Financials MREIT, Inc.

Equities

MREIT

PHY6143N1073

Commercial REITs

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
12.58 ^PHP	-1.72%		+0.16%	+2.28%

May. 16	MREIT, Inc. Approves the Appointment of Jose Arnulfo Batac as Chief Operations Officer of the Company, Effective 16 May 2024	CI
May. 16	MREIT, Inc. Announces Resignation of Englebert G. Teh as Chief Financial Officer, Effective 16 May 2024	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,883	36,665	34,389	35,171	-	-
Enterprise Value (EV) ¹	49,883	42,486	39,916	40,354	40,209	39,545
P/E ratio	24.6 x	-207 x	205 x	11.4 x	11.3 x	10.4 x
Yield	-	6.73%	8%	8.35%	8.45%	9.1%
Capitalization / Revenue	-	10 x	8.27 x	7.5 x	7.11 x	6.47 x
EV / Revenue	-	11.6 x	9.6 x	8.6 x	8.13 x	7.28 x
EV / EBITDA	-	14.5 x	12.7 x	10.7 x	8.97 x	8.56 x
EV / FCF	-	15.3 x	12.3 x	9.72 x	8.15 x	7.74 x
FCF Yield	-	6.54%	8.15%	10.3%	12.3%	12.9%
Price to Book	-	0.74 x	0.66 x	0.77 x	0.78 x	0.87 x
Nbr of stocks (in thousands)	2,532,121	2,532,121	2,795,821	2,795,821	-	-
Reference price ²	19.70	14.48	12.30	12.58	12.58	12.58
Announcement Date	4/12/22	4/18/23	3/1/24	-	-	-

¹PHP in Million²PHP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	3,649	4,157	4,690	4,947	5,435
EBITDA ¹	-	2,935	3,154	3,783	4,485	4,619
EBIT ¹	-	2,935	3,154	3,548	3,970	4,619
Operating Margin	-	80.44%	75.87%	75.66%	80.26%	84.98%
Earnings before Tax (EBT) ¹	-	-172.2	180.9	3,320	3,465	3,924
Net income ¹	2,014	-176.6	168.3	3,315	3,462	3,919
Net margin	-	-4.84%	4.05%	70.69%	69.98%	72.1%
EPS ²	0.8000	-0.0700	0.0600	1.105	1.117	1.215
Free Cash Flow ¹	-	2,781	3,253	4,151	4,931	5,106
FCF margin	-	76.21%	78.26%	88.51%	99.68%	93.94%
FCF Conversion (EBITDA)	-	94.73%	103.14%	109.72%	109.96%	110.54%
FCF Conversion (Net income)	-	-	1,932.21%	125.21%	142.44%	130.3%
Dividend per Share ²	-	0.9741	0.9840	1.050	1.063	1.145
Announcement Date	4/12/22	4/18/23	3/1/24	-	-	-

¹PHP in Million²PHP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q3
Net sales	-	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	730.4	713.1
Net margin	-	-
EPS ²	0.2600	0.2600
Dividend per Share	-	-
Announcement Date	5/12/23	11/8/23

¹PHP in Million²PHP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	5,821	5,528	5,182	5,037	4,373
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.983 x	1.753 x	1.37 x	1.123 x	0.9467 x
Free Cash Flow ¹	-	2,781	3,253	4,151	4,931	5,106
ROE (net income / shareholders' equity)	-	-0.35%	0.33%	6.35%	6.72%	7.46%
ROA (Net income/ Total Assets)	-	-0.3%	0.28%	5.56%	5.76%	6.41%
Assets ¹	-	59,687	59,973	59,594	60,086	61,165
Book Value Per Share ²	-	19.60	18.60	16.40	16.10	14.50
Cash Flow per Share ²	-	1.100	1.190	1.300	1.190	1.400
Capex ¹	-	-	-	649	640	-
Capex / Sales	-	-	-	13.83%	12.94%	-
Announcement Date	4/12/22	4/18/23	3/1/24	-	-	-

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 MREIT, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.58 PHP

Average target price

16 PHP

Spread / Average Target

+27.19%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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COVIVIO	-1.60%	5.8B

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