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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,6x - 10,6x | 10,1x |
| Selected Fwd EBIT Multiple | 12,0x - 13,2x | 12,6x |
| Fair Value | ₱576,56 - ₱717,42 | ₱646,99 |
| Upside | -0,6% - 23,7% | 11,6% |
| Benchmarks | Ticker | Full Ticker |
| SM Investments Corporation | SM | PSE:SM |
| GT Capital Holdings, Inc. | GTCAP | PSE:GTCAP |
| DMCI Holdings, Inc. | DMC | PSE:DMC |
| San Miguel Corporation | SMC | PSE:SMC |
| Alliance Global Group, Inc. | AGI | PSE:AGI |
| Ayala Corporation | AC | PSE:AC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SM | GTCAP | DMC | SMC | AGI | AC | ||
| PSE:SM | PSE:GTCAP | PSE:DMC | PSE:SMC | PSE:AGI | PSE:AC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.6% | 9.2% | 7.9% | 7.3% | 3.8% | 2.4% | |
| 3Y CAGR | 20.8% | 31.3% | -1.0% | 14.0% | 8.8% | 18.8% | |
| Latest Twelve Months | 7.9% | 4.9% | -26.6% | 16.1% | 1.9% | 3.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.3% | 14.2% | 24.2% | 10.1% | 20.7% | 21.8% | |
| Prior Fiscal Year | 23.1% | 16.9% | 28.5% | 10.2% | 21.5% | 25.0% | |
| Latest Fiscal Year | 23.3% | 15.8% | 23.1% | 10.6% | 21.0% | 22.6% | |
| Latest Twelve Months | 23.4% | 16.2% | 20.8% | 11.1% | 20.9% | 23.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.84x | 0.64x | 1.61x | 1.09x | 1.61x | 2.23x | |
| EV / LTM EBITDA | 7.0x | 3.9x | 5.4x | 7.8x | 6.3x | 8.1x | |
| EV / LTM EBIT | 7.8x | 4.0x | 7.8x | 9.9x | 7.7x | 9.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.0x | 7.8x | 9.9x | ||||
| Historical EV / LTM EBIT | 9.0x | 12.9x | 16.0x | ||||
| Selected EV / LTM EBIT | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBIT | 87,912 | 87,912 | 87,912 | ||||
| (=) Implied Enterprise Value | 840,516 | 884,753 | 928,991 | ||||
| (-) Non-shareholder Claims * | (475,258) | (475,258) | (475,258) | ||||
| (=) Equity Value | 365,257 | 409,495 | 453,733 | ||||
| (/) Shares Outstanding | 624.0 | 624.0 | 624.0 | ||||
| Implied Value Range | 585.31 | 656.20 | 727.09 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 585.31 | 656.20 | 727.09 | 580.00 | |||
| Upside / (Downside) | 0.9% | 13.1% | 25.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SM | GTCAP | DMC | SMC | AGI | AC | |
| Enterprise Value | 1,218,051 | (51,619) | 172,461 | 1,682,853 | 353,087 | 837,200 | |
| (+) Cash & Short Term Investments | 103,745 | 32,012 | 36,823 | 341,003 | 64,714 | 86,213 | |
| (+) Investments & Other | 485,939 | 268,835 | 23,473 | 125,778 | 18,417 | 445,981 | |
| (-) Debt | (538,450) | (111,601) | (67,481) | (1,546,420) | (245,426) | (711,501) | |
| (-) Other Liabilities | (243,383) | (20,512) | (27,728) | (402,315) | (116,828) | (288,752) | |
| (-) Preferred Stock | 0 | 0 | 7 | (10,187) | 0 | (7,200) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,025,902 | 117,115 | 137,555 | 190,712 | 73,964 | 361,941 | |
| (/) Shares Outstanding | 1,228.6 | 215.3 | 13,277.5 | 2,383.9 | 8,868.6 | 624.0 | |
| Implied Stock Price | 835.00 | 544.00 | 10.36 | 80.00 | 8.34 | 580.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 835.00 | 544.00 | 10.36 | 80.00 | 8.34 | 580.00 | |
| 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 | |