SAN MIGUEL CORPORATION |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 103 PHP | -0.39% |
|
+0.59% | +0.88% |
| 26/04 | Transcript : San Miguel Corporation - Special Call | |
| 16/04 | San Miguel Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 3,50,268 | 3,90,959 | 3,05,377 | 2,73,910 | 2,21,583 | 2,43,396 |
| Enterprise Value (EV) 1 | 10,50,927 | 10,99,422 | 9,83,265 | 10,73,194 | 13,33,301 | 14,42,967 |
| P/E ratio | 22.2 x | 27.7 x | -77 x | 46.3 x | -11.4 x | -40.6 x |
| Yield | 0.95% | 0.85% | 1.09% | 1.22% | 1.51% | 1.37% |
| Capitalization / Revenue | 0.34 x | 0.38 x | 0.42 x | 0.29 x | 0.15 x | 0.17 x |
| EV / Revenue | 1.03 x | 1.08 x | 1.35 x | 1.14 x | 0.88 x | 1 x |
| EV / EBITDA | 6.74 x | 7.28 x | 9.38 x | 7.28 x | 8.61 x | 7.53 x |
| EV / FCF | 154 x | 28.2 x | 325 x | -19.3 x | -8.91 x | -38.2 x |
| FCF Yield | 0.65% | 3.54% | 0.31% | -5.17% | -11.2% | -2.62% |
| Price to Book | 1.07 x | 1.21 x | 0.89 x | 0.87 x | 0.81 x | 0.8 x |
| Nbr of stocks (in thousands) | 23,82,776 | 23,83,897 | 23,83,897 | 23,83,897 | 23,83,897 | 23,83,897 |
| Reference price 2 | 147.0 | 164.0 | 128.1 | 114.9 | 92.95 | 102.1 |
| Announcement Date | 15/04/19 | 17/05/20 | 19/04/21 | 25/04/22 | 18/04/23 | 16/04/24 |
1PHP in Million2PHP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 10,24,943 | 10,20,502 | 7,25,797 | 9,41,193 | 15,06,591 | 14,46,703 |
| EBITDA 1 | 1,55,926 | 1,51,027 | 1,04,875 | 1,47,386 | 1,54,821 | 1,91,736 |
| EBIT 1 | 1,20,055 | 1,17,145 | 73,478 | 1,13,346 | 1,12,882 | 1,46,568 |
| Operating Margin | 11.71% | 11.48% | 10.12% | 12.04% | 7.49% | 10.13% |
| Earnings before Tax (EBT) 1 | 73,116 | 77,087 | 37,410 | 65,952 | 40,077 | 73,107 |
| Net income 1 | 23,077 | 21,329 | 2,973 | 13,925 | -12,968 | 198 |
| Net margin | 2.25% | 2.09% | 0.41% | 1.48% | -0.86% | 0.01% |
| EPS 2 | 6.610 | 5.930 | -1.664 | 2.480 | -8.150 | -2.514 |
| Free Cash Flow 1 | 6,845 | 38,936 | 3,025 | -55,515 | -1,49,666 | -37,805 |
| FCF margin | 0.67% | 3.82% | 0.42% | -5.9% | -9.93% | -2.61% |
| FCF Conversion (EBITDA) | 4.39% | 25.78% | 2.88% | - | - | - |
| FCF Conversion (Net income) | 29.66% | 182.55% | 101.76% | - | - | - |
| Dividend per Share 2 | 1.400 | 1.400 | 1.400 | 1.400 | 1.400 | 1.400 |
| Announcement Date | 15/04/19 | 17/05/20 | 19/04/21 | 25/04/22 | 18/04/23 | 16/04/24 |
1PHP in Million2PHP
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 7,00,659 | 7,08,463 | 6,77,888 | 7,99,284 | 11,11,718 | 11,99,571 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.494 x | 4.691 x | 6.464 x | 5.423 x | 7.181 x | 6.256 x |
| Free Cash Flow 1 | 6,845 | 38,937 | 3,025 | -55,515 | -1,49,666 | -37,805 |
| ROE (net income / shareholders' equity) | 9.9% | 8.94% | 3.56% | 7.21% | 4.05% | 6.85% |
| ROA (Net income/ Total Assets) | 4.91% | 4.19% | 2.46% | 3.57% | 3.18% | 3.78% |
| Assets 1 | 4,69,990 | 5,08,997 | 1,20,736 | 3,89,587 | -4,08,389 | 5,243 |
| Book Value Per Share 2 | 137.0 | 135.0 | 145.0 | 133.0 | 115.0 | 128.0 |
| Cash Flow per Share 2 | 102.0 | 120.0 | 146.0 | 126.0 | 133.0 | 110.0 |
| Capex 1 | 45,624 | 64,381 | 62,565 | 72,897 | 75,036 | 70,853 |
| Capex / Sales | 4.45% | 6.31% | 8.62% | 7.75% | 4.98% | 4.9% |
| Announcement Date | 15/04/19 | 17/05/20 | 19/04/21 | 25/04/22 | 18/04/23 | 16/04/24 |
1PHP in Million2PHP
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +0.88% | 4.29B | |
| +0.03% | 239B | |
| +28.62% | 178B | |
| -6.63% | 126B | |
| +42.13% | 87.08B | |
| -6.89% | 72.31B | |
| -11.13% | 53.57B | |
| +41.87% | 38.5B | |
| -27.13% | 37.73B | |
| +71.52% | 30.88B |
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