THE OKINAWA ELECTRIC POWER COMPANY, INCORPORATED

Financials The Okinawa Electric Power Company, Incorporated

Equities

9511

JP3194700005

Electric Utilities

Market Closed - Japan Exchange Other stock markets 07:00:00 15/05/2024 BST			5-day change	1st Jan Change
1,105 ^JPY	-0.45%		+1.10%	-0.90%

2023	Japan's Okinawa Elec plans to trial using hydrogen at gas-fired power plant	RE
2023	Origin Wireless, Inc. announced that it has received $15.923061 million in funding from Verisure Sàrl, Verizon Ventures, The Okinawa Electric Power Company, Incorporated and other investors.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	97,696	102,617	84,394	74,842	58,493	60,286	-	-
Enterprise Value (EV) ¹	284,669	284,230	269,059	280,607	344,052	63,491	60,286	60,286
P/E ratio	26 x	15.3 x	10.1 x	38.2 x	-1.29 x	26.6 x	9 x	8.49 x
Yield	3.18%	3.03%	3.87%	4.35%	-	0.86%	1.8%	3.6%
Capitalization / Revenue	0.48 x	0.5 x	0.44 x	0.42 x	0.26 x	0.27 x	0.27 x	0.27 x
EV / Revenue	0.48 x	0.5 x	0.44 x	0.42 x	0.26 x	0.27 x	0.27 x	0.27 x
EV / EBITDA	3.41 x	3.14 x	2.41 x	2.84 x	-2.05 x	2.53 x	1.89 x	1.86 x
EV / FCF	-34.6 x	10.2 x	38.2 x	-	-	-9.96 x	-16.7 x	-15.9 x
FCF Yield	-2.89%	9.85%	2.62%	-	-	-10%	-5.97%	-6.3%
Price to Book	0.65 x	0.67 x	0.52 x	0.47 x	0.52 x	0.54 x	0.5 x	0.48 x
Nbr of stocks (in thousands)	54,419	54,418	54,413	54,312	54,311	54,312	-	-
Reference price ²	1,795	1,886	1,551	1,378	1,077	1,110	1,110	1,110
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	205,481	204,296	190,520	176,232	223,517	236,394	223,400	224,400
EBITDA ¹	28,682	32,710	34,965	26,383	-28,469	25,050	31,900	32,400
EBIT ¹	5,443	10,326	12,619	2,810	-48,406	3,481	10,000	10,500
Operating Margin	2.65%	5.05%	6.62%	1.59%	-21.66%	1.47%	4.48%	4.68%
Earnings before Tax (EBT) ¹	5,220	9,311	11,335	2,717	-48,799	2,568	9,100	9,500
Net income ¹	3,751	6,705	8,341	1,959	-45,457	2,391	6,700	7,100
Net margin	1.83%	3.28%	4.38%	1.11%	-20.34%	1.01%	3%	3.16%
EPS ²	68.93	123.2	153.3	36.05	-837.0	44.02	123.4	130.7
Free Cash Flow ¹	-2,820	10,104	2,207	-	-	-6,372	-3,600	-3,800
FCF margin	-1.37%	4.95%	1.16%	-	-	-2.7%	-1.61%	-1.69%
FCF Conversion (EBITDA)	-	30.89%	6.31%	-	-	-	-	-
FCF Conversion (Net income)	-	150.69%	26.46%	-	-	-	-	-
Dividend per Share ²	57.14	57.14	60.00	60.00	-	10.00	20.00	40.00
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 S1	2023 Q3	2024 Q1	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	111,032	104,496	51,172	87,782	44,308	44,142	48,452	118,738	55,799	53,778	130,501	56,811	49,082	51,300	68,500	54,400	49,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,762	10,924	6,939	5,155	-245	-2,100	-9,349	-22,518	-12,028	-5,405	4,704	1,880	-3,103	-1,100	13,700	-300	-2,300
Operating Margin	7.89%	10.45%	13.56%	5.87%	-0.55%	-4.76%	-19.3%	-18.96%	-21.56%	-10.05%	3.6%	3.31%	-6.32%	-2.14%	20%	-0.55%	-4.67%
Earnings before Tax (EBT) ¹	8,398	10,724	6,837	5,074	-191	-2,166	-9,344	-22,473	-12,205	-5,528	4,216	1,636	-3,284	-1,200	13,300	-	-3,000
Net income ¹	6,453	8,251	5,424	3,847	-147	-1,741	-6,899	-16,819	-12,332	-5,701	3,238	1,326	-2,173	-1,200	10,100	-	-2,200
Net margin	5.81%	7.9%	10.6%	4.38%	-0.33%	-3.94%	-14.24%	-14.16%	-22.1%	-10.6%	2.48%	2.33%	-4.43%	-2.34%	14.74%	-	-4.47%
EPS ²	118.6	151.6	99.75	70.76	-2.690	-32.02	-127.0	-309.7	-227.0	-105.0	59.62	24.43	-40.03	90.00	90.00	90.00	90.00
Dividend per Share	28.57	30.00	-	30.00	-	-	-	-	-	-	5.000	-	-	-	-	-	-
Announcement Date	31/10/19	30/10/20	29/10/21	29/10/21	28/01/22	28/04/22	29/07/22	01/11/22	03/02/23	28/07/23	31/10/23	31/01/24	30/04/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	186,973	181,613	184,665	205,765	285,559	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.519 x	5.552 x	5.281 x	7.799 x	-10.03 x	-	-	-
Free Cash Flow ¹	-2,820	10,104	2,207	-	-	-6,372	-3,600	-3,800
ROE (net income / shareholders' equity)	2.5%	4.4%	5.3%	1.2%	-33.4%	2.1%	5.7%	5.8%
ROA (Net income/ Total Assets)	1.3%	2.31%	2.71%	0.62%	-10.5%	0.52%	-	-
Assets ¹	287,861	290,888	307,524	314,921	431,788	455,863	-	-
Book Value Per Share ²	2,775	2,834	2,967	2,936	2,073	2,151	2,226	2,320
Cash Flow per Share	496.0	535.0	564.0	470.0	-470.0	441.0	-	-
Capex ¹	19,428	25,403	33,926	38,105	42,847	36,679	32,900	32,900
Capex / Sales	9.45%	12.43%	17.81%	21.62%	19.17%	15.52%	14.73%	14.66%
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Okinawa Electric Power Company, Incorporated

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,110 JPY

Average target price

1,100 JPY

Spread / Average Target

-0.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Fossil Fuel Electric Utilities

	1st Jan change	Capi.
THE OKINAWA ELECTRIC POWER COMPANY, INCORPORATED	-0.90%	385M
TENAGA NASIONAL	+23.90%	15.26B
CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED	+21.60%	5.53B
SHENZHEN ENERGY GROUP CO., LTD.	+17.05%	4.97B
SHANGHAI ELECTRIC POWER CO., LTD.	+12.41%	3.7B
HUADIAN ENERGY COMPANY LIMITED	+6.88%	2.48B
GCL ENERGY TECHNOLOGY CO.,LTD.	-17.29%	2.24B
SHIKOKU ELECTRIC POWER COMPANY, INCORPORATED	+34.78%	1.82B
JOINTO ENERGY INVESTMENT CO., LTD. HEBEI	+40.92%	1.77B
GUANGDONG BAOLIHUA NEW ENERGY STOCK CO., LTD.	+26.86%	1.69B

Fossil Fuel Electric Utilities