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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 5.0% - 6.0% | 5.5% |
| Fair Value | ₱1.17 - ₱2.38 | ₱1.60 |
| Upside | -50.4% - 0.8% | -32.1% |
| Select Revenue and EBITDA Forecast | |||||||
| (PHP in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 3,052 | 3,433 | 3,691 | 3,820 | 3,896 | 3,974 | |
| % Growth | 22.1% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 636 | 904 | 1,009 | 1,044 | 1,065 | 1,087 | |
| % of Revenue | 20.8% | 26.3% | 27.3% | 27.3% | 27.3% | 27.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (PHP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 904 | 1,009 | 1,044 | 1,065 | 1,087 | 1,087 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (741) | (797) | (825) | (841) | (858) | (815) | |
| EBIT | 163 | 212 | 220 | 224 | 229 | 272 | |
| Pro forma Taxes | (23) | (30) | (31) | (31) | (32) | (38) | |
| NOPAT | 140 | 140 | 183 | 189 | 193 | 197 | 234 |
| Capital Expenditures | (66) | (1,201) | (797) | (825) | (941) | (858) | (858) |
| NWC Investment | 136 | 94 | 63 | 32 | 19 | 19 | 54 |
| (+) D&A | 474 | 741 | 797 | 825 | 841 | 858 | 815 |
| Free Cash Flow | 684 | (226) | 246 | 221 | 112 | 216 | 244 |
| % Growth | NM | NM | -10% | -49% | 93% | 13% | |