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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₱0.38 - ₱0.38 | ₱0.38 |
| Adjusted Dividend Yield | 5.3% - 5.3% | 5.3% |
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 9.0% - 7.0% | 8.0% |
| Fair Value | ₱9.37 - ₱22.85 | ₱13.30 |
| Upside | 29.5% - 216.1% | 84.0% |
| Calculate Adjusted Dividend | ||||||||
| (PHP in millions) | Latest | Notes | ||||||
| Net Income To Common | 446 | |||||||
| (-) Cash Dividends Paid | (6,828) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 446 | 446 | 446 | |||||
| (=) Cash Required | 89 | 56 | 33 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | (89) | (56) | (33) | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (PHP) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 17,968.6 | 17,968.6 | 17,968.6 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.38 | 0.38 | 0.38 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 0.38 | 0.38 | 0.38 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.38 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.0% | 7.5% | 8.0% | 8.5% | 9.0% | |||
| 3.0% | 9.78 | 8.70 | 7.83 | 7.12 | 6.52 | |||
| 4.0% | 13.17 | 11.29 | 9.88 | 8.78 | 7.90 | |||
| 5.0% | 19.95 | 15.96 | 13.30 | 11.40 | 9.97 | |||
| 6.0% | NM | 26.85 | 20.14 | 16.11 | 13.43 | |||
| 7.0% | NM | NM | NM | 27.11 | 20.33 | |||