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Key Info

EDP - Energias de Portugal SA Web - www.edp.pt

Tel - 351-21-001-2500

Next Reporting Date - 20.02.2020

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Electric Utilities Sector Link to Midlincoln Rural Investment Banking Ideas

From Water into Utilities Sector

Heating, Water, ElectrInstallation and Repair


Rural Investment Banking Craft News

  • Open University scientists testing 'Moon dust' for water BBC News
  • Residents of bushfire-ravaged Bega Valley rely on carted water after flooding The Guardian
  • Arsenic contamination leaves small town left without clean drinking water for THREE MONTHS Daily Mail
  • Water Stations Fight Obesity by Curbing San Francisco's Thirst for ... UCSF News Services

    EDP - Energias de Portugal SA

    Utilities

    PORTUGAL


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    0.34

    Current Market Cap mln$

    18,836.20

    Net Debt mln$

    20,323.65

    WACC Estimate

    4.02%

    Ordinary Current Price $

    5.15

    DCF Model

    < td style="font-size: 10px">914.29
    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue17223.6616154.3517788.5818045.3217944.4218169.7518492.4118818.3319149.6119487.8319832.0320182.3120538.7720901.5321270.70
    EBITDA Costs12900.1811918.5213276.9514467.4713891.9814155.8714533.7314915.4215303.3915706.2016119.6216543.9316979.4017426.3317885.03
    EBITDA4323.484235.834511.633577.854052.444013.883958.683902.913846.233781.633712.413638.383559.383475.203385.67
    EBITDA Margin25.1026.2225.3619.8322.5822.0921.4120.7420.0919.4118.7218.0317.3316.6315.92
    Operating Costs14511.5013648.4015169.9816173.9715648.8015920.3016309.0516701.7417100.8717513.5417936.1718369.0018812.2719266.2419731.16
    Operating Profit2712.152505.952618.601871.352295.612249.462183.362116.602048.741974.291895.861813.311726.501635.291539.54
    Operating Margin15.7515.5114.7210.3712.7912.3811.8111.2510.7010.139.568.988.417.827.24
    Pretax Costs15462.1214659.5316070.2916815.6616426.5916663.6017002.9717345.7917694.2318051.7518416.4918788.6119168.2419555.5419950.67
    PTP1761.531494.811718.291229.661517.831506.161489.441472.551455.381436.091415.541393.701370.531345.991320.03
    Pretax Margin10.239.259.666.818.468.298.057.837.607.377.146.916.676.446.21
    Net Income Costs16392.2715137.1716833.9617103.9617030.1317263.1317596.7717933.7918276.3518627.1418984.6619349.0419720.4220098.9220484.69
    Net Income831.391017.18954.61941.36906.62895.64884.54873.26860.70847.37833.27818.36802.61786.01
    Net Margin4.836.305.375.225.104.994.844.704.564.424.274.133.983.843.70
    Revenue Less Capex19261.2118468.3019958.7520063.4219998.1320194.9320476.7320761.3821050.7021343.9521641.2721942.7422248.4122558.3322872.58
    Capex-2037.56-2313.95-2170.17-2018.10-2053.72-2025.18-1984.32-1943.05-1901.09-1856.11-1809.24-1760.43-1709.63-1656.80-1601.87
    Capex to Revenues-11.83-14.32-12.20-11.18-11.44-11.15-10.73-10.33-9.93-9.52-9.12-8.72-8.32-7.93-7.53
    Revenue less FCF16727.2614899.7218205.6317255.0517746.2518088.5318578.6319073.7119576.9120099.7720636.6021187.7621753.6422334.6422931.16
    FCF496.391254.63-417.06790.27198.1681.22-86.23-255.37-427.30-611.94-804.56-1005.45-1214.87-1433.11-1660.46
    FCF to Revenue2.887.77-2.344.381.100.45-0.47-1.36-2.23-3.14-4.06-4.98-5.92-6.86-7.81

    PORTUGAL Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    EDP GREDP - Energias de Portugal SAPORTUGAL 18836.221.320.74001.07421.881.946.87.73

