Fundamental Stock Valuation: "CDC" Cityland Development Corporation

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Inset: "In God We Trust."  is inscribed in most of their buildings all over Metro Manila.

Corporate Name: Cityland Development Corporation

Nature of Business: Organized in January 31, 1978, publicly listed in March 1983. The Company's primary purpose is to acquire and develop suitable land sites for residential, office, commercial, institutional, and industrial uses.

Its projects include medium to high-rise office, commercial, and residential condominiums located in cities of Makati, Mandaluyong, Manila and Pasig; and residential subdivisions and farmlots in Bulacan and Cavite.

Book Value Figures:

Capitalization Structure:

Capitalization Structure	2012	2011	2010
Debt	1,839,294,867	1,566,460,772	1,949,712,998
*Market Value of Preferred Stock	-	-	-
*Market Value of Common Stock	3,790,631,449
Total Capitalization	5,629,926,316

* based on average price

*Market Value of Preferred/Common Stock non-retroactive

** update as of 4th quarter 2013, one billion four hundred million worth of commercial papers / bonds / debt have been registered by the company

http://www.pse.com.ph/resource/disclosures/2013/pdf/dc2013-8427_CDC.pdf

Debt to Equity Ratio:

YEAR	DEBT	EQUITY	RATIO	PERCENTAGE
2012	1,839,294,867	4,920,844,343	0.37	37% debt
2011	1,566,460,772	4,601,113,985	0.34	34% debt
2010	1,949,712,998	4,276,898,289	0.46	46% debt

Common Stock:

Outstanding Shares: 3,401,848,735

END OF YEAR	OUTSTANDING SHARES	AVE. PRICE
2013	3,401,848,735
2012	3,239,855,939	1.17

Stockholders:

-Directors (24.15%)

-Officers (0.34%)

-Public (24.91%)

-Cityland, Inc. (50.42%)

-Cityplans, Inc. (0.06%)

-IITC as Trustee of Cityland Group Retirement Fund (0.13%)

Book Value Per Share (cash actually invested in the business):

YEAR	Book Value	Book Value Per Share (in Php)	Percentage Growth
2012	4,920,844,343	1.45	7%
2011	4,601,113,985	1.35	7%
2010	4,276,898,289	1.26

*Per Share data retroactive to stock dividends (Divide all previous Book Value figures by the latest year’s number of shares outstanding to adjust entire Per Share column.)

*Book Value attributable to the holders of the parent

Current-Asset Value/Liquidating Value Per Share (Cash, inventories, receivables net of total liabilities):

YEAR	Net Current-Asset Value	Net Current-Asset Value Per Share (in Php)
2012	3,465,501,016	1.02
2011	3,050,749,578	0.90
2010	2,708,937,495	0.80

*Including “Real Estate Properties for Sale” considered as inventory

*Per Share data retroactive to stock dividends (Divide all previous Net Current-Asset Value figures by the latest year’s number of shares outstanding to adjust entire Per Share column.)

Cash-Asset Value Per Share (Cash net of total liabilities):

YEAR	Net Cash-Asset Value	Net Cash-Asset Value Per Share (in Php)
2012	-323,590,733	-0.10
2011	-1,248,722,736	-0.37
2010	-2,396,592,445	-0.70

*Per Share data retroactive to stock dividends (Divide all previous Net Cash-Asset figures by the latest year’s number of shares outstanding to adjust entire Per Share column.)

