Stock Investing: Filinvest Land Inc. (FLI) quick valuations/ financials based on 2012 Annual Report

Disclaimer:

The author is not a certified securities/financial analyst. The figures contained herein may or may not be accurate, only obtained through the best of my knowledge. This is not a buy recommendation.  Buy at your own risk. Consult with your securities dealer / financial advisor.

Limitations:

-net income, EPS figures used as stated, non-recurring not excluded

-no investigation of statement of cash flows, cash flow from operating activities are negative 2011-2012

-no computation for current asset values, current ratio, and net current asset values

-no computation for year-on-year growth, return on equity,

Qualitative Aspects:

I like that Filinvest land has a diverse portfolio of land assets around Metro Manila. Personally, I like their Filinvest City in Muntinlupa as I always see their project "The Levels" growing taller by the day. I also like how they planned out Filinvest City. (Image not my own, courtesy to Filinvest)

I have also learned of a property they've developed in the mountains surrounding Metro Manila. In other countries, properties with sweeping views of the city usually demand a high price. I have also read that leisure properties are expected to gain popularity in the future as people are able to move away from the cities because of improvements in technology, and still make a living. The baby boomers in the US have also started to retire, and they say these people will start to look for retirement homes / leisure properties they can live in.

Of course these are just my personal views, and making predictions in future trends of land values are speculative. 

Note:

Those in red ink are my actual price valuations. You may buy below that price/those prices depending on your preference, how conservative you are/risk appetite. The higher the price the lesser the margin of safety.

Those in blue ink are averages which may, or may not be used as a guide to gauge future values.

Book Value/Total Equity: P 45,878,645,000

Shares Outstanding: 24,249,759,506 shares

-“In 2012 and 2011, there was no issuance of additional common shares.” –Note 26, page 58

-There were no changes in number of outstanding shares from 2010-2012, note 26, page 58

Book Value Per Share of Common: P 1.89

Less Preferred Stock

Has preferred stock worth P 80,000,000 of (8,000,000,000 shares par P 0.01)

-“As the dividend rate is yet to be determined by the BOD, there were no dividends in arrears on preferred shares as of Dec 31 2012, 2011 and 2010.” –Note 26, page 58

-Basing on the Dividend Declaration on note 26 and Consolidated Statements of Changes in Equity, the preferreds did not receive any dividend, only the common. This was determined by calculating the dividend per share times shares outstanding, and the total dividend for the common matched the figure of the aggregate dividend expense, leaving no room for preferred dividend.

Book Value/Total Equity of Common Net of Preferreds at Par: P 45,798,645,000

Book Value Per Share of Common Net of Preferreds at Par: P 1.888623

Net cash position:

Date	Net Cash Position
2012	Negative
2011	Negative

Current Ratio:

Date	Current Ratio (Current Assets: Current Liabilities)
2012	?

Net Current Asset Value Per Share:

Date	NCAVPS
2012	?

Earnings:

Date	Net Income	Earnings Per Share
2013
2012	3,431,436,000	0.14
2011	2,942,087,000	0.12
2010	2,952,359,000	0.12
2009	2,018,200,000	0.08
2008	1,867,000,000	0.08
2007	1,704,390,000	0.07

Average 5 year earnings per share: P 0.11

Stock Valuation Based on arbitrary Earnings Multiple: (Earningsx10) = P 1.10

                                                                                (Earningsx5) = P 0.55

Dividend Terms:

-Cash dividend payment ratio of 20% of its consolidated net income for the preceding year

Dividends from Fiscal Year	Dividends	As Percentage of Earnings Per Share
2012	0.048	34%
2011	0.047	39%
2010	0.039	32%
2009	0.033	41%

Dividend History:

-In the financial statements, they added the regular and special dividends to get the per share basis

Date	Cash Dividend	Stock Dividend
2013	0.048	-
2012	0.047	-
2011	0.039	-
2010	0.033	-

Average Dividend (4 years): 0.042

Price to Dividend Ratio (Average):

Stock Valuation based on arbitrary Dividend Multiple: (AverageDividendx10) = P 0.42

                                                                                (AverageDividendx5) = P 0.21

Sources:

PSE website, stock quote “FLI”

Filinvest Land Inc. Financial Statements/Annual Report 2012