Manila Electric Past Earnings Performance

Past criteria checks 6/6

Manila Electric has been growing earnings at an average annual rate of 14%, while the Electric Utilities industry saw earnings growing at 3.3% annually. Revenues have been growing at an average rate of 10% per year. Manila Electric's return on equity is 24%, and it has net margins of 8.9%.

Key information

14.0%

Earnings growth rate

14.0%

EPS growth rate

Electric Utilities Industry Growth	7.3%
Revenue growth rate	10.0%
Return on equity	24.0%
Net Margin	8.9%
Last Earnings Update	31 Mar 2024

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown
Beta

How Manila Electric makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

PSE:MER Revenue, expenses and earnings (PHP Millions)
Date	Revenue	Earnings	G+A Expenses
31 Mar 24	442,518	39,549	16,858
31 Dec 23	443,612	38,023	16,858
30 Sep 23	446,876	37,072	16,838
30 Jun 23	451,743	33,163	16,441
31 Mar 23	446,266	30,121	16,096
31 Dec 22	426,529	28,431	16,114
30 Sep 22	401,714	26,734	16,104
30 Jun 22	369,056	26,670	16,208
31 Mar 22	339,740	25,545	16,452
31 Dec 21	318,547	23,498	16,092
30 Sep 21	292,813	21,586	14,117
30 Jun 21	282,147	19,421	13,407
31 Mar 21	269,987	18,031	12,614
31 Dec 20	275,304	16,316	12,523
30 Sep 20	291,397	16,216	13,522
30 Jun 20	295,616	18,122	13,811
31 Mar 20	312,966	20,233	13,812
31 Dec 19	318,315	23,285	13,464
30 Sep 19	318,169	23,126	13,027
30 Jun 19	318,863	23,051	13,147
31 Mar 19	309,025	23,376	12,970
31 Dec 18	304,454	23,017	13,046
30 Sep 18	295,578	22,668	26,031
30 Jun 18	292,068	21,856	39,372
31 Mar 18	286,787	20,879	63,446
31 Dec 17	282,556	20,384	12,969
30 Sep 17	276,406	19,428	63,910
30 Jun 17	269,409	18,909	63,318
31 Mar 17	263,584	19,446	62,930
31 Dec 16	257,181	19,176	62,709
30 Sep 16	256,516	18,625	62,429
30 Jun 16	253,195	18,119	60,508
31 Mar 16	255,982	19,224	58,916
31 Dec 15	258,399	19,098	58,930
30 Sep 15	260,493	19,894	57,606
30 Jun 15	268,176	20,163	57,401
31 Mar 15	273,817	18,466	56,492
31 Dec 14	266,336	18,053	56,110
30 Sep 14	293,429	17,875	32,178
30 Jun 14	289,106	17,407	20,726
31 Mar 14	288,925	17,195	58,317
31 Dec 13	298,636	17,211	58,244
30 Sep 13	278,618	17,028	76,768
30 Jun 13	283,368	16,694	76,568

Quality Earnings: MER has high quality earnings.

Growing Profit Margin: MER's current net profit margins (8.9%) are higher than last year (6.7%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: MER's earnings have grown by 14% per year over the past 5 years.

Accelerating Growth: MER's earnings growth over the past year (31.3%) exceeds its 5-year average (14% per year).

Earnings vs Industry: MER earnings growth over the past year (31.3%) exceeded the Electric Utilities industry -1.7%.

Manila Electric Past Earnings Performance

Past criteria checks 6/6

Key information

Recent past performance updates

First quarter 2024 earnings released: EPS: ₱8.51 (vs ₱7.16 in 1Q 2023)

Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Manila Electric Company to Report Fiscal Year 2023 Results on Feb 26, 2024

Third quarter 2023 earnings: EPS exceeds analyst expectations

Second quarter 2023 earnings: EPS and revenues exceed analyst expectations

First quarter 2023 earnings: EPS and revenues exceed analyst expectations

Recent updates

First quarter 2024 earnings released: EPS: ₱8.51 (vs ₱7.16 in 1Q 2023)

Non Executive Director recently bought ₱3.6m worth of stock

Upcoming dividend of ₱11.24 per share

Insider recently bought ₱730k worth of stock

Final dividend increased to ₱11.24

Manila Electric Company Announces Declaration of Cash Dividends, Payable on April 24, 2024

New major risk - Revenue and earnings growth

Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Manila Electric Company to Report Fiscal Year 2023 Results on Feb 26, 2024

