$24.9 B

PCG Mkt cap, 18-Oct-2018

$8.3 B

PG&E Revenue Q2, 2018
PG&E Net income (Q2, 2018)-535 M
PG&E EBIT (Q2, 2018)-866 M
PG&E Cash, 30-Jun-2018517 M
PG&E EV43.5 B

PG&E Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

15.6b17.1b16.8b17.7b17.1b

Revenue growth, %

10%(2%)5%(3%)

Cost of goods sold

5.1b

Gross profit

12.1b

Gross profit Margin, %

70%

Operating expense total

6.3b

EBIT

1.8b2.5b1.5b2.2b3.0b

EBIT margin, %

11%14%9%12%17%

Interest expense

715.0m734.0m773.0m829.0m888.0m

Interest income

9.0m9.0m9.0m23.0m31.0m

Pre tax profit

1.1b1.8b861.0m1.5b2.2b

Income tax expense

268.0m345.0m(27.0m)55.0m511.0m

Net Income

828.0m1.5b888.0m1.4b1.7b

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

4.2b3.9b4.0b4.9b3.9b4.2b4.6b4.0b4.2b4.8b4.3b4.3b4.1b8.3b

Operating expense total

3.9b3.4b3.4b3.9b3.8b3.5b4.0b3.9b3.8b4.2b3.4b3.5b3.5b9.2b

EBIT

291.0m484.0m518.0m1.1b71.0m687.0m545.0m95.0m401.0m640.0m880.0m748.0m599.0m(866.0m)

EBIT margin, %

7%12%13%22%2%16%12%2%10%13%21%18%15%(10%)

Interest expense

179.0m185.0m188.0m174.0m189.0m192.0m194.0m203.0m207.0m211.0m218.0m225.0m220.0m446.0m

Interest income

2.0m3.0m2.0m2.0m1.0m3.0m2.0m4.0m5.0m8.0m5.0m8.0m9.0m21.0m

Pre tax profit

140.0m321.0m375.0m929.0m(59.0m)516.0m377.0m(77.0m)222.0m461.0m688.0m544.0m496.0m(1.1b)

Income tax expense

(24.0m)91.0m104.0m115.0m(93.0m)110.0m67.0m(187.0m)12.0m70.0m109.0m134.0m51.0m(542.0m)

Net Income

164.0m230.0m271.0m814.0m34.0m406.0m310.0m110.0m210.0m391.0m579.0m410.0m445.0m(535.0m)

PG&E Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

296.0m151.0m123.0m177.0m449.0m

Accounts Receivable

1.3b1.2b

Inventories

317.0m304.0m313.0m346.0m366.0m

Current Assets

6.0b6.4b5.8b6.2b6.3b

PP&E

50.6b53.8b

Total Assets

55.6b60.1b63.3b68.6b68.0b

Accounts Payable

892.0m197.0m206.0m216.0m

Short-term debt

1.2b633.0m1.0b1.5b931.0m

Current Liabilities

7.5b5.9b6.4b7.6b7.1b

Long-term debt

12.7b15.1b16.0b16.2b17.8b

Non-Current Liabilities

33.5b38.2b40.1b42.8b41.4b

Total Debt

13.9b15.7b17.0b17.7b18.7b

Total Liabilities

41.0b44.1b46.5b50.4b

Common Stock

9.6b10.4b11.3b12.2b12.6b

Preferred Stock

258.0m258.0m258.0m258.0m

Additional Paid-in Capital

5.8b6.5b7.2b8.1b8.5b

Total Equity

14.6b16.0b16.8b18.2b19.5b

Debt to Equity Ratio

1 x1 x1 x1 x1 x

Debt to Assets Ratio

0.2 x0.3 x0.3 x0.3 x0.3 x

Financial Leverage

3.8 x3.8 x3.8 x3.8 x3.5 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

281.0m108.0m132.0m139.0m145.0m249.0m154.0m142.0m189.0m71.0m164.0m178.0m144.0m517.0m

Inventories

316.0m314.0m320.0m308.0m310.0m315.0m322.0m344.0m346.0m343.0m369.0m369.0m374.0m380.0m

