Financials Bank of the Philippine Islands

Equities

BPI

PHY0967S1694

Banks

End-of-day quote Philippines S.E. 06:00:00 2024-06-04 pm EDT 5-day change 1st Jan Change
120 PHP 0.00% Intraday chart for Bank of the Philippine Islands -0.66% +15.61%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 396,169 367,141 415,885 460,339 513,311 632,651 - -
Enterprise Value (EV) 1 396,169 367,141 415,885 460,339 513,311 632,651 632,651 632,651
P/E ratio 13.8 x 17.2 x 17.4 x 11.6 x 9.52 x 10.4 x 9.84 x 9.04 x
Yield 2.05% 2.21% 1.95% 2.08% 3.24% 3.52% 3.65% 4.07%
Capitalization / Revenue 4.2 x 3.6 x 4.27 x 3.88 x 3.71 x 3.94 x 3.65 x 3.33 x
EV / Revenue 4.2 x 3.6 x 4.27 x 3.88 x 3.71 x 3.94 x 3.65 x 3.33 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.47 x 1.31 x 1.42 x 1.45 x 1.44 x 1.48 x 1.32 x 1.24 x
Nbr of stocks (in thousands) 4,911,051 4,917,654 4,917,683 4,917,683 4,945,197 5,272,095 - -
Reference price 2 80.67 74.66 84.57 93.61 103.8 120.0 120.0 120.0
Announcement Date 1/29/20 1/28/21 1/31/22 2/3/23 3/7/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 94,334 101,900 97,400 118,525 138,321 160,572 173,187 190,252
EBITDA - - - - - - - -
EBIT 1 44,257 53,769 46,672 60,535 69,211 82,535 89,452 98,172
Operating Margin 46.92% 52.77% 47.92% 51.07% 50.04% 51.4% 51.65% 51.6%
Earnings before Tax (EBT) 1 38,435 25,769 33,537 51,368 65,211 74,773 79,244 85,372
Net income 1 28,800 21,400 23,880 39,600 51,687 58,673 61,800 66,713
Net margin 30.53% 21% 24.52% 33.41% 37.37% 36.54% 35.68% 35.07%
EPS 2 5.864 4.350 4.855 8.058 10.90 11.50 12.19 13.28
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.652 1.652 1.652 1.946 3.360 4.227 4.383 4.883
Announcement Date 1/29/20 1/28/21 1/31/22 2/3/23 3/7/24 - - -
1PHP in Million2PHP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q2
Net sales 1 25,800 25,360 32,300 29,800 31,067 31,700 33,900 35,286 37,448 39,500 39,697 41,978 43,134 41,316 39,156
EBITDA - - - - - - - - - - - - - - -
EBIT 1 11,539 12,774 19,020 - - - 17,546 18,053 16,962 21,510 20,516 21,734 19,021 24,116 -
Operating Margin 44.72% 50.37% 58.89% - - - 51.76% 51.16% 45.29% 54.46% 51.68% 51.77% 44.1% 58.37% -
Earnings before Tax (EBT) 1 8,656 10,274 16,520 13,075 11,501 15,650 16,546 17,053 15,962 20,010 17,580 17,340 15,910 18,664 17,911
Net income 1 6,400 7,984 12,500 10,100 9,100 12,100 13,000 13,500 13,067 15,300 13,653 13,465 12,349 14,498 13,910
Net margin 24.81% 31.48% 38.7% 33.89% 29.29% 38.17% 38.35% 38.26% 34.89% 38.73% 34.39% 32.08% 28.63% 35.09% 35.53%
EPS 2 1.303 1.624 2.533 2.056 1.845 2.680 2.410 2.720 3.090 2.900 2.805 2.853 2.589 2.932 2.813
Dividend per Share 2 0.8260 - 0.9728 - 0.9728 - 1.680 - 1.680 - 2.080 - 2.101 - 2.100
Announcement Date 1/31/22 5/16/22 7/21/22 10/19/22 2/3/23 4/19/23 7/20/23 10/19/23 3/7/24 4/22/24 - - - - -
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 11% 7.79% 8.4% 13.1% 15.4% 15.1% 14.2% 14.3%
ROA (Net income/ Total Assets) 1.38% 0.96% 1.1% 1.59% 1.93% 1.88% 1.82% 1.81%
Assets 1 2,086,957 2,229,167 2,170,909 2,490,566 2,678,083 3,124,209 3,388,169 3,684,427
Book Value Per Share 2 54.90 56.90 59.60 64.60 72.20 81.20 90.60 96.90
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 1/29/20 1/28/21 1/31/22 2/3/23 3/7/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
120 PHP
Average target price
137 PHP
Spread / Average Target
+14.19%
Consensus
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