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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 4.1x - 4.6x | 4.3x |
| Fair Value | ₱27.18 - ₱33.70 | ₱30.38 |
| Upside | -15.3% - 5.0% | -5.4% |
| 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 | 36,540 | 40,241 | 43,493 | 45,016 | 45,916 | 46,834 |
| % Growth | 19.3% | 10.1% | 8.1% | 3.5% | 2.0% | 2.0% |
| EBITDA | 24,534 | 26,728 | 28,869 | 30,294 | 31,684 | 33,112 |
| % of Revenue | 67.1% | 66.4% | 66.4% | 67.3% | 69.0% | 70.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (PHP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 26,728 | 28,869 | 30,294 | 31,684 | 33,112 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,622) | (5,512) | (5,705) | (5,819) | (5,936) | |
| EBIT | 22,106 | 23,357 | 24,589 | 25,865 | 27,176 | |
| Pro forma Taxes | (6,190) | (6,540) | (6,885) | (7,242) | (7,609) | |
| NOPAT | 13,993 | 15,917 | 16,817 | 17,704 | 18,622 | 19,567 |
| Capital Expenditures | (1,061) | (1,939) | (1,832) | (20,651) | (16,442) | (16,487) |
| NWC Investment | 2,680 | 1,681 | 1,477 | 691 | 409 | 417 |
| (+) D&A | 5,099 | 4,622 | 5,512 | 5,705 | 5,819 | 5,936 |
| Free Cash Flow | 20,711 | 20,280 | 21,975 | 3,449 | 8,409 | 9,433 |
| % Growth | -2% | 8% | -84% | 144% | 12% | |