Declared Dividend • May 30
Dividend of ₱0.40 announced Dividend of ₱0.40 is the same as last year. Ex-date: 10th June 2026 Payment date: 30th June 2026 Dividend yield will be 5.1%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.5% over the next year. However, it would need to fall by 79% to increase the payout ratio to a potentially unsustainable range. Duyuru • May 29
First Gen Corporation Declares Cash Dividend, Payable on June 30, 2026 First Gen Corporation at the Annual Stockholders Meeting held on May 28, 2026 approved the declaration of cash dividends on the company's common shares in the amount of PHP 0.40 per share, with a record date of June 11, 2026 and payment date of June 30, 2026. Reported Earnings • Apr 11
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: US$0.047 (down from US$0.07 in FY 2024). Revenue: US$906.0m (down 62% from FY 2024). Net income: US$171.0m (down 32% from FY 2024). Profit margin: 19% (up from 11% in FY 2024). Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) exceeded analyst estimates by 29%. Revenue is forecast to grow 11% p.a. on average during the next 2 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 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Duyuru • Feb 16
First Gen Corporation, Annual General Meeting, May 28, 2026 First Gen Corporation, Annual General Meeting, May 28, 2026, at 10:00 W. Australia Standard Time. Location: the fifth at rockwell, 5th floor power plant mall, rockwell center, makati Philippines Duyuru • Jan 06
First Gen Corporation Announces Resignation of Ernie G. Imperial as Chief Digital Officer, Effective January 5, 2026 First Gen Corporation announced that Vice President and Chief Digital Officer Ernie G. Imperial has tendered his resignation as Chief Digital Officer effective January 5, 2026, to focus on personal matters. Mr. Imperial joined First Gen in 2021 and has provided strategic and operational leadership of the company’s IT and digital initiatives, driving transformation through innovation, capability build, and efficiency improvements. Mr. Daniel Navarro, Head of the Technology Office of First Gen subsidiary Energy Development Corporation (EDC), was appointed Head of IT for the First Gen Group, covering First Gen, EDC, and PiEnergy Inc. Declared Dividend • Dec 03
Dividend of ₱0.40 announced Shareholders will receive a dividend of ₱0.40. Ex-date: 12th December 2025 Payment date: 22nd December 2025 Dividend yield will be 4.3%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 6.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 28% over the next 2 years. However, it would need to fall by 90% to increase the payout ratio to a potentially unsustainable range. Duyuru • Dec 01
First Gen Corporation Declares Cash Dividends, Payable on December 22, 2025 First Gen Corporation at its board meeting held on November 28, 2025, declared cash dividends on common shares in the amount of PHP 0.40 per share, payable on December 22, 2025 with a record date of December 15, 2025. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: US$0.015 (vs US$0.015 in 3Q 2024) Third quarter 2025 results: EPS: US$0.015 (in line with 3Q 2024). Revenue: US$573.3m (flat on 3Q 2024). Net income: US$53.9m (up 1.8% from 3Q 2024). Profit margin: 9.4% (up from 9.3% in 3Q 2024). Revenue is expected to decline by 35% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 9.4%. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: US$0.022 (vs US$0.02 in 2Q 2024) Second quarter 2025 results: EPS: US$0.022 (up from US$0.02 in 2Q 2024). Revenue: US$630.0m (down 7.6% from 2Q 2024). Net income: US$79.2m (up 5.2% from 2Q 2024). Profit margin: 13% (up from 11% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 32% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 8.5%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 26
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$2.77b to US$2.18b. EPS estimate fell from US$0.097 to US$0.088 per share. Net income forecast to grow 37% next year vs 17% growth forecast for Renewable Energy industry in Philippines. Consensus price target down from ₱31.59 to ₱26.81. Share price fell 6.9% to ₱17.04 over the past week. Declared Dividend • Jun 04
Dividend of ₱0.40 announced Shareholders will receive a dividend of ₱0.40. Ex-date: 16th June 2025 Payment date: 30th June 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Jun 03
Prime Infrastructure Capital, Inc. executed a term sheet to acquire 60% stake in Assets of First Gen Corporation (PSE:FGEN) for PHP 50 billion. Prime Infrastructure Capital, Inc. executed a term sheet to acquire 60% stake in Assets of First Gen Corporation (PSE:FGEN) for PHP 50 billion on May 30, 2025. A cash consideration of PHP 50 billion will be paid by Prime Infrastructure Capital, Inc., subject to adjustments and modifications as may be agreed by the parties. Moreover, First Gen Corporation will be entitled to receive additional earnout amounts, subject to the fulfillment of certain conditions.
