PROJECT:

Replacement of Imus 83 MVA 110 kV-34.5 kV-13.8 kV Power Transformer with a new 100 MVA 110 kV-34.5 kV-13.8 kV, three-
Justification:
At the end of 2016, Imus Bank No.2 with an 83-MVA, 115 kV - 34.5 kV power transformer is forecasted to be critically loaded w
loading which can be attributed to the forecasted 4% small- area load growth in the areas served by this transformer bank. As
Owned Electric Distribution Utility Planning Manual, which prescribes the augmentation of substation capacity in the year in w
substation or interconnected substation group exceeds 70% of the maximum rated capacity under normal operating condition
transformers in service, Imus power transformer bank no. 2 has exceeded the 70% maximum normal loading limit. Currrently,
solution of Meralco is the installation of 34.5 kV metalclad switchgear at Dasmariñas 83 MVA power transformer bank no. 1 w
unload the critically loaded Imus Bank No. 2

SOURCE:
https://transformers-magazine.com/tm-news/erc-approves-8-2-m-meralco-projects/
ERC Case No. 2015-016 RC

COST OF THE PROJECT (Based on the costing of the same power transformer model in the pending ERC Case No. 2019-037 RC)
₱66,862,107.50

** other supporting docs needed

ower Transformer
 COMPANY: MERALCO
MAY 3-9
No. Use the last 3 years financial statement to calculate the:
1 -          Average net working capital as percent of expected Sales.
2 -          Average EBIT margin. Identify properly which of the listed expensed should be included in the EBIT or operating income b
3 -          Depreciation used and assets useful life.
4 -          Average effective tax rate of the company
5          Other items you will need to look in the financial statements for capital budgeting.
Based on the chosen company, what project would you suggest? Either Replacement or Expansion project. Provide
6 -          The project is expected to result to incremental sales of 20% of the company’s average sales.
7 -          Defend the chosen project’s asset depreciation and the estimated life.
8 -          Apply the needed annual working capital.
9 -          At the end of the project you expect the invested asset to be sold at 5% higher than its salvage value/book value.
10 -          Justify the cost of your invested capital expenditure. Provide documentation (i.e. building or equipment market price).
11 -          Use the average EBIT margin for your cash operating expense.
12 -          Identify possible opportunity cost of your project.
13 -          Assume the project will be implemented with the ‘old normal’ environment. Create a scenario analysis using the ‘new no
14 -          Using a 3-year prices, calculate the company’s Beta using a linear regression method. This Beta will be used as company’s
15 -          Using the average capital structure of the company un-lever the calculated Beta and re-lever using your project’s capital s
16 -          5% of the company’s 3-yr average Retained Earnings should be used to finance the project. Identify the project’s capital s
17 -          Use the latest PH Treasury Bond yield as your risk-free-rate. Select the tenure that will match to your project life (i.e. use
18 -          Use the equivalent year for the CAGR of PSEi return as your market return in CAPM.
19 -          Use the latest PH Lending rate as the pre-tax cost of debt, use the calculated effective tax rate for your company. Make su
20 -          Calculate your project’s NPV using the ‘old normal’ and ‘new normal’ condition.
21 -          Decide will you accept the project or not?
22 If you have an option to abandon; assuming if sold earlier than asset life you can sell the asset at an additional of 5%
23 Assume you will do the project outside Philippines, select a country (no group should have the same country) and us

5.234658
n the EBIT or operating income before interest and tax.

or Expansion project. Provide a source, documentation, or calculation of the data you used.

alvage value/book value.

g or equipment market price).

enario analysis using the ‘new normal’ as the effect of the COVID-19. Incorporate any possible effect of inflation in the scenario analysis.
s Beta will be used as company’s beta. Use the PSEi as index.
ever using your project’s capital structure.
ct. Identify the project’s capital structure.
atch to your project life (i.e. use PH 5-yr treasury bond if your project or asset is until 5yrs). Use the closest year if it is not available.

x rate for your company. Make sure to source the data in a valid source (i.e. do not source from Bloomberg, use government sites if possible or internati

he asset at an additional of 5% per year (i.e. a 3-yr asset can be sold at 5% higher than SV/BV at the end of year 3. It can be sold at 10% h
have the same country) and use the International Parity conditions to forecast relevant exchange rates and calculate the NPV in Philippine p
scenario analysis.

not available.

nment sites if possible or international data sites like World Bank).

