Stock SMPH SM PRIME HOLDINGS, INC.
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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 2024-04-25 pm EDT 		5-day change 1st Jan Change
28.35 PHP +0.35% Intraday chart for SM Prime Holdings, Inc. +3.85% -13.83%
Apr. 24 SM Prime Holdings, Inc. Announces Opening Four New Malls CI
Apr. 23 Philippines' SM Investments, SM Prime to create maiden $3 bln notes programme RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,215,816 1,111,850 978,232 1,024,403 949,362 818,726 - -
Enterprise Value (EV) 1 1,419,170 1,353,658 1,252,175 1,334,740 1,284,203 1,175,811 1,173,580 1,214,474
P/E ratio 31.9 x 61.7 x 44.9 x 34 x 23.7 x 18.7 x 16.7 x 15.7 x
Yield 0.83% 0.48% 0.24% 0.27% 0.72% 1.26% 1.38% 1.54%
Capitalization / Revenue 10.3 x 13.6 x 11.9 x 9.68 x 7.41 x 5.79 x 5.31 x 4.86 x
EV / Revenue 12 x 16.5 x 15.2 x 12.6 x 10 x 8.31 x 7.62 x 7.21 x
EV / EBITDA 21 x 34.3 x 29 x 21.8 x 17.3 x 14.4 x 13.1 x 12.5 x
EV / FCF 4,380 x -66.1 x -142 x -331 x -591 x 14.2 x 24.7 x -339 x
FCF Yield 0.02% -1.51% -0.7% -0.3% -0.17% 7.03% 4.05% -0.3%
Price to Book 4.04 x 3.59 x 2.94 x 2.82 x 2.4 x 1.92 x 1.76 x 1.61 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 28.35 28.35 28.35
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 82,315 105,786 128,098 141,426 154,074 168,451
EBITDA 1 67,517 39,416 43,107 61,088 74,083 81,703 89,350 97,392
EBIT 1 56,700 29,074 32,415 49,243 61,279 67,527 73,944 79,767
Operating Margin 47.92% 35.5% 39.38% 46.55% 47.84% 47.75% 47.99% 47.35%
Earnings before Tax (EBT) 1 49,162 22,464 27,734 38,714 49,840 55,171 61,978 65,936
Net income 1 38,100 18,007 21,787 30,100 40,011 43,703 48,886 52,098
Net margin 32.2% 21.99% 26.47% 28.45% 31.23% 30.9% 31.73% 30.93%
EPS 2 1.320 0.6240 0.7550 1.043 1.387 1.516 1.695 1.811
Free Cash Flow 1 324 -20,482 -8,796 -4,031 -2,172 82,633 47,528 -3,585
FCF margin 0.27% -25.01% -10.69% -3.81% -1.7% 58.43% 30.85% -2.13%
FCF Conversion (EBITDA) 0.48% - - - - 101.14% 53.19% -
FCF Conversion (Net income) 0.85% - - - - 189.08% 97.22% -
Dividend per Share 2 0.3500 0.1850 0.0820 0.0970 0.2370 0.3579 0.3900 0.4359
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 8,122 13,686 - 13,481 16,159 17,964 17,006 - - 20,156 - - - - -
EBIT 5,502 10,840 - 10,667 13,277 14,609 13,893 15,124 15,600 16,757 - - - - -
Operating Margin - - - - - 45.49% 80.97% - - - - - - - -
Earnings before Tax (EBT) 4,861 8,440 - 8,947 10,096 10,416 12,059 12,522 13,311 11,947 - - - - -
Net income 3,979 6,162 - 6,692 7,904 8,088 9,442 10,000 10,700 9,884 - - - - -
Net margin - - - - - 25.19% 55.03% - - - - - - - -
EPS 1 0.1400 0.2150 0.2570 0.2320 0.2740 0.2800 0.3270 0.3470 0.3700 0.3430 0.3400 0.3500 0.3600 0.3900 0.3800
Dividend per Share 1 - - - 0.0970 - - - 0.2370 - - - 0.4199 - - -
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
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 203,354 241,807 273,942 310,337 334,841 357,085 354,853 395,748
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.012 x 6.135 x 6.355 x 5.08 x 4.52 x 4.371 x 3.972 x 4.063 x
Free Cash Flow 1 324 -20,482 -8,796 -4,031 -2,172 82,633 47,528 -3,585
ROE (net income / shareholders' equity) 13.2% 5.9% 6.78% 8.65% 10.5% 10.6% 11% 10.7%
ROA (Net income/ Total Assets) 5.99% 2.59% 2.85% 3.59% 4.4% 4.92% 4.96% 5.4%
Assets 1 635,943 694,696 763,368 839,300 908,772 888,515 985,149 964,774
Book Value Per Share 2 10.40 10.70 11.50 12.60 13.70 14.80 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 47,629 43,211 90,503
Capex / Sales 43.45% 46% 47.94% 36.83% 50.05% 33.68% 28.05% 53.73%
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
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
28.35 PHP
Average target price
41.35 PHP
Spread / Average Target
+45.87%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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