The Lopez Group’s retention of a 40% ownership of its gas business will assure proper continuity and stability of its gas operating plants which will, in turn, greatly benefit consumers by way of more stable, predictable and lower prices, far removed from the uncertainties of spot purchases. Morgan Stanley & Co. LLC acted as financial advisor to Prime Infrastructure Capital, Inc. The proceeds will be used for the various capex requirements of the First Gen group, primarily channeling it to the group's renewable energy business.
The transaction is subject to definitive agreement and the closing of the transaction. The execution of the definitive agreements is subject to negotiation by the parties. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱19.22, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 16% over the past three years. Buy Or Sell Opportunity • May 26
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₱16.64. The fair value is estimated to be ₱13.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 5.2%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to grow by 25% in the next year. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: US$0.023 (vs US$0.022 in 1Q 2024) First quarter 2025 results: EPS: US$0.023 (up from US$0.022 in 1Q 2024). Revenue: US$583.3m (down 2.2% from 1Q 2024). Net income: US$82.3m (up 4.4% from 1Q 2024). Profit margin: 14% (in line with 1Q 2024). Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Apr 06
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 13x earnings per share. The company is paying a dividend despite having no free cash flows. Dividend yield: 5.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Duyuru • Feb 27
First Gen Corporation Announces the Resignation of Senior Vice President Teodorico Jose R. Delfin First Gen Corporation announced the resignation of Senior Vice President Teodorico Jose R. Delfin effective February 27, 2025, in view of his assignment to a government position. Duyuru • Feb 17
First Gen Corporation, Annual General Meeting, May 29, 2025 First Gen Corporation, Annual General Meeting, May 29, 2025, at 10:00 W. Australia Standard Time. Location: the fifth east at rockwell, 5th floor power plant mall, rockwell center, makati Philippines Declared Dividend • Dec 02
Dividend of ₱0.45 announced Shareholders will receive a dividend of ₱0.45. Ex-date: 11th December 2024 Payment date: 23rd December 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (11% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Nov 29
First Gen Corporation Declares Cash Dividends on Common Shares, Payable on December 23, 2024 First Gen Corporation at its board meeting held on November 28, 2024, declared cash dividends on common shares in the amount of PHP 0.45 per share with a record date of December 12, 2024 and payment date of December 23, 2024. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: US$0.015 (vs US$0.02 in 3Q 2023) Third quarter 2024 results: EPS: US$0.015 (down from US$0.02 in 3Q 2023). Revenue: US$568.5m (down 5.9% from 3Q 2023). Net income: US$52.9m (down 34% from 3Q 2023). Profit margin: 9.3% (down from 13% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.4% 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 16% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to ₱16.90. The fair value is estimated to be ₱21.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 7.2%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Buy Or Sell Opportunity • Aug 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to ₱17.16. The fair value is estimated to be ₱21.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 7.2%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: US$0.021 (vs US$0.02 in 2Q 2023) Second quarter 2024 results: EPS: US$0.021. Revenue: US$682.0m (up 7.4% from 2Q 2023). Net income: US$75.3m (down 2.5% from 2Q 2023). Profit margin: 11% (down from 12% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Asia. Buy Or Sell Opportunity • Aug 05
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ₱16.06. The fair value is estimated to be ₱21.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 5.1%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Upcoming Dividend • Jun 08
Upcoming dividend of ₱0.45 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 09 July 2024. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Filipino dividend payers (5.8%). Higher than average of industry peers (4.2%). Declared Dividend • Jun 08
Dividend of ₱0.45 announced Shareholders will receive a dividend of ₱0.45. Ex-date: 14th June 2024 Payment date: 9th July 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (20% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 2.8% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$0.022 (vs US$0.025 in 1Q 2023) First quarter 2024 results: EPS: US$0.022 (down from US$0.025 in 1Q 2023). Revenue: US$596.4m (down 8.6% from 1Q 2023). Net income: US$78.8m (down 12% from 1Q 2023). Profit margin: 13% (in line with 1Q 2023). Revenue is forecast to grow 4.3% p.a. on average during the next 2 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 6% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 09
