VISTAMALLS, INC.

Financials Vistamalls, Inc.

Equities

STR

PHY9390P1067

Real Estate Development & Operations

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
2.3 ^PHP	0.00%		+0.88%	-4.56%

Apr. 29	Vistamalls, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Vistamalls, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	45,500	47,691	35,726	31,345	23,930	20,307
Enterprise Value (EV) ¹	69,286	83,239	42,248	39,730	29,280	28,605
P/E ratio	18.9 x	18.2 x	13.1 x	7.11 x	2.86 x	2.38 x
Yield	1.06%	0.28%	0.38%	0.7%	1.08%	-
Capitalization / Revenue	7.29 x	6.42 x	4.99 x	3.4 x	1.9 x	1.48 x
EV / Revenue	11.1 x	11.2 x	5.9 x	4.32 x	2.32 x	2.09 x
EV / EBITDA	15.5 x	15.4 x	7.55 x	5.49 x	2.68 x	2.48 x
EV / FCF	10.7 x	19 x	9.62 x	8.3 x	3.16 x	8.89 x
FCF Yield	9.3%	5.27%	10.4%	12.1%	31.6%	11.3%
Price to Book	2.06 x	1.84 x	1.36 x	1.06 x	0.66 x	0.45 x
Nbr of stocks (in thousands)	8,425,981	8,425,981	8,425,981	8,425,981	8,425,981	8,425,981
Reference price ²	5.400	5.660	4.240	3.720	2.840	2.410
Announcement Date	4/15/19	6/19/20	5/10/21	5/23/22	5/3/23	4/29/24

¹PHP in Million²PHP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	6,245	7,423	7,164	9,207	12,622	13,694
EBITDA ¹	4,478	5,395	5,599	7,239	10,929	11,533
EBIT ¹	3,480	4,030	4,254	5,537	9,673	10,234
Operating Margin	55.73%	54.28%	59.38%	60.14%	76.64%	74.73%
Earnings before Tax (EBT) ¹	3,460	3,819	3,853	4,992	10,404	11,208
Net income ¹	2,407	2,626	2,720	4,407	8,362	8,533
Net margin	38.54%	35.38%	37.97%	47.87%	66.25%	62.31%
EPS ²	0.2857	0.3117	0.3228	0.5230	0.9920	1.013
Free Cash Flow ¹	6,447	4,385	4,391	4,788	9,264	3,218
FCF margin	103.23%	59.07%	61.29%	52%	73.4%	23.5%
FCF Conversion (EBITDA)	143.97%	81.29%	78.42%	66.14%	84.77%	27.9%
FCF Conversion (Net income)	267.84%	166.98%	161.41%	108.63%	110.79%	37.72%
Dividend per Share ²	0.0571	0.0156	0.0161	0.0262	0.0306	-
Announcement Date	4/15/19	6/19/20	5/10/21	5/23/22	5/3/23	4/29/24

¹PHP in Million²PHP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	23,786	35,548	6,522	8,385	5,350	8,299
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.312 x	6.589 x	1.165 x	1.158 x	0.4895 x	0.7196 x
Free Cash Flow ¹	6,447	4,385	4,391	4,788	9,264	3,218
ROE (net income / shareholders' equity)	11.3%	10.9%	10.4%	15.7%	25.2%	21%
ROA (Net income/ Total Assets)	4.43%	4.08%	3.68%	4.48%	7.02%	6.7%
Assets ¹	54,358	64,415	73,833	98,299	119,081	127,264
Book Value Per Share ²	2.620	3.080	3.120	3.520	4.320	5.300
Cash Flow per Share ²	0.0500	0.0700	0.0200	0.0300	0.4200	0.0200
Capex ¹	41.5	-	-	-	-	-
Capex / Sales	0.66%	-	-	-	-	-
Announcement Date	4/15/19	6/19/20	5/10/21	5/23/22	5/3/23	4/29/24

¹PHP in Million²PHP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
VISTAMALLS, INC.	-4.56%	335M
CHINA RESOURCES LAND LIMITED	+10.00%	28.66B
MITSUI FUDOSAN CO., LTD.	+27.88%	26.77B
SUN HUNG KAI PROPERTIES LIMITED	-7.82%	25.83B
DLF LIMITED	+15.51%	24.86B
MITSUBISHI ESTATE CO., LTD.	+45.81%	22.8B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+9.88%	21.41B
EMAAR PROPERTIES	+0.63%	19.61B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+27.40%	16.36B
CK ASSET HOLDINGS LIMITED	-10.20%	15.93B

Other Real Estate Development & Operations

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Financials Vistamalls, Inc.

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