Company Valuation: Belle Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 16,695 13,180 11,830 11,345 16,096 12,799
Change - -21.05% -10.25% -4.1% 41.88% -20.48%
Enterprise Value (EV) 1 27,798 24,447 21,517 20,740 26,853 20,655
Change - -12.05% -11.99% -3.61% 29.48% -23.08%
P/E 16.1x 22.1x 8.25x 5.87x 6.72x 5.95x
PBR 0.6x 0.44x 0.35x 0.31x 0.41x 0.32x
PEG - -0.5x 0x 0.2x 0.3x -0.6x
Capitalization / Revenue 4.1x 3.94x 2.26x 2.07x 2.83x 2.47x
EV / Revenue 6.83x 7.31x 4.12x 3.78x 4.72x 3.99x
EV / EBITDA 14.7x 13.8x 7.49x 6.21x 7.06x 6.29x
EV / EBIT 23.1x 48.4x 9.18x 7.51x 8.66x 8.28x
EV / FCF -20.6x 27.9x 14.9x 5.49x 12x 7.49x
FCF Yield -4.86% 3.59% 6.72% 18.2% 8.35% 13.3%
Dividend per Share 2 - - 0.06 - 0.06 0.06
Rate of return - - 4.92% - 3.61% 4.55%
EPS 2 0.106 0.0611 0.1478 0.1994 0.2472 0.2219
Distribution rate - - 40.6% - 24.3% 27%
Net sales 1 4,068 3,345 5,227 5,488 5,691 5,179
EBITDA 1 1,896 1,770 2,874 3,340 3,806 3,284
EBIT 1 1,203 505.6 2,345 2,762 3,103 2,496
Net income 1 1,001 577 1,396 1,884 2,334 2,096
Net Debt 1 11,103 11,267 9,687 9,395 10,757 7,856
Reference price 2 1.710 1.350 1.220 1.170 1.660 1.320
Nbr of stocks (in thousands) 97,63,126 97,63,127 96,96,464 96,96,464 96,96,464 96,96,464
Announcement Date 19/04/21 02/03/22 01/03/23 29/02/24 24/02/25 27/02/26
1PHP in Million2PHP
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 20Cr
15.83x4.98x13.4x3.2% 4.5TCr
8.79x1.51x7.72x4.01% 3.09TCr
20.36x4.2x17.14x1.23% 3.08TCr
14.9x3.17x15.19x2.36% 2.72TCr
5.57x0.59x1.22x9.04% 2.66TCr
9.19x2.37x7.3x3.8% 2.17TCr
14.86x6.8x18.18x1.43% 2.14TCr
7.67x0.85x3.09x2.91% 1.96TCr
Average 12.15x 3.06x 10.41x 3.5% 2.48TCr
Weighted average by Cap. 12.69x 3.21x 10.86x 3.5%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Belle Corporation