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.087 (up from US$0.071 in FY 2022). Revenue: US$2.47b (down 7.2% from FY 2022). Net income: US$312.2m (up 22% from FY 2022). Profit margin: 13% (up from 9.6% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 7.3%. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Duyuru • Feb 19
First Gen Corporation, Annual General Meeting, May 31, 2024 First Gen Corporation, Annual General Meeting, May 31, 2024, at 10:00 Singapore Standard Time. Location: The Fifth at Rockwell, 5th Floor Power Plant Mall Rockwell Makati Citi Philippines Upcoming Dividend • Nov 28
Upcoming dividend of ₱0.50 per share at 2.8% yield Eligible shareholders must have bought the stock before 04 December 2023. Payment date: 22 December 2023. Payout ratio is a comfortable 8.5% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Filipino dividend payers (5.7%). Lower than average of industry peers (3.2%). Duyuru • Nov 18
First Gen Corporation Declares Dividend on Common Shares, Payable on December 22, 2023 The board of directors of First Gen Corporation at its board meeting held on November 17, 2023, declared cash dividends on the company's common shares in the amount of PHP 0.50 per share, with a record date of December 5, 2023 and payment date of December 22, 2023. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: US$0.023 (vs US$0.018 in 3Q 2022) Third quarter 2023 results: EPS: US$0.023 (up from US$0.018 in 3Q 2022). Revenue: US$603.9m (down 16% from 3Q 2022). Net income: US$80.4m (up 23% from 3Q 2022). Profit margin: 13% (up from 9.0% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat 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 increased by 3% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: US$0.021 (vs US$0.016 in 2Q 2022) Second quarter 2023 results: EPS: US$0.021 (up from US$0.016 in 2Q 2022). Revenue: US$634.8m (down 9.7% from 2Q 2022). Net income: US$77.2m (up 34% from 2Q 2022). Profit margin: 12% (up from 8.2% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • Jun 16
First Gen Corporation Announces the Resignation of Richard B. Tantoco as Executive Vice President First Gen Corporation announced the resignation of Richard B. Tantoco as Executive Vice President, effective July 1, 2023 due to medical reasons. Upcoming Dividend • May 26
Upcoming dividend of ₱0.40 per share at 4.3% yield Eligible shareholders must have bought the stock before 02 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Filipino dividend payers (5.8%). Higher than average of industry peers (3.4%). Major Estimate Revision • May 23
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$2.40b to US$2.49b. EPS estimate increased from US$0.074 to US$0.087 per share. Net income forecast to grow 11% next year vs 34% growth forecast for Renewable Energy industry in Philippines. Consensus price target broadly unchanged at ₱28.29. Share price rose 12% to ₱20.95 over the past week. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: US$0.025 (vs US$0.017 in 1Q 2022) First quarter 2023 results: EPS: US$0.025 (up from US$0.017 in 1Q 2022). Revenue: US$652.2m (up 14% from 1Q 2022). Net income: US$89.2m (up 47% from 1Q 2022). Profit margin: 14% (up from 11% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.4% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 9.6%. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱18.30, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 8.9% over the past three years. Reported Earnings • Apr 07
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: US$0.071 (up from US$0.07 in FY 2021). Revenue: US$2.67b (up 23% from FY 2021). Net income: US$261.4m (up 4.9% from FY 2021). Profit margin: 9.8% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to decline by 6.3% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 8.8%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Recent Insider Transactions • Jan 06
Insider recently bought ₱205k worth of stock On the 28th of December, Gerald Cajucom bought around 13k shares on-market at roughly ₱16.38 per share. This transaction amounted to 55% 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 ₱73m more in shares than they bought in the last 12 months. Upcoming Dividend • Dec 05
Upcoming dividend of ₱0.42 per share Eligible shareholders must have bought the stock before 12 December 2022. Payment date: 10 January 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Filipino dividend payers (5.6%). In line with average of industry peers (2.7%). 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, 1 was an independent director. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Edgar Chua was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Recent Insider Transactions • Aug 25
Chairman Emeritus recently sold ₱82m worth of stock On the 18th of August, Oscar Lopez sold around 4m shares on-market at roughly ₱18.84 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱84m more than they bought in the last 12 months. Reported Earnings • Aug 13
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: US$703.2m (up 23% from 2Q 2021). Net income: US$59.6m (down 1.4% from 2Q 2021). Profit margin: 8.5% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 7.3% compared to a 14% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 25
