Financials Sakhalinenergo

Equities

SLEN

RU0009280465

Electric Utilities

End-of-day quote Moscow Micex - RTS Other stock markets 03:30:00 08/07/2022 am IST			5-day change	1st Jan Change
2.9 ^RUB	+1.05%		-.--%	-.--%

08/04	Public Joint Stock Company "Sakhalinenergo" Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Public Joint Stock Company "Sakhalinenergo" Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,265	2,285	2,672	4,621	3,588	5,359
Enterprise Value (EV) ¹	5,992	23,957	26,394	26,854	15,398	20,261
P/E ratio	0.78 x	1.33 x	-1.01 x	-2,177 x	-0.69 x	3.38 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	0.1 x	0.18 x	0.18 x	0.29 x	0.23 x	0.28 x
EV / Revenue	0.5 x	1.93 x	1.78 x	1.71 x	0.99 x	1.05 x
EV / EBITDA	2.5 x	9.06 x	7.98 x	6.02 x	5.55 x	5.09 x
EV / FCF	-7.7 x	86.5 x	-17.5 x	-102 x	-2.83 x	-4.45 x
FCF Yield	-13%	1.16%	-5.73%	-0.98%	-35.3%	-22.5%
Price to Book	0.66 x	0.43 x	0.99 x	0.44 x	0.47 x	0.37 x
Nbr of stocks (in thousands)	2,94,169	5,30,244	5,30,244	12,37,175	12,37,175	18,47,908
Reference price ²	4.300	4.310	5.040	3.735	2.900	2.900
Announcement Date	24/04/19	29/02/20	02/06/21	07/04/23	07/04/23	08/04/24

¹RUB in Million²RUB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	12,082	12,444	14,806	15,727	15,511	19,384
EBITDA ¹	2,401	2,644	3,306	4,460	2,775	3,979
EBIT ¹	1,813	1,809	2,508	3,549	1,484	2,585
Operating Margin	15.01%	14.54%	16.94%	22.57%	9.57%	13.34%
Earnings before Tax (EBT) ¹	2,251	1,433	-1,943	257	-6,364	1,673
Net income ¹	1,629	1,159	-2,648	-2	-6,295	1,702
Net margin	13.48%	9.31%	-17.88%	-0.01%	-40.58%	8.78%
EPS ²	5.538	3.247	-4.994	-0.001716	-4.220	0.8576
Free Cash Flow ¹	-778.2	276.9	-1,512	-262.5	-5,442	-4,554
FCF margin	-6.44%	2.22%	-10.21%	-1.67%	-35.08%	-23.49%
FCF Conversion (EBITDA)	-	10.47%	-	-	-	-
FCF Conversion (Net income)	-	23.89%	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	24/04/19	29/02/20	02/06/21	07/04/23	07/04/23	08/04/24

¹RUB in Million²RUB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	4,727	21,672	23,722	22,233	11,810	14,902
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.969 x	8.197 x	7.175 x	4.985 x	4.256 x	3.745 x
Free Cash Flow ¹	-778	277	-1,512	-263	-5,442	-4,554
ROE (net income / shareholders' equity)	178%	31.9%	-65.8%	-0.03%	-59.2%	12%
ROA (Net income/ Total Assets)	11.8%	4.99%	4.75%	6.25%	2.74%	4.95%
Assets ¹	13,774	23,226	-55,693	-31.99	-2,29,393	34,409
Book Value Per Share ²	6.560	10.10	5.110	8.420	6.200	7.750
Cash Flow per Share ²	4.390	4.980	3.680	2.620	1.090	0.1500
Capex ¹	1,846	2,502	3,060	3,196	5,026	9,879
Capex / Sales	15.28%	20.11%	20.67%	20.32%	32.4%	50.96%
Announcement Date	24/04/19	29/02/20	02/06/21	07/04/23	07/04/23	08/04/24

¹RUB in Million²RUB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Fossil Fuel Electric Utilities

	1st Jan change	Capi.
SAKHALINENERGO	-.--%	6.89Cr
TENAGA NASIONAL	+23.51%	1.52TCr
CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED	+21.60%	544.69Cr
SHENZHEN ENERGY GROUP CO., LTD.	+18.14%	501.23Cr
ENEVA S.A.	-8.89%	380.51Cr
SHANGHAI ELECTRIC POWER CO., LTD.	+13.48%	373.88Cr
HUADIAN ENERGY COMPANY LIMITED	+6.42%	246.62Cr
GCL ENERGY TECHNOLOGY CO.,LTD.	-14.05%	232.66Cr
SHIKOKU ELECTRIC POWER COMPANY, INCORPORATED	+36.90%	179.99Cr
GUANGDONG BAOLIHUA NEW ENERGY STOCK CO., LTD.	+33.18%	177.5Cr

Fossil Fuel Electric Utilities

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Financials Sakhalinenergo

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