Current Assets

5.5b5.9b6.2b6.1b6.0b6.4b6.1b5.6b6.1b5.7b6.0b6.1b5.9b6.4b

Total Assets

55.2b56.0b57.0b57.9b60.5b61.6b62.0b64.7b65.9b66.6b69.2b70.1b68.2b69.9b

Short-term debt

953.0m930.0m1.5b426.0m856.0m1.0b881.0m693.0m1.5b1.1b763.0m1.2b967.0m1.5b

Current Liabilities

6.1b6.6b5.7b6.2b6.3b6.1b6.0b6.7b6.3b6.5b6.9b6.9b9.8b

Long-term debt

11.9b14.0b14.0b14.6b15.1b15.5b15.5b16.5b16.5b16.5b16.8b16.6b17.4b17.6b

Non-Current Liabilities

33.3b34.9b35.1b36.1b38.4b39.1b39.1b41.8b42.3b42.7b44.0b44.2b41.3b41.0b

Total Debt

12.9b14.9b15.4b15.0b15.9b16.6b16.4b17.2b18.1b17.7b17.6b17.8b18.4b19.1b

Common Stock

9.2b9.9b10.2b10.4b10.6b10.7b11.2b11.4b11.6b12.1b12.3b12.4b12.7b12.8b

Preferred Stock

258.0m258.0m258.0m258.0m258.0m258.0m258.0m258.0m258.0m258.0m258.0m258.0m258.0m

Additional Paid-in Capital

5.5b6.1b6.4b6.5b6.6b6.7b7.1b7.3b7.5b8.0b8.2b8.2b8.5b8.5b

Total Equity

14.3b14.9b15.3b16.0b16.0b16.3b16.8b16.9b17.0b17.6b18.6b18.9b20.0b19.1b

Debt to Equity Ratio

0.9 x1 x1 x0.9 x1 x1 x1 x1 x1.1 x1 x0.9 x0.9 x0.9 x1 x

Debt to Assets Ratio

0.2 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x

Financial Leverage

3.9 x3.7 x3.7 x3.6 x3.8 x3.8 x3.7 x3.8 x3.9 x3.8 x3.7 x3.7 x3.4 x3.7 x

PG&E Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

828.0m1.5b888.0m1.4b1.7b

Depreciation and Amortization

2.8b2.9b

Accounts Receivable

(177.0m)(473.0m)67.0m

Inventories

(7.9m)(22.8m)37.0m(24.0m)(18.0m)

Accounts Payable

(55.0m)180.0m173.0m

Cash From Operating Activities

3.8b4.4b6.0b

Cash From Investing Activities

(5.2b)(5.5b)(5.6b)

Short-term Borrowings

(500.0k)

Long-term Borrowings

(160.0m)(1.4b)

Dividends Paid

(14.0m)(921.0m)(1.0b)

Cash From Financing Activities

1.4b1.2b(55.0m)

Net Change in Cash

54.0m272.0m

Interest Paid

(684.0m)(726.0m)(790.0m)

Income Taxes Paid

162.0m

Free Cash Flow

(1.4b)(1.3b)336.0m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

164.0m230.0m271.0m814.0m34.0m440.0m750.0m110.0m320.0m711.0m579.0m989.0m445.0m(535.0m)

Accounts Receivable

(241.0m)(322.0m)210.0m(338.0m)(546.0m)373.0m111.0m120.0m(11.0m)

Inventories

20.0m5.0m(14.0m)(30.0m)(38.0m)(2.0m)(38.0m)28.0m(6.0m)

Accounts Payable

78.0m95.0m(65.0m)179.0m189.0m(13.0m)19.0m24.0m39.0m

Cash From Operating Activities

1.9b2.9b1.1b1.8b3.2b1.6b2.8b1.5b2.8b

Cash From Investing Activities

(2.5b)(3.7b)(1.2b)(2.7b)(4.1b)(1.2b)(2.5b)(1.5b)(2.9b)

Dividends Paid

(7.0m)(10.0m)(3.0m)(7.0m)(10.0m)(3.0m)(7.0m)

Cash From Financing Activities

725.0m795.0m214.0m971.0m783.0m(352.0m)(266.0m)(342.0m)210.0m

Interest Paid

(334.0m)(569.0m)(242.0m)(357.0m)(611.0m)(246.0m)(395.0m)(268.0m)(394.0m)

Free Cash Flow

(551.0m)(720.0m)(174.0m)(870.0m)(880.0m)358.0m282.0m42.0m(144.0m)

PG&E Ratios

USDY, 2018

EV/EBIT

-50.2 x

EV/CFO

15.8 x

EV/FCF

-302 x

Debt/Equity

1 x

Debt/Assets

0.3 x

Financial Leverage

3.7 x
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