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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 40.7x - 45.0x | 42.9x |
Selected Fwd EBIT Multiple | 17.5x - 19.3x | 18.4x |
Fair Value | ₱0.18 - ₱0.21 | ₱0.19 |
Upside | -40.2% - -30.7% | -35.4% |
Benchmarks | Ticker | Full Ticker |
Global Ferronickel Holdings, Inc. | FNI | PSE:FNI |
Oriental Peninsula Resources Group, Inc. | ORE | PSE:ORE |
Lepanto Consolidated Mining Company | LC | PSE:LC |
Benguet Corporation | BCB | PSE:BCB |
Marcventures Holdings, Inc. | MARC | PSE:MARC |
East Coast Vulcan Mining Corporation | ECVC | PSE:ECVC |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
FNI | ORE | LC | BCB | MARC | ECVC | ||
PSE:FNI | PSE:ORE | PSE:LC | PSE:BCB | PSE:MARC | PSE:ECVC | ||
Historical EBIT Growth | |||||||
5Y CAGR | -13.6% | NM- | NM- | NM- | 5.8% | NM- | |
3Y CAGR | -33.3% | NM- | NM- | -33.9% | -39.6% | -66.7% | |
Latest Twelve Months | -47.6% | 64.2% | 447.1% | 319.2% | -5.9% | -79.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 32.7% | -20.8% | -24.7% | 27.8% | 19.7% | 56.3% | |
Prior Fiscal Year | 33.0% | -55.3% | -1.7% | 27.0% | 18.0% | 52.3% | |
Latest Fiscal Year | 12.9% | -59.6% | 6.7% | 19.0% | 14.2% | 8.4% | |
Latest Twelve Months | 14.5% | -21.0% | 18.7% | 24.1% | 16.3% | 13.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.17x | 0.88x | 4.41x | 0.14x | 0.66x | 8.60x | |
EV / LTM EBITDA | 0.8x | -12.5x | 13.2x | 0.5x | 3.0x | 11.9x | |
EV / LTM EBIT | 1.2x | -4.2x | 23.5x | 0.6x | 4.1x | 61.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -4.2x | 1.2x | 23.5x | ||||
Historical EV / LTM EBIT | -1868.9x | -273.7x | 16.9x | ||||
Selected EV / LTM EBIT | 40.7x | 42.9x | 45.0x | ||||
(x) LTM EBIT | 42 | 42 | 42 | ||||
(=) Implied Enterprise Value | 1,705 | 1,794 | 1,884 | ||||
(-) Non-shareholder Claims * | (592) | (592) | (592) | ||||
(=) Equity Value | 1,112 | 1,202 | 1,292 | ||||
(/) Shares Outstanding | 6,630.0 | 6,630.0 | 6,630.0 | ||||
Implied Value Range | 0.17 | 0.18 | 0.19 | ||||
FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.17 | 0.18 | 0.19 | 0.30 | |||
Upside / (Downside) | -44.1% | -39.6% | -35.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FNI | ORE | LC | BCB | MARC | ECVC | |
Enterprise Value | 1,388 | 566 | 13,759 | 356 | 1,088 | 2,581 | |
(+) Cash & Short Term Investments | 1,315 | 365 | 225 | 2,985 | 525 | 5 | |
(+) Investments & Other | 4,809 | 369 | 514 | 0 | 0 | 0 | |
(-) Debt | (759) | (134) | (6,544) | (14) | (75) | (597) | |
(-) Other Liabilities | (141) | (158) | (255) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,611 | 1,007 | 7,700 | 3,327 | 1,538 | 1,989 | |
(/) Shares Outstanding | 5,125.2 | 2,878.5 | 66,375.8 | 715.6 | 3,014.8 | 6,630.0 | |
Implied Stock Price | 1.29 | 0.35 | 0.12 | 4.65 | 0.51 | 0.30 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.29 | 0.35 | 0.12 | 4.65 | 0.51 | 0.30 | |
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 |