BELLE CORPORATION |
End-of-day quote
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|
5-day change | 1st Jan Change | ||
| 1.98 PHP | 0.00% |
|
-3.41% | +69.23% |
| Apr. 25 | Belle Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024 | CI |
| Mar. 11 | Belle Corporation made an offer to acquire remaining 20.22% stake in Premium Leisure Corp.. | CI |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 22,553 | 19,429 | 16,695 | 13,180 | 11,830 | 11,345 |
| Enterprise Value (EV) 1 | 27,271 | 22,649 | 27,798 | 24,447 | 21,517 | 20,740 |
| P/E ratio | 8.65 x | 7.25 x | 16.1 x | 22.1 x | 8.25 x | 5.87 x |
| Yield | 5.19% | 6.03% | - | - | 4.92% | - |
| Capitalization / Revenue | 2.68 x | 2.63 x | 4.1 x | 3.94 x | 2.26 x | 2.07 x |
| EV / Revenue | 3.24 x | 3.07 x | 6.83 x | 7.31 x | 4.12 x | 3.78 x |
| EV / EBITDA | 5.33 x | 4.45 x | 14.7 x | 13.8 x | 7.49 x | 6.21 x |
| EV / FCF | 5.88 x | 7.57 x | -20.6 x | 27.9 x | 14.9 x | 5.49 x |
| FCF Yield | 17% | 13.2% | -4.86% | 3.59% | 6.72% | 18.2% |
| Price to Book | 0.85 x | 0.68 x | 0.6 x | 0.44 x | 0.35 x | 0.31 x |
| Nbr of stocks (in thousands) | 9,763,126 | 9,763,126 | 9,763,126 | 9,763,127 | 9,696,464 | 9,696,464 |
| Reference price 2 | 2.310 | 1.990 | 1.710 | 1.350 | 1.220 | 1.170 |
| Announcement Date | 3/4/19 | 3/2/20 | 4/19/21 | 3/2/22 | 3/1/23 | 2/29/24 |
1PHP in Million2PHP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 8,409 | 7,379 | 4,068 | 3,345 | 5,227 | 5,488 |
| EBITDA 1 | 5,117 | 5,093 | 1,896 | 1,770 | 2,874 | 3,340 |
| EBIT 1 | 4,523 | 4,139 | 1,203 | 505.6 | 2,345 | 2,762 |
| Operating Margin | 53.78% | 56.09% | 29.57% | 15.12% | 44.86% | 50.32% |
| Earnings before Tax (EBT) 1 | 3,814 | 3,217 | 1,119 | 216.6 | 1,867 | 2,567 |
| Net income 1 | 2,648 | 2,610 | 1,001 | 577 | 1,396 | 1,884 |
| Net margin | 31.49% | 35.37% | 24.61% | 17.25% | 26.7% | 34.32% |
| EPS 2 | 0.2671 | 0.2745 | 0.1060 | 0.0611 | 0.1478 | 0.1994 |
| Free Cash Flow 1 | 4,638 | 2,992 | -1,351 | 877.4 | 1,447 | 3,780 |
| FCF margin | 55.15% | 40.54% | -33.2% | 26.23% | 27.69% | 68.87% |
| FCF Conversion (EBITDA) | 90.63% | 58.74% | - | 49.56% | 50.34% | 113.18% |
| FCF Conversion (Net income) | 175.15% | 114.63% | - | 152.07% | 103.67% | 200.66% |
| Dividend per Share 2 | 0.1200 | 0.1200 | - | - | 0.0600 | - |
| Announcement Date | 3/4/19 | 3/2/20 | 4/19/21 | 3/2/22 | 3/1/23 | 2/29/24 |
1PHP in Million2PHP
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 4,718 | 3,220 | 11,103 | 11,267 | 9,687 | 9,395 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.9221 x | 0.6322 x | 5.856 x | 6.364 x | 3.37 x | 2.813 x |
| Free Cash Flow 1 | 4,638 | 2,992 | -1,351 | 877 | 1,447 | 3,780 |
| ROE (net income / shareholders' equity) | 10.7% | 9.48% | 2.86% | 2.35% | 4.92% | 6.38% |
| ROA (Net income/ Total Assets) | 6.56% | 5.93% | 1.59% | 0.63% | 2.82% | 3.18% |
| Assets 1 | 40,386 | 44,021 | 63,085 | 92,243 | 49,423 | 59,185 |
| Book Value Per Share 2 | 2.710 | 2.910 | 2.830 | 3.100 | 3.490 | 3.770 |
| Cash Flow per Share 2 | 0.2700 | 0.4200 | 0.2700 | 0.2100 | 0.1900 | 0.2200 |
| Capex 1 | 58.2 | 42.3 | 106 | 26.1 | 22.7 | 564 |
| Capex / Sales | 0.69% | 0.57% | 2.6% | 0.78% | 0.43% | 10.28% |
| Announcement Date | 3/4/19 | 3/2/20 | 4/19/21 | 3/2/22 | 3/1/23 | 2/29/24 |
1PHP in Million2PHP
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +69.23% | 332M | |
| +36.16% | 27.94B | |
| -13.74% | 26.97B | |
| +25.00% | 26.95B | |
| -0.71% | 25.32B | |
| +44.49% | 22.58B | |
| +2.78% | 19.59B | |
| +1.45% | 19.52B | |
| +28.54% | 16.23B | |
| -14.80% | 14.98B |
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