Emperador Valuation

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

EMI (SGD0.42) is trading below our estimate of [[fair value]] (SGD0.49)

Is EMI 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 EMI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EMI (SGD0.42) is trading below our estimate of fair value (SGD0.49)

Significantly Below Fair Value: EMI is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for EMI. This is calculated by dividing EMI's market cap by their current earnings.
What is EMI's PE Ratio?
PE Ratio	42.7x
Earnings	₱6.71b
Market Cap	₱286.40b

EMI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	5x
Enterprise Value/EBITDA	26.5x
PEG Ratio	1.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for EMI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	11.8x
Y92 Thai Beverage	12.7x	8.0%	S$13.1b
E5H Golden Agri-Resources	15.2x	55.0%	S$3.4b
EB5 First Resources	9.9x	5.8%	S$2.4b
F34 Wilmar International	9.3x	5.9%	S$19.4b
EMI Emperador	42.7x	26.5%	S$286.4b

Price-To-Earnings vs Peers: EMI is expensive based on its Price-To-Earnings Ratio (42.7x) compared to the peer average (11.8x).

Price to Earnings Ratio vs Industry

How does EMI's PE Ratio compare vs other companies in the Asian Beverage Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: EMI is expensive based on its Price-To-Earnings Ratio (42.7x) compared to the Asian Beverage industry average (18.7x).

Price to Earnings Ratio vs Fair Ratio

What is EMI'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.

EMI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	42.7x
Fair PE Ratio	15.6x

Price-To-Earnings vs Fair Ratio: EMI is expensive based on its Price-To-Earnings Ratio (42.7x) compared to the estimated Fair Price-To-Earnings Ratio (15.6x).

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 EMI forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	S$0.41	S$0.37 -11.7%	17.0%	S$0.46	S$0.26	n/a	7
Nov ’25	S$0.42	S$0.37 -13.8%	17.0%	S$0.46	S$0.26	n/a	7
Oct ’25	S$0.43	S$0.37 -14.8%	17.0%	S$0.46	S$0.26	n/a	7
Sep ’25	S$0.43	S$0.38 -12.5%	19.1%	S$0.50	S$0.25	n/a	8
Aug ’25	S$0.42	S$0.40 -6.4%	23.1%	S$0.55	S$0.25	n/a	8
Jul ’25	S$0.43	S$0.40 -6.6%	21.7%	S$0.55	S$0.25	n/a	9
Jun ’25	S$0.43	S$0.43 +1.0%	17.4%	S$0.56	S$0.33	n/a	8
May ’25	S$0.42	S$0.47 +10.0%	18.2%	S$0.57	S$0.34	n/a	7
Apr ’25	S$0.42	S$0.48 +11.9%	16.7%	S$0.58	S$0.34	n/a	8
Mar ’25	S$0.51	S$0.47 -7.6%	17.0%	S$0.58	S$0.34	n/a	9
Feb ’25	S$0.51	S$0.47 -7.6%	17.0%	S$0.58	S$0.34	n/a	9
Jan ’25	S$0.53	S$0.49 -8.4%	14.5%	S$0.58	S$0.36	n/a	8
Dec ’24	S$0.52	S$0.49 -5.5%	14.8%	S$0.58	S$0.36	n/a	8
Nov ’24	S$0.51	S$0.49 -3.6%	14.8%	S$0.58	S$0.36	S$0.42	8
Oct ’24	S$0.51	S$0.49 -4.7%	14.8%	S$0.58	S$0.36	S$0.43	8
Sep ’24	S$0.51	S$0.49 -3.9%	15.2%	S$0.58	S$0.36	S$0.43	8
Aug ’24	S$0.52	S$0.49 -4.4%	15.3%	S$0.58	S$0.36	S$0.42	8
Jul ’24	S$0.52	S$0.49 -5.9%	15.2%	S$0.59	S$0.35	S$0.43	8
Jun ’24	S$0.51	S$0.45 -12.0%	18.5%	S$0.58	S$0.35	S$0.43	8
May ’24	S$0.51	S$0.45 -10.1%	18.5%	S$0.59	S$0.35	S$0.42	8
Apr ’24	S$0.51	S$0.45 -10.1%	18.5%	S$0.59	S$0.35	S$0.42	8
Mar ’24	S$0.51	S$0.45 -11.4%	18.2%	S$0.58	S$0.35	S$0.51	8
Feb ’24	S$0.49	S$0.45 -8.7%	18.2%	S$0.58	S$0.35	S$0.51	8
Jan ’24	S$0.51	S$0.44 -13.7%	19.4%	S$0.58	S$0.35	S$0.53	7
Dec ’23	S$0.48	S$0.45 -7.5%	18.2%	S$0.58	S$0.35	S$0.52	8
Nov ’23	S$0.48	S$0.44 -8.5%	18.3%	S$0.56	S$0.34	S$0.51	8

Analyst Forecast: Target price is lower than the current share price.

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