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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,9x - 10,9x | 10,4x |
| Selected Fwd EBIT Multiple | 11,5x - 12,7x | 12,1x |
| Fair Value | ₱559,91 - ₱699,33 | ₱629,62 |
| Upside | -1,9% - 22,5% | 10,3% |
| Benchmarks | Ticker | Full Ticker |
| SM Investments Corporation | SM | PSE:SM |
| GT Capital Holdings, Inc. | GTCAP | PSE:GTCAP |
| San Miguel Corporation | SMC | PSE:SMC |
| Alliance Global Group, Inc. | AGI | PSE:AGI |
| LT Group, Inc. | LTG | PSE:LTG |
| Ayala Corporation | AC | PSE:AC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SM | GTCAP | SMC | AGI | LTG | AC | ||
| PSE:SM | PSE:GTCAP | PSE:SMC | PSE:AGI | PSE:LTG | PSE:AC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.6% | 9.2% | 3.9% | 5.8% | 14.3% | 2.4% | |
| 3Y CAGR | 20.8% | 31.3% | 26.4% | 33.2% | -10.7% | 18.8% | |
| Latest Twelve Months | 6.8% | -1.7% | 18.6% | 6.3% | 14.3% | -2.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.1% | 14.1% | 10.2% | 20.7% | 22.1% | 21.8% | |
| Prior Fiscal Year | 23.1% | 16.9% | 7.5% | 20.9% | 22.4% | 25.0% | |
| Latest Fiscal Year | 23.3% | 15.8% | 10.1% | 21.5% | 22.8% | 22.6% | |
| Latest Twelve Months | 23.3% | 15.8% | 10.0% | 20.8% | 22.8% | 22.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.75x | 0.70x | 1.13x | 1.65x | -0.85x | 2.24x | |
| EV / LTM EBITDA | 6.6x | 4.3x | 8.8x | 6.5x | -3.3x | 8.5x | |
| EV / LTM EBIT | 7.5x | 4.4x | 11.4x | 7.9x | -3.7x | 9.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.7x | 7.5x | 11.4x | ||||
| Historical EV / LTM EBIT | 9.9x | 12.9x | 16.0x | ||||
| Selected EV / LTM EBIT | 9.9x | 10.4x | 10.9x | ||||
| (x) LTM EBIT | 83,491 | 83,491 | 83,491 | ||||
| (=) Implied Enterprise Value | 825,311 | 868,748 | 912,186 | ||||
| (-) Non-shareholder Claims * | (476,764) | (476,764) | (476,764) | ||||
| (=) Equity Value | 348,547 | 391,984 | 435,422 | ||||
| (/) Shares Outstanding | 623.6 | 623.6 | 623.6 | ||||
| Implied Value Range | 558.93 | 628.59 | 698.24 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 558.93 | 628.59 | 698.24 | 571.00 | |||
| Upside / (Downside) | -2.1% | 10.1% | 22.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SM | GTCAP | SMC | AGI | LTG | AC | |
| Enterprise Value | 1,146,195 | (43,260) | 1,772,224 | 354,662 | (288,291) | 832,838 | |
| (+) Cash & Short Term Investments | 113,322 | 26,251 | 282,964 | 69,022 | 385,171 | 87,539 | |
| (+) Investments & Other | 475,086 | 268,715 | 64,996 | 7,351 | 179,339 | 434,180 | |
| (-) Debt | (536,962) | (125,514) | (1,518,795) | (255,203) | (49,458) | (700,201) | |
| (-) Other Liabilities | (239,121) | (17,333) | (395,961) | (121,831) | (99,127) | (291,082) | |
| (-) Preferred Stock | 0 | (1,217) | (10,187) | 0 | 0 | (7,200) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 958,521 | 107,642 | 195,241 | 54,000 | 127,635 | 356,074 | |
| (/) Shares Outstanding | 1,228.9 | 215.3 | 2,383.9 | 8,881.5 | 10,816.5 | 623.6 | |
| Implied Stock Price | 780.00 | 500.00 | 81.90 | 6.08 | 11.80 | 571.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 780.00 | 500.00 | 81.90 | 6.08 | 11.80 | 571.00 | |
| 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 | |