Financials SM Prime Holdings, Inc.

Equities

SMPH

PHY8076N1120

Real Estate Development & Operations

End-of-day quote Philippines S.E. 18:00:00 2024-06-19 EDT 5-day change 1st Jan Change
26.65 PHP 0.00% Intraday chart for SM Prime Holdings, Inc. -0.93% -19.00%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,215,816 1,111,850 978,232 1,024,403 949,362 769,632 - -
Enterprise Value (EV) 1 1,419,170 1,353,658 1,252,175 1,334,740 1,284,203 1,131,358 1,144,820 1,188,120
P/E ratio 31.9 x 61.7 x 44.9 x 34 x 23.7 x 17.8 x 15.8 x 14.7 x
Yield 0.83% 0.48% 0.24% 0.27% 0.72% 1.21% 1.29% 1.39%
Capitalization / Revenue 10.3 x 13.6 x 11.9 x 9.68 x 7.41 x 5.6 x 5.06 x 4.65 x
EV / Revenue 12 x 16.5 x 15.2 x 12.6 x 10 x 8.23 x 7.53 x 7.18 x
EV / EBITDA 21 x 34.3 x 29 x 21.8 x 17.3 x 14 x 12.8 x 12.3 x
EV / FCF 4,380 x -66.1 x -142 x -331 x -591 x -81.7 x -149 x -331 x
FCF Yield 0.02% -1.51% -0.7% -0.3% -0.17% -1.22% -0.67% -0.3%
Price to Book 4.04 x 3.59 x 2.94 x 2.82 x 2.4 x 1.79 x 1.64 x 1.51 x
Nbr of stocks (in thousands) 28,879,232 28,879,232 28,856,412 28,856,412 28,856,000 28,879,232 - -
Reference price 2 42.10 38.50 33.90 35.50 32.90 26.65 26.65 26.65
Announcement Date 2/17/20 2/28/21 3/1/22 3/1/23 2/29/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 118,311 81,899 82,315 105,786 128,098 137,399 151,980 165,549
EBITDA 1 67,517 39,416 43,107 61,088 74,083 80,648 89,366 96,624
EBIT 1 56,700 29,074 32,415 49,243 61,279 66,342 73,811 79,320
Operating Margin 47.92% 35.5% 39.38% 46.55% 47.84% 48.28% 48.57% 47.91%
Earnings before Tax (EBT) 1 49,162 22,464 27,734 38,714 49,840 54,053 61,068 65,621
Net income 1 38,100 18,007 21,787 30,100 40,011 43,275 48,582 52,263
Net margin 32.2% 21.99% 26.47% 28.45% 31.23% 31.5% 31.97% 31.57%
EPS 2 1.320 0.6240 0.7550 1.043 1.387 1.496 1.684 1.813
Free Cash Flow 1 324 -20,482 -8,796 -4,031 -2,172 -13,849 -7,708 -3,585
FCF margin 0.27% -25.01% -10.69% -3.81% -1.7% -10.08% -5.07% -2.17%
FCF Conversion (EBITDA) 0.48% - - - - - - -
FCF Conversion (Net income) 0.85% - - - - - - -
Dividend per Share 2 0.3500 0.1850 0.0820 0.0970 0.2370 0.3216 0.3442 0.3692
Announcement Date 2/17/20 2/28/21 3/1/22 3/1/23 2/29/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales - - - - 32,113 17,157 - - - - - - - - -
EBITDA 1 13,686 - 13,481 16,159 17,964 17,006 - - 20,156 18,111 19,900 20,729 24,046 19,990 21,808
EBIT 1 10,840 - 10,667 13,277 14,609 13,893 15,124 15,600 16,757 14,711 16,811 17,512 20,314 16,840 18,371
Operating Margin - - - - 45.49% 80.97% - - - - - - - - -
Earnings before Tax (EBT) 1 8,440 - 8,947 10,096 10,416 12,059 12,522 13,311 11,947 12,925 14,316 14,913 17,299 14,411 15,721
Net income 1 6,162 - 6,692 7,904 8,088 9,442 10,000 10,700 9,884 10,462 11,082 11,544 13,391 11,308 12,336
Net margin - - - - 25.19% 55.03% - - - - - - - - -
EPS 2 0.2150 0.2570 0.2320 0.2740 0.2800 0.3270 0.3470 0.3700 0.3430 0.3630 0.3700 0.3500 0.3400 0.3808 0.4186
Dividend per Share 2 - - 0.0970 - - - 0.2370 - - - 0.3148 - - - 0.3633
Announcement Date 3/1/22 5/11/22 8/5/22 11/8/22 3/1/23 5/10/23 8/7/23 11/6/23 2/29/24 5/10/24 - - - - -
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 203,354 241,807 273,942 310,337 334,841 361,726 375,188 418,489
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.012 x 6.135 x 6.355 x 5.08 x 4.52 x 4.485 x 4.198 x 4.331 x
Free Cash Flow 1 324 -20,482 -8,796 -4,031 -2,172 -13,849 -7,708 -3,585
ROE (net income / shareholders' equity) 13.2% 5.9% 6.78% 8.65% 10.5% 10.5% 10.8% 10.7%
ROA (Net income/ Total Assets) 5.99% 2.59% 2.85% 3.59% 4.4% 5.08% 4.84% 4.83%
Assets 1 635,943 694,696 763,368 839,300 908,772 852,128 1,003,661 1,082,803
Book Value Per Share 2 10.40 10.70 11.50 12.60 13.70 14.90 16.30 17.60
Cash Flow per Share 2 1.790 0.6000 1.060 1.210 2.150 2.160 2.470 3.000
Capex 1 51,404 37,673 39,463 38,964 64,113 66,388 60,517 70,258
Capex / Sales 43.45% 46% 47.94% 36.83% 50.05% 48.32% 39.82% 42.44%
Announcement Date 2/17/20 2/28/21 3/1/22 3/1/23 2/29/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
26.65 PHP
Average target price
39 PHP
Spread / Average Target
+46.34%
Consensus
  1. Stock Market
  2. Equities
  3. SMPH Stock
  4. Financials SM Prime Holdings, Inc.