Company Valuation: Ayala Land, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 6,02,473 5,39,226 4,54,490 5,14,758 3,85,173 3,05,441 3,05,441 -
Change - -10.5% -15.71% 13.26% -25.17% -20.7% 0% -
Enterprise Value (EV) 1 7,97,387 7,48,351 6,96,636 7,55,946 6,45,821 5,84,442 5,94,914 6,02,256
Change - -6.15% -6.91% 8.51% -14.57% -9.5% 1.79% 1.23%
P/E ratio 69.3x 44.2x 24.6x 21.1x 13.8x 10.5x 9.8x 8.69x
PBR 2.71x 2.34x 1.82x 1.88x 1.29x 0.98x 0.92x 0.86x
PEG - 1.1x 0.5x 0.7x 0.8x 1.62x 1.32x 0.7x
Capitalization / Revenue 6.37x 5.24x 3.69x 3.54x 2.18x 1.78x 1.69x 1.59x
EV / Revenue 8.43x 7.27x 5.66x 5.2x 3.66x 3.41x 3.29x 3.13x
EV / EBITDA 21.3x 18.4x 14x 12.8x 9.58x 8.29x 7.96x 7.56x
EV / EBIT 28.7x 22.3x 17.3x 15.3x 11.3x 9.77x 9.39x 8.82x
EV / FCF -37.7x -43.2x 110x -8,027x -206x -101x -231x -1,164x
FCF Yield -2.65% -2.31% 0.91% -0.01% -0.49% -0.99% -0.43% -0.09%
Dividend per Share 2 0.27 0.2718 0.28 0.38 0.4963 0.5697 0.6353 0.7258
Rate of return 0.66% 0.74% 0.91% 1.1% 1.89% 2.67% 2.98% 3.41%
EPS 2 0.59 0.83 1.25 1.63 1.9 2.023 2.173 2.451
Distribution rate 45.8% 32.7% 22.4% 23.3% 26.1% 28.2% 29.2% 29.6%
Net sales 1 94,568 1,02,946 1,23,051 1,45,501 1,76,533 1,71,228 1,80,872 1,92,705
EBITDA 1 37,372 40,586 49,847 58,957 67,384 70,533 74,774 79,635
EBIT 1 27,799 33,556 40,158 49,452 57,109 59,839 63,330 68,258
Net income 1 8,727 12,228 18,617 24,508 28,233 29,666 31,641 35,405
Net Debt 1 1,94,914 2,09,125 2,42,146 2,41,188 2,60,648 2,79,001 2,89,473 2,96,815
Reference price 2 40.90 36.70 30.80 34.45 26.20 21.30 21.30 21.30
Nbr of stocks (in thousands) 1,47,30,396 1,46,92,808 1,47,56,162 1,49,42,176 1,47,01,275 1,43,39,932 1,43,39,932 -
Announcement Date 24/02/21 01/03/22 06/03/23 20/02/24 28/02/25 - - -
1PHP in Million2PHP
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.53x3.41x8.29x2.67% 525.9Cr
17.06x5.35x14.73x2.81% 4.95TCr
9.05x1.9x3.81x6.26% 3.92TCr
29.05x5.15x21.27x0.93% 4TCr
21.67x3.83x18.87x1.61% 3.85TCr
22.32x8.1x22.93x0.84% 3.12TCr
8.3x1.26x7.01x4.23% 2.9TCr
18.29x1.16x7.7x2.04% 2.54TCr
9.72x2.3x7.11x2.04% 2.46TCr
Average 16.22x 3.61x 12.41x 2.6% 3.14TCr
Weighted average by Cap. 17.30x 3.84x 13.40x 2.65%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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