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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.6x - 7.3x | 7.0x |
| Selected Fwd EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | ₱1,664 - ₱2,048 | ₱1,856 |
| Upside | -25.9% - -8.7% | -17.3% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ADVANC | 532454 | INTUCH | CNVRG | TEL | GLO | ||
| SET:ADVANC | BSE:532454 | SET:INTUCH | PSE:CNVRG | PSE:TEL | PSE:GLO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.1% | 22.0% | NM- | 39.9% | 0.6% | -1.1% | |
| 3Y CAGR | 5.4% | 14.9% | NM- | 19.1% | -1.9% | -0.3% | |
| Latest Twelve Months | 17.0% | 10.9% | -123.0% | 19.3% | -4.6% | 3.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 41.9% | 45.3% | -8385175.1% | 52.7% | 45.6% | 42.1% | |
| Prior Fiscal Year | 40.7% | 45.4% | NA | 56.4% | 42.6% | 40.1% | |
| Latest Fiscal Year | 42.1% | 46.6% | NA | 58.5% | 39.5% | 41.3% | |
| Latest Twelve Months | 42.1% | 47.4% | NA | 58.5% | 39.5% | 41.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.64x | 7.81x | NA | 3.72x | 2.53x | 3.38x | |
| EV / LTM EBITDA | 11.0x | 16.5x | -352.6x | 6.3x | 6.4x | 8.2x | |
| EV / LTM EBIT | 19.7x | 29.9x | -349.3x | 9.3x | 9.5x | 15.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -352.6x | 6.4x | 16.5x | ||||
| Historical EV / LTM EBITDA | 5.2x | 7.6x | 8.7x | ||||
| Selected EV / LTM EBITDA | 6.6x | 7.0x | 7.3x | ||||
| (x) LTM EBITDA | 74,677 | 74,677 | 74,677 | ||||
| (=) Implied Enterprise Value | 495,528 | 521,608 | 547,689 | ||||
| (-) Non-shareholder Claims * | (286,669) | (286,669) | (286,669) | ||||
| (=) Equity Value | 208,859 | 234,940 | 261,020 | ||||
| (/) Shares Outstanding | 144.4 | 144.4 | 144.4 | ||||
| Implied Value Range | 1,446.59 | 1,627.23 | 1,807.87 | ||||
| FX Rate: PHP/PHP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,446.59 | 1,627.23 | 1,807.87 | 2,244.00 | |||
| Upside / (Downside) | -35.5% | -27.5% | -19.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADVANC | 532454 | INTUCH | CNVRG | TEL | GLO | |
| Enterprise Value | 990,567 | 12,865,715 | 219,854 | 150,880 | 546,502 | 610,658 | |
| (+) 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 | 811,959 | 10,543,692 | 261,345 | 137,920 | 277,416 | 323,989 | |
| (/) Shares Outstanding | 2,974.2 | 6,091.3 | 3,206.7 | 7,266.6 | 216.1 | 144.4 | |
| Implied Stock Price | 273.00 | 1,730.95 | 81.50 | 18.98 | 1,284.00 | 2,244.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 273.00 | 1,730.95 | 81.50 | 18.98 | 1,284.00 | 2,244.00 | |
| 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 | |