th of February, Jaime Augusto-Miranda de Ayala sold around 292k shares on-market at roughly ₱8.99 per share. In the last 3 months, there was an even bigger sale from another insider worth ₱696m. This was Jaime Augusto-Miranda's only on-market trade for the last 12 months. Recent Insider Transactions • Jan 13
Chief Administrative Officer recently bought ₱12m worth of stock On the 7th of January, John Philip Orbeta bought around 1m shares on-market at roughly ₱9.15 per share. In the last 3 months, they made an even bigger purchase worth ₱31m. Insiders have collectively bought ₱186m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 15
Chief Administrative Officer recently bought ₱31m worth of stock On the 7th of December, John Philip Orbeta bought around 3m shares on-market at roughly ₱10.42 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱167m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 07
President recently sold ₱696m worth of stock On the 1st of December, John Eric Francia sold around 58m shares on-market at roughly ₱11.96 per share. This was the largest sale by an insider in the last 3 months. John Eric has been a seller over the last 12 months, reducing personal holdings by ₱493m. Price Target Changed • Nov 07
Price target decreased to ₱8.68 Down from ₱9.41, the current price target is an average from 5 analysts. New target price is 29% below last closing price of ₱12.26. The company is forecast to post earnings per share of ₱0.21 for next year compared to ₱0.35 last year. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS ₱0.04 (vs ₱0.10 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₱5.47b (up 3.6% from 3Q 2020). Net income: ₱1.58b (up 62% from 3Q 2020). Profit margin: 29% (up from 19% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has increased by 131% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 20
Price target increased to ₱9.41 Up from ₱8.34, the current price target is an average from 4 analysts. New target price is 21% below last closing price of ₱11.88. The company is forecast to post earnings per share of ₱0.20 for next year compared to ₱0.35 last year. Recent Insider Transactions • Oct 13
Insider recently sold ₱12m worth of stock On the 7th of October, Roman Miguel de Jesus sold around 1m shares on-market at roughly ₱12.39 per share. In the last 3 months, there was an even bigger sale from another insider worth ₱53m. Despite this recent sale, insiders have collectively bought ₱821m more than they sold in the last 12 months. 
