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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.2x - 6.8x | 6.5x |
| Selected Fwd EBITDA Multiple | 5.6x - 6.2x | 5.9x |
| Fair Value | ₱8.29 - ₱12.47 | ₱10.38 |
| Upside | -0.6% - 49.6% | 24.5% |
| Benchmarks | Ticker | Full Ticker |
| DMCI Holdings, Inc. | DMC | PSE:DMC |
| LT Group, Inc. | LTG | PSE:LTG |
| San Miguel Corporation | SMC | PSE:SMC |
| GT Capital Holdings, Inc. | GTCAP | PSE:GTCAP |
| Ayala Corporation | AC | PSE:AC |
| Alliance Global Group, Inc. | AGI | PSE:AGI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DMC | LTG | SMC | GTCAP | AC | AGI | ||
| PSE:DMC | PSE:LTG | PSE:SMC | PSE:GTCAP | PSE:AC | PSE:AGI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.1% | 10.5% | 6.1% | 8.4% | 1.1% | 3.9% | |
| 3Y CAGR | -0.6% | -10.7% | 12.8% | 28.9% | 14.5% | 7.6% | |
| Latest Twelve Months | -18.7% | 17.8% | 5.9% | 4.2% | 5.2% | 3.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.4% | 26.8% | 13.6% | 15.2% | 26.8% | 26.5% | |
| Prior Fiscal Year | 35.5% | 25.7% | 13.4% | 17.5% | 28.5% | 26.1% | |
| Latest Fiscal Year | 31.9% | 26.0% | 13.7% | 16.3% | 26.5% | 25.7% | |
| Latest Twelve Months | 29.8% | 26.8% | 14.0% | 16.7% | 27.4% | 25.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.61x | -0.62x | 1.09x | 0.64x | 2.23x | 1.61x | |
| EV / LTM EBITDA | 5.4x | -2.3x | 7.8x | 3.9x | 8.1x | 6.3x | |
| EV / LTM EBIT | 7.8x | -2.6x | 9.9x | 4.0x | 9.5x | 7.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2.3x | 5.4x | 8.1x | ||||
| Historical EV / LTM EBITDA | 7.0x | 7.5x | 10.8x | ||||
| Selected EV / LTM EBITDA | 6.2x | 6.5x | 6.8x | ||||
| (x) LTM EBITDA | 56,397 | 56,397 | 56,397 | ||||
| (=) Implied Enterprise Value | 348,072 | 366,392 | 384,712 | ||||
| (-) Non-shareholder Claims * | (279,123) | (279,123) | (279,123) | ||||
| (=) Equity Value | 68,949 | 87,269 | 105,589 | ||||
| (/) Shares Outstanding | 8,874.7 | 8,874.7 | 8,874.7 | ||||
| Implied Value Range | 7.77 | 9.83 | 11.90 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.77 | 9.83 | 11.90 | 8.34 | |||
| Upside / (Downside) | -6.8% | 17.9% | 42.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DMC | LTG | SMC | GTCAP | AC | AGI | |
| Enterprise Value | 172,461 | (282,973) | 1,682,853 | (51,619) | 837,200 | 353,138 | |
| (+) Cash & Short Term Investments | 36,823 | 364,742 | 341,003 | 32,012 | 86,213 | 64,714 | |
| (+) Investments & Other | 23,473 | 200,779 | 125,778 | 268,835 | 445,981 | 18,417 | |
| (-) Debt | (67,481) | (49,473) | (1,546,420) | (111,601) | (711,501) | (245,426) | |
| (-) Other Liabilities | (27,728) | (100,032) | (402,315) | (20,512) | (288,752) | (116,828) | |
| (-) Preferred Stock | 7 | 0 | (10,187) | 0 | (7,200) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 137,555 | 133,043 | 190,712 | 117,115 | 361,941 | 74,015 | |
| (/) Shares Outstanding | 13,277.5 | 10,816.5 | 2,383.9 | 215.3 | 624.0 | 8,874.7 | |
| Implied Stock Price | 10.36 | 12.30 | 80.00 | 544.00 | 580.00 | 8.34 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.36 | 12.30 | 80.00 | 544.00 | 580.00 | 8.34 | |
| 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 | |