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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.4x - 6.0x | 5.7x |
| Selected Fwd EBIT Multiple | 10.5x - 11.6x | 11.0x |
| Fair Value | ₱10.79 - ₱11.13 | ₱10.96 |
| Upside | 28.2% - 32.2% | 30.2% |
| Benchmarks | Ticker | Full Ticker |
| Aboitiz Power Corporation | AP | PSE:AP |
| Raslag Corp. | ASLAG | PSE:ASLAG |
| Vivant Corporation | VVT | PSE:VVT |
| Lopez Holdings Corporation | LPZ | PSE:LPZ |
| Acen Corporation | ACEN | PSE:ACEN |
| SPC Power Corporation | SPC | PSE:SPC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AP | ASLAG | VVT | LPZ | ACEN | SPC | ||
| PSE:AP | PSE:ASLAG | PSE:VVT | PSE:LPZ | PSE:ACEN | PSE:SPC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.8% | -1.0% | 1.7% | 2.4% | 199.1% | -1.4% | |
| 3Y CAGR | 12.4% | 1.8% | 10.5% | 11.9% | 18.7% | 7.3% | |
| Latest Twelve Months | 7.1% | -5.1% | 52.6% | 7.1% | -53.4% | 333.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.1% | 46.3% | 38.8% | 20.6% | 7.0% | 14.3% | |
| Prior Fiscal Year | 15.1% | 46.5% | 33.0% | 20.4% | 0.8% | 16.9% | |
| Latest Fiscal Year | 20.4% | 34.6% | 26.9% | 20.5% | 9.7% | 12.7% | |
| Latest Twelve Months | 18.9% | 33.2% | 27.3% | 20.8% | 3.9% | 40.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.18x | 7.09x | 0.88x | 1.63x | 4.86x | 0.52x | |
| EV / LTM EBITDA | 8.7x | 10.9x | 2.8x | 5.3x | 38.1x | 1.2x | |
| EV / LTM EBIT | 11.5x | 21.3x | 3.2x | 7.8x | 125.5x | 1.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.2x | 11.5x | 125.5x | ||||
| Historical EV / LTM EBIT | -135.6x | 13.5x | 98.5x | ||||
| Selected EV / LTM EBIT | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBIT | 992 | 992 | 992 | ||||
| (=) Implied Enterprise Value | 5,343 | 5,625 | 5,906 | ||||
| (-) Non-shareholder Claims * | 11,307 | 11,307 | 11,307 | ||||
| (=) Equity Value | 16,651 | 16,932 | 17,213 | ||||
| (/) Shares Outstanding | 1,496.6 | 1,496.6 | 1,496.6 | ||||
| Implied Value Range | 11.13 | 11.31 | 11.50 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.13 | 11.31 | 11.50 | 8.42 | |||
| Upside / (Downside) | 32.1% | 34.4% | 36.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AP | ASLAG | VVT | LPZ | ACEN | SPC | |
| Enterprise Value | 409,583 | 3,541 | 11,180 | 271,971 | 160,564 | 1,294 | |
| (+) Cash & Short Term Investments | 46,878 | 145 | 6,256 | 55,519 | 28,338 | 5,378 | |
| (+) Investments & Other | 151,826 | 0 | 10,608 | 32,016 | 71,668 | 5,950 | |
| (-) Debt | (291,087) | (2,336) | (7,395) | (168,105) | (160,484) | (6) | |
| (-) Other Liabilities | (9,151) | 0 | (1,531) | (176,172) | (8,803) | (15) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (25) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 308,050 | 1,350 | 19,118 | 15,229 | 91,258 | 12,601 | |
| (/) Shares Outstanding | 7,205.9 | 1,500.0 | 1,023.5 | 3,807.2 | 39,677.4 | 1,496.6 | |
| Implied Stock Price | 42.75 | 0.90 | 18.68 | 4.00 | 2.30 | 8.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 42.75 | 0.90 | 18.68 | 4.00 | 2.30 | 8.42 | |
| 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 | |