![]() Manial Electric is slightly undervalued compared to its peers. According to GuruFocus data, the company had trailing P/E ratio 15.6 times vs. industry median 17.6 times, P/B ratio 4.4 times vs. The company had a 3.24% dividend yield with 0% payout ratio (Reuters). Meralco's ADR shares, meanwhile, had trailing dividend yield 1.76% with 26% payout ratio (GuruFocus).Īverage 2017 revenue and earnings-per-share estimates indicated forward multiples of 1.1 times and 16 times. Meralco underperformed so far this year compared to the local broader index, iShares MSCI Philippines ETF (EPHE), with 5.32% gains vs. 12.98% while having outperformed the index in the past three year with 8.32% (annualized) vs. Meralco ADR shares, meanwhile, performed poorly so far this year with (-)20.34% total losses vs. ![]() Manila Electric Company, or Meralco, traces its roots in the name of the company La Electricista, a company organized in 1891 and that began operations in late 1894. ![]() Acquisitions decades later with the lead of an American businessman and lawyer Charles Swift brought to life the Manila Electric Railroad and Light Company, which was mainly a public transportation company. Power generation later generated more revenue for the company.Īccording to filings, Meralco holds a congressional franchise under the Philippine Republic Act No. The Republic Act grants MERALCO a 25-year franchise valid through June 28, 2028, to construct, operate and maintain the electric distribution system in the cities and municipalities of Bulacan, Cavite, Metro Manila and Rizal and certain cities, municipalities and barangays in the provinces of Batangas, Laguna, Pampanga and Quezon (1). These cities and municipalities mainly comprises the Philippines' National Capital Region-the second most populous region in the Philippines.
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