Financials SM Prime Holdings, Inc.

Equities

SMPH

PHY8076N1120

Real Estate Development & Operations

End-of-day quote Philippines S.E. Other stock markets 2024-12-10			5-day change	1st Jan Change
26.75 ^PHP	+2.10%		+1.13%	-18.69%

Dec. 10	SM Prime Board OKs Up to PHP10 Billion Share Buyback Program	MT
Nov. 15	SM Prime Holdings, Inc. Expands to New Markets with SM Residences	CI

Projected Income Statement: SM Prime Holdings, Inc.

income-statement-evolution-chart SM-PRIME-HOLDINGS-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	118,311	81,899	82,315	105,786	128,098	140,947	152,038	164,902
Change	-	-30.78%	0.51%	28.51%	21.09%	10.03%	7.87%	8.46%
EBITDA ¹	67,517	39,416	43,107	61,088	74,083	82,424	90,120	97,501
Change	-	-41.62%	9.36%	41.71%	21.27%	11.26%	9.34%	8.19%
EBIT ¹	56,700	29,074	32,415	49,243	61,279	67,960	73,988	80,374
Change	-	-48.72%	11.49%	51.92%	24.44%	10.9%	8.87%	8.63%
Interest Paid ¹	-8,833	-8,597	-9,358	-11,466	-13,963	-13,346	-14,311	-15,650
Earnings before Tax (EBT) ¹	49,162	22,464	27,734	38,714	49,840	56,831	61,100	66,808
Change	-	-54.31%	23.46%	39.59%	28.74%	14.03%	7.51%	9.34%
Net income ¹	38,100	18,007	21,787	30,100	40,011	45,803	48,733	53,300
Change	-	-52.74%	20.99%	38.16%	32.93%	14.48%	6.4%	9.37%
Announcement Date	2/17/20	2/28/21	3/1/22	3/1/23	2/29/24	-	-	-

¹PHP in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q2	2021 Q3	2021 Q4	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales	33,278	25,787	17,910	17,010	-	-	-	-	-	-	32,113	17,157	-	-	-	-	-	-	-	-	-	-	-
Change	-	-22.51%	-30.55%	-5.02%	-100%	-	-	-	-	-	-	-46.57%	-100%	-	-	-	-	-	-	-	-	-	-
EBITDA ¹	18,504	-	-	8,387	9,194	9,993	8,122	13,686	13,481	16,159	17,964	17,006	-	-	20,156	18,111	19,828	20,179	24,046	20,035	21,856	22,767	26,409
Change	-	-100%	-	-	9.62%	8.69%	-18.72%	68.51%	-1.5%	19.86%	11.17%	-5.33%	-100%	-	-	-10.14%	9.48%	1.77%	19.16%	-16.68%	9.09%	4.17%	16%
EBIT ¹	15,692	-	-	6,217	6,509	7,404	5,502	10,840	10,667	13,277	14,609	13,893	15,124	15,600	16,757	14,711	16,356	16,600	20,516	16,884	18,419	19,186	22,256
Change	-	-100%	-	-	4.7%	13.76%	-25.69%	97.01%	-1.6%	24.46%	10.04%	-4.91%	8.86%	3.15%	7.42%	-12.21%	11.18%	1.49%	23.59%	-17.7%	9.09%	4.17%	16%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	13,186	-	-	4,316	4,398	6,636	4,861	8,440	8,947	10,096	10,416	12,059	12,522	13,311	11,947	12,925	14,228	14,604	17,086	14,202	15,493	16,139	18,721
Change	-	-100%	-	-	1.9%	50.87%	-26.75%	73.64%	6.01%	12.83%	3.17%	15.78%	3.84%	6.3%	-10.25%	8.18%	10.09%	2.64%	17%	-16.88%	9.09%	4.17%	16%
Net income ¹	10,491	-	-	3,938	3,636	5,168	3,979	6,162	6,692	7,904	8,088	9,442	10,000	10,700	9,884	10,462	11,604	11,800	13,529	11,209	12,228	12,738	14,776
Change	-	-100%	-	-	-7.66%	42.14%	-23.01%	54.87%	8.6%	18.1%	2.34%	16.74%	5.91%	7%	-7.62%	5.85%	10.91%	1.69%	14.65%	-17.15%	9.09%	4.17%	16%
Announcement Date	2/17/20	6/4/20	8/7/20	11/3/20	2/28/21	8/5/21	11/9/21	3/1/22	8/5/22	11/8/22	3/1/23	5/10/23	8/7/23	11/6/23	2/29/24	5/10/24	8/14/24	11/11/24	-	-	-	-	-