year 3. It can be sold at 10% higher than SV(BV) if you will sell at end of year 2, and 15% higher if sold after year 1). Will you abandon the p
alculate the NPV in Philippine peso denomination. Justify your selected country. What are the factors that can affect your project’s cash flow
year 1). Will you abandon the project and at what year?
affect your project’s cash flow?
Manila Electric Co. (MER)
Source: Thomson Reuters Eikon

Annual Standardized in Millions of Philippines Pesos

Income Statement
2019 2018 2017 NO.1
Revenue 318,315 304,454 282,556 Average sales growth r
Expected Sales
Cost of Revenue -247,669 -238,492 -220,491 Working Capital
Gross income 70,646 65,962 62,065
Selling/General/Admin. Expenses, Total -14,279 -13,810 -14,383 Average
Depreciation/Amortization -8,693 -7,804 -7,498 NO. 2
Interest/Investment Income - Operating -4 -5 -4 0.0949711 Average EBIT Margin
Other Operating Expenses, Total -16,431 -15,901 -13,802
EBIT(Operating Income) 31,239 28,442 26,378 NO. 3
EBIT Margin 0.0981386 0.0934197 0.0933549 Depreciation and amortization are
Interest Expense, Net Non-Operating -1,412 -1,437 -1,430 Asset Type
Interest/Invest Income - Non-Operating -1,994 3,194 2,339 Subtransmission and distribution
Interest Income(Exp), Net Non-Operating 3,269 Buildings and improvements
Other Non-Operating Income (Expense) 813 346 575 Communication equipment
EBT 31,915 30,545 27,862 Office furniture, fixtures and other
Provision for Income Taxes -8,543 -7,443 -7,363 Transportation equipment
After-tax Income 23,372 23,102 20,499 Others
Minority Interest -87 -85 -115
Net Income 23,285 23,017 20,384 NO. 4
25.85% Average effective tax ra

EBT 31,915 30,545 27,862

Income tax percentage 26.77% 24.37% 26.43% NO. 5
Provision for Income Taxes 8,543 7,443 7,363
NO. 6
Balance Sheet Average Sales
2019 2018 2017
Assets (PHP Millions) Project's incremental sales
Cash and Short Term Investments 75,010 74,627 63,351
Cash 8,375 8,574 6,178 NO. 7
Cash & Equivalents 29,887 27,897 39,759 The ERC's Position Paper states tha
standard lifespan of assets. As for t
Short Term Investments 36,748 38,156 17,414 useful life of power transformers is
Accounts Receivable - Trade, Net 30,606 28,538 24,922 power transformer's asset life.
Accounts Receivable - Trade, Gross 32,991 30,218 28,460
Provision for Doubtful Accounts -2,385 -1,680 -3,538 Source:
Total Receivables, Net 33,815 32,620 27,799 http://liaerc.node1347.speedyrails.
Receivables - Other 3,209 4,082 2,877 https://www.ngcp.ph/Attachment-
Total Inventory 4,558 3,812 3,330 http://www.erc.gov.ph/Files/Rende
Inventories - Raw Materials 4,558 3,812 3,330
Prepaid Expenses 4,050 3,881 3,794 NO. 8
Other Current Assets, Total 256 404 158
Other Current Assets 256 404 158
Total Current Assets 117,689 115,344 98,432

Property/Plant/Equipment, Total - Gross 55,464 47,213 49,927

Buildings - Gross 7,054 6,657 6,501
Land/Improvements - Gross 15,410 15,412 15,361
Machinery/Equipment - Gross 6,651 6,407 6,256 NO.9
Construction in Progress - Gross 17,340 11,004 13,974 Cost of Asset
Other Property/Plant/Equipment - Gross 9,009 7,733 7,835 % Salvage Value
Property/Plant/Equipment, Total - Net 42,800 35,483 38,657 Salvage Value
Accumulated Depreciation, Total -12,664 -11,730 -11,270
Goodwill, Net 35 35 35 5% Higher than the salvage value
Intangibles, Net 1,554 1,920 2,099
Intangibles - Gross 5,440 5,357 4,922 SOURCE:
Accumulated Intangible Amortization -3,886 -3,437 -2,823 http://www.erc.gov.ph/Files/Rende
Utility Plant, Net 108,641 104,363 95,217
Utility Plant - Gross 189,492 181,511 167,843 NO.10
Utility Plant Accumulated Depreciation -80,851 -77,148 -72,626
Total Utility Plant, Net 108,641 104,363 95,217
Long Term Investments 46,569 46,076 44,495 NO.11
LT Investment - Affiliate Companies 14,965 11,313 11,446
LT Investments - Other 31,604 34,763 33,049 Incremental Sales
Note Receivable - Long Term 181 181 181 Operating Expense
Other Long Term Assets, Total 39,550 32,849 24,239 Operating Margin
Deferred Charges 210 137 155
Defered Income Tax - Long Term Asset 23,440 18,800 16,146 EBIT Margin = Operating Margin
Other Long Term Assets 15,900 13,912 7,938
Total Assets 357,019 336,251 303,355 SOURCE:
https://www.investopedia.com/ter
Liabilities (PHP Millions)
Accounts Payable 39,520 37,025 32,574 NO.12
Payable/Accrued -994 -- -- The possible opportunity cost if the
If the capital is to be used to financ
Accrued Expenses 3,808 13,955 11,386 expenses and a higher profit margin
Notes Payable/Short Term Debt 24,872 14,915 15,082 market.
Current Port. of LT Debt/Capital Leases 3,636 356 388
 If the capital is to be used to financ
expenses and a higher profit margin
market.

