CMS Energy Corporation (CMS) vs Korea Electric Power Corporation (KEP)

CMS Energy Corporation and Korea Electric Power Corporation are both Utilities Regulated Electric companies. CMS Energy Corporation is the larger, with a market value of $21.8B against $14.2B — 1.5× the size. Korea Electric Power Corporation trades at the lower P/E: 2.6× against 18.9×. CMS Energy Corporation grew revenue faster over the last twelve months: 9.93% against 5.51%. CMS Energy Corporation has the higher net margin (11.5% vs 8.11%) and the lower return on invested capital (3.56% vs 6.40%). Both pay a dividend; Korea Electric Power Corporation yields more (5.63% vs 3.68%). Across the 22 metrics below, Korea Electric Power Corporation leads on 17 and CMS Energy Corporation on 5.

Valuation

Metric CMS KEP Utilities Regulated Electric median
P/E 18.94 2.56 18.84
P/S 2.22 0.21 2.52
P/B 1.92 0.39 1.63
Price to free cash flow n/m 10.33 36.22
EV/EBITDA 12.76 3.59 11.82
EV/Sales 4.37 0.99 4.58
Earnings yield 5.28% 39.07% 5.30%
Free cash flow yield (9.76%) 9.68% (5.06%)

Profitability

Metric CMS KEP Utilities Regulated Electric median
Gross margin 61.16% 15.38% 66.28%
Operating margin 18.95% 13.48% 21.79%
Net margin 11.53% 8.11% 12.94%
Free cash flow margin (21.67%) 2.02% (11.51%)
Return on equity 10.74% 16.42% 9.75%
Return on assets 2.59% 3.06% 2.75%
Return on invested capital 3.56% 6.40% 3.87%

Growth

Metric CMS KEP Utilities Regulated Electric median
Revenue growth (TTM) 9.93% 5.51% 7.43%
EPS growth (last fiscal year) 6.01% 135.18% —
Revenue growth, 5-year CAGR 5.88% 7.84% 6.75%
Net income growth, 5-year CAGR 7.04% 30.29% 6.44%

Health

Metric CMS KEP Utilities Regulated Electric median
Debt to equity 1.86 1.60 1.53
Current ratio 0.94 0.44 0.81
Net debt to EBITDA 6.03 2.79 5.25

Dividend

Metric CMS KEP Utilities Regulated Electric median
Dividend yield 3.68% 5.63% 4.33%
Payout ratio 0.76 0.00 0.66

Size

Metric CMS KEP Utilities Regulated Electric median
Market cap 21.76b 14.21b 22.90b

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