Stock MEG MEGAWORLD CORPORATION
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Financials Megaworld Corporation

Equities

MEG

PHY594811127

Real Estate Development & Operations

End-of-day quote Philippines S.E.
Other stock markets
 06:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
1.83 PHP +0.55% Intraday chart for Megaworld Corporation +5.78% -7.11%
Apr. 25 Glass Lewis ESG Controversy Alert: Megaworld MT
Apr. 19 Megaworld Offloads PHP500 Million Worth of MREIT Shares MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 129,282 130,156 100,350 62,972 61,431 55,506 - -
Enterprise Value (EV) 1 182,812 176,353 150,439 62,972 139,211 132,447 142,986 144,494
P/E ratio 7.38 x 13.9 x 7.48 x 4.65 x 3.52 x 3.24 x 3.08 x 2.76 x
Yield 1.75% - 1.95% - 3.55% 4.66% 4.92% 5.1%
Capitalization / Revenue 2.09 x 2.99 x 1.98 x 1.06 x 0.88 x 0.81 x 0.75 x 0.68 x
EV / Revenue 2.95 x 4.05 x 2.96 x 1.06 x 2 x 1.94 x 1.94 x 1.77 x
EV / EBITDA 7.03 x 11.2 x 6.43 x 2.23 x 5.13 x 4.55 x 4.61 x 4.2 x
EV / FCF 14.5 x 14,773 x 29.5 x - -18.8 x -56.2 x -165 x 329 x
FCF Yield 6.91% 0.01% 3.39% - -5.31% -1.78% -0.6% 0.3%
Price to Book 0.71 x 0.69 x 0.52 x - 0.27 x 0.23 x 0.22 x 0.2 x
Nbr of stocks (in thousands) 32,239,946 31,900,873 31,857,071 31,486,072 31,183,252 31,183,252 - -
Reference price 2 4.010 4.080 3.150 2.000 1.970 1.780 1.780 1.780
Announcement Date 4/30/20 4/15/21 3/9/22 3/1/23 2/28/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 61,962 43,541 50,754 59,527 69,728 68,423 73,660 81,474
EBITDA 1 26,007 15,774 23,396 28,205 27,113 29,104 31,028 34,391
EBIT 1 23,288 12,670 19,928 24,925 23,363 25,464 27,141 30,156
Operating Margin 37.59% 29.1% 39.26% 41.87% 33.51% 37.22% 36.85% 37.01%
Earnings before Tax (EBT) 1 25,378 13,936 14,943 19,142 23,856 24,031 25,643 27,756
Net income 1 17,931 9,886 13,434 13,455 17,345 17,283 18,531 20,075
Net margin 28.94% 22.71% 26.47% 22.6% 24.88% 25.26% 25.16% 24.64%
EPS 2 0.5430 0.2940 0.4210 0.4300 0.5600 0.5493 0.5771 0.6461
Free Cash Flow 1 12,641 11.94 5,105 - -7,390 -2,357 -864 439
FCF margin 20.4% 0.03% 10.06% - -10.6% -3.44% -1.17% 0.54%
FCF Conversion (EBITDA) 48.61% 0.08% 21.82% - - - - 1.28%
FCF Conversion (Net income) 70.5% 0.12% 38% - - - - 2.19%
Dividend per Share 2 0.0700 - 0.0615 - 0.0700 0.0829 0.0876 0.0907
Announcement Date 4/30/20 4/15/21 3/9/22 3/1/23 2/28/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales - - - - - - - 9,662 9,979 21,127 - - - - -
EBITDA 1 6,252 6,438 - 6,939 5,890 7,482 7,919 7,310 6,704 7,521 6,762 7,325 6,480 7,607 7,336
EBIT 1 5,424 5,489 - 6,144 5,120 6,639 7,073 6,437 5,825 6,639 5,912 6,405 5,666 6,651 6,334
Operating Margin - - - - - - - 66.63% 58.37% 31.43% - - - - -
Earnings before Tax (EBT) 1 4,075 4,168 - 3,849 3,808 7,090 5,731 5,233 5,249 7,644 6,123 6,634 5,868 6,889 6,668
Net income 1 3,200 5,276 - 2,816 2,511 5,061 4,084 3,792 4,145 5,324 4,348 4,711 4,167 4,892 4,764
Net margin - - - - - - - 39.25% 41.53% 25.2% - - - - -
EPS 2 0.1000 0.1710 0.0970 0.0900 0.0800 0.1620 0.1320 0.1200 0.1340 0.1710 0.1347 0.1405 0.1318 0.1384 0.1414
Dividend per Share 2 - 0.0600 - - - - - - - 0.0700 - - - 0.0852 -
Announcement Date 11/10/21 3/9/22 5/16/22 8/9/22 11/14/22 3/1/23 5/10/23 8/10/23 11/9/23 2/28/24 - - - - -
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 53,530 46,197 50,089 - 77,780 76,941 87,480 88,988
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.058 x 2.929 x 2.141 x - 2.869 x 2.644 x 2.819 x 2.588 x
Free Cash Flow 1 12,641 11.9 5,105 - -7,390 -2,357 -864 439
ROE (net income / shareholders' equity) 9.42% 4.98% 6.5% - 6.58% 7.15% 7.33% 7.4%
ROA (Net income/ Total Assets) 5.52% 2.82% 2.77% - 3.38% 4.28% 4.28% 4.28%
Assets 1 324,845 350,567 484,999 - 512,571 403,484 433,427 468,983
Book Value Per Share 2 5.610 5.890 6.050 - 7.310 7.770 8.250 8.990
Cash Flow per Share 2 0.7300 0.6000 0.1800 - 0.1400 0.4000 0.5000 0.6000
Capex 1 10,741 7,162 7,575 - 11,592 14,364 16,288 19,008
Capex / Sales 17.33% 16.45% 14.92% - 16.62% 20.99% 22.11% 23.33%
Announcement Date 4/30/20 4/15/21 3/9/22 3/1/23 2/28/24 - - -
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

Ratings for Megaworld Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
1.78 PHP
Average target price
2.702 PHP
Spread / Average Target
+51.78%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Real Estate Development & Operations
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