Financials Nickel Asia Corporation

Equities

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-07-16 pm EDT			5-day change	1st Jan Change
3.65 ^PHP	0.00%		-0.82%	-33.39%

Jun. 07	Nickel Asia Names Chairman	MT
Jun. 07	Nickel Asia Corporation Announces Directorate Change	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,279	76,333	72,925	79,604	76,193	50,849	-	-
Enterprise Value (EV) ¹	46,279	76,333	72,925	73,159	70,114	45,039	49,394	38,270
P/E ratio	17 x	18.7 x	9.39 x	10.1 x	20.3 x	11.4 x	10.1 x	9.57 x
Yield	2.36%	1.61%	4.11%	2.91%	3.65%	3.49%	2.9%	3.65%
Capitalization / Revenue	2.58 x	3.51 x	2.66 x	2.84 x	3.08 x	2.16 x	2.1 x	1.9 x
EV / Revenue	2.58 x	3.51 x	2.66 x	2.61 x	2.84 x	1.91 x	2.04 x	1.43 x
EV / EBITDA	7.05 x	8.17 x	5.06 x	5.12 x	6.39 x	4.2 x	4.41 x	3.18 x
EV / FCF	-	-	-	7.04 x	26.8 x	52.7 x	-18.7 x	4.38 x
FCF Yield	-	-	-	14.2%	3.73%	1.9%	-5.35%	22.8%
Price to Book	-	-	-	2.23 x	2.11 x	1.15 x	1.05 x	1.03 x
Nbr of stocks (in thousands)	13,651,538	13,630,850	13,630,850	13,630,850	13,903,901	13,931,125	-	-
Reference price ²	3.390	5.600	5.350	5.840	5.480	3.650	3.650	3.650
Announcement Date	3/13/20	3/11/21	3/10/22	4/14/23	3/31/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,923	21,772	27,404	28,003	24,700	23,534	24,227	26,700
EBITDA ¹	6,563	9,340	14,400	14,302	10,967	10,729	11,203	12,040
EBIT ¹	5,144	7,917	12,793	12,639	8,961	8,958	9,266	9,934
Operating Margin	28.7%	36.36%	46.68%	45.14%	36.28%	38.06%	38.25%	37.21%
Earnings before Tax (EBT) ¹	-	-	-	14,305	8,022	7,386	8,031	8,884
Net income ¹	2,685	4,069	7,813	7,931	3,750	4,428	5,008	5,281
Net margin	14.98%	18.69%	28.51%	28.32%	15.18%	18.81%	20.67%	19.78%
EPS ²	0.2000	0.3000	0.5700	0.5800	0.2700	0.3205	0.3624	0.3812
Free Cash Flow ¹	-	-	-	10,391	2,614	854.8	-2,642	8,745
FCF margin	-	-	-	37.11%	10.58%	3.63%	-10.9%	32.75%
FCF Conversion (EBITDA)	-	-	-	72.65%	23.84%	7.97%	-	72.63%
FCF Conversion (Net income)	-	-	-	131.02%	69.71%	19.3%	-	165.58%
Dividend per Share ²	0.0800	0.0900	0.2200	0.1700	0.2000	0.1274	0.1057	0.1332
Announcement Date	3/13/20	3/11/21	3/10/22	4/14/23	3/31/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	6,445	6,080	5,809	1,455	12,578
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	10,391	2,614	855	-2,642	8,745
ROE (net income / shareholders' equity)	8.8%	13%	24.4%	23.1%	10.4%	11.5%	13.1%	11.3%
ROA (Net income/ Total Assets)	-	-	-	15.6%	6.96%	-	10.4%	10.9%
Assets ¹	-	-	-	50,730	53,843	-	47,929	48,614
Book Value Per Share ²	-	-	-	2.620	2.600	3.180	3.490	3.560
Cash Flow per Share ²	-	-	-	0.9400	0.6500	0.5700	0.6400	0.7600
Capex ¹	1,274	2,141	1,805	2,485	6,353	7,023	10,657	1,874
Capex / Sales	7.11%	9.83%	6.58%	8.87%	25.72%	29.84%	43.99%	7.02%
Announcement Date	3/13/20	3/11/21	3/10/22	4/14/23	3/31/24	-	-	-

¹PHP in Million²PHP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3.65 PHP

Average target price

4.462 PHP

Spread / Average Target

+22.26%

	1st Jan change	Capi.
NICKEL ASIA CORPORATION	-33.39%	871M
PT MERDEKA BATTERY MATERIALS TBK.	+16.96%	4.37B
PT TRIMEGAH BANGUN PERSADA TBK	-6.50%	3.67B
IGO LIMITED	-35.58%	3.03B
PT VALE INDONESIA TBK	-10.44%	2.48B
NICKEL INDUSTRIES LIMITED	+20.86%	2.43B
PT ADHI KARTIKO PRATAMA TBK	0.00%	205M
PACIFIC METALS CO., LTD.	+6.26%	158M
CANADA NICKEL COMPANY INC.	-0.88%	152M
GLOBAL FERRONICKEL HOLDINGS, INC.	-23.79%	140M