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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 12.5x - 13.8x | 13.2x |
Selected Fwd EBITDA Multiple | 7.3x - 8.0x | 7.6x |
Fair Value | ₱2.25 - ₱2.52 | ₱2.39 |
Upside | -9.2% - 1.6% | -3.8% |
Benchmarks | Ticker | Full Ticker |
Global Ferronickel Holdings, Inc. | FNI | PSE:FNI |
Benguet Corporation | BCB | PSE:BCB |
Oriental Peninsula Resources Group, Inc. | ORE | PSE:ORE |
Lepanto Consolidated Mining Company | LC | PSE:LC |
East Coast Vulcan Mining Corporation | ECVC | PSE:ECVC |
Century Peak Holdings Corporation | CPM | PSE:CPM |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
FNI | BCB | ORE | LC | ECVC | CPM | ||
PSE:FNI | PSE:BCB | PSE:ORE | PSE:LC | PSE:ECVC | PSE:CPM | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -7.4% | NM- | NM- | NM- | -24.7% | NM- | |
3Y CAGR | -23.1% | -33.3% | NM- | NM- | -33.1% | 12.4% | |
Latest Twelve Months | -40.1% | 254.5% | 81.6% | 1358.7% | -28.0% | -31.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 38.8% | 31.3% | -2.6% | 1.5% | 60.0% | 10.6% | |
Prior Fiscal Year | 40.5% | 29.1% | -32.1% | 18.4% | 76.9% | 25.3% | |
Latest Fiscal Year | 22.1% | 21.5% | -29.8% | 24.7% | 68.6% | 20.8% | |
Latest Twelve Months | 21.1% | 25.9% | -7.0% | 33.3% | 72.1% | 18.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.21x | 0.11x | 0.90x | 4.55x | 8.93x | 2.52x | |
EV / LTM EBITDA | 1.0x | 0.4x | -12.9x | 13.7x | 12.4x | 13.9x | |
EV / LTM EBIT | 1.4x | 0.5x | -4.3x | 24.2x | 64.1x | 133.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -12.9x | 1.0x | 13.7x | ||||
Historical EV / LTM EBITDA | -189.0x | 21.8x | 319.8x | ||||
Selected EV / LTM EBITDA | 12.5x | 13.2x | 13.8x | ||||
(x) LTM EBITDA | 565 | 565 | 565 | ||||
(=) Implied Enterprise Value | 7,069 | 7,441 | 7,813 | ||||
(-) Non-shareholder Claims * | (848) | (848) | (848) | ||||
(=) Equity Value | 6,221 | 6,593 | 6,965 | ||||
(/) Shares Outstanding | 2,820.3 | 2,820.3 | 2,820.3 | ||||
Implied Value Range | 2.21 | 2.34 | 2.47 | ||||
FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2.21 | 2.34 | 2.47 | 2.48 | |||
Upside / (Downside) | -11.1% | -5.7% | -0.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FNI | BCB | ORE | LC | ECVC | CPM | |
Enterprise Value | 1,695 | 263 | 580 | 14,025 | 2,681 | 7,842 | |
(+) Cash & Short Term Investments | 1,315 | 2,985 | 365 | 225 | 5 | 278 | |
(+) Investments & Other | 4,809 | 0 | 369 | 514 | 0 | 12 | |
(-) Debt | (759) | (14) | (134) | (6,544) | (597) | (1,173) | |
(-) Other Liabilities | (141) | 0 | (158) | (255) | 0 | 35 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,919 | 3,234 | 1,022 | 7,965 | 2,088 | 6,994 | |
(/) Shares Outstanding | 5,125.2 | 715.6 | 2,878.5 | 66,375.8 | 6,630.0 | 2,820.3 | |
Implied Stock Price | 1.35 | 4.52 | 0.36 | 0.12 | 0.32 | 2.48 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.35 | 4.52 | 0.36 | 0.12 | 0.32 | 2.48 | |
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 |