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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.1x - 11.2x | 10.6x |
| Selected Fwd EBITDA Multiple | 7.2x - 8.0x | 7.6x |
| Fair Value | ₱2.10 - ₱2.35 | ₱2.23 |
| Upside | -11.3% - -0.7% | -6.0% |
| Benchmarks | Ticker | Full Ticker |
| Benguet Corporation | BCB | PSE:BCB |
| Global Ferronickel Holdings, Inc. | FNI | PSE:FNI |
| Marcventures Holdings, Inc. | MARC | PSE:MARC |
| Oriental Peninsula Resources Group, Inc. | ORE | PSE:ORE |
| Lepanto Consolidated Mining Company | LC | PSE:LC |
| Century Peak Holdings Corporation | CPM | PSE:CPM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BCB | FNI | MARC | ORE | LC | CPM | ||
| PSE:BCB | PSE:FNI | PSE:MARC | PSE:ORE | PSE:LC | PSE:CPM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -7.4% | 1.2% | NM- | NM- | NM- | |
| 3Y CAGR | -33.3% | -23.1% | -37.1% | NM- | NM- | 12.4% | |
| Latest Twelve Months | 121.5% | -22.2% | 51.9% | 7.3% | 287.1% | -40.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.4% | 38.4% | 26.6% | -0.7% | 5.1% | 12.5% | |
| Prior Fiscal Year | 29.1% | 40.5% | 21.8% | -32.1% | 18.4% | 25.3% | |
| Latest Fiscal Year | 21.5% | 22.1% | 19.7% | -29.8% | 24.7% | 20.8% | |
| Latest Twelve Months | 31.5% | 28.7% | 27.4% | -15.9% | 37.9% | 20.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.19x | 0.25x | 0.54x | 1.00x | 4.86x | 2.52x | |
| EV / LTM EBITDA | 0.6x | 0.9x | 2.0x | -6.3x | 12.8x | 12.6x | |
| EV / LTM EBIT | 0.6x | 1.2x | 2.6x | -4.3x | 18.5x | 71.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -6.3x | 0.9x | 12.8x | ||||
| Historical EV / LTM EBITDA | -189.0x | 21.8x | 319.8x | ||||
| Selected EV / LTM EBITDA | 10.1x | 10.6x | 11.2x | ||||
| (x) LTM EBITDA | 619 | 619 | 619 | ||||
| (=) Implied Enterprise Value | 6,248 | 6,577 | 6,906 | ||||
| (-) Non-shareholder Claims * | (836) | (836) | (836) | ||||
| (=) Equity Value | 5,413 | 5,742 | 6,071 | ||||
| (/) Shares Outstanding | 2,820.3 | 2,820.3 | 2,820.3 | ||||
| Implied Value Range | 1.92 | 2.04 | 2.15 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.92 | 2.04 | 2.15 | 2.37 | |||
| Upside / (Downside) | -19.0% | -14.1% | -9.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BCB | FNI | MARC | ORE | LC | CPM | |
| Enterprise Value | 500 | 2,108 | 1,135 | 906 | 17,729 | 7,520 | |
| (+) Cash & Short Term Investments | 3,106 | 1,493 | 894 | 95 | 365 | 181 | |
| (+) Investments & Other | 0 | 4,870 | 0 | 369 | 515 | 12 | |
| (-) Debt | (14) | (748) | (69) | (134) | (6,541) | (1,066) | |
| (-) Other Liabilities | 0 | (138) | 0 | (156) | (254) | 38 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,592 | 7,585 | 1,960 | 1,079 | 11,815 | 6,684 | |
| (/) Shares Outstanding | 715.6 | 5,125.2 | 3,014.8 | 2,878.5 | 66,375.8 | 2,820.3 | |
| Implied Stock Price | 5.02 | 1.48 | 0.65 | 0.38 | 0.18 | 2.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.02 | 1.48 | 0.65 | 0.38 | 0.18 | 2.37 | |
| 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 | |