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Key Info

Isagen SA ESP Web - www.isagen.com.co

Tel - 57-4-316-5000

Next Reporting Date - 15.05.2019

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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

  • Water Is Not A Fuel
  • Residents give water to help with crisis
  • Residents warned of planned water shut down on Wednesday

    Isagen SA ESP

    Utilities

    COLOMBIA


    DCF Model Assumptions

    Risk Free Rate

    4.16%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.38%

    Cost of Debt

    4.38%

    Long Term Growth

    2.00%

    Beta Assumption

    Current Market Cap mln$

    Net Debt mln$

    0.00

    WACC Estimate

    0.00%

    Ordinary Current Price $

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue1046.07902.10796.62898.32831.16811.21786.14755.86719.94691.87664.90638.98614.07590.13567.13
    EBITDA Costs614.19623.94424.23393.28452.49437.10417.76394.39366.68345.85326.20307.66290.18273.70258.15
    EBITDA431.88278.16372.39505.04378.67374.11368.39361.47353.26346.02338.70331.32323.89316.43308.98
    EBITDA Margin41.2930.8346.7556.2245.5646.1246.8647.8249.0750.0150.9451.8552.7453.6254.48
    Operating Costs702.93703.15478.89461.14514.43496.36473.66446.23413.70389.36366.44344.88324.58305.48287.50
    Operating Profit343.13198.95317.73437.18316.73314.85312.48309.63306.24302.52298.46294.10289.49284.65279.62
    Operating Margin32.8022.0539.8848.6738.1138.8139.7540.9642.5443.7244.8946.0347.1448.2449.31
    Pretax Costs864.08825.43610.00822.59705.22686.35662.63633.99600.01573.74548.61524.59501.62479.65458.64
    PTP181.9976.67186.6275.73125.95124.87123.51121.87119.93118.14116.29114.39112.46110.48108.48
    Pretax Margin17.408.5023.438.4315.1515.3915.7116.1216.6617.0717.4917.9018.3118.7219.13
    Net Income Costs936.69902.10796.62898.32841.14830.54817.22801.14782.06766.54751.32736.41721.80707.47693.43
    Net Income109.380.000.000.00-9.98-19.33-31.08-45.28-62. 12-74.67-86.42-97.43-107.73-117.34-126.31
    Net Margin10.460.000.000.00-1.20-2.38-3.95-5.99-8.63-10.79-13.00-15.25-17.54-19.88-22.27
    Revenue Less Capex1155.03943.32816.62919.07849.03821.60787.12745.48696.08658.69623.31589.84558.16528.18499.81
    Capex-108.96-41.22-20.01-20.75-17.87-10.38-0.9810.3823.8633.1841.5949.1455.9161.9567.32
    Capex to Revenues-10.42-4.57-2.51-2.31-2.15-1.28-0.121.373.314.806.257.699.1110.5011.87
    Revenue less FCF930.33877.07541.43821.83676.12646.91610.21565.89513.29475.26440.04407.43377.24349.28323.40
    FCF115.7325.03255.1876.49155.04164.30175.93189.98206.64216.61224.86231.55236.83240.85243.73
    FCF to Revenue11.062.7732.038.5118.6520.2522.3825.1328.7031.3133.8236.2438.5740.8142.98

    COLOMBIA 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
    ISA CBInterconexion Electrica SA ESPCOLOMBIA 5503.4311.5410.388.027.682.364.2466.961.5812.8034.22
    ISAGEN CBIsagen SA ESPCOLOMBIA ------#????!--#N/A N/A

    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 91227.6022.6420.9713.5912.524.962.6253.642.3210.7713.58
    DUK USDuke Energy CorpUNITED STATES 65815.5418.3217.3611.9911.262.594.1940.531.468.0212.82
    ENEL IMEnel SpAITALY 63084.0111.9411.027.046.720.725.8322.111.6012.6627.62
    D USDominion Energy IncUNITED STATES 61193.9418.1917.3411.8610.953.424.7846.242.2421.449.34
    IBE SMIberdrola SASPAIN 58373.4415.8014.659.508.871.414.5626.371.318.1727.36
    SO USSouthern Co/TheUNITED STATES 54581.2917.2816.6512.2711.742.424.7137.881.9611.5119.86
    EXC USExelon CorpUNITED STATES 48875.8916.0115.949.499.361.502.8727.761.469.4517.28
    AEP USAmerican Electric Power Co IncUNITED STATES 41858.1420.5519.2912.0211.212.553.1934.712.0910.4818.67
    EDF FPElectricite de France SAFRANCE 41653.3017.0013.064.353.960.532.9122.750.855.21-15.30
    3 HKHong Kong & China Gas Co LtdHONG KONG 36678.2132.4130.0626.8124.737.202.0430.284.1713.7325.59
    SRE USSempra EnergyUNITED STATES 34914.3721.1217.9814.2913.002.793.0435.981.9410.0014.70
    PEG USPublic Service Enterprise Group IncUNITED STATES 29794.9718.1016.8011.5610.762.853.1837.331.9511.1110.25
    XEL USXcel Energy IncUNITED STATES 28816.2021.4620.0611.5910.672.362.8932.522.2210.7217.14
    2 HKCLP Holdings LtdHONG KONG 28695.7617.9517.3511.4311.062.453.4527.551.8710.976.38
    ED USConsolidated Edison IncUNITED STATES 27633.5219.5018.5311.1110.432.183.5033.671.558.1612.78
    WEC USWEC Energy Group IncUNITED STATES 24542.0422.1420.8514.2213.243.103.0232.372.4111.2114.72
    EOAN GRE.ON SEGERMANY 23708.7514.0412.875.353.640.634.7314.743.2121.6911.83
    DTE USDTE Energy CoUNITED STATES 22749.7419.9218.8712.7211.661.603.0720.922.0010.4511.76
    PPL USPPL CorpUNITED STATES 22206.3612.6712.1210.229.662.765.3953.041.7216.365.50
    FE USFirstEnergy CorpUNITED STATES 21868.8515.9216.5110.7010.331.873.7033.572.9319.4514.28
    EIX USEdison InternationalUNITED STATES 20715.0814.3413.528.097.531.573.8635.841.8613.16-4.81
    AWK USAmerican Water Works Co IncUNITED STATES 19229.8429.7227.3615.1214.035.301.8650.473.1810.7921.94
    NTPC INNTPC LtdINDIA 18947.4311.769.899.608.361.373.2727.081.2210.388.26
    ETR USEntergy CorpUNITED STATES 18134.6517.9717.3010.589.751.573.8629.461.8610.6217.93
    AEE USAmeren CorpUNITED STATES 17733.9722.0420.5911.3410.452.792.7037.282.2010.2213.70
    TNB MKTenaga Nasional BhdMALAYSIA 16680.0812.3611.766.776.641.374.5630.591.119.50-11.19
    VER AVVerbund AGAUSTRIA 16498.4627.6320.7514.9312.284.491.7035.802.659.5810.64
    384 HKChina Gas Holdings LtdHONG KONG 16304.4416.2013.9512.9611.071.951.8518.373.7024.263.74
    FTS CNFortis Inc/CanadaCANADA 15746.9218.8317.8512.4411.722.383.6844.361.437.1113.61
    RWE GRRWE AGGERMANY 15639.1125.4512.1010.164.611.043.4610.931.173.5229.68