The company is also on track to meet its earnings before interest, taxes, depreciation, and amortization margin target of 50%, Fitch Group’s CreditSights said in an analysis e-mailed to reporters on Wednesday.
The research firm expects Globe’s fourth-quarter earnings growth to be supported by “sustained subscriber demand and further moderation of fuel prices” from highs hit in the first half. Globe saw its nine-month attributable profit grow 37% to P24.9 billion from P18.2 billion previously. Total revenues for the period went up 3% to P130.2 billion from P126.4 billion in 2021. The growth was led by corporate data and mobile services, supplemented by the sustained growth from non-telco services.“Revenues and EBITDA rose 3% and 5% year on year respectively on the back of healthy mobile data and enterprise data demand,” it noted.
“We think valuations are attractive and have not fully priced in the company’s recent credit positives ,” CreditSights said. “While liquidity was tight , we draw comfort in Globe’s strong banking relationships that should allow for easier debt rollover and refinancing,” the research firm added. —
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