Financials DMCI Holdings, Inc.

Equities

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
10.86 ^PHP	-0.73%		+7.74%	+11.16%

Apr. 25	Mexico's Cemex To Sell Operations in Philippines for $306 Million	DJ
Apr. 25	Mexican cement maker Cemex's Q1 profit climbs despite dip in volumes	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	87,764	75,150	102,369	159,330	129,721	144,193	-
Enterprise Value (EV) ¹	113,072	108,121	137,076	183,479	129,721	144,193	144,193
P/E ratio	8.37 x	12.9 x	5.55 x	5.13 x	5.25 x	6.28 x	6.21 x
Yield	7.26%	8.48%	12.5%	10%	-	10.7%	9.58%
Capitalization / Revenue	1 x	1.11 x	0.94 x	1.12 x	1.06 x	1.21 x	1.16 x
EV / Revenue	1 x	1.11 x	0.94 x	1.12 x	1.06 x	1.21 x	1.16 x
EV / EBITDA	3.55 x	5 x	3.09 x	2.6 x	2.98 x	2.85 x	3.07 x
EV / FCF	8.82 x	23 x	6.39 x	4.4 x	-	5.19 x	4.77 x
FCF Yield	11.3%	4.34%	15.7%	22.7%	-	19.3%	21%
Price to Book	1.06 x	0.92 x	1.17 x	1.54 x	-	1.03 x	1 x
Nbr of stocks (in thousands)	13,277,470	13,277,470	13,277,470	13,277,470	13,277,470	13,277,470	-
Reference price ²	6.610	5.660	7.710	12.00	9.770	10.86	10.86
Announcement Date	3/5/20	3/26/21	3/8/22	3/7/23	3/7/24	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	87,761	67,700	108,343	142,600	122,829	118,750	124,110
EBITDA ¹	24,750	15,026	33,084	61,268	43,588	50,671	46,987
EBIT ¹	15,548	6,860	24,589	53,450	34,959	39,483	37,106
Operating Margin	17.72%	10.13%	22.7%	37.48%	28.46%	33.25%	29.9%
Earnings before Tax (EBT) ¹	16,604	8,753	27,428	53,200	41,155	39,355	39,770
Net income ¹	10,500	5,859	18,396	31,087	24,722	22,997	23,240
Net margin	11.96%	8.65%	16.98%	21.8%	20.13%	19.37%	18.73%
EPS ²	0.7900	0.4400	1.390	2.340	1.860	1.730	1.750
Free Cash Flow ¹	9,949	3,262	16,022	36,208	-	27,791	30,245
FCF margin	11.34%	4.82%	14.79%	25.39%	-	23.4%	24.37%
FCF Conversion (EBITDA)	40.2%	21.71%	48.43%	59.1%	-	54.85%	64.37%
FCF Conversion (Net income)	94.75%	55.68%	87.09%	116.47%	-	120.85%	130.14%
Dividend per Share ²	0.4800	0.4800	0.9600	1.200	-	1.160	1.040
Announcement Date	3/5/20	3/26/21	3/8/22	3/7/23	3/7/24	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	25,308	32,971	34,707	24,149	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.023 x	2.194 x	1.049 x	0.3942 x	-	-	-
Free Cash Flow ¹	9,949	3,262	16,022	36,208	-	27,791	30,245
ROE (net income / shareholders' equity)	13%	7%	21.7%	32.5%	-	13.3%	15.1%
ROA (Net income/ Total Assets)	9%	4%	8.77%	13.6%	-	14.7%	14.4%
Assets ¹	116,667	146,474	209,789	227,953	-	156,442	161,389
Book Value Per Share ²	6.210	6.150	6.610	7.800	-	10.50	10.90
Cash Flow per Share	1.890	0.8100	1.690	-	-	-	-
Capex ¹	15,183	7,543	6,452	6,514	-	9,137	8,571
Capex / Sales	17.3%	11.14%	5.96%	4.57%	-	7.69%	6.91%
Announcement Date	3/5/20	3/26/21	3/8/22	3/7/23	3/7/24	-	-

¹PHP in Million²PHP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.86 PHP

Average target price

12.83 PHP

Spread / Average Target

+18.17%

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