Financials JSW Energy Limited

Equities

JSWENERGY

INE121E01018

Independent Power Producers

Market Closed - Bombay S.E. Other stock markets 06:13:14 2024-05-15 am EDT			5-day change	1st Jan Change
598 ^INR	-0.35%		+2.42%	+46.17%

05:21am	India's weight in key MSCI equity index hits another high, to boost inflows	RE
04:58am	Indian shares set to open higher; Canara Bank, JSW Energy in focus	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	119,139	69,938	144,428	491,264	394,824	1,042,690	-	-
Enterprise Value (EV) ¹	201,837	138,850	202,876	555,426	616,624	867,994	1,287,690	1,318,583
P/E ratio	17.1 x	6.36 x	18.2 x	28.5 x	26.8 x	50.5 x	38.1 x	29.9 x
Yield	1.38%	2.35%	2.27%	0.67%	0.83%	0.38%	0.38%	0.51%
Capitalization / Revenue	1.3 x	0.85 x	2.09 x	6.02 x	3.82 x	7.56 x	6.42 x	5.67 x
EV / Revenue	2.21 x	1.68 x	2.93 x	6.8 x	5.97 x	7.56 x	7.93 x	7.17 x
EV / EBITDA	6.71 x	4.7 x	6.98 x	18.7 x	18 x	16.1 x	15.9 x	14 x
EV / FCF	9.05 x	7.08 x	6.21 x	84.4 x	-28.7 x	-25.6 x	-22.4 x	172 x
FCF Yield	11.1%	14.1%	16.1%	1.18%	-3.49%	-3.91%	-4.46%	0.58%
Price to Book	1.01 x	0.6 x	1 x	2.81 x	2.13 x	4.89 x	3.73 x	3.67 x
Nbr of stocks (in thousands)	1,641,038	1,641,731	1,642,158	1,643,574	1,640,315	1,743,629	-	-
Reference price ²	72.60	42.60	87.95	298.9	240.7	598.0	598.0	598.0
Announcement Date	5/16/19	5/20/20	6/25/21	5/3/22	5/23/23	5/7/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	91,376	82,727	69,222	81,672	103,318	114,859	162,328	183,997
EBITDA ¹	30,096	29,569	29,066	29,733	34,211	53,983	80,886	94,440
EBIT ¹	18,460	17,888	17,396	18,423	22,519	37,649	71,924	69,539
Operating Margin	20.2%	21.62%	25.13%	22.56%	21.8%	32.78%	44.31%	37.79%
Earnings before Tax (EBT) ¹	8,969	11,142	10,986	22,383	19,428	21,669	34,347	44,594
Net income ¹	6,951	10,999	7,955	17,286	14,778	17,227	25,733	33,071
Net margin	7.61%	13.3%	11.49%	21.17%	14.3%	15%	15.85%	17.97%
EPS ²	4.240	6.700	4.840	10.50	8.990	10.47	15.70	20.02
Free Cash Flow ¹	22,310	19,611	32,644	6,580	-21,520	-51,044	-57,421	7,659
FCF margin	24.42%	23.71%	47.16%	8.06%	-20.83%	-41.66%	-35.37%	4.16%
FCF Conversion (EBITDA)	74.13%	66.32%	112.31%	22.13%	-	-	-	8.11%
FCF Conversion (Net income)	320.94%	178.29%	410.37%	38.06%	-	-	-	23.16%
Dividend per Share ²	1.000	1.000	2.000	2.000	2.000	2.289	2.256	3.022
Announcement Date	5/16/19	5/20/20	6/25/21	5/3/22	5/23/23	5/7/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	20,875	38,150	18,935	24,407	30,263	23,875	22,481	26,700	29,278	32,594	61,873	25,428	27,559
EBITDA ¹	9,316	16,281	7,912	6,071	10,220	8,896	6,249	7,393	12,221	18,804	31,025	11,108	11,754
EBIT ¹	6,453	-	5,100	3,299	7,335	5,954	3,298	4,480	8,241	-	-	7,107	7,486
Operating Margin	30.91%	-	26.93%	13.52%	24.24%	24.94%	14.67%	16.78%	28.15%	-	-	27.95%	27.17%
Earnings before Tax (EBT) ¹	6,066	-	4,075	9,690	7,528	6,047	2,347	3,506	4,260	10,919	-	3,102	3,389
Net income ¹	3,392	5,403	3,239	8,644	5,604	4,657	1,796	2,720	2,899	8,502	11,400	2,313	3,513
Net margin	16.25%	14.16%	17.11%	35.41%	18.52%	19.5%	7.99%	10.19%	9.9%	26.08%	18.43%	9.1%	12.75%
EPS ²	2.070	-	-	5.240	3.400	2.840	1.090	1.660	1.760	5.170	-	1.410	2.130
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/29/21	10/29/21	1/19/22	5/3/22	7/21/22	10/28/22	1/20/23	5/23/23	7/14/23	10/20/23	10/20/23	1/23/24	5/7/24

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	82,698	68,912	58,448	64,161	221,800	262,079	245,000	275,893
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.748 x	2.331 x	2.011 x	2.158 x	6.483 x	4.772 x	3.029 x	2.921 x
Free Cash Flow ¹	22,310	19,611	32,644	6,580	-21,520	-51,044	-57,421	7,659
ROE (net income / shareholders' equity)	6.06%	8.85%	6.08%	7.39%	7.93%	8.99%	11.2%	12.8%
ROA (Net income/ Total Assets)	2.64%	4.07%	3.09%	4.11%	3.71%	5.87%	6.39%	5.84%
Assets ¹	263,307	270,317	257,741	420,211	398,372	305,579	402,753	566,519
Book Value Per Share ²	72.00	70.90	88.30	106.0	113.0	122.0	160.0	163.0
Cash Flow per Share ²	15.00	12.70	22.50	17.90	12.70	34.10	44.90	50.10
Capex ¹	2,335	1,210	4,354	22,941	42,363	70,033	131,083	98,012
Capex / Sales	2.56%	1.46%	6.29%	28.09%	41%	57.16%	80.75%	53.27%
Announcement Date	5/16/19	5/20/20	6/25/21	5/3/22	5/23/23	5/7/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for JSW Energy Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

598 INR

Average target price

506.1 INR

Spread / Average Target

-15.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Fossil Fuel IPPs

	1st Jan change	Capi.
JSW ENERGY LIMITED	+46.17%	12.53B
HUANENG POWER INTERNATIONAL, INC.	+28.50%	17.63B
GULF ENERGY DEVELOPMENT	-7.30%	13.23B
ZHEJIANG ZHENENG ELECTRIC POWER CO., LTD.	+39.05%	12.22B
SHAANXI ENERGY INVESTMENT CO., LTD.	+21.17%	5.44B
JIANGSU GUOXIN CORP. LTD.	+25.57%	4.48B
ABOITIZ POWER CORPORATION	-6.08%	4.44B
GLOBAL POWER SYNERGY	+2.58%	3.8B
TAQA MOROCCO S.A.	+29.09%	3.34B
BEIJING JINGNENG POWER CO., LTD.	+15.54%	3.26B

Fossil Fuel IPPs