Financials San Miguel Food and Beverage, Inc.

Equities

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
44.2 ^PHP	-1.78%		-5.96%	-13.33%

Apr. 16	San Miguel Food and Beverage, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Mar. 14	Transcript : Ginebra San Miguel Inc., Petron Corporation, San Miguel Corporation, San Miguel Food and Beverage, Inc., 2023 Earnings Call, Mar 14, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	502,284	395,918	421,918	228,687	301,370	261,188	-
Enterprise Value (EV) ¹	526,337	436,784	458,933	228,687	301,370	309,872	299,053
P/E ratio	28.8 x	32.2 x	21.3 x	10.3 x	13 x	11 x	8.22 x
Yield	1.88%	2.39%	2.24%	-	-	6.11%	6.93%
Capitalization / Revenue	1.62 x	1.42 x	1.36 x	0.64 x	0.79 x	0.6 x	0.56 x
EV / Revenue	1.69 x	1.56 x	1.48 x	0.64 x	0.79 x	0.71 x	0.64 x
EV / EBITDA	8.94 x	9.64 x	8.23 x	3.65 x	4.67 x	4.42 x	3.82 x
EV / FCF	38,245,655 x	18,351,487 x	15,351,507 x	-	-	-	-
FCF Yield	0%	0%	0%	-	-	-	-
Price to Book	5.28 x	4.8 x	4.52 x	-	-	2.23 x	1.72 x
Nbr of stocks (in thousands)	5,909,220	5,909,220	5,909,220	5,909,220	5,909,220	5,909,220	-
Reference price ²	85.00	67.00	71.40	38.70	51.00	44.20	44.20
Announcement Date	5/18/20	3/11/21	3/10/22	4/17/23	4/16/24	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	310,785	279,290	309,777	358,853	379,822	434,535	464,472
EBITDA ¹	58,865	45,329	55,788	62,622	64,575	70,069	78,249
EBIT ¹	47,780	33,412	43,694	48,711	48,411	56,226	65,641
Operating Margin	15.37%	11.96%	14.1%	13.57%	12.75%	12.94%	14.13%
Earnings before Tax (EBT) ¹	46,107	31,788	40,802	45,769	49,878	54,638	65,723
Net income ¹	18,278	12,264	19,791	22,263	23,118	26,488	31,657
Net margin	5.88%	4.39%	6.39%	6.2%	6.09%	6.1%	6.82%
EPS ²	2.950	2.080	3.350	3.770	3.910	4.002	5.380
Free Cash Flow	13,762	23,801	29,895	-	-	-	-
FCF margin	4.43%	8.52%	9.65%	-	-	-	-
FCF Conversion (EBITDA)	23.38%	52.51%	53.59%	-	-	-	-
FCF Conversion (Net income)	75.29%	194.07%	151.05%	-	-	-	-
Dividend per Share ²	1.600	1.600	1.600	-	-	2.700	3.065
Announcement Date	5/18/20	3/11/21	3/10/22	4/17/23	4/16/24	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	24,053	40,866	37,015	-	-	48,684	37,866
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.4086 x	0.9015 x	0.6635 x	-	-	0.6948 x	0.4839 x
Free Cash Flow	13,762	23,801	29,895	-	-	-	-
ROE (net income / shareholders' equity)	20%	13.8%	22.5%	-	-	21.8%	20.7%
ROA (Net income/ Total Assets)	7.25%	4.52%	6.9%	-	-	-	-
Assets ¹	252,236	271,147	286,955	-	-	-	-
Book Value Per Share ²	16.10	13.90	15.80	-	-	19.90	25.70
Cash Flow per Share ²	7.310	7.200	6.900	-	-	9.400	10.60
Capex	29,410	18,752	10,874	-	-	-	-
Capex / Sales	9.46%	6.71%	3.51%	-	-	-	-
Announcement Date	5/18/20	3/11/21	3/10/22	4/17/23	4/16/24	-	-

¹PHP in Million²PHP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

44.2 PHP

Average target price

72.4 PHP

Spread / Average Target

+63.80%

	1st Jan change	Capi.
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