Financials Hidroelectrica

Equities

H2O

RO4Q0Z5RO1B6

Electric Utilities

End-of-day quote Bucharest S.E. Other stock markets 06:00:00 2024-07-04 pm EDT			5-day change	1st Jan Change
127.9 ^RON	+0.31%		+2.57%	-0.08%

May. 28	Romania's Premier Energy shares surge 5.1% on stock exchange debut	RE
May. 14	S.P.E.E.H. Hidroelectrica S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	57,575	57,530	-	-
Enterprise Value (EV) ¹	53,278	53,363	53,822	52,475
P/E ratio	9.07 x	12.2 x	13.3 x	13.2 x
Yield	-	8.12%	7.31%	6.9%
Capitalization / Revenue	4.7 x	5.62 x	5.86 x	5.96 x
EV / Revenue	4.35 x	5.21 x	5.48 x	5.44 x
EV / EBITDA	6.49 x	8.24 x	8.94 x	9.07 x
EV / FCF	-	10.8 x	13.5 x	13.2 x
FCF Yield	-	9.24%	7.43%	7.55%
Price to Book	2.3 x	2.45 x	2.5 x	2.41 x
Nbr of stocks (in thousands)	449,803	449,803	-	-
Reference price ²	128.0	127.9	127.9	127.9
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	10,237	9,816	9,654
EBITDA ¹	8,214	6,473	6,020	5,783
EBIT ¹	7,161	5,704	5,153	4,877
Operating Margin	58.49%	55.72%	52.5%	50.52%
Earnings before Tax (EBT) ¹	7,420	5,661	5,160	5,228
Net income ¹	6,337	4,699	4,308	4,281
Net margin	51.76%	45.9%	43.89%	44.34%
EPS ²	14.11	10.48	9.592	9.676
Free Cash Flow ¹	-	4,929	3,998	3,964
FCF margin	-	48.15%	40.73%	41.06%
FCF Conversion (EBITDA)	-	76.15%	66.41%	68.54%
FCF Conversion (Net income)	-	104.9%	92.8%	92.59%
Dividend per Share ²	-	10.39	9.344	8.830
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	2025 Q2
Net sales	-	-	2,689	-	-	-	-	-	-
EBITDA	-	-	1,633	-	-	-	-	-	-
EBIT	-	-	1,186	-	-	-	-	-	-
Operating Margin	-	-	44.1%	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	1,242	-	-	-	-	-	-
Net income ¹	2,223	1,238	1,153	-	1,641	914.1	817.8	-	-
Net margin	-	-	42.86%	-	-	-	-	-	-
EPS ²	4.950	2.760	2.560	-	3.659	2.038	1.824	-	-
Dividend per Share ²	-	-	-	-	-	-	9.430	-	-
Announcement Date	8/16/23	11/14/23	2/27/24	-	-	-	-	-	-

¹RON in Million²RON

Estimates

Balance Sheet Analysis

Fiscal Period: December	2023	2024	2025	2026
Net Debt ¹	-	-	-	-
Net Cash position ¹	4,297	4,167	3,708	5,055
Leverage (Debt/EBITDA)	-	-	-	-
Free Cash Flow ¹	-	4,929	3,998	3,964
ROE (net income / shareholders' equity)	27.2%	20.9%	20%	18.4%
ROA (Net income/ Total Assets)	-	-	-	-
Assets ¹	-	-	-	-
Book Value Per Share ²	55.70	52.20	51.20	53.00
Cash Flow per Share	-	-	-	-
Capex ¹	-	432	1,555	1,272
Capex / Sales	-	4.22%	15.84%	13.18%
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 Hidroelectrica

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

127.9 RON

Average target price

121.4 RON

Spread / Average Target

-5.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
HIDROELECTRICA	-0.08%	12.52B
NEXTERA ENERGY	+18.69%	148B
SOUTHERN COMPANY	+11.29%	85.33B
IBERDROLA, S.A.	+0.04%	80.89B
DUKE ENERGY CORPORATION	+3.63%	77.61B
ENEL S.P.A.	-0.36%	73.74B
CONSTELLATION ENERGY CORPORATION	+80.76%	66.61B
GE VERNOVA INC.	0.00%	48.3B
AMERICAN ELECTRIC POWER COMPANY, INC.	+8.18%	46.31B
DOMINION ENERGY, INC.	+4.49%	41.16B

Other Electric Utilities