Financials First Gen Corporation

Equities

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
17.7 ^PHP	-0.11%		+0.57%	+1.72%

Jun. 14	First Gen Awards LNG Cargo Contract to TG Global Trading	MT
Jun. 06	First Gen Corporation Announces Executive Changes	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,692	2,082	1,964	1,092	1,130	1,090	-	-
Enterprise Value (EV) ¹	2,976	3,205	2,968	1,887	1,799	2,125	2,236	2,329
P/E ratio	6.09 x	8.03 x	7.8 x	4.28 x	3.61 x	3.98 x	3.41 x	3.09 x
Yield	1.17%	0.98%	2.45%	4.85%	5.07%	5.25%	5.65%	5.71%
Capitalization / Revenue	0.79 x	1.14 x	0.91 x	0.41 x	0.46 x	0.41 x	0.4 x	0.4 x
EV / Revenue	1.38 x	1.75 x	1.37 x	0.71 x	0.73 x	0.8 x	0.82 x	0.85 x
EV / EBITDA	3.88 x	4.19 x	4.19 x	2.52 x	2.31 x	2.41 x	2.37 x	2.45 x
EV / FCF	4.62 x	7.07 x	5.39 x	4.9 x	5.09 x	-4.13 x	28 x	25.8 x
FCF Yield	21.6%	14.1%	18.5%	20.4%	19.6%	-24.2%	3.57%	3.88%
Price to Book	0.8 x	0.86 x	0.8 x	0.45 x	0.42 x	0.32 x	0.29 x	0.27 x
Nbr of stocks (in thousands)	3,560,228	3,552,181	3,596,576	3,596,576	3,596,576	3,596,576	-	-
Reference price ²	0.4753	0.5862	0.5462	0.3036	0.3141	0.3030	0.3030	0.3030
Announcement Date	3/18/20	3/20/21	4/6/22	4/5/23	4/8/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,151	1,830	2,167	2,667	2,475	2,671	2,712	2,744
EBITDA ¹	767.8	764.9	709	750.1	780.1	883.4	943.9	950.8
EBIT ¹	543	531.5	484.4	533	550.6	656.5	709.4	681.4
Operating Margin	25.24%	29.04%	22.35%	19.99%	22.25%	24.58%	26.16%	24.83%
Earnings before Tax (EBT) ¹	481.3	479	428.1	463.8	530.3	538	622.9	632.6
Net income ¹	296	282.1	258.3	261.4	312.2	292.1	331	352.8
Net margin	13.76%	15.41%	11.92%	9.8%	12.62%	10.94%	12.21%	12.85%
EPS ²	0.0780	0.0730	0.0700	0.0710	0.0870	0.0762	0.0889	0.0981
Free Cash Flow ¹	644.2	453.5	550.3	384.8	353.3	-514.5	79.86	90.35
FCF margin	29.95%	24.78%	25.4%	14.43%	14.28%	-19.26%	2.95%	3.29%
FCF Conversion (EBITDA)	83.9%	59.29%	77.62%	51.31%	45.29%	-	8.46%	9.5%
FCF Conversion (Net income)	217.65%	160.75%	213.1%	147.23%	113.15%	-	24.13%	25.61%
Dividend per Share ²	0.005550	0.005760	0.0134	0.0147	0.0159	0.0159	0.0171	0.0173
Announcement Date	3/18/20	3/20/21	4/6/22	4/5/23	4/8/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,284	1,123	1,003	795	670	1,035	1,146	1,239
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.672 x	1.468 x	1.415 x	1.06 x	0.8583 x	1.172 x	1.214 x	1.304 x
Free Cash Flow ¹	644	454	550	385	353	-514	79.9	90.4
ROE (net income / shareholders' equity)	14.9%	14.2%	12%	10.8%	12.3%	8.6%	9.12%	9.07%
ROA (Net income/ Total Assets)	5.77%	7.21%	6.32%	4.81%	5.43%	7.8%	8.17%	7.88%
Assets ¹	5,131	3,913	4,086	5,440	5,751	3,746	4,053	4,475
Book Value Per Share ²	0.6000	0.6800	0.6800	0.6700	0.7400	0.9600	1.050	1.120
Cash Flow per Share ²	0.2100	0.1700	0.2400	0.1800	0.2100	0.2100	0.2300	0.2400
Capex ¹	119	149	320	249	398	1,270	742	763
Capex / Sales	5.52%	8.14%	14.76%	9.34%	16.09%	47.56%	27.35%	27.8%
Announcement Date	3/18/20	3/20/21	4/6/22	4/5/23	4/8/24	-	-	-

¹USD in Million²USD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.303 USD

Average target price

0.508 USD

Spread / Average Target

+67.64%

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