Stock SM SM INVESTMENTS CORPORATION
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Financials SM Investments Corporation

Equities

SM

PHY806761029

Food Retail & Distribution

End-of-day quote Philippines S.E.
Other stock markets
 06:00:00 2024-05-09 pm EDT 		5-day change 1st Jan Change
880 PHP +0.34% Intraday chart for SM Investments Corporation -5.98% +0.92%
May. 07 SM Prime's Consolidated Net Income Rises 11% in Q1 MT
May. 03 SM Investments Corporation Announces Executive and Board Changes CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,256,226 1,263,452 1,135,922 1,099,821 1,065,604 1,075,381 - -
Enterprise Value (EV) 1 1,582,069 1,628,541 1,511,272 1,099,821 1,065,604 1,444,704 1,379,239 1,323,975
P/E ratio 28.2 x 54 x 29.5 x 17.7 x 13.8 x 12 x 11.1 x 10.2 x
Yield 0.87% 0.41% 0.45% - - 0.91% 1.23% 1.06%
Capitalization / Revenue 2.5 x 3.21 x 2.83 x 2.12 x 1.87 x 1.74 x 1.59 x 1.49 x
EV / Revenue 3.15 x 4.13 x 3.77 x 2.12 x 1.87 x 2.34 x 2.04 x 1.84 x
EV / EBITDA 12.7 x 21.2 x 15.6 x 7.79 x 6.38 x 11.2 x 9.99 x 9.28 x
EV / FCF 73.2 x -308 x -339 x - - 10.6 x 10.2 x 8.5 x
FCF Yield 1.37% -0.32% -0.3% - - 9.48% 9.83% 11.8%
Price to Book 3.28 x 3.13 x 2.6 x - - 1.71 x 1.54 x 1.33 x
Nbr of stocks (in thousands) 1,204,435 1,204,435 1,204,583 1,222,023 1,222,023 1,222,023 - -
Reference price 2 1,043 1,049 943.0 900.0 872.0 880.0 880.0 880.0
Announcement Date 3/2/20 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 1 501,652 394,186 401,289 517,945 571,307 617,076 674,456 719,630
EBITDA 1 124,524 76,638 96,962 141,200 166,900 129,566 138,062 142,609
EBIT 1 105,153 57,874 76,266 81,742 97,223 106,230 114,160 118,477
Operating Margin 20.96% 14.68% 19.01% 15.78% 17.02% 17.22% 16.93% 16.46%
Earnings before Tax (EBT) 1 86,614 41,416 61,471 99,140 122,817 141,915 155,208 169,890
Net income 1 44,568 23,390 38,500 61,654 76,989 89,663 96,643 105,599
Net margin 8.88% 5.93% 9.59% 11.9% 13.48% 14.53% 14.33% 14.67%
EPS 2 37.00 19.42 31.96 50.88 63.00 73.57 79.26 86.41
Free Cash Flow 1 21,613 -5,282 -4,462 - - 136,886 135,546 155,699
FCF margin 4.31% -1.34% -1.11% - - 22.18% 20.1% 21.64%
FCF Conversion (EBITDA) 17.36% - - - - 105.65% 98.18% 109.18%
FCF Conversion (Net income) 48.49% - - - - 152.67% 140.25% 147.44%
Dividend per Share 2 9.120 4.250 4.250 - - 8.000 10.82 9.322
Announcement Date 3/2/20 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 1 - - - - - - - 148,177 154,042 163,746 142,885 142,885 149,097 186,371 -
EBITDA 1 - - - - - - - 40,400 - - 29,999 29,999 31,304 39,130 -
EBIT 1 - - - - - - - 22,941 25,087 27,510 23,849 23,849 24,885 31,107 -
Operating Margin - - - - - - - 15.48% 16.29% 16.8% 16.69% 16.69% 16.69% 16.69% -
Earnings before Tax (EBT) 1 - - - - - - - 30,176 31,423 33,457 30,693 30,693 32,028 40,035 -
Net income 1 7,150 11,260 - 13,501 15,156 18,783 17,304 19,229 19,350 21,106 19,240 19,240 20,077 25,096 -
Net margin - - - - - - - 12.98% 12.56% 12.89% 13.47% 13.47% 13.47% 13.47% -
EPS 2 5.930 9.350 - - - 15.40 14.16 15.74 15.83 17.27 15.74 15.74 16.43 20.54 -
Dividend per Share 2 - - - 6.250 - - - 7.500 - - - - - - -
Announcement Date 11/16/21 3/1/22 5/3/22 8/3/22 11/14/22 3/1/23 5/15/23 8/11/23 11/14/23 2/29/24 - - - - -
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 325,843 365,089 375,351 - - 369,323 303,858 248,594
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.617 x 4.764 x 3.871 x - - 2.85 x 2.201 x 1.743 x
Free Cash Flow 1 21,613 -5,282 -4,462 - - 136,887 135,546 155,699
ROE (net income / shareholders' equity) 12.1% 5.95% 9.16% - - 14.6% 14.5% 13.9%
ROA (Net income/ Total Assets) 4.04% 1.97% 3% - - 5.9% 5.67% 5.9%
Assets 1 1,102,410 1,187,307 1,283,073 - - 1,519,716 1,705,372 1,789,813
Book Value Per Share 2 318.0 335.0 362.0 - - 515.0 570.0 661.0
Cash Flow per Share 2 54.80 27.10 40.00 - - 109.0 117.0 -
Capex 1 44,349 37,892 52,605 - - 35,867 24,823 29,501
Capex / Sales 8.84% 9.61% 13.11% - - 5.81% 3.68% 4.1%
Announcement Date 3/2/20 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 Investments Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
880 PHP
Average target price
1,136 PHP
Spread / Average Target
+29.05%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

1st Jan change Capi.
SM INVESTMENTS CORPORATION Stock SM Investments Corporation
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Supermarkets & Convenience Stores
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