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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,3x - 10,3x | 9,8x |
| Selected Fwd EBIT Multiple | 13,7x - 15,1x | 14,4x |
| Fair Value | ₱555,36 - ₱693,98 | ₱624,67 |
| Upside | -6,7% - 16,6% | 5,0% |
| Benchmarks | Ticker | Full Ticker |
| SM Investments Corporation | SM | PSE:SM |
| DMCI Holdings, Inc. | DMC | PSE:DMC |
| Alliance Global Group, Inc. | AGI | PSE:AGI |
| JG Summit Holdings, Inc. | JGS | PSE:JGS |
| San Miguel Corporation | SMC | PSE:SMC |
| Ayala Corporation | AC | PSE:AC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SM | DMC | AGI | JGS | SMC | AC | ||
| PSE:SM | PSE:DMC | PSE:AGI | PSE:JGS | PSE:SMC | PSE:AC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.6% | 7.9% | 3.8% | -0.6% | 7.3% | 2.4% | |
| 3Y CAGR | 20.8% | -1.0% | 8.8% | 69.0% | 14.0% | 18.8% | |
| Latest Twelve Months | 7.9% | -26.6% | 1.9% | -5.4% | 16.1% | 3.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.3% | 24.2% | 20.7% | 8.8% | 10.1% | 21.8% | |
| Prior Fiscal Year | 23.1% | 28.5% | 21.5% | 14.3% | 10.2% | 25.0% | |
| Latest Fiscal Year | 23.3% | 23.1% | 21.0% | 13.2% | 10.6% | 22.6% | |
| Latest Twelve Months | 23.4% | 20.8% | 20.9% | 13.1% | 11.1% | 23.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.82x | 1.64x | 1.58x | 1.13x | 1.07x | 2.25x | |
| EV / LTM EBITDA | 6.9x | 5.5x | 6.1x | 6.1x | 7.6x | 8.2x | |
| EV / LTM EBIT | 7.8x | 7.9x | 7.5x | 8.7x | 9.7x | 9.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.5x | 7.9x | 9.7x | ||||
| Historical EV / LTM EBIT | 9.0x | 12.9x | 16.0x | ||||
| Selected EV / LTM EBIT | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBIT | 87,912 | 87,912 | 87,912 | ||||
| (=) Implied Enterprise Value | 819,991 | 863,148 | 906,306 | ||||
| (-) Non-shareholder Claims * | (475,258) | (475,258) | (475,258) | ||||
| (=) Equity Value | 344,733 | 387,890 | 431,047 | ||||
| (/) Shares Outstanding | 624.0 | 624.0 | 624.0 | ||||
| Implied Value Range | 552.42 | 621.58 | 690.74 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 552.42 | 621.58 | 690.74 | 595.00 | |||
| Upside / (Downside) | -7.2% | 4.5% | 16.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SM | DMC | AGI | JGS | SMC | AC | |
| Enterprise Value | 1,205,682 | 170,602 | 345,323 | 430,176 | 1,653,292 | 846,560 | |
| (+) Cash & Short Term Investments | 103,745 | 36,823 | 64,714 | 58,683 | 341,003 | 86,213 | |
| (+) Investments & Other | 485,939 | 23,473 | 18,417 | 221,899 | 125,778 | 445,981 | |
| (-) Debt | (538,450) | (67,481) | (245,426) | (430,290) | (1,546,420) | (711,501) | |
| (-) Other Liabilities | (243,383) | (27,728) | (116,828) | (109,700) | (402,315) | (288,752) | |
| (-) Preferred Stock | 0 | 7 | 0 | (42) | (10,187) | (7,200) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,013,533 | 135,696 | 66,200 | 170,726 | 161,151 | 371,302 | |
| (/) Shares Outstanding | 1,228.5 | 13,277.5 | 8,814.9 | 7,521.0 | 2,383.9 | 624.0 | |
| Implied Stock Price | 825.00 | 10.22 | 7.51 | 22.70 | 67.60 | 595.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 825.00 | 10.22 | 7.51 | 22.70 | 67.60 | 595.00 | |
| Trading Currency | PHP | PHP | PHP | PHP | PHP | PHP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |