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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.3x - 3.6x | 3.4x |
| Selected Fwd Revenue Multiple | 2.7x - 3.0x | 2.9x |
| Fair Value | ₱1,957 - ₱2,372 | ₱2,164 |
| Upside | -11.0% - 7.9% | -1.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Advanced Info Service Public Company Limited | ADVANC | SET:ADVANC |
| Bharti Airtel Limited | 532454 | BSE:532454 |
| Intouch Holdings Public Company Limited | INTUCH | SET:INTUCH |
| Converge Information and Communications Technology Solutions, Inc. | CNVRG | PSE:CNVRG |
| PLDT Inc. | TEL | PSE:TEL |
| Globe Telecom, Inc. | GLO | PSE:GLO |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ADVANC | 532454 | INTUCH | CNVRG | TEL | GLO | |||
| SET:ADVANC | BSE:532454 | SET:INTUCH | PSE:CNVRG | PSE:TEL | PSE:GLO | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.4% | 13.1% | NM- | 34.8% | 5.1% | -0.2% | ||
| 3Y CAGR | 5.6% | 14.0% | NM- | 15.3% | 4.1% | -0.7% | ||
| Latest Twelve Months | 13.1% | 9.6% | NM | 14.8% | 2.8% | 0.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 21.4% | 21.1% | -9002862.8% | 37.2% | 24.1% | 22.8% | ||
| Prior Fiscal Year | 21.4% | 25.2% | NA | 41.0% | 20.2% | 21.3% | ||
| Latest Fiscal Year | 23.6% | 26.0% | NA | 39.9% | 26.7% | 21.8% | ||
| Latest Twelve Months | 23.6% | 26.1% | NA | 39.9% | 26.7% | 21.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.57x | 7.80x | NA | 3.72x | 2.54x | 3.34x | ||
| EV / LTM EBIT | 19.4x | 29.9x | -349.3x | 9.3x | 9.5x | 15.3x | ||
| Price / LTM Sales | 3.73x | 6.35x | NA | 3.40x | 1.30x | 1.76x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.54x | 4.14x | 7.80x | |||||
| Historical EV / LTM Revenue | 2.30x | 3.09x | 3.69x | |||||
| Selected EV / LTM Revenue | 3.27x | 3.45x | 3.62x | |||||
| (x) LTM Revenue | 180,802 | 180,802 | 180,802 | |||||
| (=) Implied Enterprise Value | 591,822 | 622,971 | 654,119 | |||||
| (-) Non-shareholder Claims * | (286,669) | (286,669) | (286,669) | |||||
| (=) Equity Value | 305,153 | 336,302 | 367,451 | |||||
| (/) Shares Outstanding | 144.4 | 144.4 | 144.4 | |||||
| Implied Value Range | 2,113.54 | 2,329.28 | 2,545.02 | |||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2,113.54 | 2,329.28 | 2,545.02 | 2,198.00 | ||||
| Upside / (Downside) | -3.8% | 6.0% | 15.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADVANC | 532454 | INTUCH | CNVRG | TEL | GLO | |
| Enterprise Value | 975,696 | 12,837,391 | 219,854 | 151,025 | 550,175 | 604,017 | |
| (+) Cash & Short Term Investments | 22,607 | 162,862 | 1,318 | 16,981 | 11,003 | 21,354 | |
| (+) Investments & Other | 12,563 | 40,593 | 40,200 | 0 | 57,361 | 59,369 | |
| (-) Debt | (213,677) | (2,046,230) | (20) | (29,941) | (335,624) | (365,568) | |
| (-) Other Liabilities | (101) | (479,248) | (7) | 0 | (1,316) | (31) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (510) | (1,793) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 797,088 | 10,515,368 | 261,345 | 138,065 | 281,089 | 317,348 | |
| (/) Shares Outstanding | 2,974.2 | 6,091.3 | 3,206.7 | 7,266.6 | 216.1 | 144.4 | |
| Implied Stock Price | 268.00 | 1,726.30 | 81.50 | 19.00 | 1,301.00 | 2,198.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 268.00 | 1,726.30 | 81.50 | 19.00 | 1,301.00 | 2,198.00 | |
| Trading Currency | THB | INR | THB | PHP | PHP | PHP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |