MERV.F Stock Overview

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines. More details

MERV.F fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	2/6
Past Performance	4/6
Financial Health	3/6
Dividends	3/6

Rewards

Price-To-Earnings ratio (12.7x) is below the US market (18.5x)

Earnings are forecast to grow 6.18% per year

Earnings grew by 17% over the past year

Risk Analysis

Shares are highly illiquid

High level of non-cash earnings

Dividend of 4.41% is not well covered by free cash flows

My Notes

Capture your thoughts, links and company narrative

Manila Electric Company Competitors

Pinnacle West Capital

NYSE:PNW

US$9.7b

IDACORP

NYSE:IDA

US$5.9b

OGE Energy

NYSE:OGE

US$8.3b

Avangrid

NYSE:AGR

US$13.9b

Price History & Performance

Summary of share price highs, lows and changes for Manila Electric
Historical stock prices
Current Share Price	₱8.33
52 Week High	₱8.33
52 Week Low	₱8.01
Beta	0.24
1 Month Change	n/a
3 Month Change	n/a
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	11.81%

Recent News & Updates

No updates

Recent updates

No updates

Shareholder Returns

	MERV.F	US Electric Utilities	US Market
7D	4.0%	2.2%	2.8%
1Y	n/a	20.1%	24.6%

Return vs Industry: Insufficient data to determine how MERV.F performed against the US Electric Utilities industry.

Return vs Market: Insufficient data to determine how MERV.F performed against the US Market.

Price Volatility

Is MERV.F's price volatile compared to industry and market?
MERV.F volatility
MERV.F Average Weekly Movement	n/a
Electric Utilities Industry Average Movement	2.7%
Market Average Movement	6.3%
10% most volatile stocks in US Market	17.4%
10% least volatile stocks in US Market	3.1%

Stable Share Price: MERV.F's share price has been volatile over the past 3 months compared to the US market.

Volatility Over Time: Insufficient data to determine MERV.F's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
1903	n/a	Manny Pangilinan	www.meralco.com.ph

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines. The company operates in Power and Other Services segments. It offers power to approximately 7.8 million industrial, commercial, and residential customers in 38 cities and 73 municipalities, including Metro Manila, and the provinces of Rizal, Cavite, and Bulacan, as well as parts of the provinces of Pampanga, Batangas, Laguna, and Quezon; distributes power to customers in Clark Special Economic Zone; and develops, constructs, and operates solar-powered generation facilities; and owns and operates coal and diesel-fired, and liquefied natural gas power plants.

Manila Electric Company Fundamentals Summary

How do Manila Electric's earnings and revenue compare to its market cap?
MERV.F fundamental statistics
Market cap	US$9.35b
Earnings (TTM)	US$749.72m
Revenue (TTM)	US$8.02b

12.7x

P/E Ratio

1.2x

P/S Ratio

Is MERV.F overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
MERV.F income statement (TTM)
Revenue	₱463.80b
Cost of Revenue	₱367.13b
Gross Profit	₱96.68b
Other Expenses	₱53.30b
Earnings	₱43.38b

Last Reported Earnings

Sep 30, 2024

Next Earnings Date

n/a

Earnings per share (EPS)	38.49
Gross Margin	20.84%
Net Profit Margin	9.35%
Debt/Equity Ratio	51.0%

How did MERV.F perform over the long term?

See historical performance and comparison

Dividends

4.4%

Current Dividend Yield

56%

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/27 13:15
End of Day Share Price	2024/12/23 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Manila Electric Company is covered by 21 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Julian Vincent Roxas	BofA Global Research
Eunice Dolatre	CGS International
Siew Khee Lim	CGS International