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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,8x - 13,0x | 12,4x |
| Selected Fwd EBIT Multiple | 8,1x - 9,0x | 8,5x |
| Fair Value | ₱7,28 - ₱13,72 | ₱10,50 |
| Upside | -40,0% - 13,2% | -13,4% |
| Benchmarks | Ticker | Full Ticker |
| Jolliville Holdings Corporation | JOH | PSE:JOH |
| Citicore Renewable Energy Corporation | CREC | PSE:CREC |
| Manila Electric Company | MER | PSE:MER |
| First Philippine Holdings Corporation | FPH | PSE:FPH |
| PGE Polska Grupa Energetyczna S.A. | PGE | WSE:PGE |
| Synergy Grid & Development Phils., Inc. | SGP | PSE:SGP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| JOH | CREC | MER | FPH | PGE | SGP | ||
| PSE:JOH | PSE:CREC | PSE:MER | PSE:FPH | WSE:PGE | PSE:SGP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 12.1% | NM- | 4.5% | 2.4% | 16.0% | 0.0% | |
| 3Y CAGR | 7.0% | 65.4% | 9.2% | 11.0% | 9.3% | -2.3% | |
| Latest Twelve Months | -48.3% | 41.8% | 5.9% | 8.9% | 84.2% | -9.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.4% | 31.3% | 10.5% | 20.9% | 6.8% | 31.9% | |
| Prior Fiscal Year | 29.3% | 29.2% | 9.7% | 20.5% | 5.9% | 27.0% | |
| Latest Fiscal Year | 20.0% | 30.8% | 10.9% | 20.6% | 10.7% | 24.5% | |
| Latest Twelve Months | 16.2% | 29.0% | 10.9% | 21.2% | 13.4% | 24.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.39x | 12.63x | 1.55x | 1.36x | 0.51x | 3.22x | |
| EV / LTM EBITDA | 8.4x | 40.1x | 11.0x | 4.4x | 2.6x | 9.6x | |
| EV / LTM EBIT | 14.7x | 43.6x | 14.3x | 6.4x | 3.8x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.8x | 14.3x | 43.6x | ||||
| Historical EV / LTM EBIT | 6.4x | 8.3x | 11.3x | ||||
| Selected EV / LTM EBIT | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBIT | 26,690 | 26,690 | 26,690 | ||||
| (=) Implied Enterprise Value | 314,431 | 330,980 | 347,529 | ||||
| (-) Non-shareholder Claims * | (284,011) | (284,011) | (284,011) | ||||
| (=) Equity Value | 30,419 | 46,968 | 63,517 | ||||
| (/) Shares Outstanding | 5,265.9 | 5,265.9 | 5,265.9 | ||||
| Implied Value Range | 5.78 | 8.92 | 12.06 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.78 | 8.92 | 12.06 | 12.12 | |||
| Upside / (Downside) | -52.3% | -26.4% | -0.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JOH | CREC | MER | FPH | PGE | SGP | |
| Enterprise Value | 3,798 | 69,777 | 695,438 | 229,744 | 33,025 | 347,834 | |
| (+) Cash & Short Term Investments | 165 | 5,272 | 112,092 | 51,536 | 5,857 | 6,216 | |
| (+) Investments & Other | 114 | 367 | 0 | 34,191 | 485 | 0 | |
| (-) Debt | (1,388) | (27,138) | (188,193) | (174,680) | (11,553) | (226,123) | |
| (-) Other Liabilities | (957) | (957) | 0 | (106,510) | (1,114) | (64,105) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,731 | 47,321 | 619,337 | 34,281 | 26,700 | 63,822 | |
| (/) Shares Outstanding | 281.5 | 11,160.7 | 1,127.1 | 424.8 | 2,243.7 | 5,265.9 | |
| Implied Stock Price | 6.15 | 4.24 | 549.50 | 80.70 | 11.90 | 12.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.15 | 4.24 | 549.50 | 80.70 | 11.90 | 12.12 | |
| Trading Currency | PHP | PHP | PHP | PHP | PLN | PHP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |