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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 25.778 B - 44.588 B | 37.655 B |
| Discount Rate | 11.3% - 9.3% | 10.3% |
| Fair Value | ₱0 - ₱20.37 | ₱7.49 |
| Upside | -100.0% - 239.5% | 24.8% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Sep-24 | ||
| (PHP in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 174,563 | 124,555 | 142,946 | 178,748 | 204,760 | 215,070 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 35,870 | 14,905 | 28,076 | 31,315 | 37,765 | 38,494 | |
| (+) Net Interest Expense | 3,397 | 4,673 | 5,062 | 5,314 | 5,997 | 5,683 | |
| (+) Other Non Operating Exp. | (1,162) | (664) | 1,136 | 956 | 321 | 649 | |
| (+) D&A | 8,419 | 9,152 | 9,471 | 9,840 | 9,329 | 9,517 | |
| (+) Non-recurring Items | (38) | (248) | 1,337 | (256) | (5) | (5) | |
| Adjusted EBITDA | 46,487 | 27,818 | 45,083 | 47,169 | 53,407 | 54,338 | |
| (-) D&A | (8,419) | (9,152) | (9,471) | (9,840) | (9,329) | (9,517) | |
| Adjusted EBIT | 38,068 | 18,666 | 35,612 | 37,329 | 44,078 | 44,821 | |
| % of Revenue | 21.8% | 15.0% | 24.9% | 20.9% | 21.5% | 20.8% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 15.0% | 21.5% | 24.9% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (PHP in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 229,133 | 367,363 | 482,038 | 354,089 | |||
| (+) Cash & Short Term Investments | 69,022 | 69,022 | 69,022 | 69,022 | |||
| (+) Investments & Other | 7,351 | 7,351 | 7,351 | 7,351 | |||
| (-) Debt | (255,203) | (255,203) | (255,203) | (255,203) | |||
| (-) Other Liabilities | (121,831) | (121,831) | (121,831) | (121,831) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | (71,528) | 66,701 | 181,376 | 53,427 | |||
| (/) Shares Outstanding | 8,904.5 | 8,904.5 | 8,904.5 | 8,904.5 | |||
| Implied Stock Price (PHP) | 0.00 | 7.49 | 20.37 | 6.00 | |||
| FX Rate: PHP/PHP | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (PHP) | 0.00 | 7.49 | 20.37 | 6.00 | |||
| Upside / (Downside) | -100.00% | 24.85% | 239.48% | ||||
| Stock Price | 6.00 | ||||||
| Stock Price Close | 6.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | PHP | ||||||
| Trading Currency | PHP | ||||||
| FX Rate: PHP/PHP | 1.00 | ||||||
| Market Cap | 53,426.8 | ||||||
| Shares Outstanding | 8,904.5 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||