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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.7x - 10.7x | 10.2x |
| Selected Fwd EBIT Multiple | 12.1x - 13.4x | 12.8x |
| Fair Value | ₱594.61 - ₱737.37 | ₱665.99 |
| Upside | -0.7% - 23.1% | 11.2% |
| Benchmarks | Ticker | Full Ticker |
| SM Investments Corporation | SM | PSE:SM |
| DMCI Holdings, Inc. | DMC | PSE:DMC |
| San Miguel Corporation | SMC | PSE:SMC |
| LT Group, Inc. | LTG | PSE:LTG |
| Alliance Global Group, Inc. | AGI | PSE:AGI |
| Ayala Corporation | AC | PSE:AC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SM | DMC | SMC | LTG | AGI | AC | ||
| PSE:SM | PSE:DMC | PSE:SMC | PSE:LTG | PSE:AGI | PSE:AC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.6% | 7.9% | 7.3% | 14.3% | 3.8% | 2.4% | |
| 3Y CAGR | 20.8% | -1.0% | 14.0% | -10.7% | 8.8% | 18.8% | |
| Latest Twelve Months | 7.9% | -26.6% | 16.1% | 19.2% | 1.9% | 3.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.3% | 24.2% | 10.1% | 22.5% | 20.7% | 21.8% | |
| Prior Fiscal Year | 23.1% | 28.5% | 10.2% | 22.4% | 21.5% | 25.0% | |
| Latest Fiscal Year | 23.3% | 23.1% | 10.6% | 22.8% | 21.0% | 22.6% | |
| Latest Twelve Months | 23.4% | 20.8% | 11.1% | 23.6% | 20.9% | 23.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.86x | 1.67x | 1.09x | -0.57x | 1.62x | 2.25x | |
| EV / LTM EBITDA | 7.1x | 5.6x | 7.7x | -2.1x | 6.3x | 8.2x | |
| EV / LTM EBIT | 8.0x | 8.0x | 9.8x | -2.4x | 7.8x | 9.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.4x | 8.0x | 9.8x | ||||
| Historical EV / LTM EBIT | 9.0x | 12.9x | 16.0x | ||||
| Selected EV / LTM EBIT | 9.7x | 10.2x | 10.7x | ||||
| (x) LTM EBIT | 87,912 | 87,912 | 87,912 | ||||
| (=) Implied Enterprise Value | 851,376 | 896,186 | 940,995 | ||||
| (-) Non-shareholder Claims * | (475,258) | (475,258) | (475,258) | ||||
| (=) Equity Value | 376,118 | 420,927 | 465,737 | ||||
| (/) Shares Outstanding | 624.0 | 624.0 | 624.0 | ||||
| Implied Value Range | 602.72 | 674.52 | 746.33 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 602.72 | 674.52 | 746.33 | 599.00 | |||
| Upside / (Downside) | 0.6% | 12.6% | 24.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SM | DMC | SMC | LTG | AGI | AC | |
| Enterprise Value | 1,230,337 | 177,240 | 1,675,463 | (275,618) | 354,584 | 849,056 | |
| (+) Cash & Short Term Investments | 103,745 | 36,823 | 341,003 | 364,742 | 64,714 | 86,213 | |
| (+) Investments & Other | 485,939 | 23,473 | 125,778 | 200,779 | 18,417 | 445,981 | |
| (-) Debt | (538,450) | (67,481) | (1,546,420) | (49,473) | (245,426) | (711,501) | |
| (-) Other Liabilities | (243,383) | (27,728) | (402,315) | (100,032) | (116,828) | (288,752) | |
| (-) Preferred Stock | 0 | 7 | (10,187) | 0 | 0 | (7,200) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,038,188 | 142,334 | 183,322 | 140,398 | 75,461 | 373,798 | |
| (/) Shares Outstanding | 1,228.6 | 13,277.5 | 2,383.9 | 10,816.5 | 8,815.5 | 624.0 | |
| Implied Stock Price | 845.00 | 10.72 | 76.90 | 12.98 | 8.56 | 599.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 845.00 | 10.72 | 76.90 | 12.98 | 8.56 | 599.00 | |
| 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 | |