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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21.6x - 23.9x | 22.8x |
| Selected Fwd EBIT Multiple | 20.2x - 22.3x | 21.3x |
| Fair Value | ₱1.83 - ₱3.66 | ₱2.75 |
| Upside | -9.4% - 81.3% | 35.9% |
| Benchmarks | Ticker | Full Ticker |
| EEI Corporation | EEI | PSE:EEI |
| House of Investments, Inc. | HI | PSE:HI |
| DMCI Holdings, Inc. | DMC | PSE:DMC |
| Conart Engineers Limited | 522231 | BSE:522231 |
| Vishnu Prakash R Punglia Limited | VPRPL | NSEI:VPRPL |
| Megawide Construction Corporation | MWIDE | PSE:MWIDE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EEI | HI | DMC | 522231 | VPRPL | MWIDE | ||
| PSE:EEI | PSE:HI | PSE:DMC | BSE:522231 | NSEI:VPRPL | PSE:MWIDE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 9.7% | 7.9% | 29.5% | 32.8% | -10.7% | |
| 3Y CAGR | NM- | 58.5% | -1.0% | 36.4% | 19.0% | 10.3% | |
| Latest Twelve Months | -164.2% | 53.9% | -23.4% | 14.4% | -30.5% | 16.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -1.6% | 3.7% | 24.3% | 4.6% | 12.4% | 4.9% | |
| Prior Fiscal Year | 13.6% | 12.5% | 28.5% | 6.1% | 13.6% | 4.4% | |
| Latest Fiscal Year | -12.2% | 8.8% | 23.1% | 6.0% | 11.3% | 7.2% | |
| Latest Twelve Months | -13.3% | 9.6% | 17.9% | 5.9% | 11.3% | 7.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.87x | 0.89x | 1.61x | 0.93x | 2.07x | 1.69x | |
| EV / LTM EBITDA | -8.6x | 7.4x | 5.8x | 13.9x | 16.5x | 12.1x | |
| EV / LTM EBIT | -6.5x | 9.2x | 9.0x | 15.9x | 18.4x | 22.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6.5x | 9.2x | 18.4x | ||||
| Historical EV / LTM EBIT | -42.2x | 32.1x | 63.8x | ||||
| Selected EV / LTM EBIT | 21.6x | 22.8x | 23.9x | ||||
| (x) LTM EBIT | 1,615 | 1,615 | 1,615 | ||||
| (=) Implied Enterprise Value | 34,950 | 36,789 | 38,629 | ||||
| (-) Non-shareholder Claims * | (31,354) | (31,354) | (31,354) | ||||
| (=) Equity Value | 3,595 | 5,435 | 7,274 | ||||
| (/) Shares Outstanding | 2,013.4 | 2,013.4 | 2,013.4 | ||||
| Implied Value Range | 1.79 | 2.70 | 3.61 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.79 | 2.70 | 3.61 | 2.02 | |||
| Upside / (Downside) | -11.6% | 33.6% | 78.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EEI | HI | DMC | 522231 | VPRPL | MWIDE | |
| Enterprise Value | 11,439 | (4,451) | 174,593 | 555 | 25,004 | 35,421 | |
| (+) Cash & Short Term Investments | 2,665 | 5,565 | 32,080 | 160 | 575 | 4,277 | |
| (+) Investments & Other | 2,918 | 35,109 | 24,198 | 0 | 224 | 250 | |
| (-) Debt | (13,903) | (10,022) | (65,567) | (0) | (7,072) | (35,207) | |
| (-) Other Liabilities | (33) | (20,324) | (29,074) | 0 | 0 | (524) | |
| (-) Preferred Stock | (70) | 0 | (3) | 0 | 0 | (150) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,016 | 5,877 | 136,227 | 715 | 18,730 | 4,067 | |
| (/) Shares Outstanding | 1,036.3 | 1,469.3 | 13,277.5 | 6.3 | 124.6 | 2,013.4 | |
| Implied Stock Price | 2.91 | 4.00 | 10.26 | 113.80 | 150.27 | 2.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.91 | 4.00 | 10.26 | 113.80 | 150.27 | 2.02 | |
| Trading Currency | PHP | PHP | PHP | INR | INR | PHP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |