Financials MREIT, Inc.

Equities

MREIT

PHY6143N1073

Commercial REITs

End-of-day quote Philippines S.E. Other stock markets 18:00:00 2024-05-06 EDT			5-day change	1st Jan Change
13 ^PHP	-0.15%		-0.46%	+5.69%

03-01	MREIT, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	MREIT's Net Profit Rises 13% in January-September	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,883	36,665	34,389	36,346	-	-
Enterprise Value (EV) ¹	49,883	42,486	39,916	41,569	41,467	40,933
P/E ratio	24.6 x	-207 x	205 x	11.8 x	11.7 x	10.8 x
Yield	-	6.73%	8%	8%	8.1%	8.69%
Capitalization / Revenue	-	10 x	8.27 x	8.41 x	8.2 x	7.83 x
EV / Revenue	-	11.6 x	9.6 x	9.62 x	9.35 x	8.82 x
EV / EBITDA	-	14.5 x	12.7 x	12.9 x	12.5 x	12 x
EV / FCF	-	15.3 x	12.3 x	11.7 x	11.3 x	10.8 x
FCF Yield	-	6.54%	8.15%	8.54%	8.86%	9.3%
Price to Book	-	0.74 x	0.66 x	0.68 x	0.7 x	0.67 x
Nbr of stocks (in thousands)	2,532,121	2,532,121	2,795,821	2,795,821	-	-
Reference price ²	19.70	14.48	12.30	13.00	13.00	13.00
Announcement Date	22-04-12	23-04-18	24-03-01	-	-	-

¹PHP in Million²PHP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	3,649	4,157	4,320	4,433	4,641
EBITDA ¹	-	2,935	3,154	3,225	3,322	3,421
EBIT ¹	-	2,935	3,154	3,269	3,389	3,421
Operating Margin	-	80.44%	75.87%	75.67%	76.44%	73.71%
Earnings before Tax (EBT) ¹	-	-172.2	180.9	3,041	3,076	3,319
Net income ¹	2,014	-176.6	168.3	3,036	3,073	3,314
Net margin	-	-4.84%	4.05%	70.29%	69.32%	71.4%
EPS ²	0.8000	-0.0700	0.0600	1.100	1.107	1.200
Free Cash Flow ¹	-	2,781	3,253	3,550	3,676	3,805
FCF margin	-	76.21%	78.26%	82.18%	82.91%	81.98%
FCF Conversion (EBITDA)	-	94.73%	103.14%	110.08%	110.65%	111.21%
FCF Conversion (Net income)	-	-	1,932.21%	116.92%	119.6%	114.82%
Dividend per Share ²	-	0.9741	0.9840	1.040	1.053	1.130
Announcement Date	22-04-12	23-04-18	24-03-01	-	-	-

¹PHP in Million²PHP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q3
Net sales	-	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	730.4	713.1
Net margin	-	-
EPS ²	0.2600	0.2600
Dividend per Share	-	-
Announcement Date	23-05-12	23-11-08

¹PHP in Million²PHP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	5,821	5,528	5,223	5,122	4,587
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.983 x	1.753 x	1.62 x	1.542 x	1.341 x
Free Cash Flow ¹	-	2,781	3,253	3,550	3,676	3,805
ROE (net income / shareholders' equity)	-	-0.35%	0.33%	5.81%	5.98%	6.32%
ROA (Net income/ Total Assets)	-	-0.3%	0.28%	5.11%	5.15%	5.48%
Assets ¹	-	59,687	59,973	59,386	59,721	60,524
Book Value Per Share ²	-	19.60	18.60	19.20	18.50	19.30
Cash Flow per Share ²	-	1.100	1.190	1.300	1.190	1.390
Capex ¹	-	-	-	649	640	-
Capex / Sales	-	-	-	15.01%	14.43%	-
Announcement Date	22-04-12	23-04-18	24-03-01	-	-	-

¹PHP in Million²PHP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for MREIT, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13 PHP

Average target price

15.9 PHP

Spread / Average Target

+22.31%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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