Other Current liabilities, Total 56,719 49,266 46,409

Dividends Payable 1,287 1,497 1,188 NO.14
Customer Advances 994 987 1,004 BETA 0.030557
Income Taxes Payable 13,171 13,119 2,913
Other Payables 24,432 15,092 25,649 SOURCE
Other Current Liabilities 16,835 18,571 15,655 https://ph.investing.com/equities/m
Total Current Liabilities 127,561 115,517 105,839 https://ph.investing.com/indices/p

Total Long Term Debt 12,745 24,745 24,786 NO.15

Long Term Debt 12,745 24,745 24,786 a.
Total Debt 41,253 40,016 40,256 FORMULA: bU = b/[1 + (1 − T)( debt
Deferred Income Tax 84 67 52
Deferred Income Tax - LT Liability 84 67 52
Minority Interest 1,011 845 822 AVERAGE Deb 0.51
Other Liabilities, Total 131,388 113,035 98,246
Reserves 17,356 17,442 18,456 UNLEVERED 2.25%
Pension Benefits - Underfunded 8,882 1,980 4,559
Other Long Term Liabilities 105,150 93,613 75,231 b.
Total Liabilities 272,789 254,209 229,745 COST OF EQUITY/CAPM
Cost of Equity = Risk-free rate + Bet
Shareholders Equity (PHP Millions) MARKET RATE (PSEi CAGR 32 Years
Common Stock, Total 11,273 11,273 11,273 RISK FREE (Treasury Bond Rate 25 Y
Common Stock 11,273 11,273 11,273 COST OF EQUITY/CAPM
Additional Paid-In Capital 4,111 4,111 4,111
Retained Earnings (Accumulated Deficit) 68,041 62,855 54,903 Project's Capital Structure
Treasury Stock - Common -11 -11 -11 Debt 63,132
Unrealized Gain (Loss) 227 -295 -160 Equity 3,050
Other Equity, Total 589 4,109 3,494 Total Projec 66,182
Translation Adjustment 794 584 1,175 Debt/Equity
Other Equity -12 -10 -10
Minimum Pension Liability Adjustment -193 3,535 2,329 FORMULA: b = bU/[1 + (1 − T)( debt
Total Equity 84,230 82,042 73,610
RELEVERED 0.0014539
Total Liabilities & Shareholders' Equity 357,019 336,251 303,355
SOURCE:
https://pesolab.com/earn-stock-ind
http://www.worldgovernmentbond

NO.16
2019
Retained ea 67,108

COMPLEX EQUITY STRUCTURE ****

According to its debt to equity ratio
from Equity Share Capital, Preferen
Current Liabilities etc., which is also

SOURCE:
https://www.accountingnotes.net/
NO.17
RISK FREE (Treasury Bon

SOURCE:
http://www.worldgovernmentbond

NO.18
CAPM/RRR
CAPM/RRR=Rf+(Rm-Rf)b
CAPM/RRR 0.0444625

NO.19
Lending rate as the pre
Tax Shield
Cost of Debt

SOURCE
https://data.worldbank.org/indicat
 0.0455274 0.0774996815 0.0615135
337895.68
2019 2018 2017
-9,872 -173 -7,407
-5817.333 Average net working capital as to -1.7216

Average EBIT Margin

on and amortization are computed using the straight-line method over the following estimated useful lives:
Estimated Useful Lives
ission and distribution 10-40 years, depending on the life of the significant parts
nd improvements 15-40 years
ation equipment 5-10 years
ture, fixtures and other equipment 5-20 years
tion equipment 5-10 years
5-20 years

