Stock FPH FIRST PHILIPPINE HOLDINGS CORPORATION
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Financials First Philippine Holdings Corporation

Equities

FPH

PHY2558N1203

Electric Utilities

End-of-day quote Philippines S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
65.2 PHP 0.00% Intraday chart for First Philippine Holdings Corporation +1.09% +4.32%
Apr. 19 First Philippine Holdings Corporation Announces Resignation of Anita Bumpus Quitain from the Board of Directors CI
Apr. 15 First Philippine Holdings Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 34,907 35,093 38,850 34,137 28,617 28,974
Enterprise Value (EV) 1 144,793 123,799 111,439 107,633 102,420 105,128
P/E ratio 3.49 x 2.87 x 4 x 3.52 x 2.31 x 1.94 x
Yield 3.09% 2.9% 2.6% 3.14% 3.63% 3.52%
Capitalization / Revenue 0.28 x 0.26 x 0.36 x 0.27 x 0.17 x 0.18 x
EV / Revenue 1.15 x 0.93 x 1.04 x 0.86 x 0.6 x 0.64 x
EV / EBITDA 3.43 x 2.8 x 2.79 x 2.86 x 2.29 x 2.2 x
EV / FCF 6.93 x 6.2 x 8.21 x 17.3 x 14.5 x 8.21 x
FCF Yield 14.4% 16.1% 12.2% 5.78% 6.88% 12.2%
Price to Book 0.36 x 0.34 x 0.36 x 0.29 x 0.22 x 0.19 x
Nbr of stocks (in thousands) 539,098 508,963 504,546 487,319 472,619 463,586
Reference price 2 64.75 68.95 77.00 70.05 60.55 62.50
Announcement Date 4/2/19 5/17/20 4/12/21 4/18/22 4/17/23 4/15/24
1PHP in Million2PHP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 125,389 133,594 107,281 125,159 170,338 164,952
EBITDA 1 42,242 44,164 39,959 37,698 44,740 47,837
EBIT 1 29,039 30,573 26,432 25,089 31,305 33,778
Operating Margin 23.16% 22.89% 24.64% 20.05% 18.38% 20.48%
Earnings before Tax (EBT) 1 25,677 29,494 25,686 24,172 30,215 34,744
Net income 1 10,281 12,583 9,860 10,021 12,676 15,066
Net margin 8.2% 9.42% 9.19% 8.01% 7.44% 9.13%
EPS 2 18.57 24.04 19.23 19.92 26.20 32.21
Free Cash Flow 1 20,881 19,960 13,568 6,226 7,043 12,804
FCF margin 16.65% 14.94% 12.65% 4.97% 4.13% 7.76%
FCF Conversion (EBITDA) 49.43% 45.19% 33.95% 16.51% 15.74% 26.77%
FCF Conversion (Net income) 203.1% 158.63% 137.6% 62.12% 55.56% 84.98%
Dividend per Share 2 2.000 2.000 2.000 2.200 2.200 2.200
Announcement Date 4/2/19 5/17/20 4/12/21 4/18/22 4/17/23 4/15/24
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 109,886 88,706 72,589 73,496 73,803 76,154
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.601 x 2.009 x 1.817 x 1.95 x 1.65 x 1.592 x
Free Cash Flow 1 20,881 19,960 13,568 6,226 7,043 12,804
ROE (net income / shareholders' equity) 12.1% 14.3% 11.3% 10.2% 11.4% 12.6%
ROA (Net income/ Total Assets) 4.93% 5.16% 4.36% 4.02% 4.8% 4.72%
Assets 1 208,425 243,913 226,199 249,173 264,210 318,871
Book Value Per Share 2 181.0 205.0 214.0 239.0 281.0 321.0
Cash Flow per Share 2 66.90 75.00 102.0 97.40 119.0 141.0
Capex 1 7,521 8,886 9,683 15,999 15,436 24,157
Capex / Sales 6% 6.65% 9.03% 12.78% 9.06% 14.64%
Announcement Date 4/2/19 5/17/20 4/12/21 4/18/22 4/17/23 4/15/24
1PHP in Million2PHP
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Chiffre d''affaires - Rate of surprise

Company calendar

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