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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.8x - 3.0x | 2.9x |
| Selected Fwd Revenue Multiple | 2.4x - 2.7x | 2.6x |
| Fair Value | ₱2.81 - ₱3.14 | ₱2.98 |
| Upside | 19.1% - 33.0% | 26.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Global Ferronickel Holdings, Inc. | FNI | PSE:FNI |
| Benguet Corporation | BCB | PSE:BCB |
| Oriental Peninsula Resources Group, Inc. | ORE | PSE:ORE |
| Lepanto Consolidated Mining Company | LC | PSE:LC |
| East Coast Vulcan Mining Corporation | ECVC | PSE:ECVC |
| Century Peak Holdings Corporation | CPM | PSE:CPM |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| FNI | BCB | ORE | LC | ECVC | CPM | |||
| PSE:FNI | PSE:BCB | PSE:ORE | PSE:LC | PSE:ECVC | PSE:CPM | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 2.7% | 24.0% | -0.3% | 6.5% | NM- | 83.4% | ||
| 3Y CAGR | -0.5% | -15.1% | -51.1% | 20.9% | -26.8% | 45.6% | ||
| Latest Twelve Months | 2.5% | 68.8% | 94.1% | 38.1% | -19.6% | 3.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 32.7% | 27.8% | -20.8% | -24.7% | 56.3% | -17.9% | ||
| Prior Fiscal Year | 33.0% | 27.0% | -55.3% | -1.7% | 52.3% | 0.8% | ||
| Latest Fiscal Year | 12.9% | 19.0% | -59.6% | 6.7% | 8.4% | 5.3% | ||
| Latest Twelve Months | 14.5% | 24.1% | -21.0% | 18.7% | 13.9% | 1.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.17x | 0.00x | 0.85x | 4.81x | 8.05x | 2.41x | ||
| EV / LTM EBIT | 1.2x | 0.0x | -4.1x | 25.7x | 57.7x | 127.6x | ||
| Price / LTM Sales | 0.80x | 1.02x | 1.54x | 2.88x | 6.07x | 2.13x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.00x | 0.85x | 8.05x | |||||
| Historical EV / LTM Revenue | 4.11x | 10.08x | 136.42x | |||||
| Selected EV / LTM Revenue | 2.75x | 2.90x | 3.04x | |||||
| (x) LTM Revenue | 3,120 | 3,120 | 3,120 | |||||
| (=) Implied Enterprise Value | 8,594 | 9,046 | 9,498 | |||||
| (-) Non-shareholder Claims * | (848) | (848) | (848) | |||||
| (=) Equity Value | 7,746 | 8,198 | 8,651 | |||||
| (/) Shares Outstanding | 2,820.3 | 2,820.3 | 2,820.3 | |||||
| Implied Value Range | 2.75 | 2.91 | 3.07 | |||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.75 | 2.91 | 3.07 | 2.36 | ||||
| Upside / (Downside) | 16.4% | 23.2% | 30.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FNI | BCB | ORE | LC | ECVC | CPM | |
| Enterprise Value | 1,388 | (2) | 551 | 15,021 | 2,415 | 7,504 | |
| (+) Cash & Short Term Investments | 1,315 | 2,985 | 365 | 225 | 5 | 278 | |
| (+) Investments & Other | 4,809 | 0 | 369 | 514 | 0 | 12 | |
| (-) Debt | (759) | (14) | (134) | (6,544) | (597) | (1,173) | |
| (-) Other Liabilities | (141) | 0 | (158) | (255) | 0 | 35 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,611 | 2,970 | 993 | 8,961 | 1,823 | 6,656 | |
| (/) Shares Outstanding | 5,125.2 | 715.6 | 2,878.5 | 66,375.8 | 6,630.0 | 2,820.3 | |
| Implied Stock Price | 1.29 | 4.15 | 0.35 | 0.14 | 0.28 | 2.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.29 | 4.15 | 0.35 | 0.14 | 0.28 | 2.36 | |
| 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 | |