Max's Group, Inc.

(PSE:MAXS)
Restaurants Employees: 5,646 Incorporated: 1945 in PH

KDC Plaza
Max's Group, Inc., together with its subsidiaries, establishes, operates, maintains, and franchises restaurants, coffee shops,
3rd Floor
refreshments parlors, and cocktail lounges in the Philippines and internationally. The company also engages in the catering food
2212 Chino Roces Avenue
business. In addition, it offers advertising support, real estate, commissary, franchising, and management consultancy services, as well
Makati City 1230
as operates bakeries. The company’s brands include Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Teriyaki
Philippines
Boy, Dencio’s, Sizzlin’ Steak, Jamba Juice, Le Coeur de France, Kabisera, Maple, Singkit, Meranti, and Max’s Corner Bakery. As of
Phone: 63 2 8424 2800
December 31, 2021, it operated 660 outlets. The company was formerly known as Pancake House, Inc. and changed...
www.maxsgroupinc.com

Key Statistics
12 Months 12 Months 12 Months 12 Months 12 Months
EPS Estimate (PHP)
Dec-31-2020A Dec-31-2021A Mar-31-2022A Dec-31-2022E Dec-31-2023E
Total Revenue 7,143.83 7,639.84 7,965.01 9,583.88 10,558.61
Growth Over Prior Year (50.4%) 6.9% 27.2% 25.4% 10.2%
Gross Profit Margin % 14.3% 30.2% 31.4% - -
EBITDA Margin % (12.9%) 4.6% 3.9% 8.8% 11.1%
EBIT Margin % (19.1%) (0.6%) 0.6% 3.1% 5.5%
Net Income Margin % (23.4%) 5.9% 2.0% 3.1% 4.8% Estimates
Diluted EPS Excl. Extra Items (2.15) 0.58 0.20 0.38 0.65 Recommendation Outperform(2.00)
Target Price 7.00000000
Revenue by Business and Geographic Segments (PHP, mm)
Forward Multiples
FY2022 FY2023
P/E 14.68x 8.58x
TEV/REV 0.93x 0.84x
TEV/EBITDA 10.61x 7.63x
P/BV 0.57x 0.54x

Competitors - NTM TEV/Fwd EBITDA

* Segments with negative values, such as corporate eliminations, are excluded from the total and percentage
calculations and do not appear on the charts

Top Holders
Common Stock % of Total Shares Market Value
Holder
Equivalent Held Outstanding (PHP in mm)
Trofi Ventures Corp 163,565,519 20.99 917.9
Max's Restaurant 128,694,460 16.51 722.2
First Sentier Investors (Australia) IM Ltd 63,881,564 8.20 358.5 Capitalization
Max's Corner Bakery 47,639,861 6.11 267.3
Share Price as of Aug-15-2022 5.58
Trota, Robert Ramon F. 33,906,034 4.35 190.3
Shares Out. 779.41
Holders as of Tuesday, August 16, 2022
Market Capitalization 4,349.13
Share Price & Volume (PHP) - Cash & Short Term Investments 1,312.79
Market Data
+ Total Debt 5,931.15
Last (Delayed) 5.58 Market Cap (mm) 4,349.1
+ Pref. Equity -
Open 5.58 Shares Out. (mm) 779.4
+ Total Minority Interest (56.09)
Previous Close 5.58 Float % 30.1%
= Total Enterprise Value (TEV) 8,911.40
Change on Day 0.00 Shares Sold... -
Impl.Shares Out -
Change % on Day 0.0% Dividend Yield % 0.0%
Impl.Market Cap -
Day High/Low 5.65/5.58 Diluted EPS 0.20
Book Value of Common Equity 4,528.38
52 wk High/Low 7.60/4.24 Excl....
P/Diluted EPS... 28.25x
+ Pref. Equity -
Volume (mm) 0.05 Avg 3M Dly Vlm... 0.10
+ Total Minority Interest (56.09)
Beta 5Y 1.57

Key Executives and Board Members

Fuentebella, Martha... Chairperson Events
Trota, Robert Ramon F. CEO & Director
Date/Time Event
Fermin, Isaias Ariel P. President & Executive Director
Aug-17-2022 Earnings Call
Fuentebella, Erlinda T. Chairman Emeritus
Diaz, Maria Rochelle S. CFO, Treasurer & Corporate Information Officer

Date Created: Aug-16-2022 Copyright © 2022 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved.
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