Market Price Per Share (Average of previous year):

YEAR	Earned per share (as reported)	HIGH	LOW	AVERAGE
2012	0.12	1.36	0.97	1.17
2011	0.14	1.38	1.00	1.19
2010	0.14	1.88	0.75	1.32

* Per Share data retroactive to stock dividends

*Market prices take into account stock dividends for the previous years

Net Working Capital/Current Ratio (at least 2 current assets : 1  current liabilities):

YEAR	Current Ratio (assets for every liability)	REMARKS
2012	2.27	PASSED
2011	2.14	PASSED
2010	1.91	FAILED

>2 = passed

Acid Test (Current assets less inventories at least equal to current liabilities. ):

YEAR	ACID TEST	REMARKS
2012	1.73	PASSED
2011	1.54	PASSED
2010	1.35	PASSED

>1 = passed

Earnings Figures:

P/E ratio:

YEAR	AVE. PRICE	EPS	P/E
2012	1.17	0.12	9.75
2011	1.19	0.14	8.5
2010	1.32	0.14	9.43

* Per Share data retroactive to stock dividends

*Market prices take into account stock dividends for the year

Earnings per share:

YEAR	NET EARNINGS*	Earnings Per Share
2012	400,532,990	0.12
2011	441,337,900	0.14
2010	447,868,346	0.14
2009	513,099,506	0.16

*Per Share data retroactive to stock dividends (Divide all previous net earnings figures by the latest year’s number of shares outstanding to adjust entire EPS column.)

*Net Earnings attributable to holders of the parent

Earnings per share as a percentage of average market price (E/P):

YEAR	EPS	AVE. PRICE	Earnings as Percentage of Price
2012	0.12	1.17	10.26%
2011	0.14	1.19	11.76%
2010	0.14	1.32	10.60%

* Per Share data retroactive to stock dividends

*Market prices take into account stock dividends for the year

5-Year Average of Earnings per share:

5-Year low EPS:

5-Year high EPS:

Cash flow from operating activities:

YEAR	Cash flow from operating activities	Capital Expenditures	Free Cash Flow	Free Cash Flow Per Share
2012	691,262,168	6,331,288	684,930,880	0.20
2011	717,774,249	6,800,632	710,973,617	0.21
2010	839,916,810	2,136,562	837,780,248	0.25

*Capital Expenditures selected from “Cash flows from Investing Activities”

*Per share data retroactive to stock dividends (Divide all previous Free Cash Flow figures by latest year’s number of shares outstanding to adjust entire per share column.)

Sales as a Percentage of Inventories

YEAR	*INVENTORIES	*SALES	INVENTORY SALES
2012	1,470,772,832	1,421,385,193	96.6% sold
2011	1,591,546,671	1,574,293,008	98.9% sold
2010	1,669,928,812	1,454,122,153	87.1% sold

*Inventories for CDC are “Real Estate Properties for Sale” in the balance sheet

*Sales from “Sales of Real Estate Properties” from the Income Statement only

Net Profit Margin:

YEAR	REVENUES	NET INCOME	NET PROFIT MARGIN
2012	1,913,008,632	529,787,157	27.7%
2011	2,097,580,254	601,834,373	28.7%
2010	1,454,122,153	582,352,213	40.1%
2009	1,880,570,472	579,816,925	30.9%

Return on Equity:

YEAR	EQUITY	NET INCOME	RETURN ON EQUITY
2012	4,920,844,343	529,787,157	10.8%
2011	4,601,113,985	601,834,373	13%
2010	4,276,898,289	582,352,213	13.6%

Cash Dividends:

YEAR	EARNINGS PER SHARE	AVE. PRICE	DIVIDEND RATE	DIVIDEND YIELD*	DIVIDEND AS PERCENTAGE OF EARNINGS	DIVIDEND AS PERCENTAGE OF FREE CASHFLOW
2012	0.12	1.17	0.03	2.56% + 5% stock	25%	15%
2011	0.15	1.19	0.05	4.20% + 20% stock	33%	24%
2010	0.15	1.32	0.06	4.55% + 20% stock	40%	24%

*Dividend Yield based on average price

*Dividend yield and EPS non-retroactive to latest year’s number of shares outstanding. (no longer needs updating of entire EPS column)

QUARTERLY REPORTS

QUARTER             EQUITY (YTD)              REVENUES (Q)      NET INCOME (Q)     EPS (YTD) 

2013 Q3           P 5,188,446,343          P 377,922,964     P 105,154,649          P 0.104