Financials D.M. Wenceslao & Associates, Incorporated

Equities

DMW

PHY2090E1092

Real Estate Development & Operations

End-of-day quote Philippines S.E. 23:00:00 14/05/2024 BST 5-day change 1st Jan Change
5.49 PHP -0.18% Intraday chart for D.M. Wenceslao & Associates, Incorporated -2.83% +6.40%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 26,488 33,619 25,809 23,024 22,752 17,523
Enterprise Value (EV) 1 25,479 33,347 26,923 25,150 24,865 20,105
P/E ratio 12.5 x 14.2 x 12.1 x 11.1 x 10.7 x 2.4 x
Yield - 0.48% 0.62% 0.9% 1.12% 1.53%
Capitalization / Revenue 12.3 x 9.55 x 9.35 x 6.62 x 5.38 x 1.8 x
EV / Revenue 11.8 x 9.48 x 9.75 x 7.23 x 5.88 x 2.07 x
EV / EBITDA 16.9 x 13.6 x 14.3 x 9.46 x 8.35 x 2.51 x
EV / FCF -36.6 x 25.1 x 29.3 x 21.5 x 12.7 x -3.21 x
FCF Yield -2.73% 3.99% 3.41% 4.66% 7.86% -31.1%
Price to Book 1.46 x 1.68 x 1.19 x 0.97 x 0.89 x 0.54 x
Nbr of stocks (in thousands) 3,395,864 3,395,864 3,395,864 3,395,864 3,395,864 3,395,864
Reference price 2 7.800 9.900 7.600 6.780 6.700 5.160
Announcement Date 15/04/19 15/05/20 18/04/21 22/04/22 12/04/23 15/04/24
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Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,159 3,519 2,760 3,476 4,231 9,724
EBITDA 1 1,511 2,455 1,881 2,658 2,976 8,023
EBIT 1 1,377 2,275 1,733 2,514 2,737 7,759
Operating Margin 63.78% 64.64% 62.79% 72.32% 64.69% 79.79%
Earnings before Tax (EBT) 1 2,578 3,327 2,787 2,481 2,732 7,849
Net income 1 1,911 2,374 2,131 2,070 2,122 7,301
Net margin 88.54% 67.46% 77.19% 59.53% 50.14% 75.08%
EPS 2 0.6250 0.6991 0.6270 0.6090 0.6248 2.150
Free Cash Flow 1 -695.9 1,330 918.4 1,171 1,953 -6,259
FCF margin -32.24% 37.8% 33.27% 33.69% 46.16% -64.37%
FCF Conversion (EBITDA) - 54.2% 48.81% 44.05% 65.63% -
FCF Conversion (Net income) - 56.04% 43.1% 56.58% 92.06% -
Dividend per Share - 0.0471 0.0471 0.0609 0.0750 0.0790
Announcement Date 15/04/19 15/05/20 18/04/21 22/04/22 12/04/23 15/04/24
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - 1,115 2,126 2,113 2,582
Net Cash position 1 1,009 272 - - - -
Leverage (Debt/EBITDA) - - 0.5926 x 0.7999 x 0.71 x 0.3219 x
Free Cash Flow 1 -696 1,330 918 1,171 1,953 -6,259
ROE (net income / shareholders' equity) 13.6% 11.4% 10.1% 8.99% 8.5% 22.6%
ROA (Net income/ Total Assets) 3.43% 4.66% 3.38% 4.5% 4.52% 10.7%
Assets 1 55,710 50,975 63,067 45,993 46,896 68,503
Book Value Per Share 2 5.360 5.890 6.390 6.960 7.520 9.600
Cash Flow per Share 2 2.220 1.530 1.300 1.670 1.650 1.430
Capex 1 29.7 153 11.6 11.5 83 52.7
Capex / Sales 1.38% 4.34% 0.42% 0.33% 1.96% 0.54%
Announcement Date 15/04/19 15/05/20 18/04/21 22/04/22 12/04/23 15/04/24
1PHP in Million2PHP
Estimates
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