Average effective tax rate

301,775
20%
cremental sales 60355

Position Paper states that the regulatory depreciation will be calculated on a straight line basis across the
fespan of assets. As for the estimated useful life used, other power companies like NGCP estimates that the
of power transformers is within 35-40 years but for a conservative result, MERALCO considered 30 years as the
sformer's asset life.
c.node1347.speedyrails.net/documents/2180
w.ngcp.ph/Attachment-Uploads/TDP%202016-2040%20Final%20Report%20Volume%201%20Major%20Network%20Development-2019-
w.erc.gov.ph/Files/Render/issuance/17835

66,182,107
5% Based on ERC's Position Paper
3,309,105

than the salvage value 3474560.6175

w.erc.gov.ph/Files/Render/issuance/17835

60355
54,623
5731.9803

n = Operating Margin

w.investopedia.com/terms/o/operatingmargin.asp#:~:text=When%20calculating%20an%20operating%20margin,business%2C%20excludi

e opportunity cost if the project is accepted would be the expected return on investment if the capital is invested in the stock market.
al is to be used to finance the project, it is expected that newer asset will increase production efficiency, leading to lower operational
nd a higher profit margin. It means that by investing in the business, you would forgo the opportunity to earn a high return on the stock
investing.com/equities/manila-electri-historical-data
investing.com/indices/psei-composite-historical-data

bU = b/[1 + (1 − T)( debt/equity)]

2,019 2018 2017

0.49 0.49 0.55 Based on Annual Reports

QUITY/CAPM
uity = Risk-free rate + Beta[levered at your firms desired leverage] * (Return on market - Risk-free rate)
ATE (PSEi CAGR 32 Years c 7.50%
Treasury Bond Rate 25 Ye 4.35%
QUITY/CAPM 4.45%

apital Structure
95% Cost of Equity 4.45%
5% Cost of Debt 5.26%

20.697949

b = bU/[1 + (1 − T)( debt/equity)]

(Using PROJECT'S debt to equity ratio)

olab.com/earn-stock-index-investing/
w.worldgovernmentbonds.com/country/philippines/

2018 2017 AVE

 61,922 53,980 61,003
5.00%
FROM RE 3050.15
EQUITY STRUCTURE *****
to its debt to equity ratio, the capital structure is composed of more than one source which can be
y Share Capital, Preference Share Capital, Retained Earnings, Debentures, Long-term Loans and
bilities etc., which is also known as complex capital structure.

w.accountingnotes.net/financial-management/capital-structure/capital-structure-definition-assumptions-and-classification

4.35%

w.worldgovernmentbonds.com/country/philippines/

=Rf+(Rm-Rf)b

7.10% (debt yield)

74.15%
5.26%

a.worldbank.org/indicator/FR.INR.LEND?end=2019&locations=PH&start=2014&view=chart
%20Development-2019-05-14-16-43-41.pdf?fbclid=IwAR2KEdriTd3J5a7u6VSrIOYk-VQyOsIqbHBE-z43F0ATRUvs76sn69pEYf0

business%2C%20excluding%20interest%20and%20taxes.

in the stock market.

o lower operational
gh return on the stock
The estimated cost of project is based on the detailed cost for permanent installation of
similar power transformer installed as emergency replacement at Urdaneta Substation.

Urdaneta Substation Project Cost

Detailed Cost Estimate for Installation of Power Transformer

Labor Cost Material Cost Other Cost Sub-Total

Power Transformer 1,355,095.04 58,226,211.75 686,630.54 60,267,937.33
Total (PhP) 1,355,095.04 58,226,211.75 686,630.54 60,267,937.33
% as to Total Cost 2.2485% 96.6123% 1.1393%

Imus Substation Project Cost

Detailed Cost Estimate for Installation of Power Transformer

Labor Cost Material Cost Other Cost Sub-Total

Power Transformer 1,488,072.25 63,940,024.28 754,010.47 66,182,107.00
Total (PhP) 1,488,072.25 63,940,024.28 754,010.47 66,182,107.00
% as to Total Cost 2.2485% 96.6123% 1.1393%

This includes the cost of new 100 MVA, 115 kV-34.5 kV, three-phase power transformer
and costs for transformer oil, taxes, duties, brokerage, trucking services and installation.

