Globe Telecom Inc

PSE:GLO

菲律賓語 / 通訊服務 / 無線電訊服務

綜觀

股息

10 年 DCF EBITDA 退出價

股價

2,160.00 PHP

公允價值

2,969.69 PHP

Metrics	Range	Conclusion
Discount Rate	9.8% - 8.8%	9.3%
Terminal EBITDA Multiple	8.1x - 10.1x	9.1x
Fair Value	₱2,541 - ₱3,431	₱2,970
Upside	17.5% - 58.7%	37.4%

1.1%

Revenue 10y CAGR

47.6%

10y Avg EBITDA Margin

20.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

2,160.00 PHP

公允價值

2,969.69 PHP

看漲

37.4%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(PHP in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	180,802	190,661	199,549	200,986	200,986	200,986	200,986	200,986	200,986	200,986	200,986
% Growth	0.3%	5.5%	4.7%	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	74,677	89,679	93,582	96,111	96,111	96,111	96,111	96,111	96,111	96,111	96,111
% of Revenue	41.3%	47.0%	46.9%	47.8%	47.8%	47.8%	47.8%	47.8%	47.8%	47.8%	47.8%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(PHP in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		89,679	93,582	96,111	96,111	96,111	96,111	96,111	96,111	96,111	96,111
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(51,474)	(50,992)	(59,138)	(55,836)	(53,288)	(53,288)	(53,288)	(53,288)	(53,288)	(53,288)

EBIT		38,204	42,590	36,973	40,275	42,823	42,823	42,823	42,823	42,823	42,823
Pro forma Taxes		(8,787)	(9,796)	(8,504)	(9,263)	(9,849)	(9,849)	(9,849)	(9,849)	(9,849)	(9,849)
NOPAT	30,361	29,417	32,794	28,469	31,012	32,974	32,974	32,974	32,974	32,974	32,974

Capital Expenditures	(55,960)	(49,998)	(47,400)	(47,450)	(22,611)	(26,895)	(26,895)	(25,467)	(25,467)	(25,467)	(25,467)
NWC Investment	87	1,891	1,705	276	0	0	0	0	0	0	0
(+) D&A	35,247	51,474	50,992	59,138	55,836	53,288	53,288	53,288	53,288	53,288	53,288

Free Cash Flow	9,735	32,784	38,091	40,432	64,236	59,366	59,366	60,794	60,794	60,794	60,794
% Growth		237%	16%	6%	59%	-8%	0%	2%	0%	0%	0%

載入錯誤

Globe Telecom Inc

PSE:GLO

菲律賓語 / 通訊服務 / 無線電訊服務

10 年 DCF EBITDA 退出價