Financials S.P.E.E.H. Hidroelectrica S.A.

Equities

H2O

RO4Q0Z5RO1B6

Electric Utilities

End-of-day quote Bucharest S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
134 ^RON	-0.37%		-0.45%	+4.69%

Mar. 11	S.P.E.E.H. Hidroelectrica S.A. completed the acquisition of All assets of S.C. U.C.M. Resita S.A.	CI
Feb. 27	S.P.E.E.H. Hidroelectrica S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	57,575	60,408	-	-
Enterprise Value (EV) ¹	53,278	55,390	57,135	56,776
P/E ratio	9.07 x	12.9 x	12.2 x	-
Yield	-	6.98%	7.37%	7.43%
Capitalization / Revenue	4.7 x	5.66 x	5.78 x	5.67 x
EV / Revenue	4.35 x	5.19 x	5.47 x	5.33 x
EV / EBITDA	6.49 x	8.26 x	8.87 x	8.78 x
EV / FCF	-	11.5 x	14.6 x	13.5 x
FCF Yield	-	8.71%	6.83%	7.41%
Price to Book	2.3 x	2.51 x	2.66 x	2.65 x
Nbr of stocks (in thousands)	449,803	449,803	-	-
Reference price ²	128.0	134.3	134.3	134.3
Announcement Date	2/27/24	-	-	-

¹RON in Million²RON

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2023	2024	2025	2026
Net sales ¹	12,244	10,677	10,449	10,654
EBITDA ¹	8,214	6,707	6,438	6,470
EBIT ¹	7,161	5,919	5,583	5,296
Operating Margin	58.49%	55.44%	53.43%	49.71%
Earnings before Tax (EBT) ¹	7,420	5,634	5,908	-
Net income ¹	6,337	4,671	4,926	4,222
Net margin	51.76%	43.74%	47.14%	39.63%
EPS ²	14.11	10.41	10.97	-
Free Cash Flow ¹	-	4,823	3,901	4,206
FCF margin	-	45.17%	37.34%	39.48%
FCF Conversion (EBITDA)	-	71.91%	60.59%	65.01%
FCF Conversion (Net income)	-	103.26%	79.2%	99.61%
Dividend per Share ²	-	9.373	9.894	9.975
Announcement Date	2/27/24	-	-	-

¹RON in Million²RON

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales	-	-	2,689	-	-	-	-	-
EBITDA	-	-	1,633	-	-	-	-	-
EBIT	-	-	1,186	-	-	-	-	-
Operating Margin	-	-	44.1%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	1,242	-	-	-	-	-
Net income	2,223	1,238	1,153	-	-	-	-	-
Net margin	-	-	42.86%	-	-	-	-	-
EPS	4.950	2.760	2.560	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	9.373	-
Announcement Date	8/16/23	11/14/23	2/27/24	-	-	-	-	-

¹RON

Estimates

Balance Sheet Analysis

Fiscal Period: December	2023	2024	2025	2026
Net Debt ¹	-	-	-	-
Net Cash position ¹	4,297	5,019	3,274	3,632
Leverage (Debt/EBITDA)	-	-	-	-
Free Cash Flow ¹	-	4,823	3,901	4,206
ROE (net income / shareholders' equity)	27.2%	21.4%	21%	17.7%
ROA (Net income/ Total Assets)	-	-	-	-
Assets ¹	-	-	-	-
Book Value Per Share ²	55.70	53.50	50.50	50.70
Cash Flow per Share	-	-	-	-
Capex ¹	-	1,196	1,551	1,268
Capex / Sales	-	11.2%	14.84%	11.9%
Announcement Date	2/27/24	-	-	-

¹RON in Million²RON

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for S.P.E.E.H. Hidroelectrica S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

134.3 RON

Average target price

123.8 RON

Spread / Average Target

-7.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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