Non Executive Director recently bought ₱3.6m worth of stock

Non Executive Director recently bought ₱3.6m worth of stock

Manila Electric Company, Annual General Meeting, May 28, 2024

Manila Electric Company Announces Clarification About Motions for Reconsideration Filed by the Energy Regulatory Commission and the National Association of Electricity Consumers for Reforms Inc

Non Executive Director recently sold ₱3.9m worth of stock

Manila Electric Company Announces Resignation of Frederick Dy Go as Director, Effective January 8, 2024

Manila Electric Company Approves Executive Changes, Effective January 1, 2024

Lead Independent Director recently bought ₱4.9m worth of stock

Manila Electric Company Appoints Marilene P. Tayag as Vice President and Chief Information Security Officer, Effective January 1, 2024

Consensus EPS estimates increase by 12%

Third quarter 2023 earnings: EPS exceeds analyst expectations

Insider recently bought ₱500k worth of stock

Manila Electric Company Appoints Marilene P. Tayag as Chief Information Security Officer Effective on November 16, 2023

Executive Director recently bought ₱1.7m worth of stock

Non Executive Director recently bought ₱17m worth of stock

Upcoming dividend of ₱8.52 per share at 5.6% yield

On-Us Solutions Inc entered in a share purchase agreement to acquire eSAKAY, INC from Manila Electric Company (PSE:MER) for PHP 87.4 million.

Upcoming dividend of ₱8.52 per share at 4.8% yield

Consensus EPS estimates increase by 19%

Manila Electric Company Approves Interim Cash Dividend, Payable on September 14, 2023

Second quarter 2023 earnings: EPS and revenues exceed analyst expectations

Manila Electric Company Announces Management Changes

Consensus EPS estimates increase by 14%

First quarter 2023 earnings: EPS and revenues exceed analyst expectations

Upcoming dividend of ₱11.03 per share at 5.4% yield

Consensus EPS estimates increase by 12%, revenue downgraded

Full year 2022 earnings: EPS and revenues exceed analyst expectations

Insider recently bought ₱286k worth of stock

Now 20% undervalued after recent price drop

Manila Electric Company, Annual General Meeting, May 30, 2023

Less than half of directors are independent

Third quarter 2022 earnings released: EPS: ₱5.89 (vs ₱5.83 in 3Q 2021)

Manila Electric Company Announces Resignation of Maria Carmela T. Migriño as Chief Information Security Officer, Effective November 1, 2022

Manila Electric Company Updates on Energy Regulatory Commission Decision on Power Supply Agreements with South Premiere Power Corporation and Sam Miguel Energy Corporation

Non Executive Director recently bought ₱4.6m worth of stock

Upcoming dividend of ₱5.81 per share

First VP recently bought ₱978k worth of stock

Second quarter 2022 earnings released: EPS: ₱6.70 (vs ₱4.98 in 2Q 2021)

Manila Electric Company Approves Declaration of Interim Cash Dividends, Payable on September 14, 2022

Non Executive Director recently bought ₱1.8m worth of stock

Less than half of directors are independent

Full year 2021 earnings: EPS and revenues exceed analyst expectations

Insider recently sold ₱935k worth of stock

Upcoming dividend of ₱10.23 per share

Full year 2021 earnings: EPS and revenues exceed analyst expectations

Manila Electric Company Announces Final Dividend for the Year 2021, Payable on April 26, 2022

Manila Electric Company, Annual General Meeting, May 31, 2022

Non Executive Director recently bought ₱1.5m worth of stock

Vice Chairman recently bought ₱1.4m worth of stock

Third quarter 2021 earnings released: EPS ₱5.83 (vs ₱3.91 in 3Q 2020)

Lead Independent Director recently bought ₱1.4m worth of stock

Manila Electric Ordinary Shares to Be Deleted from Other OTC

Upcoming dividend of ₱5.06 per share

Second quarter 2021 earnings released: EPS ₱4.98 (vs ₱3.75 in 2Q 2020)

Insider recently bought ₱1.1m worth of stock

Non Executive Director Elpidio Ibanez has left the company

First quarter 2021 earnings released: EPS ₱3.85 (vs ₱2.32 in 1Q 2020)

Non Executive Director recently bought ₱2.7m worth of stock

First quarter 2021 earnings released: EPS ₱3.85 (vs ₱2.32 in 1Q 2020)

Full year 2020 earnings released: EPS ₱14.48 (vs ₱20.66 in FY 2019)

Revenue & Expenses Breakdown
Beta