Financials Megaworld Corporation

Equities

MEG

PHY594811127

Real Estate Development & Operations

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-06-10 pm EDT			5-day change	1st Jan Change
1.79 ^PHP	-2.72%		-1.10%	-9.14%

Jun. 04	Megaworld Offloads PHP980 Million Worth of Shares in MREIT	MT
Jun. 03	Megaworld Corporation Announces Board and Committee Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	129,282	130,156	100,350	62,972	61,431	55,818	-	-
Enterprise Value (EV) ¹	182,812	176,353	150,439	62,972	139,211	133,725	141,526	143,248
P/E ratio	7.38 x	13.9 x	7.48 x	4.65 x	3.52 x	3.3 x	3.03 x	2.79 x
Yield	1.75%	-	1.95%	-	3.55%	4.5%	4.76%	4.9%
Capitalization / Revenue	2.09 x	2.99 x	1.98 x	1.06 x	0.88 x	0.81 x	0.74 x	0.68 x
EV / Revenue	2.95 x	4.05 x	2.96 x	1.06 x	2 x	1.93 x	1.89 x	1.74 x
EV / EBITDA	7.03 x	11.2 x	6.43 x	2.23 x	5.13 x	4.55 x	4.46 x	4.13 x
EV / FCF	14.5 x	14,773 x	29.5 x	-	-18.8 x	-14.5 x	-17.4 x	-21.6 x
FCF Yield	6.91%	0.01%	3.39%	-	-5.31%	-6.91%	-5.75%	-4.62%
Price to Book	0.71 x	0.69 x	0.52 x	-	0.27 x	0.23 x	0.22 x	0.2 x
Nbr of stocks (in thousands)	32,239,946	31,900,873	31,857,071	31,486,072	31,183,252	31,183,252	-	-
Reference price ²	4.010	4.080	3.150	2.000	1.970	1.790	1.790	1.790
Announcement Date	4/30/20	4/15/21	3/9/22	3/1/23	2/28/24	-	-	-

¹PHP in Million²PHP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	61,962	43,541	50,754	59,527	69,728	69,316	75,072	82,410
EBITDA ¹	26,007	15,774	23,396	28,205	27,113	29,409	31,735	34,677
EBIT ¹	23,288	12,670	19,928	24,925	23,363	26,336	28,360	30,441
Operating Margin	37.59%	29.1%	39.26%	41.87%	33.51%	37.99%	37.78%	36.94%
Earnings before Tax (EBT) ¹	25,378	13,936	14,943	19,142	23,856	24,041	25,978	28,085
Net income ¹	17,931	9,886	13,434	13,455	17,345	17,391	18,954	20,211
Net margin	28.94%	22.71%	26.47%	22.6%	24.88%	25.09%	25.25%	24.53%
EPS ²	0.5430	0.2940	0.4210	0.4300	0.5600	0.5428	0.5910	0.6416
Free Cash Flow ¹	12,641	11.94	5,105	-	-7,390	-9,235	-8,134	-6,624
FCF margin	20.4%	0.03%	10.06%	-	-10.6%	-13.32%	-10.83%	-8.04%
FCF Conversion (EBITDA)	48.61%	0.08%	21.82%	-	-	-	-	-
FCF Conversion (Net income)	70.5%	0.12%	38%	-	-	-	-	-
Dividend per Share ²	0.0700	-	0.0615	-	0.0700	0.0805	0.0852	0.0877
Announcement Date	4/30/20	4/15/21	3/9/22	3/1/23	2/28/24	-	-	-

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	-	-	-	-	-	-	9,662	9,979	21,127	-	-	-	-	-	-
EBITDA ¹	6,438	-	6,939	5,890	7,482	7,919	7,310	6,704	7,521	8,839	7,325	6,480	7,607	7,336	7,947
EBIT ¹	5,489	-	6,144	5,120	6,639	7,073	6,437	5,825	6,639	7,927	6,405	5,666	6,651	6,334	6,862
Operating Margin	-	-	-	-	-	-	66.63%	58.37%	31.43%	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	4,168	-	3,849	3,808	7,090	5,731	5,233	5,249	7,644	6,237	6,634	5,868	6,889	6,668	7,224
Net income ¹	5,276	-	2,816	2,511	5,061	4,084	3,792	4,145	5,324	4,403	4,711	4,167	4,892	4,764	5,161
Net margin	-	-	-	-	-	-	39.25%	41.53%	25.2%	-	-	-	-	-	-
EPS ²	0.1710	0.0970	0.0900	0.0800	0.1620	0.1320	0.1200	0.1340	0.1710	0.1410	0.1355	0.1268	0.1434	0.1414	0.1578
Dividend per Share ²	0.0600	-	-	-	-	-	-	-	0.0700	-	-	-	0.0852	-	-
Announcement Date	3/9/22	5/16/22	8/9/22	11/14/22	3/1/23	5/10/23	8/10/23	11/9/23	2/28/24	5/9/24	-	-	-	-	-

¹PHP in Million²PHP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	53,530	46,197	50,089	-	77,780	77,907	85,708	87,430
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.058 x	2.929 x	2.141 x	-	2.869 x	2.649 x	2.701 x	2.521 x
Free Cash Flow ¹	12,641	11.9	5,105	-	-7,390	-9,235	-8,134	-6,624
ROE (net income / shareholders' equity)	9.42%	4.98%	6.5%	-	6.58%	7.38%	7.38%	7.44%
ROA (Net income/ Total Assets)	5.52%	2.82%	2.77%	-	3.38%	4.5%	4.4%	4.34%
Assets ¹	324,845	350,567	484,999	-	512,571	386,721	430,380	465,376
Book Value Per Share ²	5.610	5.890	6.050	-	7.310	7.700	8.180	8.910
Cash Flow per Share ²	0.7300	0.6000	0.1800	-	0.1400	0.4000	0.5000	0.6000
Capex ¹	10,741	7,162	7,575	-	11,592	14,364	16,288	19,008
Capex / Sales	17.33%	16.45%	14.92%	-	16.62%	20.72%	21.7%	23.07%
Announcement Date	4/30/20	4/15/21	3/9/22	3/1/23	2/28/24	-	-	-

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 Megaworld Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.79 PHP

Average target price

2.353 PHP

Spread / Average Target

+31.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

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MITSUBISHI ESTATE CO., LTD.	+31.60%	21.16B
EMAAR PROPERTIES	-3.16%	18.6B
MACROTECH DEVELOPERS LIMITED	+43.42%	17.58B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+3.33%	16.75B

Other Real Estate Development & Operations