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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,5x - 7,2x | 6,9x |
| Selected Fwd EBITDA Multiple | 5,9x - 6,5x | 6,2x |
| Fair Value | ₱1.611 - ₱1.989 | ₱1.800 |
| Upside | -22,3% - -4,0% | -13,1% |
| Benchmarks | Ticker | Full Ticker |
| PLDT Inc. | TEL | PSE:TEL |
| Advanced Info Service Public Company Limited | ADVANC | SET:ADVANC |
| Converge Information and Communications Technology Solutions, Inc. | CNVRG | PSE:CNVRG |
| Bharti Airtel Limited | 532454 | BSE:532454 |
| Easycall Communications Philippines, Inc. | ECP | PSE:ECP |
| Globe Telecom, Inc. | GLO | PSE:GLO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TEL | ADVANC | CNVRG | 532454 | ECP | GLO | ||
| PSE:TEL | SET:ADVANC | PSE:CNVRG | BSE:532454 | PSE:ECP | PSE:GLO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.6% | 3.1% | 37.4% | 22.0% | 57.2% | -1.1% | |
| 3Y CAGR | -1.9% | 5.4% | 15.7% | 14.9% | 69.2% | -0.3% | |
| Latest Twelve Months | -4.6% | 17.0% | 9.1% | 10.9% | 0.3% | 3.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 45.6% | 41.9% | 52.6% | 45.3% | 14.6% | 42.1% | |
| Prior Fiscal Year | 42.6% | 40.7% | 56.4% | 45.4% | 10.7% | 40.1% | |
| Latest Fiscal Year | 39.5% | 42.1% | 53.6% | 46.6% | 9.8% | 41.3% | |
| Latest Twelve Months | 39.5% | 42.1% | 53.6% | 47.4% | 9.8% | 41.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.52x | 4.76x | 3.85x | 8.41x | 1.04x | 3.24x | |
| EV / LTM EBITDA | 6.4x | 11.3x | 7.2x | 17.8x | 10.7x | 7.8x | |
| EV / LTM EBIT | 9.4x | 20.2x | 10.1x | 32.2x | 16.7x | 14.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.4x | 10.7x | 17.8x | ||||
| Historical EV / LTM EBITDA | 5.2x | 7.6x | 8.7x | ||||
| Selected EV / LTM EBITDA | 6.5x | 6.9x | 7.2x | ||||
| (x) LTM EBITDA | 74,677 | 74,677 | 74,677 | ||||
| (=) Implied Enterprise Value | 486,532 | 512,139 | 537,746 | ||||
| (-) Non-shareholder Claims * | (286,669) | (286,669) | (286,669) | ||||
| (=) Equity Value | 199,863 | 225,470 | 251,077 | ||||
| (/) Shares Outstanding | 144.4 | 144.4 | 144.4 | ||||
| Implied Value Range | 1,384.28 | 1,561.64 | 1,739.00 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,384.28 | 1,561.64 | 1,739.00 | 2,072.00 | |||
| Upside / (Downside) | -33.2% | -24.6% | -16.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TEL | ADVANC | CNVRG | 532454 | ECP | GLO | |
| Enterprise Value | 546,934 | 1,017,335 | 155,607 | 13,829,660 | 468 | 585,825 | |
| (+) Cash & Short Term Investments | 11,003 | 22,607 | 16,981 | 162,862 | 59 | 21,354 | |
| (+) Investments & Other | 57,361 | 12,563 | 563 | 40,593 | 79 | 59,369 | |
| (-) Debt | (335,624) | (213,677) | (31,597) | (2,046,230) | (169) | (365,568) | |
| (-) Other Liabilities | (1,316) | (101) | (0) | (479,248) | 0 | (31) | |
| (-) Preferred Stock | (510) | 0 | 0 | 0 | (2) | (1,793) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 277,848 | 838,727 | 141,553 | 11,507,637 | 435 | 299,156 | |
| (/) Shares Outstanding | 216.1 | 2,974.2 | 7,266.6 | 6,091.3 | 150.0 | 144.4 | |
| Implied Stock Price | 1,286.00 | 282.00 | 19.48 | 1,889.20 | 2.90 | 2,072.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,286.00 | 282.00 | 19.48 | 1,889.20 | 2.90 | 2,072.00 | |
| Trading Currency | PHP | THB | PHP | INR | PHP | PHP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |