AYALA CORPORATION |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 591 PHP | -0.67% |
|
+0.17% | -13.22% |
| Apr. 26 | Philippines' Ayala Corp to tap markets for debt refinancing | RE |
| Apr. 12 | Ayala to Redeem PHP4 Billion Series A Bonds on May 28 | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 492,252 | 518,872 | 514,974 | 430,304 | 422,089 | 366,306 | - | - |
| Enterprise Value (EV) 1 | 826,580 | 895,268 | 929,689 | 905,743 | 422,089 | 912,988 | 853,798 | 946,100 |
| P/E ratio | 14.6 x | 32.8 x | 19.6 x | 16.5 x | 11.6 x | 7.94 x | 6.79 x | - |
| Yield | 1.06% | 0.84% | 0.83% | 1% | - | 1% | 1.39% | 1.71% |
| Capitalization / Revenue | 1.86 x | 2.68 x | 2.28 x | 1.63 x | 1.46 x | 1.18 x | 1.05 x | 1.07 x |
| EV / Revenue | 3.12 x | 4.62 x | 4.12 x | 3.43 x | 1.46 x | 2.93 x | 2.45 x | 2.77 x |
| EV / EBITDA | 13.5 x | 24.2 x | 25.6 x | 26.4 x | 10.1 x | 13 x | 11.1 x | - |
| EV / FCF | 160 x | -34.6 x | -28.8 x | -26.7 x | - | 18.8 x | 12.3 x | - |
| FCF Yield | 0.62% | -2.89% | -3.47% | -3.75% | - | 5.32% | 8.13% | - |
| Price to Book | 1.5 x | 1.53 x | 1.42 x | 1.26 x | - | 0.83 x | 0.75 x | 0.67 x |
| Nbr of stocks (in thousands) | 626,674 | 627,415 | 619,704 | 619,143 | 619,807 | 619,807 | - | - |
| Reference price 2 | 785.5 | 827.0 | 831.0 | 695.0 | 681.0 | 591.0 | 591.0 | 591.0 |
| Announcement Date | 3/12/20 | 3/11/21 | 3/11/22 | 3/10/23 | 3/13/24 | - | - | - |
1PHP in Million2PHP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 264,907 | 193,622 | 225,592 | 263,820 | 289,905 | 311,399 | 348,233 | 341,366 |
| EBITDA 1 | 61,452 | 36,987 | 36,248 | 34,297 | 41,907 | 70,448 | 76,871 | - |
| EBIT 1 | 42,810 | 17,115 | 19,396 | 18,625 | 27,426 | 50,148 | 56,620 | - |
| Operating Margin | 16.16% | 8.84% | 8.6% | 7.06% | 9.46% | 16.1% | 16.26% | - |
| Earnings before Tax (EBT) 1 | 86,400 | 24,713 | 42,762 | 52,088 | 64,756 | 81,086 | 95,193 | - |
| Net income 1 | 35,279 | 17,142 | 27,774 | 27,398 | 38,073 | 46,418 | 53,904 | - |
| Net margin | 13.32% | 8.85% | 12.31% | 10.39% | 13.13% | 14.91% | 15.48% | - |
| EPS 2 | 53.93 | 25.24 | 42.42 | 42.02 | 58.64 | 74.44 | 87.00 | - |
| Free Cash Flow 1 | 5,152 | -25,847 | -32,298 | -33,967 | - | 48,526 | 69,383 | - |
| FCF margin | 1.94% | -13.35% | -14.32% | -12.87% | - | 15.58% | 19.92% | - |
| FCF Conversion (EBITDA) | 8.38% | - | - | - | - | 68.88% | 90.26% | - |
| FCF Conversion (Net income) | 14.6% | - | - | - | - | 104.54% | 128.71% | - |
| Dividend per Share 2 | 8.300 | 6.920 | 6.920 | 6.920 | - | 5.915 | 8.188 | 10.13 |
| Announcement Date | 3/12/20 | 3/11/21 | 3/11/22 | 3/10/23 | 3/13/24 | - | - | - |
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 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | - | - | - | - | - | - | 72,470 | 70,625 | 81,703 | - | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | 16,707 | 7,753 | 9,653 | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | 23.05% | 10.98% | 11.81% | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | 13,131 | 22,041 | 13,593 | - | - | - | - | - |
| Net income | 8,961 | 8,415 | - | 8,458 | 7,625 | 3,502 | 8,191 | 13,903 | 5,760 | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | 11.3% | 19.69% | 7.05% | - | - | - | - | - |
| EPS | 13.88 | 13.00 | - | 13.11 | 11.76 | 5.120 | - | 21.36 | 8.630 | - | - | - | - | - |
| Dividend per Share 1 | - | 3.460 | - | 3.460 | - | 3.460 | - | - | - | - | 5.173 | - | 5.173 | - |
| Announcement Date | 11/12/21 | 3/11/22 | 5/12/22 | 8/12/22 | 11/14/22 | 3/10/23 | 8/13/23 | 11/14/23 | 3/13/24 | - | - | - | - | - |
1PHP
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 334,328 | 376,396 | 414,715 | 475,439 | - | 546,682 | 487,492 | 579,794 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 5.44 x | 10.18 x | 11.44 x | 13.86 x | - | 7.76 x | 6.342 x | - |
| Free Cash Flow 1 | 5,152 | -25,847 | -32,298 | -33,967 | - | 48,526 | 69,383 | - |
| ROE (net income / shareholders' equity) | 11.4% | 5.13% | 7.91% | 7.7% | - | 10.3% | 11.5% | 12.2% |
| ROA (Net income/ Total Assets) | 2.77% | 1.25% | 2.02% | 3.1% | - | 2.64% | 3.08% | - |
| Assets 1 | 1,271,602 | 1,375,519 | 1,374,960 | 883,800 | - | 1,758,686 | 1,749,010 | - |
| Book Value Per Share 2 | 525.0 | 541.0 | 585.0 | 553.0 | - | 715.0 | 793.0 | 878.0 |
| Cash Flow per Share 2 | 41.50 | -14.20 | 9.860 | 30.20 | - | 105.0 | 125.0 | - |
| Capex 1 | 20,966 | 16,904 | 38,449 | 52,686 | - | 15,000 | 15,000 | - |
| Capex / Sales | 7.91% | 8.73% | 17.04% | 19.97% | - | 4.82% | 4.31% | - |
| Announcement Date | 3/12/20 | 3/11/21 | 3/11/22 | 3/10/23 | 3/13/24 | - | - | - |
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-
Sell
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
591
PHP
Average target price
857
PHP
Spread / Average Target
+45.01%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -13.22% | 6.34B | |
| +36.16% | 27.94B | |
| -13.74% | 26.97B | |
| +25.00% | 26.95B | |
| -0.71% | 25.32B | |
| +44.49% | 22.58B | |
| +2.78% | 19.59B | |
| +1.45% | 19.52B | |
| +28.54% | 16.23B | |
| -14.80% | 14.98B |
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