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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,8x - 13,1x | 12,5x |
| Selected Fwd EBIT Multiple | 12,6x - 13,9x | 13,3x |
| Fair Value | ₱1.343 - ₱1.689 | ₱1.516 |
| Upside | -18,1% - 3,0% | -7,6% |
| Benchmarks | Ticker | Full Ticker |
| Advanced Info Service Public Company Limited | ADVANC | SET:ADVANC |
| Bharti Airtel Limited | 532454 | BSE:532454 |
| Converge Information and Communications Technology Solutions, Inc. | CNVRG | PSE:CNVRG |
| Easycall Communications Philippines, Inc. | ECP | PSE:ECP |
| PLDT Inc. | TEL | PSE:TEL |
| Globe Telecom, Inc. | GLO | PSE:GLO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADVANC | 532454 | CNVRG | ECP | TEL | GLO | ||
| SET:ADVANC | BSE:532454 | PSE:CNVRG | PSE:ECP | PSE:TEL | PSE:GLO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.2% | 40.5% | 41.1% | 99.7% | 5.6% | -2.5% | |
| 3Y CAGR | 9.8% | 24.5% | 14.9% | 84.2% | 8.6% | 2.1% | |
| Latest Twelve Months | 20.7% | 22.0% | 6.9% | 57.0% | 29.2% | -3.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.5% | 21.9% | 37.4% | 7.1% | 24.1% | 22.7% | |
| Prior Fiscal Year | 21.4% | 26.0% | 41.0% | 5.4% | 20.2% | 21.3% | |
| Latest Fiscal Year | 23.6% | 27.5% | 38.2% | 6.2% | 26.7% | 21.8% | |
| Latest Twelve Months | 24.3% | 27.5% | 38.3% | 6.2% | 26.2% | 21.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.63x | 8.40x | 3.42x | 0.90x | 2.44x | 2.84x | |
| EV / LTM EBITDA | 10.9x | 15.6x | 6.4x | 9.2x | 6.2x | 6.8x | |
| EV / LTM EBIT | 19.1x | 30.5x | 8.9x | 14.6x | 9.3x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.9x | 14.6x | 30.5x | ||||
| Historical EV / LTM EBIT | 8.7x | 14.0x | 15.6x | ||||
| Selected EV / LTM EBIT | 11.8x | 12.5x | 13.1x | ||||
| (x) LTM EBIT | 39,644 | 39,644 | 39,644 | ||||
| (=) Implied Enterprise Value | 469,337 | 494,039 | 518,741 | ||||
| (-) Non-shareholder Claims * | (279,824) | (279,824) | (279,824) | ||||
| (=) Equity Value | 189,513 | 214,215 | 238,917 | ||||
| (/) Shares Outstanding | 144.4 | 144.4 | 144.4 | ||||
| Implied Value Range | 1,312.59 | 1,483.68 | 1,654.77 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,312.59 | 1,483.68 | 1,654.77 | 1,640.00 | |||
| Upside / (Downside) | -20.0% | -9.5% | 0.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADVANC | 532454 | CNVRG | ECP | TEL | GLO | |
| Enterprise Value | 1,003,801 | 14,600,990 | 142,442 | 421 | 533,483 | 516,608 | |
| (+) Cash & Short Term Investments | 35,042 | 183,731 | 18,001 | 45 | 14,663 | 18,727 | |
| (+) Investments & Other | 12,547 | 41,851 | 592 | 76 | 57,423 | 63,703 | |
| (-) Debt | (206,612) | (2,136,421) | (30,235) | (169) | (336,881) | (360,411) | |
| (-) Other Liabilities | (102) | (397,958) | (0) | 0 | (1,349) | (50) | |
| (-) Preferred Stock | 0 | 0 | 0 | (2) | (510) | (1,793) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 844,676 | 12,292,193 | 130,798 | 371 | 266,829 | 236,784 | |
| (/) Shares Outstanding | 2,974.2 | 6,091.3 | 7,266.6 | 150.0 | 216.1 | 144.4 | |
| Implied Stock Price | 284.00 | 2,018.00 | 18.00 | 2.47 | 1,235.00 | 1,640.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 284.00 | 2,018.00 | 18.00 | 2.47 | 1,235.00 | 1,640.00 | |
| Trading Currency | THB | INR | PHP | PHP | PHP | PHP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |