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16AUG17
P ret act iune (rebazat la 15/ 08/ 16)
n/a
n/a
n/a RON 26.6 /RON 31.4
DoD WoW M oM YTD YoY
+0.4% -0.7% -1.1% +3.6% +5.8%
P/E P/B P/S EV/EBIT EV/EBITDA
9.0x 0.7x 0.7x 8.1x 3.6x
Sursa: BVB, EquityRT
F Y13 F Y14 F Y15 F Y16 Capitalizare
DPS (brut) 2.23 2.80 2.65 2.26 Capitalizare
% Distribuit 80.3% 56.5% 53.0% 59.3% Numar de actiuni
Randament 15.2% 10.8% 9.5% 7.5% Valoarea nominala
D ate f inanciare (R ON mn) - Individuale
C umulat 6M 15 6M 16 9M 16 F Y16 3M 17 6M 17 Yo Y
Bilant
Active to tale 5,004 4,970 4,891 5,243 5,139 4,900 -1.4%
Datorii to tale 2,185 1,992 1,841 2,135 1,960 1,859 -6.7%
Capitaluri proprii 2,819 2,978 3,050 3,108 3,179 3,041 2.1%
Cont de profit si pierdere
Venituri to tale 1,426 1,350 1,898 2,723 1,125 1,739 28.9% Sursa: BVB
Cheltuieli to tale 1,176 1,169 1,637 2,371 1,034 1,611 37.7%
EBIT 250 180 261 352 91 129 -28.6%
EBITDA 410 343 505 675 170 285 -16.9%
P ro f it net 210 142 213 272 71 98 -30.6%
T rimestria l 2Q15 2Q16 3Q16 4Q16 1Q17 2Q17 Yo Y
Cont de profit si pierdere
Venituri to tale 647 594 548 825 1,125 614 3.3%
Cheltuieli to tale 546 531 467 734 1,034 577 8.7%
EBIT 101 64 81 90 91 37 -41.3%
EBITDA 181 145 162 170 170 115 -20.5%
P ro f it net 84 43 72 59 71 27 -36.0%
Info rmatii o perat io nale
6M 15 6M 16 9M 16 F Y16 3M 17 6M 17 Yo Y
EBIT profit per. (RONmn) 283 178 227 265 81 129 -27.5%
EBIT 0-profit (RONmn) (32) 2 34 88 11 0 -100.0%
Energie tarifata (TWh) 26.3 26.5 39.2 53.5 14.6 27.4 3.5% Sursa: Companie
Indicato ri cheie
6M 15 6M 16 9M 16 F Y16 3M 17 6M 17 Yo Y P / E P / B
EPS LT M (RON) 4.66 3.98 3.67 3.72 3.33 3.12 -21.4% 9.0x 0.7x
BVPS (RON) 37.53 39.54 40.67 41.86 43.02 41.05 3.8% 14.5x 1.2x
SPS LT M (RON) 39.90 39.67 36.38 37.14 42.19 42.46 7.0% 16.5x 1.2x
APS (RON) 69.92 68.03 67.88 71.47 69.12 67.32 -1.05% 13.1x 0.9x
ROaE⁷ 12.4% 10.1% 9.0% 8.9% 7.7% 7.6% -2.4pp 15.7x 3.5x
ROaA ⁷ 6.7% 5.8% 5.4% 5.2% 4.8% 4.6% -1.2pp 7.2x 0.6x
marja EBIT 17.5% 13.3% 13.8% 12.9% 8.1% 7.4% -5.9pp 15.2x 2.8x
marja EBITDA 28.8% 25.4% 26.6% 24.8% 15.1% 16.4% -9.0pp 11.1x 2.6x
marja Profit net 14.8% 10.5% 11.2% 10.0% 6.3% 5.7% -4.9pp
Sursa: Companie, EquityRT, BT Equity Research Sursa: Reuters, BT Equity Research
CEZ [CZ]
Red Electrica [ES]
PGE [PL]
Terna Rete [IT]
EDS [FR]
C o mpanii co mparabile (Ult imele date)
Tanselectrica [RO]
Verbund [AT]
Iberdro la [ES]
R eco mandare B T C P D etalii de tranzact io nare 1
P ret t inta Ultimul pret (la 14/08/2017) RON 28.2
73,303,142
RON 10.00
R ating Volum zilnic mediu (LTM )2 RON 0.57mn
D ividend (R ON ) 4
Structura act io nariatului 5
Venituri + D ato rii ( la 30/ 06/ 17)
Structura veniturilor
Structura datoriilo r pe moneda
P o tent ial Pret M in /M ax (LTM )3
D escriere
Companie detinuta in proportie de 59% de catre stat,
beneficiaza de statutul de monopol natural, fiind
operatorul national al retelei de transport de energie
electrica. TEL desfasurandu-si activitatea prin
intermediul a 81 statii electrice si 8,9312 km de linii
electrice. Infiintata in iulie 2000 prin reorganizarea
CONEL, compania a fost listata pe Bursa de Valori din
Bucuresti in 2006.
D etalii act iune ( la 14/ 08/ 17)
RON 2,067,148,604
EUR 452,231,154
32%
21%
46%
1%Transport intern
Servicii Sistem
Echilibrare
Altele
58.7%
41.3%
Ministerul
Economiei
Altii
-
2
4
6
8
24
27
30
33
36
Aug16 Dec16 Apr17 Aug17
Volume (RONmn) TEL BET-XT
63%
1%
35%
EUR
USD
RON