Upcoming dividend of ₱0.35 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Filipino dividend payers (4.7%). Higher than average of industry peers (2.9%). Reported Earnings • May 14
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: US$0.017 (down from US$0.023 in 1Q 2021). Revenue: US$570.4m (up 18% from 1Q 2021). Net income: US$62.7m (down 23% from 1Q 2021). Profit margin: 11% (down from 17% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) missed analyst estimates by 9.7%. Over the next year, revenue is expected to shrink by 4.4% compared to a 13% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Edgar Chua was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from US$0.09 to US$0.07. Revenue forecast unchanged from US$2.11b at last update. Net income forecast to grow 5.6% next year vs 22% growth forecast for Renewable Energy industry in Philippines. Consensus price target down from ₱37.18 to ₱36.14. Share price fell 5.5% to ₱24.85 over the past week. Reported Earnings • Apr 07
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.07 (down from US$0.073 in FY 2020). Revenue: US$2.17b (up 18% from FY 2020). Net income: US$258.3m (flat on FY 2020). Profit margin: 12% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) missed analyst estimates by 9.7%. Over the next year, revenue is expected to shrink by 2.5% compared to a 14% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Recent Insider Transactions • Jan 12
Executive VP & Executive Director recently sold ₱3.0m worth of stock On the 7th of January, Richard Tantoco sold around 110k shares on-market at roughly ₱27.51 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱15m more than they bought in the last 12 months. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS US$0.018 (vs US$0.016 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: US$551.6m (up 30% from 3Q 2020). Net income: US$64.3m (up 11% from 3Q 2020). Profit margin: 12% (down from 14% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Oct 12
Insider recently sold ₱9.9m worth of stock On the 8th of October, Daniel Valeriano sold around 300k shares on-market at roughly ₱33.00 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱26m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₱27.60, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Renewable Energy industry in Asia. Total returns to shareholders of 88% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS US$0.017 (vs US$0.018 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$571.3m (up 25% from 2Q 2020). Net income: US$60.4m (down 5.9% from 2Q 2020). Profit margin: 11% (down from 14% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Recent Insider Transactions • Jun 16
Executive VP & Executive Director recently sold ₱3.2m worth of stock On the 8th of June, Richard Tantoco sold around 100k shares on-market at roughly ₱32.25 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱45m more than they bought in the last 12 months. Upcoming Dividend • Jun 07
Upcoming dividend of ₱0.30 per share Eligible shareholders must have bought the stock before 14 June 2021. Payment date: 01 July 2021. Trailing yield: 1.9%. Lower than top quartile of Filipino dividend payers (4.2%). Lower than average of industry peers (2.7%). Executive Departure • May 28
Lead Independent Director has left the company On the 19th of May, Jaime Ayala's tenure as Lead Independent Director ended after 3.0 years in the role. As of March 2021, Jaime personally held only 1.00 share (₱30.0 worth at the time). Jaime is the only executive to leave the company over the last 12 months. Reported Earnings • May 16
First quarter 2021 earnings released: EPS US$0.023 (vs US$0.017 in 1Q 2020) The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: US$482.9m (flat on 1Q 2020). Net income: US$84.0m (up 39% from 1Q 2020). Profit margin: 17% (up from 13% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jan 14
Insider recently sold ₱4.0m worth of stock On the 12th of January, Daniel Valeriano sold around 124k shares on-market at roughly ₱32.49 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱33m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 19% share price gain to US$33.60, the stock is trading at a trailing P/E ratio of 9.7x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 14x in the Renewable Energy industry in Philippines. Total returns to shareholders over the past three years are 127%. Is New 90 Day High Low • Jan 08
New 90-day high: ₱31.05 The company is up 34% from its price of ₱23.25 on 09 October 2020. The Filipino market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱29.70 per share. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS US$0.014 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$423.6m (down 16% from 3Q 2019). Net income: US$62.9m (up 15% from 3Q 2019). Profit margin: 15% (up from 11% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 04
New 90-day high: ₱29.40 The company is up 10.0% from its price of ₱26.70 on 06 August 2020. The Filipino market is also up 10.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Renewable Energy industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱33.28 per share.