شركة الكهرباء والماء القطرية تفصح عن بياناتها المالية للنصف [الأرشيف]

رمــــــاح

19-07-2018, 09:17 AM

شركة الكهرباء والماء القطرية تفصح عن بياناتها المالية للنصف الاول من عام 2018

أفصحت شركة الكهرباء والماء القطرية عن بياناتها المالية للستة أشهر المنتهية في 30 يونيو 2018 , حيث بلغ صافي الربح 813 مليون ريال قطري مقابل صافي الربح811 مليون ريال قطري لنفس الفترة من العام الذي سبقه.
كما بلغ العائد على السهم 7.39 ريال قطري للستة أشهر المنتهية في 30 يونيو 2018
مقابل العائد على السهم 7.37 ريال قطري لنفس الفترة من العام الذي سبقه.

المثابر2010

03-10-2018, 08:37 AM

Qatar Electricity & Water Company (QEWS) Recommendation OUTPERFORM Risk Rating R-2 Share Price QR190.00 Current Target Price QR233.00 Implied Upside 22.6% Old Target Price QR223.00 Updating Model and Raising PT/Rating to QR233/Outperform We are upgrading QEWS from an Accumulate to an Outperform. Although 2Q2018 was admittedly weaker-than-expected and the stock has drifted down after touching its YTD high of QR205.25, which was fueled by strong 1Q2018 results/FOL hike, we continue to believe there is long-term upside in the name. While QEWS essentially reported in-line 1H2018 results vs. our model, our previous 2018 estimates were too conservative prompting us to revisit our model. Our forecasts for 2018 revenue/EPS go from QR2.5bn/QR13.32 to QR2.7bn/QR14.47. Beyond 2018, our forward revenue/EPS estimates increase by an average of 4%. We also raise our 12-month price target from
QR223 to QR233 and increase QEWS’ rating from Accumulate to Outperform. Highlights ï‚· QEWS reported 2Q2018 revenue/EPS of QR684mn/QR3.80 missing our estimates of QR746mn/QR4.41 by 8%. Net income of QR418mn declined 9% YoY but increased 6% QoQ benefitting from seasonality. 2Q2018 revenue of QR684mn (-16% YoY, +4% QoQ) also showed a similar trend with the yearly fall in revenue mostly prompted by the decommissioning of an older plant (RAF A) last year (see page 2 for more details). ï‚· QNBFS forecasts: 2018 Revenue/EPS increases from QR2.5bn/QR13.32 to QR2.7bn/QR14.47 and 2019 Revenue/EPS goes from QR2.6bn/QR14.36 to QR2.7bn/QR15.06. Beyond 2018, our forward revenue/EPS estimates increase by an average of 4%. While QEWS essentially reported in-line 1H2018 results vs. our model, our previous 2018 estimates were too conservative prompting us to revisit our model. ï‚· We like QEWS as a solid long-term play with a defensive business model. Essentially a capacity provider, QEWS takes on insignificant demand/costs/funding risks holding secure contracted assets with long-term (~25 years) fuel agreements/PWPAs and committed funding. This also leads to visible cash flows and a stable operating profile. The State of Qatar (through various entities) owns 60% of the company. ï‚· Market leader in Qatar with international expansion gathering steam. Essentially a monopoly, QEWS owns stakes in all domestic IWPPs/IPPs/IWPs. Moreover, the company has diversified internationally with around 13% of its net income expected to be driven by 60%-owned international JV (Nebras) in 2018. Nebras has operations in Indonesia, Jordan and Oman and is actively seeking opportunities in MENA and SE Asia. ï‚· Solid growth profile with industry leading EBITDA margins and attractive dividend/FCF yields. We expect EBITDA CAGR of 1.7% over 2019-2023 and FCF to grow around 4.5% over the same period driven by Facility D (Um Al Houl) and inflationdriven capacity charge increases. Despite modeled compression, QEWS should maintain above-average EBITDA margins (avg.: ~52%). We expect dividend yield to average 4.6% over 2018-2023 and FCF yield to average 8.7% over the same period (despite a dip in 2018 as QEWS invested $251.2mn recently into the Facility D JV). ROEs remain healthy
.