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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.3x - 1.5x | 1.4x |
| Selected Fwd Ps Multiple | 1.3x - 1.5x | 1.4x |
| Fair Value | ₱25.95 - ₱28.68 | ₱27.32 |
| Upside | 0.6% - 11.2% | 5.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Security Bank Corporation | - | PSE:SECB |
| Industrial Bank of Korea | - | KOSE:A024110 |
| United Overseas Bank Limited | - | SGX:U11 |
| Philippine Savings Bank | - | PSE:PSB |
| Bank of Commerce | - | PSE:BNCOM |
| Rizal Commercial Banking Corporation | - | PSE:RCB |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| SECB | A024110 | U11 | PSB | BNCOM | RCB | |||
| PSE:SECB | KOSE:A024110 | SGX:U11 | PSE:PSB | PSE:BNCOM | PSE:RCB | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.2% | 6.8% | 6.9% | 4.1% | 12.9% | 9.2% | ||
| 3Y CAGR | 15.3% | 3.7% | 13.5% | 7.7% | 15.7% | 12.8% | ||
| Latest Twelve Months | 26.0% | -2.8% | 1.8% | 5.1% | 7.0% | 7.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 25.8% | 29.4% | 43.0% | 23.4% | 24.5% | 24.2% | ||
| Prior Fiscal Year | 23.8% | 28.5% | 43.0% | 33.1% | 26.4% | 26.0% | ||
| Latest Fiscal Year | 23.3% | 28.3% | 44.5% | 34.4% | 26.2% | 18.7% | ||
| Latest Twelve Months | 22.7% | 28.4% | 44.1% | 34.9% | 26.2% | 18.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 1.1x | 1.8x | 4.5x | 1.7x | 0.9x | 1.3x | ||
| LTM P/E Ratio | 4.7x | 6.2x | 10.2x | 4.7x | 3.5x | 5.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.9x | 1.7x | 4.5x | |||||
| Historical LTM P/S Ratio | 1.3x | 1.4x | 1.4x | |||||
| Selected Price / Sales Multiple | 1.3x | 1.4x | 1.5x | |||||
| (x) LTM Sales | 47,565 | 47,565 | 47,565 | |||||
| (=) Equity Value | 62,731 | 66,033 | 69,335 | |||||
| (/) Shares Outstanding | 2,419.5 | 2,419.5 | 2,419.5 | |||||
| Implied Value Range | 25.93 | 27.29 | 28.66 | |||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 25.93 | 27.29 | 28.66 | 25.80 | ||||
| Upside / (Downside) | 0.5% | 5.8% | 11.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SECB | A024110 | U11 | PSB | BNCOM | RCB | |
| Value of Common Equity | 53,878 | 15,517,907 | 58,538 | 24,672 | 10,130 | 62,424 | |
| (/) Shares Outstanding | 753.5 | 797.4 | 1,660.2 | 426.9 | 1,403.0 | 2,419.5 | |
| Implied Stock Price | 71.50 | 19,460.00 | 35.26 | 57.80 | 7.22 | 25.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 71.50 | 19,460.00 | 35.26 | 57.80 | 7.22 | 25.80 | |
| Trading Currency | PHP | KRW | SGD | PHP | PHP | PHP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |