Financials CMS Energy Corporation

Equities

CMS

US1258961002

Multiline Utilities

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
59.34 ^USD	-1.88%		-0.35%	+2.19%

Apr. 26	Wolfe Research Adjusts Price Target on CMS Energy to $64 From $62	MT
Apr. 26	BMO Capital Adjusts Price Target on CMS Energy to $68 From $67	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,835	17,469	18,845	18,382	16,943	17,720	-	-
Enterprise Value (EV) ¹	30,942	32,497	30,867	32,527	32,355	34,354	35,819	38,757
P/E ratio	26.3 x	23.1 x	14 x	22.2 x	19.3 x	17.8 x	16.4 x	15.3 x
Yield	2.43%	2.67%	2.67%	2.91%	3.36%	3.48%	3.71%	3.94%
Capitalization / Revenue	2.61 x	2.62 x	2.57 x	2.14 x	2.27 x	2.23 x	2.07 x	2 x
EV / Revenue	4.52 x	4.86 x	4.21 x	3.78 x	4.34 x	4.32 x	4.18 x	4.38 x
EV / EBITDA	13.9 x	13.3 x	13.7 x	13.8 x	13.4 x	11.6 x	11.4 x	11.3 x
EV / FCF	-98.5 x	-31.2 x	-120 x	-21.4 x	-330 x	-65.4 x	-55.2 x	994 x
FCF Yield	-1.01%	-3.2%	-0.83%	-4.67%	-0.3%	-1.53%	-1.81%	0.1%
Price to Book	3.56 x	3.21 x	2.94 x	2.72 x	2.34 x	2.01 x	1.98 x	1.87 x
Nbr of stocks (in thousands)	283,822	286,322	289,697	290,252	291,764	298,618	-	-
Reference price ²	62.84	61.01	65.05	63.33	58.07	59.34	59.34	59.34
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,845	6,680	7,329	8,596	7,462	7,959	8,569	8,848
EBITDA ¹	2,231	2,440	2,260	2,350	2,415	2,951	3,132	3,418
EBIT ¹	1,239	1,362	1,146	1,224	1,235	1,651	1,811	1,981
Operating Margin	18.1%	20.39%	15.64%	14.24%	16.55%	20.74%	21.13%	22.39%
Earnings before Tax (EBT) ¹	829	885	823	902	954	1,089	1,191	1,307
Net income ¹	680	755	1,348	827	877	962.1	1,056	1,155
Net margin	9.93%	11.3%	18.39%	9.62%	11.75%	12.09%	12.32%	13.06%
EPS ²	2.390	2.640	4.660	2.850	3.010	3.333	3.607	3.871
Free Cash Flow ¹	-314	-1,041	-257	-1,519	-98	-525	-649	39
FCF margin	-4.59%	-15.58%	-3.51%	-17.67%	-1.31%	-6.6%	-7.57%	0.44%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	1.14%
FCF Conversion (Net income)	-	-	-	-	-	-	-	3.38%
Dividend per Share ²	1.530	1.630	1.740	1.840	1.950	2.068	2.201	2.341
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

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	2025 Q1
Net sales ¹	1,725	2,033	2,374	1,920	2,024	2,278	2,284	1,555	1,673	1,950	2,176	1,739	1,921	2,182	2,481
EBITDA ¹	510	486	801	481	501	567	667	499	533	716	834.8	584.8	683.5	698.9	826.6
EBIT ¹	260	204	456	239	258	271	314	244	271	406	412	294.9	386.9	416.3	458.6
Operating Margin	15.07%	10.03%	19.21%	12.45%	12.75%	11.9%	13.75%	15.69%	16.2%	20.82%	18.93%	16.96%	20.14%	19.08%	18.48%
Earnings before Tax (EBT) ¹	179	119	380	156	182	184	223	230	184	317	321	195.3	254.5	298	-
Net income ¹	186	637	351	145	163	168	202	195	174	306	285	180.3	232.3	258.1	314.2
Net margin	10.78%	31.33%	14.79%	7.55%	8.05%	7.37%	8.84%	12.54%	10.4%	15.69%	13.1%	10.37%	12.09%	11.83%	12.66%
EPS ²	0.6400	2.200	1.210	0.5000	0.5600	0.5800	0.6900	0.6700	0.6000	1.050	0.9600	0.6221	0.7700	0.9098	1.050
Dividend per Share ²	0.4350	0.4350	0.4600	0.4600	0.4600	0.4600	0.4875	0.4875	0.4875	0.4875	0.5191	0.5191	0.5191	0.5191	0.5581
Announcement Date	10/28/21	2/3/22	5/3/22	7/28/22	10/27/22	2/2/23	4/27/23	7/27/23	10/26/23	2/1/24	4/25/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,107	15,028	12,022	14,145	15,412	16,635	18,159	19,174
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.875 x	6.159 x	5.319 x	6.019 x	6.382 x	5.637 x	5.798 x	5.61 x
Free Cash Flow ¹	-314	-1,041	-257	-1,519	-98	-525	-649	39
ROE (net income / shareholders' equity)	14.5%	14.5%	12.9%	11.6%	12.5%	12.9%	12.7%	12.7%
ROA (Net income/ Total Assets)	2.76%	2.7%	2.63%	2.79%	2.8%	2.85%	2.9%	2.98%
Assets ¹	24,667	27,919	51,352	29,658	31,362	33,758	36,432	38,705
Book Value Per Share ²	17.70	19.00	22.10	23.30	24.90	29.50	29.90	31.80
Cash Flow per Share ²	6.300	4.480	6.280	2.950	7.920	8.150	8.310	-
Capex ¹	2,104	2,317	2,076	2,374	2,407	3,165	3,648	3,276
Capex / Sales	30.74%	34.69%	28.33%	27.62%	32.26%	39.77%	42.61%	37.14%
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CMS Energy Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

59.34 USD

Average target price

63.17 USD

Spread / Average Target

+6.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Multiline Utilities

	1st Jan change	Capi.
CMS ENERGY CORPORATION	+2.19%	17.72B
ABU DHABI NATIONAL ENERGY COMPANY	-20.00%	85.7B
ACWA POWER COMPANY	+63.42%	81.88B
E.D.F.	-.--%	51.55B
NATIONAL GRID PLC	-0.90%	48.58B
SEMPRA	-4.56%	45.12B
ENGIE	+1.14%	41.62B
EON SE	+2.14%	34.6B
PUBLIC SERVICE ENTERPRISE GROUP, INC.	+10.91%	33.81B
RWE AG	-21.83%	25.56B

Other Multiline Utilities