Union Bank of the Philippines

PSE:UBP Stock Report

Market Cap: ₱119.4b

Union Bank of the Philippines Valuation

Is UBP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of UBP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: UBP (₱36) is trading above our estimate of fair value (₱9.24)

Significantly Below Fair Value: UBP is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for UBP?

Key metric: As UBP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for UBP. This is calculated by dividing UBP's market cap by their current earnings.
What is UBP's PE Ratio?
PE Ratio12.5x
Earnings₱9.53b
Market Cap₱119.39b

Price to Earnings Ratio vs Peers

How does UBP's PE Ratio compare to its peers?

The above table shows the PE ratio for UBP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average43.2x
PTC Philippine Trust
152.1xn/a₱119.0b
CBC China Banking
7.1xn/a₱170.9b
SECB Security Bank
6.6x15.9%₱65.6b
RCB Rizal Commercial Banking
7.3xn/a₱60.1b
UBP Union Bank of the Philippines
12.5x28.8%₱119.4b

Price-To-Earnings vs Peers: UBP is good value based on its Price-To-Earnings Ratio (12.5x) compared to the peer average (43.2x).

Price to Earnings Ratio vs Industry

How does UBP's PE Ratio compare vs other companies in the Asian Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
UBP 12.5xIndustry Avg. 9.0xNo. of Companies78PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: UBP is expensive based on its Price-To-Earnings Ratio (12.5x) compared to the Asian Banks industry average (9x).

Price to Earnings Ratio vs Fair Ratio

What is UBP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

UBP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.5x
Fair PE Ratio9.2x

Price-To-Earnings vs Fair Ratio: UBP is expensive based on its Price-To-Earnings Ratio (12.5x) compared to the estimated Fair Price-To-Earnings Ratio (9.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst UBP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₱36.00
₱42.92
+19.2%
11.6%₱53.79₱39.00n/a6
Dec ’25₱36.80
₱43.45
+18.1%
12.3%₱55.00₱39.00n/a6
Nov ’25₱38.05
₱44.14
+16.0%
12.7%₱55.00₱39.00n/a5
Oct ’25₱39.05
₱43.94
+12.5%
12.9%₱55.00₱39.00n/a5
Sep ’25₱33.50
₱45.12
+34.7%
12.8%₱55.00₱39.00n/a6
Aug ’25₱36.00
₱45.12
+25.3%
12.8%₱55.00₱39.00n/a6
Jul ’25₱34.45
₱46.88
+36.1%
12.7%₱55.00₱39.00n/a6
Jun ’25₱33.65
₱47.52
+41.2%
11.4%₱55.00₱39.00n/a6
May ’25₱38.50
₱51.59
+34.0%
7.6%₱57.70₱47.00n/a6
Apr ’25₱45.25
₱52.43
+15.9%
6.3%₱57.70₱47.00n/a6
Mar ’25₱44.60
₱54.14
+21.4%
4.4%₱57.70₱51.00n/a5
Feb ’25₱44.50
₱52.39
+17.7%
7.9%₱59.05₱45.43n/a6
Jan ’25₱50.35
₱55.76
+10.7%
5.9%₱60.63₱51.85n/a6
Dec ’24₱44.69
₱59.36
+32.8%
9.5%₱68.50₱51.97₱36.806
Nov ’24₱46.85
₱60.02
+28.1%
9.1%₱68.50₱51.97₱38.056
Oct ’24₱50.79
₱64.11
+26.2%
14.2%₱82.28₱55.12₱39.056
Sep ’24₱53.78
₱68.87
+28.1%
15.3%₱82.91₱55.12₱33.506
Aug ’24₱58.58
₱69.92
+19.4%
14.3%₱82.91₱55.12₱36.006
Jul ’24₱58.98
₱71.43
+21.1%
15.4%₱87.40₱55.12₱34.456
Jun ’24₱62.05
₱73.12
+17.8%
15.5%₱87.40₱55.12₱33.655
May ’24₱65.28
₱74.13
+13.6%
14.6%₱87.40₱56.22₱38.505
Apr ’24₱66.97
₱74.94
+11.9%
16.0%₱87.40₱56.22₱45.254
Mar ’24₱69.02
₱73.66
+6.7%
14.6%₱82.91₱56.22₱44.604
Feb ’24₱76.38
₱73.93
-3.2%
14.0%₱82.91₱57.32₱44.504
Jan ’24₱67.80
₱73.74
+8.8%
13.8%₱85.04₱57.32₱50.354
Dec ’23₱62.99
₱73.74
+17.1%
13.8%₱85.04₱57.32₱44.694

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/31 01:32
End of Day Share Price 2024/12/27 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Union Bank of the Philippines is covered by 13 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Joahnna SorianoBofA Global Research
Alfred DyCLSA
Charles William AngCOL Financial Group, Inc