Company Valuation: Ayala Land, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 5,39,226 4,54,490 5,14,758 3,85,173 3,23,133 2,02,606 - -
Change - -15.71% 13.26% -25.17% -16.11% -37.3% - -
Enterprise Value (EV) 1 7,48,351 6,96,636 7,55,946 6,45,821 6,22,674 5,09,843 5,04,872 5,03,943
Change - -6.91% 8.51% -14.57% -3.58% -18.12% -0.97% -0.18%
P/E ratio 44.2x 24.6x 21.1x 13.8x 8.31x 8.18x 7.03x 7.05x
PBR 2.34x 1.82x 1.88x 1.29x 0.99x 0.61x 0.57x 0.55x
PEG - 0.5x 0.7x 0.8x 0.2x -0.2x 0.4x -21.4x
Capitalization / Revenue 5.24x 3.69x 3.54x 2.18x 1.85x 1.2x 1.12x 1.13x
EV / Revenue 7.27x 5.66x 5.2x 3.66x 3.57x 3.02x 2.79x 2.81x
EV / EBITDA 18.4x 14x 12.8x 9.58x 8.58x 7.25x 6.84x 6.97x
EV / EBIT 22.3x 17.3x 15.3x 11.3x 10.1x 8.58x 8.11x 8.43x
EV / FCF -43.2x 110x -8,027x -206x -46.5x 54.6x 87.5x -94.3x
FCF Yield -2.31% 0.91% -0.01% -0.49% -2.15% 1.83% 1.14% -1.06%
Dividend per Share 2 0.2718 0.28 0.38 0.4963 0.5816 0.6623 0.6077 0.6838
Rate of return 0.74% 0.91% 1.1% 1.89% 2.59% 4.68% 4.29% 4.83%
EPS 2 0.83 1.25 1.63 1.9 2.7 1.731 2.015 2.009
Distribution rate 32.7% 22.4% 23.3% 26.1% 21.5% 38.3% 30.2% 34%
Net sales 1 1,02,946 1,23,051 1,45,501 1,76,533 1,74,452 1,68,787 1,81,253 1,79,112
EBITDA 1 40,586 49,847 58,957 67,384 72,544 70,327 73,860 72,352
EBIT 1 33,556 40,158 49,452 57,109 61,894 59,432 62,222 59,791
Net income 1 12,228 18,617 24,508 28,233 39,121 27,382 29,775 29,506
Net Debt 1 2,09,125 2,42,146 2,41,188 2,60,648 2,99,541 3,07,237 3,02,267 3,01,337
Reference price 2 36.70 30.80 34.45 26.20 22.45 14.16 14.16 14.16
Nbr of stocks (in thousands) 1,46,92,808 1,47,56,162 1,49,42,176 1,47,01,275 1,43,93,434 1,43,08,305 - -
Announcement Date 01/03/22 06/03/23 20/02/24 28/02/25 20/02/26 - - -
1PHP in Million2PHP
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
8.18x3.02x7.25x4.68% 328.8Cr
15.5x4.8x13.17x3.23% 4.47TCr
9.08x1.53x7.65x3.92% 3.27TCr
21.84x4.31x18.11x1.16% 3TCr
5.75x0.68x1.34x8.82% 2.73TCr
15.08x3.14x15.5x2.32% 2.54TCr
11.81x1.78x15.16x3.2% 2.18TCr
9.45x2.28x7.84x3.94% 2.06TCr
15.4x6.69x18.97x1.23% 2.05TCr
14.43x0.92x6.09x2.58% 2TCr
Average 12.65x 2.91x 11.11x 3.51% 2.46TCr
Weighted average by Cap. 13.27x 3.02x 11.52x 3.45%

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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