Stock GSMI GINEBRA SAN MIGUEL INC.
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Financials Ginebra San Miguel Inc.

Equities

GSMI

PHY2709M1046

Distillers & Wineries

End-of-day quote Philippines S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
162.2 PHP -1.10% Intraday chart for Ginebra San Miguel Inc. -1.70% -3.85%
Apr. 15 Ginebra San Miguel Inc. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Mar. 18 San Miguel's Net Income Surges 67% in 2023 MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 7,659 10,880 14,145 32,584 30,064 48,304
Enterprise Value (EV) 1 10,904 13,148 11,999 30,727 24,881 39,479
P/E ratio 7.63 x 6.71 x 5.22 x 7.8 x 6.61 x 6.86 x
Yield - 2.63% 2.02% 0.88% 1.43% 1.78%
Capitalization / Revenue 0.31 x 0.37 x 0.39 x 0.77 x 0.64 x 0.9 x
EV / Revenue 0.44 x 0.45 x 0.33 x 0.72 x 0.53 x 0.74 x
EV / EBITDA 4.46 x 3.78 x 2.72 x 5.25 x 3.81 x 5.33 x
EV / FCF 5.28 x 8.49 x 2.78 x 37.1 x 4.36 x 10.5 x
FCF Yield 18.9% 11.8% 36% 2.69% 22.9% 9.49%
Price to Book 1.1 x 1.4 x 1.4 x 2.47 x 1.87 x 2.41 x
Nbr of stocks (in thousands) 286,328 286,328 286,328 286,328 286,328 286,328
Reference price 2 26.75 38.00 49.40 113.8 105.0 168.7
Announcement Date 4/12/19 5/18/20 4/20/21 4/18/22 4/16/23 4/15/24
1PHP in Million2PHP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 24,835 29,063 36,202 42,534 47,341 53,639
EBITDA 1 2,443 3,475 4,418 5,855 6,523 7,409
EBIT 1 1,832 2,865 3,788 5,278 5,959 6,794
Operating Margin 7.38% 9.86% 10.46% 12.41% 12.59% 12.67%
Earnings before Tax (EBT) 1 1,564 2,621 4,004 5,561 6,058 9,365
Net income 1 1,053 1,672 2,757 4,179 4,547 7,046
Net margin 4.24% 5.75% 7.61% 9.82% 9.61% 13.14%
EPS 2 3.506 5.667 9.455 14.59 15.88 24.61
Free Cash Flow 1 2,065 1,549 4,321 827.3 5,708 3,745
FCF margin 8.32% 5.33% 11.93% 1.94% 12.06% 6.98%
FCF Conversion (EBITDA) 84.53% 44.57% 97.81% 14.13% 87.51% 50.54%
FCF Conversion (Net income) 196.11% 92.65% 156.74% 19.8% 125.54% 53.15%
Dividend per Share - 1.000 1.000 1.000 1.500 3.000
Announcement Date 4/12/19 5/18/20 4/20/21 4/18/22 4/16/23 4/15/24
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 3,245 2,267 - - - -
Net Cash position 1 - - 2,146 1,857 5,183 8,825
Leverage (Debt/EBITDA) 1.328 x 0.6525 x - - - -
Free Cash Flow 1 2,065 1,549 4,321 827 5,708 3,745
ROE (net income / shareholders' equity) 18.7% 25% 33.3% 39.9% 35% 42.9%
ROA (Net income/ Total Assets) 8.7% 13% 15.4% 19.1% 18.6% 17.2%
Assets 1 12,098 12,908 17,880 21,823 24,426 40,969
Book Value Per Share 2 24.20 27.20 35.30 46.10 56.30 70.10
Cash Flow per Share 2 0.7800 1.240 9.850 8.310 19.10 34.50
Capex 1 269 385 403 510 990 964
Capex / Sales 1.08% 1.33% 1.11% 1.2% 2.09% 1.8%
Announcement Date 4/12/19 5/18/20 4/20/21 4/18/22 4/16/23 4/15/24
1PHP in Million2PHP
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Distilleries

1st Jan change Capi.
GINEBRA SAN MIGUEL INC. Stock Ginebra San Miguel Inc.
-3.85% 804M
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-0.96% 296B
WULIANGYE YIBIN CO.,LTD. Stock Wuliangye Yibin Co.,Ltd.
+8.51% 81.55B
SHANXI XINGHUACUN FEN WINE FACTORY CO.,LTD. Stock Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.
+9.34% 42.47B
LUZHOU LAOJIAO CO.,LTD Stock Luzhou Laojiao Co.,Ltd
+3.90% 37.87B
JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD. Stock Jiangsu Yanghe Brewery Joint-Stock Co., Ltd.
-8.93% 20.67B
ANHUI GUJING DISTILLERY CO., LTD. Stock Anhui Gujing Distillery Co., Ltd.
+13.62% 16.62B
DAVIDE CAMPARI-MILANO N.V. Stock Davide Campari-Milano N.V.
-8.10% 12.04B
UNITED SPIRITS LIMITED Stock United Spirits Limited
+7.26% 10.21B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD. Stock Jiangsu King's Luck Brewery Joint-Stock Co.,Ltd.
+21.13% 10.16B
Distilleries
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