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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.8x - 13.0x | 12.4x |
| Selected Fwd EBIT Multiple | 12.5x - 13.8x | 13.2x |
| Fair Value | ₱1,325 - ₱1,668 | ₱1,497 |
| Upside | -24.2% - -4.6% | -14.4% |
| Benchmarks | Ticker | Full Ticker |
| PLDT Inc. | TEL | PSE:TEL |
| Advanced Info Service Public Company Limited | ADVANC | SET:ADVANC |
| Converge Information and Communications Technology Solutions, Inc. | CNVRG | PSE:CNVRG |
| Bharti Airtel Limited | 532454 | BSE:532454 |
| Easycall Communications Philippines, Inc. | ECP | PSE:ECP |
| Globe Telecom, Inc. | GLO | PSE:GLO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TEL | ADVANC | CNVRG | 532454 | ECP | GLO | ||
| PSE:TEL | SET:ADVANC | PSE:CNVRG | BSE:532454 | PSE:ECP | PSE:GLO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.6% | 4.2% | 41.1% | 40.5% | 99.7% | -2.5% | |
| 3Y CAGR | 8.6% | 9.8% | 14.9% | 24.5% | 84.2% | 2.1% | |
| Latest Twelve Months | 29.2% | 20.7% | 6.9% | 22.0% | 57.0% | -3.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 24.1% | 21.5% | 37.4% | 21.9% | 7.1% | 22.7% | |
| Prior Fiscal Year | 20.2% | 21.4% | 41.0% | 26.0% | 5.4% | 21.3% | |
| Latest Fiscal Year | 26.7% | 23.6% | 38.2% | 27.5% | 6.2% | 21.8% | |
| Latest Twelve Months | 26.2% | 24.3% | 38.3% | 27.5% | 6.2% | 21.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.44x | 4.76x | 3.76x | 7.71x | 1.05x | 2.94x | |
| EV / LTM EBITDA | 6.2x | 11.2x | 7.0x | 14.3x | 10.6x | 7.1x | |
| EV / LTM EBIT | 9.3x | 19.6x | 9.8x | 28.0x | 16.9x | 13.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.3x | 16.9x | 28.0x | ||||
| Historical EV / LTM EBIT | 8.7x | 14.0x | 15.6x | ||||
| Selected EV / LTM EBIT | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBIT | 39,644 | 39,644 | 39,644 | ||||
| (=) Implied Enterprise Value | 467,330 | 491,927 | 516,523 | ||||
| (-) Non-shareholder Claims * | (279,824) | (279,824) | (279,824) | ||||
| (=) Equity Value | 187,506 | 212,103 | 236,699 | ||||
| (/) Shares Outstanding | 144.4 | 144.4 | 144.4 | ||||
| Implied Value Range | 1,298.70 | 1,469.05 | 1,639.41 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,298.70 | 1,469.05 | 1,639.41 | 1,748.00 | |||
| Upside / (Downside) | -25.7% | -16.0% | -6.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TEL | ADVANC | CNVRG | 532454 | ECP | GLO | |
| Enterprise Value | 532,619 | 1,030,569 | 156,975 | 13,468,622 | 485 | 532,201 | |
| (+) Cash & Short Term Investments | 14,663 | 35,042 | 18,001 | 183,731 | 45 | 18,727 | |
| (+) Investments & Other | 57,423 | 12,547 | 592 | 41,851 | 76 | 63,703 | |
| (-) Debt | (336,881) | (206,612) | (30,235) | (2,136,421) | (169) | (360,411) | |
| (-) Other Liabilities | (1,349) | (102) | (0) | (397,958) | 0 | (50) | |
| (-) Preferred Stock | (510) | 0 | 0 | 0 | (2) | (1,793) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 265,965 | 871,443 | 145,331 | 11,159,825 | 435 | 252,377 | |
| (/) Shares Outstanding | 216.1 | 2,974.2 | 7,266.6 | 6,091.3 | 150.0 | 144.4 | |
| Implied Stock Price | 1,231.00 | 293.00 | 20.00 | 1,832.10 | 2.90 | 1,748.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,231.00 | 293.00 | 20.00 | 1,832.10 | 2.90 | 1,748.00 | |
| Trading Currency | PHP | THB | PHP | INR | PHP | PHP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |