Financials Pampa Energía S.A. Nyse

Equities

PAM

US6976602077

Electric Utilities

Market Closed - Nyse Other stock markets 01:30:02 14/05/2024 am IST			5-day change	1st Jan Change
45.94 ^USD	-2.44%		-7.38%	-7.23%

08/05	Sector Update: Energy Stocks Ease Late Wednesday Afternoon	MT
08/05	Pampa Energia, Central Puerto Seek to Renegotiate Debt Settlement Offer By Argentina	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	84,892	1,19,953	2,29,776	6,08,646	26,32,231	26,85,564	-	-
Enterprise Value (EV) ¹	1,66,132	2,22,219	3,18,725	6,08,646	35,80,048	37,40,988	41,81,000	38,61,611
P/E ratio	2.71 x	-3.81 x	8.58 x	9.37 x	76.5 x	25.2 x	8.6 x	7.77 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.55 x	1.57 x	1.59 x	2.51 x	5.12 x	1.52 x	1.37 x	1.17 x
EV / Revenue	1.07 x	2.9 x	2.2 x	2.51 x	6.97 x	2.11 x	2.14 x	1.68 x
EV / EBITDA	2.9 x	3.26 x	3.24 x	3.35 x	5.5 x	4.51 x	4.39 x	3.54 x
EV / FCF	18.7 x	5.14 x	5.56 x	-	-208 x	57.2 x	12.2 x	7.69 x
FCF Yield	5.36%	19.5%	18%	-	-0.48%	1.75%	8.19%	13%
Price to Book	0.78 x	-	1.27 x	-	1.36 x	0.7 x	0.6 x	0.52 x
Nbr of stocks (in thousands)	17,04,650	15,44,786	13,82,527	13,83,600	13,62,720	13,59,641	-	-
Reference price ²	49.80	77.65	166.2	439.9	1,932	1,975	1,975	1,975
Announcement Date	10/03/20	11/03/21	10/03/22	09/03/23	06/03/24	-	-	-

¹ARS in Million²ARS

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,54,642	76,639	1,44,641	2,42,182	5,13,727	17,69,249	19,56,749	22,97,803
EBITDA ¹	57,266	68,089	98,443	1,81,937	6,51,228	8,28,585	9,51,533	10,92,306
EBIT ¹	23,535	28,549	56,426	88,451	1,17,754	5,72,845	6,70,746	7,72,528
Operating Margin	15.22%	37.25%	39.01%	36.52%	22.92%	32.38%	34.28%	33.62%
Earnings before Tax (EBT) ¹	45,431	12,487	38,216	84,289	1,69,248	3,64,249	4,64,125	-
Net income ¹	33,012	-31,447	27,097	64,859	34,488	2,72,383	3,48,645	3,51,803
Net margin	21.35%	-41.03%	18.73%	26.78%	6.71%	15.4%	17.82%	15.31%
EPS ²	18.35	-20.40	19.38	46.97	25.25	78.43	229.6	254.3
Free Cash Flow ¹	8,898	43,230	57,333	-	-17,171	65,371	3,42,217	5,02,413
FCF margin	5.75%	56.41%	39.64%	-	-3.34%	3.69%	17.49%	21.86%
FCF Conversion (EBITDA)	15.54%	63.49%	58.24%	-	-	7.89%	35.96%	46%
FCF Conversion (Net income)	26.95%	-	211.59%	-	-	24%	98.16%	142.81%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	10/03/20	11/03/21	10/03/22	09/03/23	06/03/24	-	-	-

¹ARS in Million²ARS

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	42,529	40,901	44,011	55,512	69,225	73,434	83,915	1,10,341	1,52,701	1,66,770	3,37,376	3,88,809	5,09,192	4,65,320
EBITDA ¹	26,238	21,647	26,380	33,964	39,200	36,668	47,085	63,315	85,400	1,15,022	1,66,646	1,80,340	2,59,159	2,07,549
EBIT ¹	20,510	11,470	14,481	-	-	27,043	26,160	35,344	53,105	3,145	99,912	1,16,362	1,83,785	1,23,880
Operating Margin	48.23%	28.04%	32.9%	-	-	36.83%	31.17%	32.03%	34.78%	1.89%	29.61%	29.93%	36.09%	26.62%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	26,285	-	64,082	28,851	1,01,109	51,044	24,146	-18,880
Net income ¹	-	4,520	-	8,165	23,979	22,411	26,918	42,179	50,611	-85,220	2,23,099	59,350	63,196	27,984
Net margin	-	11.05%	-	14.71%	34.64%	30.52%	32.08%	38.23%	33.14%	-51.1%	66.13%	15.26%	12.41%	6.01%
EPS ²	9.060	3.260	-	-	-	-	-	-	37.21	-62.66	32.87	32.78	17.10	-4.330
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/11/21	10/03/22	12/05/22	11/08/22	07/11/22	09/03/23	10/05/23	09/08/23	08/11/23	06/03/24	08/05/24	-	-	-

¹ARS in Million²ARS

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	81,240	1,02,266	88,949	-	9,47,817	10,55,424	14,95,436	11,76,048
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.419 x	1.502 x	0.9036 x	-	1.455 x	1.274 x	1.572 x	1.077 x
Free Cash Flow ¹	8,898	43,230	57,333	-	-17,171	65,371	3,42,217	5,02,413
ROE (net income / shareholders' equity)	39.7%	15.1%	17.8%	-	2.94%	27.1%	22.6%	59.8%
ROA (Net income/ Total Assets)	11.9%	-	6.71%	-	1.48%	1.84%	3.7%	3.58%
Assets ¹	2,77,132	-	4,04,071	-	23,28,697	1,48,03,435	94,30,486	98,29,645
Book Value Per Share ²	63.80	-	131.0	-	1,423	2,819	3,278	3,794
Cash Flow per Share	-	32.80	51.30	-	-	-	-	-
Capex ¹	28,813	11,292	22,583	-	1,94,270	5,78,412	4,47,769	4,70,373
Capex / Sales	18.63%	14.73%	15.61%	-	37.82%	32.69%	22.88%	20.47%
Announcement Date	10/03/20	11/03/21	10/03/22	09/03/23	06/03/24	-	-	-

¹ARS in Million²ARS

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pampa Energía S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,975 ARS

Average target price

3,097 ARS

Spread / Average Target

+56.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
NEXTERA ENERGY	+22.79%	153B
SOUTHERN COMPANY	+12.24%	86.05B
IBERDROLA, S.A.	+2.65%	82.54B
DUKE ENERGY CORPORATION	+6.03%	79.41B
ENEL S.P.A.	+0.22%	74.02B
CONSTELLATION ENERGY CORPORATION	+82.73%	67.33B
AMERICAN ELECTRIC POWER COMPANY, INC.	+12.68%	48.24B
GE VERNOVA INC.	0.00%	44.27B
DOMINION ENERGY, INC.	+12.85%	44.46B

Other Electric Utilities