Financials SM Prime Holdings, Inc.

Equities

SMPH

PHY8076N1120

Real Estate Development & Operations

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
27.85 ^PHP	+7.12%		-0.36%	-15.35%

May. 07	SM Prime's Consolidated Net Income Rises 11% in Q1	MT
Apr. 24	SM Prime Holdings, Inc. Announces Opening Four New Malls	CI

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	804,287	-	-
Enterprise Value (EV) ¹	1,419,170	1,353,658	1,252,175	1,334,740	1,284,203	1,170,180	1,176,643	1,207,666
P/E ratio	31.9 x	61.7 x	44.9 x	34 x	23.7 x	18.3 x	16.4 x	15.2 x
Yield	0.83%	0.48%	0.24%	0.27%	0.72%	1.23%	1.29%	1.43%
Capitalization / Revenue	10.3 x	13.6 x	11.9 x	9.68 x	7.41 x	5.66 x	5.22 x	4.78 x
EV / Revenue	12 x	16.5 x	15.2 x	12.6 x	10 x	8.24 x	7.64 x	7.17 x
EV / EBITDA	21 x	34.3 x	29 x	21.8 x	17.3 x	14.3 x	13.1 x	12.2 x
EV / FCF	4,380 x	-66.1 x	-142 x	-331 x	-591 x	-84.5 x	-153 x	-337 x
FCF Yield	0.02%	-1.51%	-0.7%	-0.3%	-0.17%	-1.18%	-0.66%	-0.3%
Price to Book	4.04 x	3.59 x	2.94 x	2.82 x	2.4 x	1.89 x	1.73 x	1.58 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	27.85	27.85	27.85
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	141,997	154,062	168,355
EBITDA ¹	67,517	39,416	43,107	61,088	74,083	81,933	89,792	98,614
EBIT ¹	56,700	29,074	32,415	49,243	61,279	67,766	74,195	80,563
Operating Margin	47.92%	35.5%	39.38%	46.55%	47.84%	47.72%	48.16%	47.85%
Earnings before Tax (EBT) ¹	49,162	22,464	27,734	38,714	49,840	55,524	61,831	66,944
Net income ¹	38,100	18,007	21,787	30,100	40,011	43,813	48,889	52,925
Net margin	32.2%	21.99%	26.47%	28.45%	31.23%	30.85%	31.73%	31.44%
EPS ²	1.320	0.6240	0.7550	1.043	1.387	1.520	1.695	1.837
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%	-9.75%	-5%	-2.13%
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	0.3434	0.3581	0.3983
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 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	-	-	-	-	-	32,113	17,157	-	-	-	-	-	-	-	-
EBITDA ¹	8,122	13,686	-	13,481	16,159	17,964	17,006	-	-	20,156	18,242	19,900	20,729	24,046	19,990
EBIT ¹	5,502	10,840	-	10,667	13,277	14,609	13,893	15,124	15,600	16,757	15,411	16,811	17,512	20,314	16,840
Operating Margin	-	-	-	-	-	45.49%	80.97%	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	4,861	8,440	-	8,947	10,096	10,416	12,059	12,522	13,311	11,947	13,123	14,316	14,913	17,299	14,411
Net income ¹	3,979	6,162	-	6,692	7,904	8,088	9,442	10,000	10,700	9,884	10,159	11,082	11,544	13,391	11,308
Net margin	-	-	-	-	-	25.19%	55.03%	-	-	-	-	-	-	-	-
EPS ²	0.1400	0.2150	0.2570	0.2320	0.2740	0.2800	0.3270	0.3470	0.3700	0.3430	0.3459	0.3669	0.3799	0.4268	0.3858
Dividend per Share ²	-	-	-	0.0970	-	-	-	0.2370	-	-	-	0.3148	-	-	-
Announcement Date	11/9/21	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	-	-	-	-	-

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	365,894	372,356	403,380
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.012 x	6.135 x	6.355 x	5.08 x	4.52 x	4.466 x	4.147 x	4.091 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%	10.7%	11%	10.8%
ROA (Net income/ Total Assets)	5.99%	2.59%	2.85%	3.59%	4.4%	4.9%	4.82%	4.79%
Assets ¹	635,943	694,696	763,368	839,300	908,772	894,020	1,015,247	1,104,288
Book Value Per Share ²	10.40	10.70	11.50	12.60	13.70	14.70	16.10	17.60
Cash Flow per Share ²	1.790	0.6000	1.060	1.210	2.150	2.300	2.470	3.000
Capex ¹	51,404	37,673	39,463	38,964	64,113	72,083	60,517	70,258
Capex / Sales	43.45%	46%	47.94%	36.83%	50.05%	50.76%	39.28%	41.73%
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

Ratings for SM Prime Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

27.85 PHP

Average target price

40.01 PHP

Spread / Average Target

+43.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
SM PRIME HOLDINGS, INC.	-15.35%	13.12B
MITSUI FUDOSAN CO., LTD.	+36.64%	29.21B
CHINA RESOURCES LAND LIMITED	+4.11%	28.04B
SUN HUNG KAI PROPERTIES LIMITED	-12.67%	27.86B
DLF LIMITED	+17.36%	25.39B
MITSUBISHI ESTATE CO., LTD.	+47.76%	24.16B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.81%	20.93B
EMAAR PROPERTIES	+3.41%	19.25B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+26.99%	16.61B
CK ASSET HOLDINGS LIMITED	-14.16%	15.42B

Other Real Estate Development & Operations