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Financial Exchanges & Data Sector Link to Midlincoln Rural Investment Banking Ideas

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Midlincoln Research Financials

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    Philippine Stock Exchange Inc/The

    Diversified Financials

    PHILIPPINES


    DCF Model Assumptions

    Risk Free Rate

    3.86%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.52%

    Cost of Debt

    3.52%

    Long Term Growth

    2.00%

    Beta Assumption

    0.29

    Current Market Cap mln$

    286.02

    Net Debt mln$

    -68.61

    WACC Estimate

    6.26%

    Ordinary Current Price $

    3.37

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue26.6926.6124.3230.3130.7633.4536.6740.2644.3248.6753.4658.7164.4870.8277.79
    EBITDA Costs10.5310.459.9630.3129.1339.0050.7863.9278.7999.63125.98159.30201.43254.71322.08
    EBITDA16.1616.1614.350.001.62-5.55-14.11-23.66-34.47-50.96-72.52-100.59-136.95-183.89-244.29
    EBITDA Margin60.5660.7359.020.005.28-16.59-38.49-58.78-77.79-104.69-135.66-171.32-212.38-259.64-314.06
    Operating Costs13.2312.4811.7630.3129.4638.4049.0760.9874.4592.85115.79144.40180.08224.58280.08
    Operating Profit13.4614.1312.550.001.29-4.95-12.41-20.72-30.13-44.17-62.33-85.69-115.60-153.76-202.29
    Operating Margin50.4353.0951.620.004.20-14.81-33.84-51.48-67.99-90.75-116.60-145.94-179.26-217.10-260.06
    Pretax Costs8.058.173.7111.6512.7216.1620.2724.8630.0536.9545.4455.8868.7284.51103.93
    PTP18.6418.4420.6118.6618.0417.2916.4015.4014.2711.728.022.83-4.24-13.69-26.14
    Pretax Margin69.8469.3084.7561.5558.6551.6944.7138.2532.2024.0815.004.82-6.57-19.33-33.61
    Net Income Costs11.6826.6124.3230.3127.9131.2635.2539.7144.7550.4356.8464.0672.1981.3691.69
    Net Income15.010.000.000.002.842.191.410.55-0.43-1.76-3.38-5.34-7.71-10.54-13.91
    Net Margin56.240.000.000.009.246.553.861.36-0.97-3.61-6.32-9.10-11.95-14.88-17.88
    Revenue Less Capex27.9134.8130.1530.3130.6930.6130.5230.4230.3030.2030.1029.9929.8929.7929.69
    Capex-1.23-8.20-5.830.000.072.846.159.8414.0218.4823.3628.7234.5941.0348.10
    Capex to Revenues-4.60-30.80-23.990.000.228.4916.7724.4431.6337.9643.7048.9253.6557.9461.83
    Revenue less FCF14.8018.8619.7930.3128.5033.8940.3447.5255.6665.6677.4791.39107.82127.21150.08
    FCF11.887.754.530.002.26-0.44-3.67-7.27-11.34-16.99-24.01-32.68-43.34-56.38-72.29
    FCF to Revenue44.5229.1318.640.007.34-1.33-10.01-18.05-25.58-34.90-44.91-55.66-67.21-79.61-92.93

    PHILIPPINES Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    AC PMAyala CorpPHILIPPINES 10824.0914.8613.2612.4311.221.780.8027.511.7714.550.24
    MPI PMMetro Pacific Investments CorpPHILIPPINES 2761.829.879.5810.359.411.752.4944.170.777.88-0.14
    PSE PMPhilippine Stock Exchange Inc/ThePHILIPPINES 286.02------#????!--0.26

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    AXP USAmerican Express CoUNITED STATES 96769.1314.3512.86--2.221.39#????!4.1830.0915.33
    MS USMorgan StanleyUNITED STATES 79730.949.568.75--1.982.75#????!1.0511.369.03
    GS USGoldman Sachs Group Inc/TheUNITED STATES 76806.828.627.87--2.181.69#????!0.9110.63-4.39
    BLK USBlackRock IncUNITED STATES 73761.3017.0915.6312.7011.695.212.8141.002.2213.1324.52
    CME USCME Group IncUNITED STATES 63698.9225.8423.5220.1818.4812.792.7166.372.419.021.41
    SCHW USCharles Schwab Corp/TheUNITED STATES 60453.5616.3115.097.947.545.491.5050.453.1019.755.58
    BK USBank of New York Mellon Corp/TheUNITED STATES 46487.4511.9110.92--2.902.48#????!1.1910.297.99
    ICE USIntercontinental Exchange IncUNITED STATES 45721.7321.3419.2415.7414.668.591.3362.742.5912.2710.35
    388 HKHong Kong Exchanges & Clearing LtdHONG KONG 43751.3632.4328.7618.0816.0419.742.7876.398.0125.1632.01
    COF USCapital One Financial CorpUNITED STATES 41325.777.997.35--1.431.87#????!0.7310.003.66
    6030 HKCITIC Securities Co LtdCHINA 39497.6113.6412.33--6.152.91#????!1.118.0628.89
    MCO USMoody's CorpUNITED STATES 36636.4124.4021.9418.2616.847.820.9847.7865.95222.4037.24
    INVEB SSInvestor ABSWEDEN 36172.5020.4131.547.1828.9411.703.10191.280.8527.0615.22
    MQG AUMacquarie Group LtdAUSTRALIA 32560.8015.7315.06--3.814.38#????!2.6717.4823.89
    TRI USThomson Reuters CorpCANADA 30429.0654.9932.8221.9716.485.132.3523.833.437.7434.01
    TRI CNThomson Reuters CorpCANADA 30402.9154.9432.7921.9516.475.132.3523.833.437.7433.90
    AMTD USTD Ameritrade Holding CorpUNITED STATES 29252.3613.1112.2210.229.734.962.3254.013.3126.545.06
    FSR SJFirstRand LtdSOUTH AFRICA 25932.1813.4012.18--3.634.38#????!2.8122.0811.03
    TROW UST Rowe Price Group IncUNITED STATES 25458.9414.3813.8610.289.864.612.7943.553.8526.9716.42
    DFS USDiscover Financial ServicesUNITED STATES 25293.208.968.20--2.222.13#????!2.0824.7216.32
    STT USState Street CorpUNITED STATES 25274.1910.389.17--2.112.99#????!1.1311.342.53
    DB1 GRDeutsche Boerse AGGERMANY 24894.4919.9618.1813.1012.077.662.5361.334.0721.175.29
    LSE LNLondon Stock Exchange Group PLCBRITAIN 22826.9826.6023.0515.9914.397.961.3552.554.6817.1920.08
    6837 HKHaitong Securities Co LtdCHINA 21595.0011.8210.78--4.992.69#????!0.806.8231.86
    NTRS USNorthern Trust CorpUNITED STATES 21318.8614.4613.19--3.492.52#????!2.1215.2111.70
    AMP USAmeriprise Financial IncUNITED STATES 19641.529.118.116.886.721.582.6325.013.2236.9620.60
    MSCI USMSCI IncUNITED STATES 18904.1036.7531.8324.4621.8412.251.0454.511220.11105.7057.52
    8591 JPORIX CorpJAPAN 18616.126.195.9010.279.950.804.8020.720.6911.65-5.69
    BEN USFranklin Resources IncUNITED STATES 18057.0514.4213.327.717.823.162.9130.411.7812.1022.96
    DBK GRDeutsche Bank AGGERMANY 16696.4113.459.07--0.602.74#????!0.241.84-16.64