Financials Shakey's Pizza Asia Ventures, 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
9.61 ^PHP	-1.44%		-1.84%	-1.94%

Apr. 16	Shakey’s Pizza Asia Ventures' Income After Tax Soars 23% in 2023	MT
Apr. 16	Shakey's Pizza Asia Ventures, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	15,160	11,791	17,006	12,881	16,501	16,181	-
Enterprise Value (EV) ¹	20,638	16,022	20,261	12,881	16,501	21,367	20,235
P/E ratio	17.4 x	-45.3 x	126 x	14.7 x	15.3 x	12.5 x	10.3 x
Yield	1.01%	0.13%	0.2%	-	-	0.31%	0.31%
Capitalization / Revenue	1.84 x	1.79 x	3.1 x	1.27 x	1.17 x	0.96 x	0.85 x
EV / Revenue	2.5 x	2.43 x	3.7 x	1.27 x	1.17 x	1.27 x	1.06 x
EV / EBITDA	10.8 x	35 x	21.6 x	6.41 x	7.06 x	7.07 x	5.63 x
EV / FCF	16 x	99.5 x	29.5 x	-	-	13.7 x	9.56 x
FCF Yield	6.23%	1%	3.38%	-	-	7.27%	10.5%
Price to Book	2.99 x	2.46 x	2.75 x	-	-	1.81 x	1.6 x
Nbr of stocks (in thousands)	1,531,321	1,531,321	1,683,760	1,683,760	1,683,760	1,683,760	-
Reference price ²	9.900	7.700	10.10	7.650	9.800	9.610	9.610
Announcement Date	4/6/20	4/5/21	4/18/22	4/17/23	4/16/24	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	8,239	6,600	5,480	10,142	14,126	16,829	19,018
EBITDA ¹	1,914	457.3	936.2	2,010	2,338	3,024	3,595
EBIT ¹	1,360	-40.1	436.4	1,373	1,580	2,041	2,393
Operating Margin	16.51%	-0.61%	7.96%	13.53%	11.19%	12.13%	12.58%
Earnings before Tax (EBT) ¹	1,108	-368.5	230.7	1,098	1,244	1,652	2,036
Net income ¹	923	-247	123	874.4	1,079	1,294	1,572
Net margin	11.2%	-3.74%	2.24%	8.62%	7.64%	7.69%	8.27%
EPS ²	0.5700	-0.1700	0.0800	0.5200	0.6400	0.7670	0.9355
Free Cash Flow ¹	1,286	161	685.8	-	-	1,554	2,118
FCF margin	15.61%	2.44%	12.51%	-	-	9.23%	11.14%
FCF Conversion (EBITDA)	67.17%	35.21%	73.25%	-	-	51.4%	58.9%
FCF Conversion (Net income)	139.33%	-	557.68%	-	-	120.12%	134.72%
Dividend per Share ²	0.1000	0.0100	0.0200	-	-	0.0300	0.0300
Announcement Date	4/6/20	4/5/21	4/18/22	4/17/23	4/16/24	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	5,478	4,231	3,255	-	-	5,186	4,054
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.861 x	9.251 x	3.477 x	-	-	1.715 x	1.128 x
Free Cash Flow ¹	1,286	161	686	-	-	1,554	2,118
ROE (net income / shareholders' equity)	18%	-5.15%	2.24%	-	-	15.1%	16%
ROA (Net income/ Total Assets)	7.88%	-2.07%	0.99%	-	-	6.86%	7.73%
Assets ¹	11,716	11,957	12,422	-	-	18,858	20,341
Book Value Per Share ²	3.310	3.120	3.670	-	-	5.300	5.990
Cash Flow per Share ²	1.110	0.2100	0.6100	-	-	1.660	1.850
Capex ¹	417	167	280	-	-	937	1,006
Capex / Sales	5.07%	2.53%	5.11%	-	-	5.57%	5.29%
Announcement Date	4/6/20	4/5/21	4/18/22	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

9.61 PHP

Average target price

12.4 PHP

Spread / Average Target

+29.03%

	1st Jan change	Capi.
SHAKEY'S PIZZA ASIA VENTURES, INC.	-1.94%	280M
MCDONALD'S CORPORATION	-7.90%	197B
YUM! BRANDS, INC.	+8.50%	39.89B
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP	-5.41%	23.95B
RESTAURANT BRANDS INTERNATIONAL INC.	-5.52%	23.36B
DOMINO'S PIZZA INC.	+21.07%	17.38B
YUM CHINA HOLDINGS, INC.	-6.55%	15.49B
WINGSTOP INC.	+49.10%	11.24B
AMERICANA RESTAURANTS INTERNATIONAL PLC	+5.43%	7.5B
MCDONALD'S HOLDINGS COMPANY (JAPAN), LTD.	+12.44%	5.8B