Company Valuation: Philippine Racing Club, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 4,493 3,757 3,960 4,005 3,249 3,554
Change - -16.38% 5.39% 1.15% -18.88% 9.38%
Enterprise Value (EV) 1 4,750 3,999 3,995 4,177 3,445 3,813
Change - -15.8% -0.1% 4.55% -17.51% 10.69%
P/E Ratio 14.3x 29.9x 15.9x 33.5x 11.2x 93.5x
PBR 0.97x 0.83x 0.77x 0.81x 0.57x 0.69x
PEG - -0.5x 0.2x -0.6x 0x -1.1x
Capitalization / Revenue 5.39x 18.6x 13.3x 13.9x 7.85x 32.7x
EV / Revenue 5.7x 19.8x 13.4x 14.5x 8.33x 35.1x
EV / EBITDA 26.5x -62.6x 443x 50.3x 19.4x -46.5x
EV / EBIT 45.5x -46x -315x 59x 20.4x -42.6x
EV / FCF 23.8x 71.7x 24.2x -8.31x -125x 74x
FCF Yield 4.19% 1.4% 4.14% -12% -0.8% 1.35%
Dividend per Share 2 0.08 0.08 0.08 0.08 0.08 0.08
Rate of return 0.9% 1.08% 1.03% 1.01% 1.25% 1.14%
EPS 2 0.6186 0.2477 0.4894 0.2357 0.5735 0.0748
Distribution rate 12.9% 32.3% 16.3% 33.9% 14% 107%
Net sales 1 833.2 202.2 297.3 288.4 413.7 108.6
EBITDA 1 179.4 -63.88 9.011 83.1 177.9 -82.01
EBIT 1 104.3 -86.89 -12.69 70.77 169.2 -89.6
Net income 1 338.1 125.8 248.4 119.7 291.1 38
Net Debt 1 256.1 241.7 35.08 171.2 196.1 259.7
Reference price 2 8.850 7.400 7.800 7.890 6.400 7.000
Nbr of stocks (in thousands) 507,735 507,735 507,664 507,664 507,664 507,664
Announcement Date 7/1/20 5/18/21 5/16/22 5/3/23 5/2/24 4/30/25
1PHP in Million2PHP
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 44.54M
14.77x4.62x12.67x3.39% 42.6B
9.32x1.55x7.76x3.83% 33.56B
22.67x4.41x18.52x1.12% 31.05B
5.48x0.52x1.05x9.26% 25.99B
15.51x3.18x15.71x2.26% 26.04B
11.8x1.78x15.12x3.2% 21.81B
9.31x2.24x7.72x3.99% 20.34B
15.04x6.62x18.77x1.26% 19.96B
Average 12.99x 3.12x 12.16x 3.54% 24.6B
Weighted average by Cap. 13.28x 3.16x 12.07x 3.54%

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 Philippine Racing Club, Inc.
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