SOURCE:
ERC Case No. 2018-006 RC Urdaneta Power Transformer Replacement)
Date Price MERALCO Price PSEI y x y2
Jun 07, 2020 291 6,476.24 2.6 11.11 6.76
May 31, 2020 288.4 6,465.13 5.4 626.29 29.16
May 24, 2020 283 5,838.84 7 299.65 49
May 17, 2020 276 5,539.19 1.6 -2.76 2.56
May 10, 2020 274.4 5,541.95 22.4 -79.99 501.76
May 03, 2020 252 5,621.94 -2.4 -78.77 5.76
Apr 26, 2020 254.4 5,700.71 -1.6 235.73 2.56
Apr 19, 2020 256 5,464.98 -13 -324.99 169
Apr 12, 2020 269 5,789.97 2.8 279.14 7.84
Apr 05, 2020 266.2 5,510.83 26.2 163.86 686.44
Mar 29, 2020 240 5,346.97 20 80.35 400
Mar 22, 2020 220 5,266.62 20 487.86 400
Mar 15, 2020 200 4,778.76 -34.78 -1015.18 1209.6484
Mar 08, 2020 234.78 5,793.94 -28.37 -976.44 804.8569
Mar 01, 2020 263.15 6,770.38 -0.78 -17.53 0.6084
Feb 23, 2020 263.93 6,787.91 -0.2 -581.87 0.04
Feb 16, 2020 264.13 7,369.78 7.83 87.78 61.3089
Feb 09, 2020 256.3 7,282.00 -32.5 -225.2 1056.25
Feb 02, 2020 288.8 7,507.20 32.8 306.41 1075.84
Jan 26, 2020 256 7,200.79 -46.4 -422.62 2152.96
Jan 19, 2020 302.4 7,623.41 11.4 -99.17 129.96
Jan 12, 2020 291 7,722.58 -17 -54.19 289
Jan 05, 2020 308 7,776.77 -4.4 -63.02 19.36
Dec 29, 2019 312.4 7,839.79 -4.6 24.53 21.16
Dec 22, 2019 317 7,815.26 30.8 42.14 948.64
Dec 15, 2019 286.2 7,773.12 -31.8 -104.51 1011.24
Dec 08, 2019 318 7,877.63 -8 75.91 64
Dec 01, 2019 326 7,801.72 7 62.76 49
Nov 24, 2019 319 7,738.96 -11 -85.63 121
Nov 17, 2019 330 7,824.59 -8 -108.37 64
Nov 10, 2019 338 7,932.96 -11.8 -132.8 139.24
Nov 03, 2019 349.8 8,065.76 11.4 88.64 129.96
Oct 27, 2019 338.4 7,977.12 -17.8 54.62 316.84
Oct 20, 2019 356.2 7,922.50 -4.4 37.27 19.36
Oct 13, 2019 360.6 7,885.23 -4.6 35.29 21.16
Oct 06, 2019 365.2 7,849.94 -1.8 145.34 3.24
Sep 29, 2019 367 7,704.60 4 -114.62 16
Sep 22, 2019 363 7,819.22 -8 -51.89 64
Sep 15, 2019 371 7,871.11 4.6 -121.21 21.16
Sep 08, 2019 366.4 7,992.32 8.4 58.85 70.56
Sep 01, 2019 358 7,933.47 -7 -46.19 49
Aug 25, 2019 365 7,979.66 3 90.25 9
Aug 18, 2019 362 7,889.41 9 93.43 81
Aug 11, 2019 353 7,795.98 -7 -58.41 49
Aug 04, 2019 360 7,854.39 -12.6 -275.54 158.76
Jul 28, 2019 372.6 8,129.93 -2.4 -54.06 5.76
Jul 21, 2019 375 8,183.99 -8 -86.08 64
Jul 14, 2019 383 8,270.07 1.6 128.25 2.56
Jul 07, 2019 381.4 8,141.82 -4.6 23.88 21.16
Jun 30, 2019 386 8,117.94 -1 118.23 1
