Company Valuation: SM Prime Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 9,78,232 10,24,403 9,49,362 7,26,313 6,55,675 5,46,457 - -
Change - 4.72% -7.33% -23.49% -9.73% -16.66% - -
Enterprise Value (EV) 1 12,52,175 13,34,740 12,84,203 10,84,987 10,50,784 9,74,791 9,97,749 10,29,203
Change - 6.59% -3.79% -15.51% -3.15% -7.23% 2.36% 3.15%
P/E 44.9x 34x 23.7x 15.9x 13.4x 11.6x 11.1x 10.7x
PBR 2.94x 2.82x 2.4x 1.68x 1.41x 1.1x 1.03x 0.96x
PEG - 0.9x 0.7x 1.1x 1.87x -4.33x 2.59x 2.73x
Capitalization / Revenue 11.9x 9.68x 7.41x 5.17x 4.65x 3.74x 3.58x 3.47x
EV / Revenue 15.2x 12.6x 10x 7.73x 7.45x 6.68x 6.53x 6.53x
EV / EBITDA 29x 21.8x 17.3x 13.2x 12.2x 11x 10.7x 10.7x
EV / EBIT 38.6x 27.1x 21x 15.9x 14.6x 13.4x 13x 13x
EV / FCF -142x -331x -591x -445x -606x 107x 21.4x 23.8x
FCF Yield -0.7% -0.3% -0.17% -0.22% -0.17% 0.93% 4.67% 4.2%
Dividend per Share 2 0.082 0.097 0.237 0.346 0.48 0.457 0.4702 0.4581
Rate of return 0.24% 0.27% 0.72% 1.38% 2.11% 2.4% 2.46% 2.4%
EPS 2 0.755 1.043 1.387 1.581 1.694 1.649 1.719 1.787
Distribution rate 10.9% 9.3% 17.1% 21.9% 28.3% 27.7% 27.3% 25.6%
Net sales 1 82,315 1,05,786 1,28,098 1,40,391 1,41,107 1,46,009 1,52,800 1,57,669
EBITDA 1 43,107 61,088 74,083 82,167 86,388 88,986 93,633 95,882
EBIT 1 32,415 49,243 61,279 68,037 71,731 72,510 76,585 79,084
Net income 1 21,787 30,100 40,011 45,632 48,848 47,939 50,266 52,229
Net Debt 1 2,73,942 3,10,337 3,34,841 3,58,674 3,95,109 4,28,333 4,51,291 4,82,745
Reference price 2 33.90 35.50 32.90 25.15 22.75 19.08 19.08 19.08
Nbr of stocks (in thousands) 2,88,56,412 2,88,56,412 2,88,56,000 2,88,79,232 2,88,20,859 2,86,40,324 - -
Announcement Date 01/03/22 01/03/23 29/02/24 03/03/25 16/02/26 - - -
1PHP in Million2PHP
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.57x6.68x10.95x2.4% 886.53Cr
15.83x4.98x13.41x3.2% 4.51TCr
8.7x1.49x7.68x4.07% 3.07TCr
20.6x4.23x17.36x1.22% 3.05TCr
5.57x0.61x1.26x8.96% 2.69TCr
14.22x3.1x14.85x2.47% 2.55TCr
15.13x6.83x18.33x1.41% 2.14TCr
8.95x2.31x7.1x4.07% 2.11TCr
10.17x1.64x14.26x3.72% 1.87TCr
Average 12.31x 3.54x 11.69x 3.5% 2.54TCr
Weighted average by Cap. 12.80x 3.41x 11.75x 3.57%

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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