Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (EDN) vs MGE Energy Inc. (MGEE)

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) and MGE Energy Inc. are both Utilities Regulated Electric companies. MGE Energy Inc. is the larger, with a market value of $2.6B against $486.9M — 5.3× the size. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) trades at the lower P/E: 5.3× against 17.2×. MGE Energy Inc. grew revenue faster over the last twelve months: 7.07% against −3.03%. MGE Energy Inc. has the higher net margin (19.5% vs 7.21%) and the lower return on invested capital (4.49% vs 5.95%). Across the 21 metrics below, Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) leads on 12 and MGE Energy Inc. on 9.

Valuation

Metric EDN MGEE Utilities Regulated Electric median
P/E 5.26 17.21 18.84
P/S 0.37 3.40 2.52
P/B 0.48 1.82 1.63
Price to free cash flow n/m n/m 36.22
EV/EBITDA 3.17 12.42 11.82
EV/Sales 0.49 4.60 4.58
Earnings yield 19.00% 5.81% 5.30%
Free cash flow yield (10.67%) (6.28%) (5.06%)

Profitability

Metric EDN MGEE Utilities Regulated Electric median
Gross margin 24.73% 72.64% 66.28%
Operating margin 8.51% 22.02% 21.79%
Net margin 7.21% 19.45% 12.94%
Free cash flow margin (3.99%) (21.36%) (11.51%)
Return on equity 9.97% 11.04% 9.75%
Return on assets 3.93% 4.86% 2.75%
Return on invested capital 5.95% 4.49% 3.87%

Growth

Metric EDN MGEE Utilities Regulated Electric median
Revenue growth (TTM) (3.03%) 7.07% 7.43%
EPS growth (last fiscal year) (34.55%) 11.71% —
Revenue growth, 5-year CAGR 13.03% 6.66% 6.75%
Net income growth, 5-year CAGR 0.00% 8.02% 6.44%

Health

Metric EDN MGEE Utilities Regulated Electric median
Debt to equity 0.62 0.65 1.53
Current ratio 1.46 1.14 0.81
Net debt to EBITDA 1.10 3.17 5.25

Dividend

Metric EDN MGEE Utilities Regulated Electric median
Dividend yield — 2.59% 4.33%
Payout ratio 0.00 0.51 0.66

Size

Metric EDN MGEE Utilities Regulated Electric median
Market cap 486.86m 2.59b 22.90b

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