Stock SECB SECURITY BANK CORPORATION
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Financials Security Bank Corporation

Equities

SECB

PHY7571C1000

Banks

End-of-day quote Philippines S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
69.55 PHP +0.80% Intraday chart for Security Bank Corporation +1.68% -2.73%
Apr. 08 Security Bank Corporation Announces Joint Venture Agreement with Mitsubishi Motors Corporation to Establish Mitsubishi Motors Finance Philippines Inc CI
Mar. 26 Security Bank Corporation Approves Semestral Cash Dividend, Payable on April 29, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 146,940 100,974 89,671 65,558 53,878 52,409 - -
Enterprise Value (EV) 1 146,940 100,974 89,671 65,558 53,878 52,409 52,409 52,409
P/E ratio 14.6 x 13.6 x 13 x 6.21 x 5.92 x 4.64 x 4.09 x 3.59 x
Yield 1.28% 2.24% 2.1% 3.45% 4.2% 4.31% 4.91% 5.18%
Capitalization / Revenue 4.33 x 2 x 2.44 x 1.65 x 1.25 x 1.07 x 0.99 x 0.89 x
EV / Revenue 4.33 x 2 x 2.44 x 1.65 x 1.25 x 1.07 x 0.99 x 0.89 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.24 x 0.82 x 0.72 x 0.52 x 0.4 x 0.36 x 0.34 x 0.32 x
Nbr of stocks (in thousands) 753,539 753,539 753,539 753,539 753,539 753,539 - -
Reference price 2 195.0 134.0 119.0 87.00 71.50 69.55 69.55 69.55
Announcement Date 2/28/20 3/2/21 3/4/22 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 33,949 50,373 36,811 39,635 42,959 48,972 53,169 58,940
EBITDA - - - - - - - -
EBIT 1 16,600 30,636 15,490 16,700 16,860 19,005 21,166 23,992
Operating Margin 48.9% 60.82% 42.08% 42.13% 39.25% 38.81% 39.81% 40.71%
Earnings before Tax (EBT) 1 12,415 4,253 10,300 13,885 12,059 14,080 16,447 19,226
Net income 1 10,100 7,432 6,900 10,556 9,105 11,314 12,819 14,602
Net margin 29.75% 14.75% 18.74% 26.63% 21.2% 23.1% 24.11% 24.77%
EPS 2 13.40 9.860 9.170 14.00 12.08 15.00 17.01 19.38
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 2.500 3.000 2.500 3.000 3.000 3.000 3.417 3.600
Announcement Date 2/28/20 3/2/21 3/4/22 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 9,130 9,341 9,278 10,000 10,180 10,227 9,800 10,822 10,570 11,766 12,033 12,605 12,975 13,340 13,324
EBITDA - - - - - - - - - - - - - - -
EBIT 1 3,700 3,800 3,808 4,700 - - 3,700 4,506 4,085 4,599 4,676 - - - -
Operating Margin 40.53% 40.68% 41.04% 47% - - 37.75% 41.64% 38.64% 39.09% 38.86% - - - -
Earnings before Tax (EBT) 1 2,086 2,664 - 4,344 - - 3,064 3,523 3,053 2,419 2,754 - - - -
Net income 1 1,716 2,100 2,724 3,521 2,310 2,000 2,400 2,555 2,650 1,540 2,372 3,158 3,050 3,069 3,269
Net margin 18.79% 22.48% 29.36% 35.21% 22.69% 19.56% 24.49% 23.61% 25.07% 13.09% 19.71% 25.05% 23.5% 23.01% 24.53%
EPS 2 2.270 2.760 3.610 4.670 3.060 2.650 3.130 3.390 3.510 2.050 3.147 3.912 4.005 4.111 4.338
Dividend per Share 2 - 1.500 - 1.500 - 1.500 1.500 - - 1.500 - 1.500 - 1.500 -
Announcement Date 11/12/21 3/4/22 5/16/22 8/15/22 11/11/22 3/1/23 5/12/23 8/11/23 11/10/23 2/29/24 - - - - -
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) 8.87% 6.16% 5.57% 8.42% 6.95% 8.07% 8.4% 9.05%
ROA (Net income/ Total Assets) 1.3% 1.03% 1.02% 1.37% 1.06% 1.13% 1.29% 1.31%
Assets 1 776,923 721,578 676,471 770,482 859,004 1,001,532 993,683 1,116,388
Book Value Per Share 2 157.0 164.0 166.0 167.0 181.0 194.0 206.0 220.0
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/28/20 3/2/21 3/4/22 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 Security Bank 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
69.55 PHP
Average target price
93.22 PHP
Spread / Average Target
+34.04%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Commercial Banks
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