Jun 23, 2019 387 7,999.71 7 -55.76 49
Jun 16, 2019 380 8,055.47 -2.2 65.27 4.84
Jun 09, 2019 382.2 7,990.20 -6.6 6.22 43.56
Jun 02, 2019 388.8 7,983.98 3.8 13.96 14.44
May 26, 2019 385 7,970.02 7 222.93 49
May 19, 2019 378 7,747.09 18 163.27 324
May 12, 2019 360 7,583.82 -11.2 -158.38 125.44
May 05, 2019 371.2 7,742.20 -14.4 -225.78 207.36
Apr 28, 2019 385.6 7,967.98 1.6 99.7 2.56
Apr 21, 2019 384 7,868.28 5 33.13 25
Apr 14, 2019 379 7,835.15 0.6 -45.67 0.36
Apr 07, 2019 378.4 7,880.82 -0.4 7.64 0.16
Mar 31, 2019 378.8 7,873.18 -1.2 -47.75 1.44
Mar 24, 2019 380 7,920.93 -7 -92.49 49
Mar 17, 2019 387 8,013.42 17 215.14 289
Mar 10, 2019 370 7,798.28 -6 1.17 36
Mar 03, 2019 376 7,797.11 9 155.34 81
Feb 24, 2019 367 7,641.77 -8 -320.36 64
Feb 17, 2019 375 7,962.13 20 53.24 400
Feb 10, 2019 355 7,908.89 -12.2 -162 148.84
Feb 03, 2019 367.2 8,070.89 -3.4 -73.27 11.56
Jan 27, 2019 370.6 8,144.16 -1.4 90.96 1.96
Jan 20, 2019 372 8,053.20 2.8 6.08 7.84
Jan 13, 2019 369.2 8,047.12 -17.8 143.03 316.84
Jan 06, 2019 387 7,904.09 -7 142.98 49
Dec 30, 2018 394 7,761.11 14 295.09 196
Dec 23, 2018 380 7,466.02 -10 -13.69 100
Dec 16, 2018 390 7,479.71 0.2 -44.66 0.04
Dec 09, 2018 389.8 7,524.37 13.8 63.31 190.44
Dec 02, 2018 376 7,461.06 -8.2 93.21 67.24
Nov 25, 2018 384.2 7,367.85 -5.8 27.67 33.64
Nov 18, 2018 390 7,340.18 13.4 256.84 179.56
Nov 11, 2018 376.6 7,083.34 -4.2 114.52 17.64
Nov 04, 2018 380.8 6,968.82 13 -171.47 169
Oct 28, 2018 367.8 7,140.29 7.4 75.96 54.76
Oct 21, 2018 360.4 7,064.33 13.6 -87.19 184.96
Oct 14, 2018 346.8 7,151.52 -5 146.75 25
Oct 07, 2018 351.8 7,004.77 -4.2 -73.43 17.64
Sep 30, 2018 356 7,078.20 16 -198.62 256
Sep 23, 2018 340 7,276.82 -25 -106.18 625
Sep 16, 2018 365 7,383.00 -3 -30.15 9
Sep 09, 2018 368 7,413.15 -12 -185.49 144
Sep 02, 2018 380 7,598.64 6.6 -257.07 43.56
Aug 26, 2018 373.4 7,855.71 7.4 89.24 54.76
Aug 19, 2018 366 7,766.47 3 182.95 9
Aug 12, 2018 363 7,583.52 -5.2 -221.46 27.04
Aug 05, 2018 368.2 7,804.98 -1.8 -14.41 3.24
Jul 29, 2018 370 7,819.39 -8 118.01 64
Jul 22, 2018 378 7,701.38 20.8 301.77 432.64
Jul 15, 2018 357.2 7,399.61 1.2 0.43 1.44
Jul 08, 2018 356 7,399.18 -2 212.47 4
Jul 01, 2018 358 7,186.71 2.4 -6.97 5.76
Jun 24, 2018 355.6 7,193.68 20.8 130.48 432.64
Jun 17, 2018 334.8 7,063.20 -10.2 -466.34 104.04
