Company Valuation: Philippine Racing Club, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,757 3,960 4,005 3,249 3,554 3,608
Change - 5.39% 1.15% -18.88% 9.38% 1.54%
Enterprise Value (EV) 1 3,999 3,995 4,177 3,445 3,813 3,908
Change - -0.1% 4.55% -17.51% 10.69% 2.48%
P/E 29.9x 15.9x 33.5x 11.2x 93.5x -10.1x
PBR 0.83x 0.77x 0.81x 0.57x 0.69x 0.73x
PEG - 0.2x -0.6x 0x -1.1x 0x
Capitalization / Revenue 18.6x 13.3x 13.9x 7.85x 32.7x 21.3x
EV / Revenue 19.8x 13.4x 14.5x 8.33x 35.1x 23x
EV / EBITDA -62.6x 443x 50.3x 19.4x -46.5x -142x
EV / EBIT -46x -315x 59x 20.4x -42.6x -116x
EV / FCF 71.7x 24.2x -8.31x -125x 74x 327x
FCF Yield 1.4% 4.14% -12% -0.8% 1.35% 0.31%
Dividend per Share 2 0.08 0.08 0.08 0.08 0.08 -
Rate of return 1.08% 1.03% 1.01% 1.25% 1.14% -
EPS 2 0.2477 0.4894 0.2357 0.5735 0.0748 -0.651
Distribution rate 32.3% 16.3% 33.9% 14% 107% -
Net sales 1 202.2 297.3 288.4 413.7 108.6 169.7
EBITDA 1 -63.88 9.011 83.1 177.9 -82.01 -27.47
EBIT 1 -86.89 -12.69 70.77 169.2 -89.6 -33.82
Net income 1 125.8 248.4 119.7 291.1 38 -330.3
Net Debt 1 241.7 35.08 171.2 196.1 259.7 299.5
Reference price 2 7.400 7.800 7.890 6.400 7.000 6.600
Nbr of stocks (in thousands) 507,735 507,664 507,664 507,664 507,664 546,706
Announcement Date 5/18/21 5/16/22 5/3/23 5/2/24 4/30/25 6/2/26
1PHP in Million2PHP
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 44.48M
14.61x4.64x12.62x3.45% 41.83B
22.44x4.38x18.41x1.13% 30.66B
6.02x0.72x1.46x8.38% 28.73B
7.85x1.4x7.03x4.54% 28.24B
15.25x3.16x15.58x2.3% 25.54B
15.45x0.98x6.51x2.41% 21.45B
16.17x6.85x19.41x1.17% 21.41B
9.06x2.2x7.56x4.1% 19.77B
Average 13.36x 3.04x 11.07x 3.44% 24.19B
Weighted average by Cap. 13.51x 3.13x 11.19x 3.51%

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.