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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.8x - 2.0x | 1.9x |
| Selected Fwd Ps Multiple | 1.6x - 1.8x | 1.7x |
| Fair Value | ₱64.40 - ₱71.18 | ₱67.79 |
| Upside | 10.1% - 21.7% | 15.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| China Banking Corporation | - | PSE:CBC |
| Rizal Commercial Banking Corporation | - | PSE:RCB |
| BDO Unibank, Inc. | - | PSE:BDO |
| Security Bank Corporation | - | PSE:SECB |
| Union Bank of the Philippines | - | PSE:UBP |
| Philippine Savings Bank | - | PSE:PSB |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CBC | RCB | BDO | SECB | UBP | PSB | |||
| PSE:CBC | PSE:RCB | PSE:BDO | PSE:SECB | PSE:UBP | PSE:PSB | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 14.3% | 9.2% | 7.5% | 10.2% | 11.5% | 4.1% | ||
| 3Y CAGR | 16.0% | 12.8% | 12.5% | 15.3% | 15.1% | 7.7% | ||
| Latest Twelve Months | 15.6% | 10.2% | 12.9% | 25.7% | 6.5% | 5.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 39.1% | 24.1% | 27.3% | 25.8% | 26.6% | 23.4% | ||
| Prior Fiscal Year | 41.7% | 26.0% | 32.1% | 23.8% | 16.0% | 33.1% | ||
| Latest Fiscal Year | 39.9% | 18.7% | 32.6% | 23.3% | 19.9% | 34.4% | ||
| Latest Twelve Months | 40.0% | 18.7% | 32.3% | 22.7% | 18.9% | 34.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.9x | 1.3x | 3.1x | 1.0x | 1.8x | 1.7x | ||
| LTM P/E Ratio | 7.1x | 7.0x | 9.7x | 4.4x | 9.4x | 4.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.0x | 1.8x | 3.1x | |||||
| Historical LTM P/S Ratio | 1.6x | 1.7x | 2.3x | |||||
| Selected Price / Sales Multiple | 1.8x | 1.9x | 2.0x | |||||
| (x) LTM Sales | 14,944 | 14,944 | 14,944 | |||||
| (=) Equity Value | 27,231 | 28,664 | 30,097 | |||||
| (/) Shares Outstanding | 426.9 | 426.9 | 426.9 | |||||
| Implied Value Range | 63.79 | 67.15 | 70.51 | |||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 63.79 | 67.15 | 70.51 | 58.50 | ||||
| Upside / (Downside) | 9.0% | 14.8% | 20.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CBC | RCB | BDO | SECB | UBP | PSB | |
| Value of Common Equity | 180,858 | 62,061 | 799,054 | 55,724 | 107,783 | 24,971 | |
| (/) Shares Outstanding | 2,691.3 | 2,419.5 | 5,327.0 | 753.5 | 3,316.4 | 426.9 | |
| Implied Stock Price | 67.20 | 25.65 | 150.00 | 73.95 | 32.50 | 58.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 67.20 | 25.65 | 150.00 | 73.95 | 32.50 | 58.50 | |
| 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 | |