Jun 10, 2018 345 7,529.54 7 -211.2 49
Jun 03, 2018 338 7,740.74 3.2 110.48 10.24
May 27, 2018 334.8 7,630.26 -0.2 -17.25 0.04
May 20, 2018 335 7,647.51 13 -24.77 169
May 13, 2018 322 7,672.28 -6 -79.83 36
May 06, 2018 328 7,752.11 1 205.92 1
Apr 29, 2018 327 7,546.19 12.8 -174.83 163.84
Apr 22, 2018 314.2 7,721.02 -7.4 -5.7 54.76
Apr 15, 2018 321.6 7,726.72 -0.2 -173.26 0.04
Apr 08, 2018 321.8 7,899.98 -0.8 -45.68 0.64
Apr 01, 2018 322.6 7,945.66 4.6 -34.17 21.16
Mar 25, 2018 318 7,979.83 -7 9.03 49
Mar 18, 2018 325 7,970.80 -6.36 -267.35 40.4496
Mar 11, 2018 331.36 8,238.15 7.72 -134.36 59.5984
Mar 04, 2018 323.64 8,372.51 -7.12 -86.06 50.6944
Feb 25, 2018 330.76 8,458.57 15.03 -8.99 225.9009
Feb 18, 2018 315.73 8,467.56 -2.77 -144.88 7.6729
Feb 11, 2018 318.5 8,612.44 0.5 108.75 0.25
Feb 04, 2018 318 8,503.69 -18.2 -307.06 331.24
Jan 28, 2018 336.2 8,810.75 1.2 -230.45 1.44
Jan 21, 2018 335 9,041.20 5 125.28 25
Jan 14, 2018 330 8,915.92 -1 101.3 1
Jan 07, 2018 331 8,814.62 1.8 44.62 3.24
Dec 31, 2017 329.2 8,770.00 0.6 211.58 0.36
Dec 24, 2017 328.6 8,558.42 7.8 126.11 60.84
Dec 17, 2017 320.8 8,432.31 -4.2 95.27 17.64
Dec 10, 2017 325 8,337.04 1.6 32.34 2.56
Dec 03, 2017 323.4 8,304.70 18 160.68 324
Nov 26, 2017 305.4 8,144.02 -13.6 -221.09 184.96
Nov 19, 2017 319 8,365.11 -3 54.03 9
Nov 12, 2017 322 8,311.08 27 -122.4 729
Nov 05, 2017 295 8,433.48 4.8 57.35 23.04
Oct 29, 2017 290.2 8,376.13 0.2 80.18 0.04
Oct 22, 2017 290 8,295.95 -0.6 -125 0.36
Oct 15, 2017 290.6 8,420.95 1 -26.99 1
Oct 08, 2017 289.6 8,447.94 4.4 137.06 19.36
Oct 01, 2017 285.2 8,310.88 2.2 139.45 4.84
Sep 24, 2017 283 8,171.43 3.2 -109.84 10.24
Sep 17, 2017 279.8 8,281.27 3.8 100.42 14.44
Sep 10, 2017 276 8,180.85 6.4 158.1 40.96
Sep 03, 2017 269.6 8,022.75 -1.4 64.18 1.96
Aug 27, 2017 271 7,958.57 0.4 -56.57 0.16
Aug 20, 2017 270.6 8,015.14 -2.36 -1.59 5.5696
Aug 13, 2017 272.96 8,016.73 0.4 88.3 0.16
Aug 06, 2017 272.56 7,928.43 -2.96 -4.39 8.7616
Jul 30, 2017 275.52 7,932.82 0 -138.65 0
Jul 23, 2017 275.52 8,071.47 2.96 81.74 8.7616
Jul 16, 2017 272.56 7,989.73 2.76 103.83 7.6176
Jul 09, 2017 269.8 7,885.90 3.2 -3.43 10.24
Jul 02, 2017 266.6 7,889.33 5.8 46.17 33.64
Jun 25, 2017 260.8 7,843.16 -0.2 28.99 0.04
Jun 18, 2017 261 7,814.17 SUMMATION 30 -1337.93 21157.4692