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    NEE USNextEra Energy IncUNITED STATES 136186.7832.0930.716.8116.744.922.0651.193.210.5916.81
    ENEL IMEnel SpAITALY 91238.1917.4915.798.678.321.053.9922.342.6212.6620.84
    IBE SMIberdrola SASPAIN 75903.2920.4519.1212.0111.261.873.5226.81.768.8421.34
    DUK USDuke Energy CorpUNITED STATES 74238.2418.0219.5612.912.532.491.0440.91.498.367
    D USDominion Energy IncUNITED STATES 72504.3418.5919.95-12.973.54.4633.862.145.554.39
    SO USSouthern Co/TheUNITED STATES 72383.6222.2821.7313.7713.483.273.5739.32.5211.7418.27
    AEP USAmerican Electric Power Co IncUNITED STATES 51252.4424.5923.6114.2413.133.162.6134.492.5910.711.51
    EXC USExelon CorpUNITED STATES 48264.8214.6716.128.229.751.213.1829.481.379.32-2.74
    SRE USSempra EnergyUNITED STATES 45373.9725.8522.517.1915.753.782.4136.672.619.9816.98
    EDF FPElectricite de France SAFRANCE 44059.335.9915.785.35.090.63.3221.160.6610.04-18.61
    XEL USXcel Energy IncUNITED STATES 36843.5124.0525.17-12.922.182.5533.56-10.7813.11
    3 HKHong Kong & China Gas Co LtdHONG KONG 33254.3231.429.522725.486.292.3526.853.9212.54-3.71
    WEC USWEC Energy Group IncUNITED STATES 32133.4225.7627.2417.0616.242.852.5632.672.8811.417.69
    EOAN GRE.ON SEGERMANY 32042.4117.2416.8711.198.350.94.1115.833.522.33-6.34
    ED USConsolidated Edison IncUNITED STATES 31348.1921.9320.9212.0311.32.473.1434.061.738.078.15
    PEG USPublic Service Enterprise Group IncUNITED STATES 29574.8818.0117.1512.0511.12.893.2136.711.9711.164.49
    FE USFirstEnergy CorpUNITED STATES 28241.4918.9620.9512.4112.41.643.1534.223.7713.2417.59
    EIX USEdison InternationalUNITED STATES 27662.4916.1716.8611.179.432.133.233.012.0612.715.65
    PPL USPPL CorpUNITED STATES 27137.0314.6414.0312.0811.012.564.653.032.1214.17-3.08
    2 HKCLP Holdings LtdHONG KONG 26836.9918.5117.4812.8311.122.473.7825.281.898.14-9.62
    ETR USEntergy CorpUNITED STATES 26705.5625.0123.8113.9212.472.492.7430.392.711.2322.52
    DTE USDTE Energy CoUNITED STATES 25745.9220.6320.2313.8912.61.42.9624.242.1410.674.99
    AWK USAmerican Water Works Co IncUNITED STATES 25185.7438.5635.8518.6317.366.941.4150.594.0810.8616.09
    SSE LNSSE PLCBRITAIN 22229.598.7819.469.7313.790.478.2131.522.6632.27-4.57
    RWE GRRWE AGGERMANY 22174.1619.8219.929.576.541.542.4115.851.49.1619.72
    AEE USAmeren CorpUNITED STATES 21352.9326.4225.0913.2512.263.412.2237.422.6610.236.08
    FTS CNFortis Inc/CanadaCANADA 20432.8321.1621.8111.6612.692.33.4449.781.4810.416.05
    384 HKChina Gas Holdings LtdHONG KONG 20224.6416.9316.214.6613.182.681.5920.014.0825.797.79
    CMS USCMS Energy CorpUNITED STATES 19448.7725.2525.6513.8313.32.042.4332.753.5613.9212.49
    VER AVVerbund AGAUSTRIA 17723.3728.9723.6715.4112.974.711.5434.972.8510.3818.51

    EV, Debt, Cash

    Fields2018
    EV39159.85
    Cash2320.57
    Debt18420.43
    Debt/Equity158.98
    Pref Equity0
    Shares Out#N/A Field Not Applicable
    minorities4503.1

    Last Price

    Fields2018
    Last Price5.15
    Next DVD Ex Date11.05.2020
    DVD Announcement Date30.10.2019
    Last Ex Date13.05.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue17223.656716154.3460817788.5767218045.3174917648.21616218.031
    Operating Profit2712.1522352505.9475672618.600181871.3485422140.772354.467
    PTP1761.5321531494.8130831718.2891341229.6590631331.7341707.278
    Net Income831.39047351017.175555954.6144888941.3560692834.064902.915
    EPS#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable0.2420.249
    DPS#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable0.2060.208
    EBITDA4323.4779924235.8256044511.6278243577.8511083862.0143908.118
    BPS#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable2.6492.749
    Capex-2037.55712-2313.954851-2170.172001-2018.100874-1895.6-1823.026
    FCF496.39450271254.627939-417.0569486790.2701918
    EV TO T12M EBIT13.7213.8412.4618.3518.3518.35
    EV/EBITDA8.618.197.239.600
    CUR RATIO0.720.861.130.790.790.79

    Ratios

    Fields201520162017201820192020
    Market Cap18836.218836.218836.218836.218836.218836.2
    PE RATIO#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable21.320.74
    EV/EBITDA8.618.197.239.600
    P/S#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable1.071.16
    DIVIDEND YIELD#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable44.04
    EBITDA Margin25.126.2225.3619.8321.880.15
    P/B#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable1.941.87
    ROE10.5210.6311.755.616.89.35
    6 month return7.737.737.737.737.737.73