Manila Electric Company (MAEOY)
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No price history available.
Key financial summary
Financials in PHP| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Total revenue | PHP bn | 6 | 6 | 8 | 444 | 470 | 509 | 538 | 522 |
| Operating profit | PHP bn | 50 | 34 | ||||||
| Net profit | PHP bn | 0 | 0 | 1 | 38 | 46 | 52 | 54 | - |
| EPS reported | PHP | 92.90 | 95.34 | ||||||
| Operating cashflow per share | PHP | 136.7 | 125.2 | ||||||
| Capex per share | PHP | 193.3 | 178.3 | ||||||
| FCF per share | PHP | -56.61 | -53.10 | ||||||
| Free cash flow | PHP bn | -32 | -33 | ||||||
| Net debt | PHP bn | 121 | 127 | ||||||
| Book value equity | PHP bn | 173 | 182 | ||||||
| Book value per share | PHP | 307.1 | 304.6 | ||||||
| Number of shares | m | 563.5 | 596.61 | ||||||
| DPS (TTM paid) | PHP | 59.41 | 57.99 |
Financial summary
Financials in PHP| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Value | |||||||||
| P/E TTM | x | - | 9.74 | ||||||
| P/B LTM | x | 3.36 | 3.20 | ||||||
| P/S LTM | x | 1.14 | 1.08 | ||||||
| P/FCF LTM | x | -18.23 | -17.87 | ||||||
| EV/EBITDA LTM | x | 10.49 | 8.55 | ||||||
| EV/Sales LTM | x | 1.38 | 1.57 | ||||||
| Earnings Yield LTM | % | +8.99% | +10.27% | ||||||
| FCF Yield | % | -5.49% | -5.59% | ||||||
| Quality | |||||||||
| ROE | % | +30.21% | +31.34% | ||||||
| ROIC | % | +6.44% | +6.39% | ||||||
| Operating margin | % | +9.75% | +9.64% | ||||||
| Gross margin | % | +11.31% | +18.78% | ||||||
| FCF/Sales | % | -6.27% | -6.10% | ||||||
| Growth and momentum | |||||||||
| EPS Growth YoY | % | +14.16% | +17.15% | ||||||
| Sales Growth YoY | % | +8.11% | +14.38% | ||||||
| Net Income Growth YoY | % | +14.00% | +17.30% | ||||||
| FCF Growth | % | - | - | ||||||
| Operating Profit Growth | % | +10.07% | -25.23% | ||||||
| Dividend and capital structure | |||||||||
| Dividend Yield | % | +4.82% | +4.94% | ||||||
| Dividend Growth | % | +12.60% | +9.90% | ||||||
| Payout Ratio | % | +53.55% | +54.97% | ||||||
| FCF/Debt | x | -0.14 | -0.13 | ||||||
| Net Debt/EBITDA | x | 1.80 | 1.46 | ||||||
| EBIT/Net interest | x | 5.45 | 5.32 | ||||||
| Net debt/market cap | % | +39.57% | +35.24% | ||||||
| Net debt/Equity | x | 0.70 | 0.70 | ||||||
| Gross debt/equity | x | 1.33 | 1.36 | ||||||
Price target estimates
Based on consensus from external analysts. Not Kvantra's opinion.
Ratings
Based on consensus from external analysts. Not Kvantra's opinion.
ESG
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| ESG-score | |||
| Environmental score | |||
| Social score | |||
| Governance score | |||
| Risk rating |
Company overview
Manila Electric Company (Meralco), established in 1903 and headquartered in Pasig, Philippines, functions primarily as a major electricity utility. The company holds a government-granted franchise, which permits it to establish, manage, and maintain the electrical distribution network throughout the Philippines. Meralco's operations are divided into two main divisions: Power and Other Services. Through its Power segment, the company supplies electricity to an extensive customer base of approximately 7.3 million industrial, commercial, and residential clients. Its vast distribution grid covers 36 cities and 75 municipalities, including the critical areas of Metro Manila, Rizal, Cavite, and Bulacan, alongside specific parts of Pampanga, Batangas, Laguna, and Quezon. Meralco is also a key power provider for the Clark Special Economic Zone. Beyond distribution, the company is involved in power generation, developing and operating solar facilities, and owning a diverse portfolio of coal, diesel, and liquefied natural gas (LNG) power plants. The Other Services segment significantly broadens Meralco's commercial scope. This division encompasses a wide array of offerings such as electromechanical engineering, construction, and consulting; operational and maintenance services for rail systems; insurance and reinsurance solutions; e-business development; sophisticated power distribution management; and infrastructure solutions for electric vehicles and their charging stations. Furthermore, Meralco provides engineering, procurement, and construction (EPC) services, testing and commissioning, and comprehensive building and facilities management. The company also offers various administrative and support functions, including e-transaction processing, outsourced payment collection, and tellering. Additionally, it focuses on energy efficiency and urban services, energy sourcing and trading activities, and the aggregation and wholesale contracting of electricity.
Similar companies
For informational purposes only. Kvantra provides data and quantitative analysis, not investment advice. KvantraRank is a mechanical model output. Analyst price targets and ratings are sourced from third parties and are not Kvantra recommendations. Past performance does not guarantee future results; all investments carry risk.
No price history available.
Not enough data to calculate KvantraRank
Consensus from external analysts. Not Kvantra's opinion.
Based on consensus from external analysts. Not Kvantra's opinion.
Manila Electric Company (Meralco), established in 1903 and headquartered in Pasig, Philippines, functions primarily as a major electricity utility. The company holds a government-granted franchise, which permits it to establish, manage, and maintain the electrical distribution network throughout the Philippines. Meralco's operations are divided into two main divisions: Power and Other Services. Through its Power segment, the company supplies electricity to an extensive customer base of approximately 7.3 million industrial, commercial, and residential clients. Its vast distribution grid covers 36 cities and 75 municipalities, including the critical areas of Metro Manila, Rizal, Cavite, and Bulacan, alongside specific parts of Pampanga, Batangas, Laguna, and Quezon. Meralco is also a key power provider for the Clark Special Economic Zone. Beyond distribution, the company is involved in power generation, developing and operating solar facilities, and owning a diverse portfolio of coal, diesel, and liquefied natural gas (LNG) power plants. The Other Services segment significantly broadens Meralco's commercial scope. This division encompasses a wide array of offerings such as electromechanical engineering, construction, and consulting; operational and maintenance services for rail systems; insurance and reinsurance solutions; e-business development; sophisticated power distribution management; and infrastructure solutions for electric vehicles and their charging stations. Furthermore, Meralco provides engineering, procurement, and construction (EPC) services, testing and commissioning, and comprehensive building and facilities management. The company also offers various administrative and support functions, including e-transaction processing, outsourced payment collection, and tellering. Additionally, it focuses on energy efficiency and urban services, energy sourcing and trading activities, and the aggregation and wholesale contracting of electricity.
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