SOURCE Count (N) 155 a. 429351843.4

https://ph.investing.com/equities/manila-electri-historical-data 938862431.9
https://ph.investing.com/indices/psei-composite-historical-data
3 YEAR PERIOD (WEEKLY) b. 28688842.29
938862431.9
LINEAR REGRESSION FORMULA
 y = a + bx
x2 xy
123.4321 28.886
392239.1641 3381.966
89790.1225 2097.55
7.6176 -4.416
6398.4001 -1791.776
6204.7129 189.048
55568.6329 -377.168
105618.5001 4224.87
77919.1396 781.592
26850.0996 4293.132
6456.1225 1607
238007.3796 9757.2
1030590.4324 35307.9604
953435.0736 27701.6028
307.3009 13.6734
338572.6969 116.374
7705.3284 687.3174
50715.04 7319
93887.0881 10050.248
178607.6644 19609.568
9834.6889 -1130.538
2936.5561 921.23
3971.5204 277.288
601.7209 -112.838
1775.7796 1297.912
10922.3401 3323.418
5762.3281 -607.28
3938.8176 439.32
7332.4969 941.93
11744.0569 866.96
17635.84 1567.04
7857.0496 1010.496
2983.3444 -972.236
1389.0529 -163.988
1245.3841 -162.334
21123.7156 -261.612
13137.7444 -458.48
2692.5721 415.12
14691.8641 -557.566
3463.3225 494.34
2133.5161 323.33
8145.0625 270.75
 8729.1649 840.87
3411.7281 408.87
75922.2916 3471.804
2922.4836 129.744
7409.7664 688.64
16448.0625 205.2
570.2544 -109.848
13978.3329 -118.23
3109.1776 -390.32
4260.1729 -143.594
38.6884 -41.052
194.8816 53.048
49697.7849 1560.51
26657.0929 2938.86
25084.2244 1773.856
50976.6084 3251.232
9940.09 159.52
1097.5969 165.65
2085.7489 -27.402
58.3696 -3.056
2280.0625 57.3
8554.4001 647.43
46285.2196 3657.38
1.3689 -7.02
24130.5156 1398.06
102630.5296 2562.88
2834.4976 1064.8
26244 1976.4
5368.4929 249.118
8273.7216 -127.344
36.9664 17.024
20457.5809 -2545.934
20443.2804 -1000.86
87078.1081 4131.26
187.4161 136.9
1994.5156 -8.932
4008.1561 873.678
8688.1041 -764.322
765.6289 -160.486
65966.7856 3441.656
13114.8304 -480.984
29401.9609 -2229.11
5769.9216 562.104
 7602.0961 -1185.784
21535.5625 -733.75
5391.9649 308.406
39449.9044 -3177.92
11274.1924 2654.5
909.0225 90.45
34406.5401 2225.88
66084.9849 -1696.662
7963.7776 660.376
33470.7025 548.85
49044.5316 1151.592
207.6481 25.938
13926.3601 -944.08
91065.1329 6276.816
0.1849 0.516
45143.5009 -424.94
48.5809 -16.728
17025.0304 2713.984
217472.9956 4756.668
44605.44 -1478.4
12205.8304 353.536
297.5625 3.45
613.5529 -322.01
6372.8289 478.98
42403.0464 205.92
30565.5289 -2237.824
32.49 42.18
30019.0276 34.652
2086.6624 36.544
1167.5889 -157.182
81.5409 -63.21
71476.0225 1700.346
18052.6096 -1037.2592
7406.3236 612.7472
80.8201 -135.1197
20990.2144 401.3176
11826.5625 54.375
94285.8436 5588.492
53107.2025 -276.54
15695.0784 626.4
10261.69 -101.3
1990.9444 80.316
44766.0964 126.948
 15903.7321 983.658
9076.3729 -400.134
1045.8756 51.744
25818.0624 2892.24
48880.7881 3006.824
2919.2409 -162.09
14981.76 -3304.8
3289.0225 275.28
6428.8324 16.036
15625 75
728.4601 -26.99
18785.4436 603.064
19446.3025 306.79
12064.8256 -351.488
10084.1764 381.596
24995.61 1011.84
4119.0724 -89.852
3200.1649 -22.628
2.5281 3.7524
7796.89 35.32
19.2721 12.9944
19223.8225 0
6681.4276 241.9504
10780.6689 286.5708
11.7649 -10.976
2131.6689 267.786
840.4201 -5.798
6068725.7331 184830.3509

0.4573107079

0.0305570245 BETA
COST BENEFIT ANALYSIS TEMPLATE
Project Name:
Brief Description:

(Peso amount in thousands) Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

CASH INFLOWS
Additional Revenue 60,355.00 64,067.68 68,008.74 72,192.23 76,633.06

CASH OUTFLOW
Investment 66,182.11
Cash Operating Expense 54,270.42 57,608.81 61,152.56 64,914.30 68,907.44

Operating Margin (NET CASH FL - 66,182.11 5,731.98 6,084.58 6,458.86 6,856.17 7,277.93

0.094971 Ave EBIT Margin

0.061514 Ave Sales growth rate
Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13

81,347.06 86,351.05 91,662.85 97,301.39 103,286.79 109,640.38 116,384.79 123,544.09

73,146.21 77,645.73 82,422.03 87,492.14 92,874.13 98,587.19 104,651.68 111,089.22

7,725.62 8,200.85 8,705.32 9,240.82 9,809.26 10,412.67 11,053.19 11,733.12

Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20

131,143.78 139,210.96 147,774.38 156,864.57 166,513.94 176,756.88 187,629.90

117,922.76 125,176.66 132,876.78 141,050.56 149,727.15 158,937.46 168,714.34

12,454.87 13,221.02 14,034.29 14,897.60 15,814.01 16,786.79 17,819.42

Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27

199,171.77 211,423.62 224,429.13 238,234.67 252,889.43 268,445.68 284,958.84

179,092.64 190,109.34 201,803.73 214,217.48 227,394.86 241,382.82 256,231.25

18,915.56 20,079.13 21,314.28 22,625.41 24,017.19 25,494.58 27,062.85

Year 28 Year 29 Year 30

302,487.80 321,095.04 340,846.88

271,993.05 288,724.44 340,846.88

28,727.60 30,494.75 32,370.60

SCENARIO ANALYSIS