¹PHP in Million

Estimates

Forecast Balance Sheet: SM Prime Holdings, Inc.

balance-sheet-analysis-chart SM-PRIME-HOLDINGS-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	203,354	241,807	273,942	310,337	334,841	372,755	398,700	427,100
Change	-	18.91%	13.29%	13.29%	7.9%	11.32%	6.96%	7.12%
Announcement Date	2/17/20	2/28/21	3/1/22	3/1/23	2/29/24	-	-	-

¹PHP in Million

Estimates

Cash Flow Forecast: SM Prime Holdings, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	51,404	37,673	39,463	38,964	64,113	74,506	76,838	74,147
Change	-	-26.71%	4.75%	-1.26%	64.54%	16.21%	3.13%	-3.5%
Free Cash Flow (FCF) ¹	324	-20,482	-8,796	-4,031	-2,172	-14,123	-1,766	4,383
Change	-	-6,421.99%	-57.06%	-54.17%	-46.13%	550.28%	-87.5%	-348.23%
Announcement Date	2/17/20	2/28/21	3/1/22	3/1/23	2/29/24	-	-	-

¹PHP in Million

Estimates

Forecast Financial Ratios: SM Prime Holdings, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	57.07%	48.13%	52.37%	57.75%	57.83%	58.48%	59.27%	59.13%
EBIT Margin (%)	47.92%	35.5%	39.38%	46.55%	47.84%	48.22%	48.66%	48.74%
EBT Margin (%)	41.55%	27.43%	33.69%	36.6%	38.91%	40.32%	40.19%	40.51%
Net margin (%)	32.2%	21.99%	26.47%	28.45%	31.23%	32.5%	32.05%	32.32%
FCF margin (%)	0.27%	-25.01%	-10.69%	-3.81%	-1.7%	-10.02%	-1.16%	2.66%
FCF / Net Income (%)	0.85%	-113.75%	-40.37%	-13.39%	-5.43%	-30.83%	-3.62%	8.22%
Profitability
ROA	5.99%	2.59%	2.85%	3.59%	4.4%	5.06%	4.74%	4.73%
ROE	13.22%	5.9%	6.78%	8.65%	10.54%	11.07%	10.83%	10.89%
Financial Health
Leverage (Debt/EBITDA)	3.01x	6.13x	6.35x	5.08x	4.52x	4.52x	4.42x	4.38x
Debt / Free cash flow	627.67x	-11.81x	-31.14x	-76.98x	-154.18x	-26.39x	-225.8x	97.44x
Capital Intensity
CAPEX / Current Assets (%)	43.45%	46%	47.94%	36.83%	50.05%	52.86%	50.54%	44.96%
CAPEX / EBITDA (%)	76.13%	95.58%	91.55%	63.78%	86.54%	90.39%	85.26%	76.05%
CAPEX / FCF (%)	15,866.09%	-183.93%	-448.65%	-966.58%	-2,952.11%	-527.56%	-4,351.64%	1,691.65%
Items per share
Cash flow per share ¹	1.793	0.5957	1.063	1.211	2.146	2.287	2.492	3.018
Change	-	-66.77%	78.41%	13.91%	77.31%	6.55%	8.95%	21.13%
Dividend per Share ¹	0.35	0.185	0.082	0.097	0.237	0.3441	0.3582	0.3885
Change	-	-47.14%	-55.68%	18.29%	144.33%	45.2%	4.08%	8.47%
Book Value Per Share ¹	10.42	10.71	11.54	12.59	13.73	14.8	16.15	17.61
Change	-	2.78%	7.73%	9.1%	9.08%	7.82%	9.13%	9%
EPS ¹	1.32	0.624	0.755	1.043	1.387	1.591	1.688	1.846
Change	-	-52.73%	20.99%	38.15%	32.98%	14.73%	6.1%	9.35%
Nbr of stocks (in thousands)	28,879,232	28,879,232	28,856,412	28,856,412	28,856,000	28,879,232	28,879,232	28,879,232
Announcement Date	2/17/20	2/28/21	3/1/22	3/1/23	2/29/24	-	-	-