JBFCF
Jollibee Foods Corporation
$2.24
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 11.0% below fair value
You pay
$2.24
Bear
$2.07
Fair
$2.52
Bull
$2.96
Bear
$2.07
-7.5%
$0.15 × 14x P/E
Fair
$2.52
+12.3%
$0.15 × 17x P/E
Bull
$2.96
+32.1%
$0.15 × 20x P/E
Adjust Assumptions
17.0x
0.15$
Key Value Driver
Normalized P/E multiple (17x base case)
Implied Market Multiple
15.1x
Summary
Applying a 17x P/E to adjusted EPS of $0.15, the base-case value is $2.52 per share. DDM cross-check: $1.76.
Warnings
Dividend-based valuation: $1.76 (below our primary estimate by 30%). Large gaps may signal the dividend doesn't reflect full earning power.
Financial statements were converted from PHP into USD using USDPHP at 0.0157 USD per PHP.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples