Max's Group, Inc.

(PSE:MAXS) > Financials > Key Stats

In Millions of the trading currency, except per share items. Currency: Trading Currency Conversion: Historical
Order: Latest on Right Units: S&P Capital IQ (Default)
Decimals: Capital IQ (Default) Dilution: Basic

Key Financials¹
LTM²
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months†
Dec-31-2019A Dec-31-2020A Dec-31-2021A Dec-31-2022A Jun-30-2023A Dec-31-2023E
Currency PHP PHP PHP PHP PHP PHP

Total Revenue 14,401.3 7,143.8 7,639.8 10,983.2 11,850.0 11,173.67

Growth Over Prior Year 5.3% (50.4%) 6.9% 43.8% 31.6% 1.73%

Gross Profit 3,923.7 1,030.6 2,330.5 3,769.6 3,934.3 -

Margin % 27.2% 14.4% 30.5% 34.3% 33.2% 33.20%

EBITDA 1,294.5 (898.1) 348.9 1,473.5 1,472.5 1,718.85

Margin % 9.0% (12.6%) 4.6% 13.4% 12.4% 15.38%

EBIT 785.0 (1,364.6) (43.9) 1,078.3 1,097.4 1,238.91

Margin % 5.5% (19.1%) (0.6%) 9.8% 9.3% 11.09%

Earnings from Cont. Ops. 724.2 (1,681.4) 451.0 621.7 586.4 -

Margin % 5.0% (23.5%) 5.9% 5.7% 4.9% -

Net Income 721.0 (1,675.2) 450.1 618.1 582.8 707.04

Margin % 5.0% (23.4%) 5.9% 5.6% 4.9% 6.33%

Diluted EPS Excl. Extra Items³ 0.92 (2.15) 0.58 0.79 0.74 0.91
Growth Over Prior Year 16.3% NM NM 37.3% 70.3% 13.75%

Currency PHP PHP PHP PHP PHP PHP

Exchange Rate 1.0 1.0 1.0 1.0 1.0 1.0
Conversion Method H H H H H S

¹All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages.
²Growth rates for the LTM period are calculated against the LTM period ending 12 months before.
³All forward period figures are consensus mean estimates provided by the brokers and may not be on a comparable basis as financials.
†Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on the Estimates Consensus page.
Growth Rates are calculated in originally reported currency only and will not reflect any currency conversion selected above.

Current Capitalization (Millions of PHP)

Currency PHP
Share Price 4.2
Shares Out. 779.4

Market Capitalization 3,273.5

- Cash & Short Term Investments 1,728.3
+ Total Debt 5,544.7
+ Pref. Equity -
+ Total Minority Interest (52.2)
- Long Term Marketable Securities -
= Total Enterprise Value (TEV) 7,037.8

Book Value of Common Equity 5,200.0

+ Pref. Equity -
+ Total Minority Interest (52.2)
+ Total Debt 5,544.7
= Total Capital 10,692.6

**For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company level
market capitalization. Please click on the value to see the detailed
calculation. Prices shown on this page are the close price of the
company’s primary stock class. Shares shown on this page are total
company as-reported share values.

Total Liability includes Total Debt, Minority Interest and Pref. Equity.
Net Liability includes Total Liability, net of Cash and Short Term Investments.
TEV includes Market Cap and Net Liability.
Total Capital includes Common Equity and Total Liability.

Valuation Multiples based on Current Capitalization

LTM
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months
Dec-31-2022A Jun-30-2023A Dec-31-2023E Dec-31-2024E Dec-31-2025E
TEV/Total Revenue 0.7x 0.6x 0.63x 0.54x 0.51x

TEV/EBITDA 3.6x 3.4x 4.12x 3.43x 3.38x

TEV/EBIT 6.8x 6.4x 5.71x 5.62x 4.50x

P/Diluted EPS Before Extra 5.3x 5.7x 4.67x 4.15x 3.54x

P/BV 0.6x 0.6x 0.39x 0.36x 0.33x

Price/Tang BV 10.0x 8.3x - - -

 12 months 12 months
Dec-31-2024E Dec-31-2025E
PHP PHP

13,070.07 13,911.63
16.97% 6.44%

- -
33.30% -

2,065.75 2,090.67
15.81% 15.03%

1,258.51 1,573.63
9.63% 11.31%

- -
- -

817.88 940.1
6.26% 6.76%

1.03 1.2
12.64% 17.07%

PHP PHP
1.0 1.0
S S
Max's Group, Inc. (PSE:MAXS) > Financials > Income Statement
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)
Source: Capital IQ & Proprieta

Income Statement
Reclassified Reclassified LTM
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022 Jun-30-2023
Currency PHP PHP PHP PHP PHP PHP

Revenue 13,682.7 14,401.3 7,143.8 7,639.8 10,983.2 11,850.0

Other Revenue - - - - - -
Total Revenue 13,682.7 14,401.3 7,143.8 7,639.8 10,983.2 11,850.0

Cost Of Goods Sold 10,033.4 10,477.6 6,113.2 5,309.3 7,213.6 7,915.7

Gross Profit 3,649.3 3,923.7 1,030.6 2,330.5 3,769.6 3,934.3

Selling General & Admin Exp. 2,654.1 3,048.0 2,349.3 2,328.4 2,602.6 2,778.6
R & D Exp. - - - - - -
Depreciation & Amort. - - - - - -
Other Operating Expense/(Income) 85.3 90.7 45.9 46.0 88.7 58.3

Other Operating Exp., Total 2,739.4 3,138.8 2,395.2 2,374.5 2,691.3 2,837.0

Operating Income 909.9 785.0 (1,364.6) (43.9) 1,078.3 1,097.4

Interest Expense (160.5) (320.4) (345.8) (275.0) (288.8) (304.8)

Interest and Invest. Income 1.9 1.7 1.1 0.4 1.3 1.2
Net Interest Exp. (158.6) (318.7) (344.7) (274.5) (287.5) (303.6)

Other Non-Operating Inc. (Exp.) 146.3 202.3 100.3 92.5 20.6 20.6
EBT Excl. Unusual Items 897.6 668.6 (1,609.0) (226.0) 811.4 814.4

Restructuring Charges - - (1,038.0) - - -

Impairment of Goodwill - - - - - -
Gain (Loss) On Sale Of Assets 18.0 327.6 4.5 439.1 (30.3) 30.9
Asset Writedown - - - - (41.1) (41.1)
Other Unusual Items - - 358.1 321.5 115.0 32.6
EBT Incl. Unusual Items 915.6 996.2 (2,284.4) 534.7 855.0 836.8

Income Tax Expense 284.4 272.0 (603.0) 83.7 233.3 250.4

Earnings from Cont. Ops. 631.1 724.2 (1,681.4) 451.0 621.7 586.4
Earnings of Discontinued Ops. - - - - - -
Extraord. Item & Account. Change - - - - - -
Net Income to Company 631.1 724.2 (1,681.4) 451.0 621.7 586.4

Minority Int. in Earnings (11.4) (3.3) 6.1 (0.9) (3.6) (3.6)

Net Income 619.7 721.0 (1,675.2) 450.1 618.1 582.8

Pref. Dividends and Other Adj. - - - - - -

NI to Common Incl Extra Items 619.7 721.0 (1,675.2) 450.1 618.1 582.8
NI to Common Excl. Extra Items 619.7 721.0 (1,675.2) 450.1 618.1 582.8

Per Share Items

Basic EPS 0.79 0.92 (2.15) 0.58 0.79 0.75
Basic EPS Excl. Extra Items 0.79 0.92 (2.15) 0.58 0.79 0.75
Weighted Avg. Basic Shares Out. 780.2 780.1 779.4 779.4 779.4 779.4

Diluted EPS 0.79 0.92 (2.15) 0.58 0.79 0.74

Diluted EPS Excl. Extra Items 0.79 0.92 (2.15) 0.58 0.79 0.74
Weighted Avg. Diluted Shares Out. 780.2 780.1 779.4 779.4 779.4 779.4

Normalized Basic EPS 0.7 0.53 (1.28) (0.18) 0.65 0.65

Normalized Diluted EPS 0.7 0.53 (1.28) (0.18) 0.65 0.65

Dividends per Share 0.15 0.18 NA NA 0.19 0.19

Payout Ratio % 18.2% 15.7% NM NA NA 34.3%

Supplemental Items
EBITDA 1,416.8 1,294.5 (898.1) 348.9 1,473.5 1,472.5
EBITA 962.0 836.1 (1,313.0) (9.7) 1,113.5 1,121.8
EBIT 909.9 785.0 (1,364.6) (43.9) 1,078.3 1,097.4
EBITDAR 2,861.1 1,831.7 (574.9) 558.1 1,904.5 NA
As Reported Total Revenue* 13,682.7 14,401.3 7,143.8 7,639.8 10,983.2 11,850.0
Effective Tax Rate % 31.1% 27.3% NM 15.7% 27.3% 29.9%
Total Current Taxes 269.8 272.1 19.9 45.4 122.8 251.6
Total Deferred Taxes 14.6 (0.1) (622.9) 38.4 110.5 (1.2)

Normalized Net Income 549.6 414.6 (999.5) (142.1) 503.6 505.4

Interest Capitalized NA 23.5 NA 54.6 NA NA
Interest on Long Term Debt 58.6 196.5 290.1 242.3 232.0 NA
Non-Cash Pension Expense (15.2) (2.6) (71.3) (17.5) 34.4 -
Filing Date May-12-2021 Apr-13-2022 Mar-30-2023 Mar-30-2023 Mar-30-2023 Aug-14-2023
Restatement Type NC NC RC RC O O
Calculation Type REP REP REP REP REP LTM

Supplemental Operating Expense Items

Selling and Marketing Exp. 400.2 544.9 273.1 239.8 306.2 370.4
General and Administrative Exp. 2,097.0 2,362.0 1,968.7 1,996.4 2,222.7 2,334.6
R&D Exp. 26.5 23.4 NA NA NA NA
Net Rental Exp. 1,444.3 537.2 323.1 209.3 430.9 NA
Imputed Oper. Lease Interest Exp. 470.5 273.1 130.0 86.0 166.8 -
Imputed Oper. Lease Depreciation 973.9 264.0 193.1 123.3 264.2 -
Maintenance & Repair Exp. 194.9 207.1 109.0 120.2 155.1 NA

* Occasionally, certain items classified as Revenue by the company will be re-classified as other income if it is deemed to be non-recurring and unrelated to the core business of the firm. This field shows Total Revenue exa
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.
Revenue exactly as reported by the firm on its consolidated statement of income.
Max's Group, Inc. (PSE:MAXS) > Financials > Balance Sheet
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)
Source: Capital IQ & Proprieta

Balance Sheet
Balance Sheet as of: Restated
Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022 Jun-30-2023
Currency PHP PHP PHP PHP PHP PHP
ASSETS
Cash And Equivalents 703.2 888.5 882.3 1,080.6 1,699.7 1,728.3
Total Cash & ST Investments 703.2 888.5 882.3 1,080.6 1,699.7 1,728.3

Accounts Receivable 38.8 82.3 445.7 63.6 126.6 985.6

Other Receivables 844.5 1,242.1 833.7 1,139.7 1,036.6 -
Total Receivables 883.2 1,324.4 1,279.4 1,203.3 1,163.3 985.6

Inventory 717.4 719.0 443.6 667.7 890.6 826.9

Prepaid Exp. 186.4 164.6 28.5 43.4 84.0 411.2
Other Current Assets 158.0 121.6 176.9 210.6 221.8 52.5
Total Current Assets 2,648.3 3,218.2 2,810.7 3,205.6 4,059.4 4,004.5

Gross Property, Plant & Equipment 7,417.0 11,867.9 11,891.6 11,555.9 11,632.7 11,804.8
Accumulated Depreciation (4,072.1) (5,282.9) (6,576.7) (6,756.4) (7,307.9) (7,750.9)
Net Property, Plant & Equipment 3,344.8 6,585.0 5,314.9 4,799.5 4,324.8 4,053.9

Goodwill 1,964.4 1,964.4 1,964.4 1,964.4 1,964.4 1,964.4

Other Intangibles 2,989.5 2,957.0 2,930.8 2,910.5 2,865.1 2,842.6
Deferred Tax Assets, LT 351.4 401.2 1,088.4 787.8 668.8 737.9
Other Long-Term Assets 1,582.3 1,652.9 1,265.6 1,041.9 1,131.1 911.2
Total Assets 12,880.7 16,778.7 15,374.8 14,709.7 15,013.6 14,514.4

LIABILITIES
Accounts Payable 636.7 703.8 657.9 751.2 605.6 231.1
Accrued Exp. 709.3 690.4 1,040.5 1,283.5 1,395.2 1,430.2
Short-term Borrowings 2,606.4 920.6 1,664.4 830.4 - -
Curr. Port. of LT Debt - - 407.0 576.5 330.0 330.0
Curr. Port. of Leases - 465.6 533.8 529.8 219.3 290.3
Curr. Income Taxes Payable 83.7 83.7 11.2 2.4 22.1 76.3
Unearned Revenue, Current 138.3 221.3 222.1 185.2 252.8 158.6
Other Current Liabilities 800.9 767.3 1,361.5 826.5 718.9 853.6
Total Current Liabilities 4,975.3 3,852.7 5,898.3 4,985.5 3,543.9 3,370.0

Long-Term Debt 1,178.1 3,104.5 2,497.6 3,089.1 4,142.8 4,142.8

Long-Term Leases - 2,545.3 1,612.5 1,088.9 1,132.7 781.6
Unearned Revenue, Non-Current 86.0 49.8 47.3 64.3 58.3 54.0
Pension & Other Post-Retire. Benefits 129.5 359.1 623.2 313.6 305.0 336.1
Def. Tax Liability, Non-Curr. 942.7 965.0 929.5 717.9 727.6 681.9
Other Non-Current Liabilities 81.9 3.1 - - - -
Total Liabilities 7,393.5 10,879.4 11,608.3 10,259.4 9,910.4 9,366.5

Common Stock 1,087.1 1,087.1 1,087.1 1,087.1 1,087.1 1,087.1

Additional Paid In Capital 5,353.3 5,353.3 5,353.3 5,353.3 5,353.3 5,353.3
Retained Earnings 1,835.0 2,442.7 631.0 1,081.1 1,699.2 1,744.6
Treasury Stock (2,610.0) (2,610.8) (2,618.2) (2,618.2) (2,618.2) (2,618.2)
Comprehensive Inc. and Other (127.6) (325.8) (629.7) (396.8) (365.7) (366.7)
Total Common Equity 5,537.7 5,946.4 3,823.5 4,506.4 5,155.7 5,200.0

Minority Interest (50.5) (47.2) (57.0) (56.1) (52.5) (52.2)

Total Equity 5,487.2 5,899.2 3,766.5 4,450.3 5,103.1 5,147.9

Total Liabilities And Equity 12,880.7 16,778.7 15,374.8 14,709.7 15,013.6 14,514.4

Supplemental Items
Total Shares Out. on Filing Date 780.2 780.1 779.4 779.4 779.4 779.4
Total Shares Out. on Balance Sheet Date 780.2 780.1 779.4 779.4 779.4 779.4
Book Value/Share 7.1 7.62 4.91 5.78 6.61 6.67
Tangible Book Value 583.8 1,025.1 (1,071.7) (368.5) 326.2 393.1
Tangible Book Value/Share 0.75 1.31 (1.38) (0.47) 0.42 0.5
Total Debt 3,784.4 7,036.0 6,715.1 6,114.7 5,824.8 5,544.7
Net Debt 3,081.2 6,147.4 5,832.8 5,034.1 4,125.1 3,816.4
Debt Equiv. of Unfunded Proj. Benefit Obligation (187.1) 192.3 623.2 291.6 247.9 NA
Debt Equivalent Oper. Leases 11,554.6 4,297.4 2,585.1 1,674.2 3,447.3 NA
Total Minority Interest (50.5) (47.2) (57.0) (56.1) (52.5) (52.2)
Inventory Method Avg Cost Avg Cost Avg Cost Avg Cost Avg Cost NA
Finished Goods Inventory 493.0 541.8 284.3 447.2 648.4 NA
Other Inventory Accounts 88.9 103.2 80.9 128.5 138.9 NA
Land 206.1 193.4 194.1 194.1 194.1 194.1
Buildings 260.2 69.2 83.0 1,462.8 1,469.5 1,456.2
Machinery 3,066.1 3,220.9 3,103.1 3,121.4 3,008.0 3,073.9
Construction in Progress 258.9 842.6 1,292.8 40.5 59.1 71.0
Leasehold Improvements 3,625.7 3,779.3 3,908.9 3,752.0 3,597.6 3,677.8
Full Time Employees NA 9,905 5,646 NA NA NA
Accum. Allowance for Doubtful Accts 491.4 502.7 NA 559.7 560.0 559.9
Filing Date May-12-2021 Apr-13-2022 Mar-30-2023 Mar-30-2023 Mar-30-2023 Aug-14-2023
Restatement Type NC NC RS NC O O
Calculation Type RUP RUP RUP REP REP REP

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.
Max's Group, Inc. (PSE:MAXS) > Financials > Cash Flow
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)
Source: Capital IQ & Proprieta

Cash Flow
LTM
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022 Jun-30-2023
Currency PHP PHP PHP PHP PHP PHP

Net Income 619.7 721.0 (1,675.2) 450.1 618.1 582.8

Depreciation & Amort. 454.8 1,333.3 1,163.5 949.4 940.5 963.8
Amort. of Goodwill and Intangibles 52.1 51.1 51.6 34.3 35.2 24.5
Depreciation & Amort., Total 506.9 1,384.4 1,215.1 983.7 975.7 988.2

Other Amortization 0.8 0.9 2.6 21.8 23.7 34.1

(Gain) Loss From Sale Of Assets (18.0) (327.6) (4.5) (439.1) 30.3 (30.9)
Asset Writedown & Restructuring Costs - 11.3 1,038.0 - 41.1 41.1
Other Operating Activities 37.1 125.8 (888.4) (260.4) 55.7 (13.0)
Change in Acc. Receivable (139.5) (217.2) 231.9 (75.7) (121.1) (135.1)
Change In Inventories 7.2 (63.1) 279.8 (210.5) (211.6) (103.1)
Change in Acc. Payable 292.3 108.7 256.2 434.2 (72.6) (299.3)
Change in Unearned Rev. (28.1) (36.2) (2.4) (12.8) (7.1) (7.1)
Change in Other Net Operating Assets (50.8) 107.3 36.1 (18.0) (46.8) (27.0)
Cash from Ops. 1,227.6 1,815.3 488.9 873.2 1,285.3 1,030.5

Capital Expenditure (727.5) (1,119.5) (630.5) (379.7) (210.8) (320.6)

Sale of Property, Plant, and Equipment 79.4 437.9 8.6 170.6 227.7 227.7
Cash Acquisitions - - - - - -
Divestitures - - 320.0 - - 115.0
Sale (Purchase) of Intangible assets (17.2) (18.6) (54.3) (33.3) (11.2) (9.3)
Invest. in Marketable & Equity Securt. - - - - - -
Net (Inc.) Dec. in Loans Originated/Sold - - - - - -
Other Investing Activities (100.6) (111.2) (17.4) 0.3 (85.1) (56.4)
Cash from Investing (765.8) (811.3) (373.5) (242.2) (79.4) (43.6)

Short Term Debt Issued 90.9 - 852.9 - - -

Long-Term Debt Issued - 1,926.4 2.6 1,231.0 1,467.5 -
Total Debt Issued 90.9 1,926.4 855.5 1,231.0 1,467.5 1,467.5
Short Term Debt Repaid - (1,685.7) (109.1) (834.0) (830.4) -
Long-Term Debt Repaid (405.6) (945.3) (720.4) (829.8) (1,223.9) -
Total Debt Repaid (405.6) (2,631.1) (829.6) (1,663.8) (2,054.2) (2,039.7)
Repurchase of Common Stock - (0.8) (7.4) - - -

Common Dividends Paid (112.9) (113.2) (140.2) - - (200.0)

Total Dividends Paid (112.9) (113.2) (140.2) - - (200.0)

Special Dividend Paid - - - - - -

Other Financing Activities - - - - - -
Cash from Financing (427.5) (818.7) (121.6) (432.8) (586.7) (772.2)

Net Change in Cash 34.2 185.3 (6.2) 198.2 619.2 214.7

Supplemental Items
Cash Interest Paid 151.8 223.7 173.3 168.9 196.1 221.2
Cash Taxes Paid 266.8 245.2 73.5 115.3 178.2 254.9
Levered Free Cash Flow 619.0 250.6 692.0 (47.9) 982.1 746.2
Unlevered Free Cash Flow 718.5 449.9 905.5 121.4 1,159.0 933.2
Change in Net Working Capital (387.7) 287.1 (1,228.0) 441.1 288.7 441.5
Net Debt Issued (314.7) (704.6) 25.9 (432.8) (586.7) (572.2)
Filing Date May-12-2021 Apr-13-2022 Mar-30-2023 Mar-30-2023 Mar-30-2023 Aug-14-2023
Restatement Type NC NC NC NC O O
Calculation Type REP REP REP REP REP LTM
Max's Group, Inc. (PSE:MAXS) > Financials > Multiples
View: Data Frequency: Quarterly
Order: Latest on Right Decimals: Capital IQ (Default)
Dilution: Basic

In Millions of the reported currency, except per share items.

For Quarter Ending Mar-31-2022 Jun-30-2022 Sep-30-2022 Dec-29-2022 Mar-31-2023

TEV/LTM Total Revenue Average 1.45x 1.18x 0.98x 0.82x 0.79x
High 1.49x 1.44x 1.09x 0.88x 0.83x
Low 1.40x 1.00x 0.86x 0.76x 0.72x
Close 1.43x 1.02x 0.87x 0.78x 0.72x

TEV/NTM Total Revenues Average 1.30x - - 0.75x 0.72x

High 1.35x - - 0.79x 0.74x
Low 1.25x - - 0.72x 0.68x
Close 1.27x - - 0.70x 0.68x

TEV/LTM EBITDA Average 15.31x 10.61x 8.65x 5.89x 4.69x

High 15.82x 15.22x 9.82x 7.62x 4.88x
Low 14.86x 9.03x 7.45x 4.48x 3.86x
Close 15.10x 9.21x 7.49x 4.63x 3.86x

TEV/NTM EBITDA Average 8.09x - - 5.68x 5.10x

High 8.89x - - 6.14x 5.31x
Low 7.74x - - 5.11x 4.65x
Close 8.11x - - 5.04x 4.65x

TEV/LTM EBIT Average NM 168.60x 87.10x 15.37x 10.65x

High NM 177.92x 170.29x 21.75x 11.14x
Low NM 156.55x 21.26x 10.22x 7.35x
Close NM 159.60x 21.37x 10.57x 7.36x

TEV/NTM EBIT Average 26.52x - - 10.43x 9.90x

High 35.63x - - 10.92x 10.31x
Low 24.46x - - 9.96x 8.68x
Close 27.51x - - 9.78x 8.69x

P/LTM EPS Average NM 20.95x 17.59x 7.88x 6.13x

High NM 29.37x 26.84x 10.96x 6.58x
Low NM 9.82x 10.43x 5.50x 5.81x
Close NM 23.29x 10.54x 5.91x 6.25x

P/NTM EPS Average 14.05x - - 5.92x 6.03x

High 15.20x - - 6.52x 6.50x
Low 13.04x - - 5.34x 5.35x
 Close 14.67x - - 5.84x 5.36x

P/LTM Normalized EPS Average NM NM 36.11x 19.33x 11.29x

High NM NM 38.74x 31.38x 12.26x
Low NM NM 29.87x 10.25x 7.66x
Close NM NM 30.20x 11.02x 7.68x

P/BV Average 1.30x 0.99x 0.85x 0.75x 0.80x

High 1.38x 1.28x 0.96x 0.82x 0.86x
Low 1.22x 0.76x 0.73x 0.69x 0.75x
Close 1.26x 0.79x 0.75x 0.77x 0.75x

P/Tangible BV Average NM NM NM 45.31x 45.67x

High NM NM NM 47.93x 50.25x
Low NM NM NM 42.01x 11.83x
Close NM NM NM 45.16x 11.85x

P/NTM CFPS Average 5.04x - - 2.80x 3.00x

High 5.45x - - 3.09x 3.23x
Low 4.70x - - 2.52x 2.85x
Close 4.94x - - 2.90x 2.93x

TEV/LTM Unlevered FCF Average 18.67x 30.60x 7.55x 6.89x 6.99x

High 19.29x 81.46x 7.95x 7.13x 7.25x
Low 18.12x 7.31x 6.97x 6.65x 6.82x
Close 18.41x 7.45x 7.01x 6.88x 6.85x

Market Cap/LTM Levered FCF Average 14.00x 6.07x 4.21x 3.80x 4.05x
High 14.93x 13.83x 4.85x 4.15x 4.35x
Low 13.17x 3.71x 3.57x 3.47x 3.84x
Close 13.61x 3.87x 3.78x 3.91x 3.94x

Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to neg

When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period end date

Historical Equity Pricing Data supplied by Interactive Data Pricing and

Reference Data LLC
Jun-30-2023 Sep-14-2023
0.69x 0.65x
0.72x 0.70x
0.67x 0.59x
0.67x 0.60x

0.73x 0.69x
0.77x 0.75x
0.66x 0.63x
0.74x 0.63x

3.77x 3.63x
3.84x 3.88x
3.69x 3.37x
3.71x 3.39x

5.44x 4.71x
5.87x 5.75x
4.50x 4.09x
5.66x 4.12x

6.98x 6.72x
7.32x 7.04x
6.70x 6.41x
6.73x 6.45x

9.60x 7.04x
10.20x 9.99x
8.41x 5.68x
9.84x 5.71x

5.74x 5.74x
6.18x 6.16x
5.37x 5.39x
5.41x 5.72x

5.43x 5.11x
5.78x 5.53x
5.01x 4.62x
 5.34x 4.67x

6.77x 6.55x
7.58x 7.06x
6.11x 6.13x
6.16x 6.55x

0.72x 0.70x
0.76x 0.78x
0.70x 0.63x
0.70x 0.64x

14.81x 13.83x
18.34x 18.71x
10.99x 8.33x
16.96x 8.43x

2.78x 2.94x
2.91x 3.32x
2.66x 2.67x
2.69x 2.81x

7.91x 8.37x
9.04x 9.13x
6.61x 7.54x
8.72x 7.58x

4.51x 4.89x
5.33x 5.44x
3.65x 4.39x
4.93x 4.44x

ul, due to negative values, then they will not be displayed in the chart.

eriod end date.

Max's Group, Inc. (PSE:MAXS) > Financials > Historical Capitalization
In Millions of the trading currency, except per share items. Frequency: Quarterly Order: Latest on Right
Currency: Trading Currency Conversion: Historical
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)
Dilution: Basic

Historical Capitalization
Balance Sheet as of:
Mar-31-2022 Jun-30-2022 Sep-30-2022 Dec-31-2022 Mar-31-2023 Jun-30-2023
Pricing as of* May-13-2022 Aug-12-2022 Nov-11-2022 Mar-30-2023 May-15-2023 Aug-14-2023
Currency PHP PHP PHP PHP PHP PHP
Capitalization Detail
Share Price 5.66 5.6 4.69 4.95 4.76 4.51
Shares Out. 779.4 779.4 779.4 779.4 779.4 779.4

Market Capitalization 4,411.5 4,364.7 3,655.5 3,858.1 3,710.0 3,515.2

- Cash & Short Term Investments 1,312.8 1,513.6 1,543.4 1,699.7 1,517.8 1,728.3
+ Total Debt 5,931.1 5,780.3 5,701.2 5,824.8 5,835.1 5,544.7
+ Pref. Equity - - - - - -
+ Total Minority Interest (56.1) (55.7) (55.2) (52.5) (52.2) (52.2)
- Long Term Marketable Securities - - - - - -
= Total Enterprise Value (TEV) 8,973.8 8,575.6 7,758.1 7,930.6 7,975.1 7,279.4

Book Value of Common Equity 4,528.4 4,774.2 4,927.4 5,155.7 5,029.4 5,200.0
+ Pref. Equity - - - - - -
+ Total Minority Interest (56.1) (55.7) (55.2) (52.5) (52.2) (52.2)
+ Total Debt 5,931.1 5,780.3 5,701.2 5,824.8 5,835.1 5,544.7
= Total Capital 10,403.4 10,498.7 10,573.4 10,927.9 10,812.4 10,692.6

* Pricing as of the filing date of the balance sheet period end date. For
TEV calculation purposes on this page Capital IQ only uses balance
sheet components from the original filing that is publicly available as of
a given pricing date and does not use restated balance sheet data
from a later filing. In the cases where a company did not disclose
balance sheet values for a particular period, TEV is calculated using
balance sheet components from the last reported balance sheet as of
this date. The table above is organized along period end dates.

** For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company level
market capitalization. Please click on the value to see the detailed
calculation. Prices shown on this page are the close price of the
company’s primary stock class. Shares shown on this page are total
company as-reported share values.
Historical Equity Pricing Data supplied by Interactive Data Pricing and
Reference Data LLC
Max's Group, Inc. (PSE:MAXS) > Financials > Capital Structure Summary
In Millions of the reported currency, except ratios and % of Total
values. Restatement: Latest Filings Period Type: Annual
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)
Order: Latest on Right

Capital Structure Data

For the Fiscal Period Ending
12 months Dec-31-2021 12 months Dec-31-2022 3 months Jun-30-2023
Currency PHP PHP PHP
Units Millions % of Total Millions % of Total Millions % of Total

Total Debt 6,114.7 57.9% 5,824.8 53.3% 5,544.7 51.9%

Total Common Equity 4,506.4 42.7% 5,155.7 47.2% 5,200.0 48.6%
Total Minority Interest (56.1) (0.5%) (52.5) (0.5%) (52.2) (0.5%)
Total Capital 10,565.0 100.0% 10,927.9 100.0% 10,692.6 100.0%

Debt Summary Data

For the Fiscal Period Ending
12 months Dec-31-2021 12 months Dec-31-2022 3 months Jun-30-2023
Currency PHP PHP PHP
Units Millions % of Total Millions % of Total Millions % of Total

Total Revolving Credit 280.0 4.6% 0 0.0% - -

Total Term Loans 4,291.7 70.2% 4,698.5 80.7% - -
Total Lease Liabilities 1,618.7 26.5% 1,352.0 23.2% - -
Total Principal Due 6,190.4 101.2% 6,050.5 103.9% - -

Total Adjustments (75.7) (1.2%) (225.7) (3.9%) - -

Total Debt Outstanding 6,114.7 100.0% 5,824.8 100.0% 5,544.7 100.0%

Additional Totals
Total Cash & ST Investments 1,080.6 - 1,699.7 - 1,728.3 -
Net Debt 5,034.1 - 4,125.1 - 3,816.4 -
Total Senior Debt 6,190.4 101.2% 6,050.5 103.9% - -
Total Short-Term Borrowings 830.4 13.6% - - - -
Curr. Port. of LT Debt/Cap. Leases 1,106.3 18.1% 549.3 9.4% 620.3 11.2%
Long-Term Debt (Incl. Cap. Leases) 4,178.0 68.3% 5,275.5 90.6% 4,924.5 88.8%
Total Bank Debt 4,571.7 74.8% 4,698.5 80.7% - -
Total Secured Debt 4,849.7 79.3% 4,583.0 78.7% - -
Senior Secured Loans 3,231.0 52.8% 3,231.0 55.5% - -
Total Senior Secured Debt 4,849.7 79.3% 4,583.0 78.7% - -
Total Unsecured Debt 1,340.7 21.9% 1,467.5 25.2% - -
Fixed Rate Debt 2,000.0 32.7% 2,000.0 34.3% - -
Variable Rate Debt 483.0 7.9% 917.5 15.8% - -

Credit Ratios
Net Debt/EBITDA 5.4x - 2.0x - 1.5x -
Total Debt/EBITDA 6.5x - 2.8x - 2.2x -
Total Senior Debt/EBITDA 6.6x - 2.9x - - -
Total Senior Secured/EBITDA 5.2x - 2.2x - - -
Net Debt/(EBITDA-CAPEX) 9.0x - 2.2x - 1.7x -
Total Debt/(EBITDA-CAPEX) 10.9x - 3.2x - 2.5x -
Total Senior Debt/(EBITDA-CAPEX) 11.1x - 3.3x - - -
Total Senior Secured/(EBITDA-CAPEX) 8.7x - 2.5x - - -

Fixed Payment Schedule

LT Debt (Incl. Cap. Leases) Due +1 1,060.7 17.3% 1,200.5 20.6% - -
LT Debt (Incl. Cap. Leases) Due +2 231.6 3.8% 166.4 2.9% - -
LT Debt (Incl. Cap. Leases) Due +3 231.6 3.8% 166.4 2.9% - -
LT Debt (Incl. Cap. Leases) Due +4 231.6 3.8% 166.4 2.9% - -
LT Debt (Incl. Cap. Leases) Due +5 231.6 3.8% 166.4 2.9% - -
LT Debt (Incl. Cap. Leases) Due, Next 5 Yrs 1,987.1 32.5% 1,866.2 32.0% - -
LT Debt (Incl. Cap. Leases) Due, After 5 Yrs 3,297.6 53.9% 3,958.6 68.0% - -

Cap. Lease Payment Due +1 529.8 - 219.3 - 290.3 -

Cap. Lease Payment Due +2 231.6 - 166.4 - - -
Cap. Lease Payment Due +3 231.6 - 166.4 - - -
Cap. Lease Payment Due +4 231.6 - 166.4 - - -
Cap. Lease Payment Due +5 231.6 - 166.4 - - -
Cap. Lease Payment Due, Next 5 Yrs 1,456.3 - 884.9 - 290.3 -
Cap. Lease Payment Due, After 5 Yrs 162.9 - 467.0 - 781.6 -
Cap. Lease Payment Due (incl. Interest) +1 - - 659.2 - - -

Contractual Obligations Due +1 3,655.4 - 2,680.7 - - -

Contractual Obligations Due, Next 5 Yrs 3,655.4 - 2,680.7 - - -
Total Contractual Obligations 3,655.4 - 2,680.7 - - -

Interest Rate Data

Filing Date Mar-30-2023 - Mar-30-2023 - Aug-14-2023 -
Max's Group, Inc. (PSE:MAXS) > Financials > Capital Structure Details
Principal Due in Millions of the
reported currency. Period Type: Annual Source: A 2022 filed Mar-30-2023
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Default) Decimals: Capital IQ (Default)

FY 2022 (Dec-31-2022) Capital Structure As Reported Details

Coupon/Base
Description Type Principal Due (PHP) Rate Floating Rate Maturity Seniority Secured
Lease Liabilities Capital Lease 1,352.0 6.000% NA - Senior Yes
Loan from Bank of The Term Loans 380.0 3.100% - 4.300% NA Sep-29-2028 Senior Yes
Philippine Islands
Loan from Bank of The Term Loans 851.0 3.100% - 4.300% NA Sep-29-2028 Senior Yes
Philippine Islands
Long Term Loan with Banco Term Loans 917.5 3.850% - 5.200% NA 2022 Senior No
De Oro - Bank
Long Term Loan with Bank of Term Loans 550.0 NA NA - Senior No
The Philippine Islands
Long-Term Loan with The Term Loans 1,000.0 4.630% NA Nov-15-2024 Senior Yes
Development Bank of The
Philippines
Long-Term Loan with The Term Loans 1,000.0 4.630% NA Nov-28-2029 Senior Yes
Development Bank of The
Philippines
Others from Local Banks Term Loans - NA NA - Senior No
Revolving Promissory Note - Revolving Credit - 3.800% - 4.300% NA - Senior No
Revolving Facility
Working Capital Loans from Term Loans - 4.000% - 4.800% NA - Senior No
Banks

FY 2021 (Dec-31-2021) Capital Structure As Reported Details

Coupon/Base
Description Type Principal Due (PHP) Rate Floating Rate Maturity Seniority Secured
Lease Liabilities Capital Lease 1,618.7 6.000% NA - Senior Yes
Loan from Bank of The Term Loans 380.0 3.100% - 4.300% NA Sep-29-2028 Senior Yes
Philippine Islands
Loan from Bank of The Term Loans 851.0 3.100% - 4.300% NA Sep-29-2028 Senior Yes
Philippine Islands
Long Term Loan with Banco Term Loans 483.0 3.850% - 5.200% NA 2022 Senior No
De Oro - Bank
Long-Term Loan with The Term Loans 1,000.0 4.630% NA Nov-15-2024 Senior Yes
Development Bank of The
Philippines
Long-Term Loan with The Term Loans 1,000.0 4.630% NA Nov-28-2029 Senior Yes
Development Bank of The
Philippines
Others from Local Banks Term Loans 27.3 NA NA - Senior No
Revolving Promissory Note - Revolving Credit 280.0 3.800% - 4.300% NA - Senior No
Revolving Facility
Working Capital Loans from Term Loans 550.4 4.000% - 4.800% NA - Senior No
Banks
 Repayme
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Max's Group, Inc. (PSE:MAXS) > Financials > Ratios
Restatement: Latest Filings Period Type: Annual
Order: Latest on Right Decimals: Capital IQ (Default)
Source: Capital IQ & Proprieta

Ratios
LTM
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022 Jun-30-2023
Profitability
Return on Assets % 4.4% 3.3% (5.3%) (0.2%) 4.5% 4.7%
Return on Capital % 6.1% 4.4% (7.3%) (0.3%) 6.3% 6.5%
Return on Equity % 11.6% 12.7% (34.8%) 11.0% 13.0% 11.9%
Return on Common Equity % 11.3% 12.6% (34.3%) 10.8% 12.8% 11.7%

Margin Analysis
Gross Margin % 26.7% 27.2% 14.4% 30.5% 34.3% 33.2%
SG&A Margin % 19.4% 21.2% 32.9% 30.5% 23.7% 23.4%
EBITDA Margin % 10.4% 9.0% (12.6%) 4.6% 13.4% 12.4%
EBITA Margin % 7.0% 5.8% (18.4%) (0.1%) 10.1% 9.5%
EBIT Margin % 6.7% 5.5% (19.1%) (0.6%) 9.8% 9.3%
Earnings from Cont. Ops Margin % 4.6% 5.0% (23.5%) 5.9% 5.7% 4.9%
Net Income Margin % 4.5% 5.0% (23.4%) 5.9% 5.6% 4.9%
Net Income Avail. for Common Margin % 4.5% 5.0% (23.4%) 5.9% 5.6% 4.9%
Normalized Net Income Margin % 4.0% 2.9% (14.0%) (1.9%) 4.6% 4.3%
Levered Free Cash Flow Margin % 4.5% 1.7% 9.7% (0.6%) 8.9% 6.3%
Unlevered Free Cash Flow Margin % 5.3% 3.1% 12.7% 1.6% 10.6% 7.9%

Asset Turnover
Total Asset Turnover 1.1x 1.0x 0.4x 0.5x 0.7x 0.8x
Fixed Asset Turnover 4.2x 2.9x 1.2x 1.5x 2.4x 2.8x
Accounts Receivable Turnover 79.2x 237.9x 27.1x 30.0x 115.5x 12.9x
Inventory Turnover 14.6x 14.6x 10.5x 9.6x 9.3x 10.2x

Short Term Liquidity

Current Ratio 0.5x 0.8x 0.5x 0.6x 1.1x 1.2x
Quick Ratio 0.3x 0.6x 0.4x 0.5x 0.8x 0.8x
Cash from Ops. to Curr. Liab. 0.2x 0.5x 0.1x 0.2x 0.4x 0.3x
Avg. Days Sales Out. 4.6 1.5 13.5 12.2 3.2 28.3
Avg. Days Inventory Out. 25.1 25.0 34.8 38.2 39.4 35.7
Avg. Days Payable Out. 22.2 23.3 42.7 46.5 33.3 18.0
Avg. Cash Conversion Cycle 7.5 3.2 5.6 3.9 9.3 46.1

Long Term Solvency

Total Debt/Equity 69.0% 119.3% 178.3% 137.4% 114.1% 107.7%
Total Debt/Capital 40.8% 54.4% 64.1% 57.9% 53.3% 51.9%
 LT Debt/Equity 21.5% 95.8% 109.1% 93.9% 103.4% 95.7%
LT Debt/Capital 12.7% 43.7% 39.2% 39.5% 48.3% 46.1%
Total Liabilities/Total Assets 57.4% 64.8% 75.5% 69.7% 66.0% 64.5%

EBIT / Interest Exp. 5.7x 2.5x NM NM 3.7x 3.6x

EBITDA / Interest Exp. 8.8x 6.8x NM 3.4x 7.1x 6.8x
(EBITDA-CAPEX) / Interest Exp. 4.3x 3.3x NM 2.0x 6.4x 5.8x
Total Debt/EBITDA 2.7x 3.2x NM 6.5x 2.8x 2.7x
Net Debt/EBITDA 2.2x 2.8x NM 5.4x 2.0x 1.8x
Total Debt/(EBITDA-CAPEX) 5.5x 6.7x NM 10.9x 3.2x 3.1x
Net Debt/(EBITDA-CAPEX) 4.5x 5.9x NM 9.0x 2.2x 2.2x

Altman Z Score 2.13 1.74 0.25 0.77 1.43 1.53

Growth Over Prior Year

Total Revenue 8.1% 5.3% (50.4%) 6.9% 43.8% 31.6%
Gross Profit 12.0% 7.5% (73.7%) 126.1% 61.7% 31.7%
EBITDA 26.0% (8.6%) NM NM 322.4% 198.5%
EBITA 25.5% (13.1%) NM NM NM 179.1%
EBIT 27.5% (13.7%) NM NM NM 200.8%
Earnings from Cont. Ops. 0.7% 14.7% NM NM 37.9% 72.5%
Net Income (1.4%) 16.3% NM NM 37.3% 71.4%
Normalized Net Income 24.1% (24.6%) NM NM NM 324.9%
Diluted EPS before Extra (1.4%) 16.3% NM NM 37.3% 70.3%

Accounts Receivable (87.4%) 112.4% 441.4% (85.7%) 99.2% 15.3%

Inventory 8.5% 0.2% (38.3%) 50.5% 33.4% 14.2%
Net PP&E 6.7% 96.9% (19.3%) (9.7%) (9.9%) (7.6%)
Total Assets 1.0% 30.3% (8.4%) (4.3%) 2.1% (0.1%)

Tangible Book Value 28.5% 75.6% NM NM NM NM

Common Equity 1.7% 7.4% (35.7%) 17.9% 14.4% 8.9%
Cash from Ops. 68.0% 47.9% (73.1%) 78.6% 47.2% (9.1%)
Capital Expenditures (11.5%) 53.9% (43.7%) (39.8%) (44.5%) 227.6%
Levered Free Cash Flow NM (59.5%) 176.1% NM NM (21.3%)
Unlevered Free Cash Flow NM (37.4%) 101.3% (86.6%) 854.8% (16.1%)
Dividend per Share 3.6% 20.7% NA NA NA NA

Compound Annual Growth Rate Over Two Years

Total Revenue 9.4% 6.6% (27.7%) (27.2%) 24.0% 30.3%
Gross Profit 7.2% 9.7% (46.9%) (22.9%) 91.2% 57.6%
EBITDA 0.2% 7.3% NM (48.1%) NM 424.7%
EBITA (2.2%) 4.4% NM NM NM NM
EBIT (2.2%) 4.9% NM NM NM NM
Earnings from Cont. Ops. 6.0% 7.5% NM (21.1%) NM NM
Net Income 0.6% 7.1% NM (21.0%) NM NM
Normalized Net Income (7.6%) (3.2%) NM NM NM NM
Diluted EPS before Extra 0.6% 7.1% NM (20.9%) NM NM

Accounts Receivable (59.1%) (48.2%) 239.1% (12.1%) (46.7%) 17.5%

Inventory 21.4% 4.3% (21.4%) (3.6%) 41.7% 49.8%
Net PP&E 11.5% 45.0% 26.1% (14.6%) (9.8%) (11.0%)
 Total Assets 3.0% 14.7% 9.3% (6.4%) (1.2%) 0.5%

Tangible Book Value NM 50.2% NM NM NM NM

Common Equity 5.8% 4.5% (16.9%) (12.9%) 16.1% 10.9%
Cash from Ops. 22.3% 57.6% (36.9%) (30.6%) 62.1% 19.8%
Capital Expenditures (4.7%) 16.7% (6.9%) (41.8%) (42.2%) (29.9%)
Levered Free Cash Flow NM NM 5.7% NM 19.1% 62.9%
Unlevered Free Cash Flow NM NM 12.3% (48.1%) 13.1% 40.4%
Dividend per Share 5.6% 11.8% NA NA NA NA

Compound Annual Growth Rate Over Three Years

Total Revenue 9.7% 8.0% (17.4%) (17.7%) (8.6%) 2.0%
Gross Profit 9.2% 7.3% (31.9%) (13.9%) (1.3%) 16.6%
EBITDA 7.0% (2.8%) NM (37.3%) 4.4% NM
EBITA 4.4% (6.0%) NM NM 10.0% NM
EBIT 4.7% (6.2%) NM NM 11.2% NM
Earnings from Cont. Ops. 8.0% 8.8% NM (10.6%) (5.0%) NM
Net Income 6.9% 5.6% NM (10.1%) (5.0%) NM
Normalized Net Income 4.8% (13.6%) NM NM 6.7% NM
Diluted EPS before Extra 6.9% 5.6% NM (10.1%) (5.0%) NM

Accounts Receivable (55.5%) (29.2%) 13.3% 18.0% 15.4% (4.5%)

Inventory 14.0% 13.9% (12.5%) (2.4%) 7.4% 12.6%
Net PP&E 11.7% 34.8% 19.3% 12.8% (13.1%) (14.3%)
Total Assets 3.9% 11.4% 6.4% 4.5% (3.6%) (3.7%)

Tangible Book Value NM NM NM NM (31.7%) 9.8%

Common Equity 7.9% 6.3% (11.1%) (6.6%) (4.6%) (0.0%)
Cash from Ops. 25.3% 30.3% (12.5%) (10.7%) (10.9%) (13.3%)
Capital Expenditures (8.6%) 11.8% (8.5%) (19.5%) (42.7%) (30.5%)
Levered Free Cash Flow NM NM NM NM 57.7% 15.3%
Unlevered Free Cash Flow NM NM NM (44.7%) 37.1% 10.1%
Dividend per Share 6.5% 10.4% NA NA 3.3% 3.3%

Compound Annual Growth Rate Over Five Years

Total Revenue 29.1% 23.7% (7.2%) (7.8%) (2.8%) (2.4%)
Gross Profit 37.4% 30.2% (18.1%) (6.0%) 3.0% 2.7%
EBITDA 27.2% 25.2% NM (24.4%) 5.6% 4.7%
EBITA 34.0% 41.2% NM NM 7.8% 7.5%
EBIT 37.3% 48.4% NM NM 8.6% 8.0%
Earnings from Cont. Ops. 51.4% NM NM (4.3%) (0.2%) (1.3%)
Net Income 42.5% NM NM (6.0%) (0.3%) (1.6%)
Normalized Net Income 36.6% 33.8% NM NM 2.6% 2.0%
Diluted EPS before Extra 31.0% NM NM (6.0%) (0.3%) (1.6%)

Accounts Receivable (32.3%) (31.1%) 0.2% (22.8%) (16.2%) (1.9%)

Inventory 49.2% 14.6% (1.8%) 6.5% 6.1% 10.3%
Net PP&E 48.0% 30.3% 17.2% 12.3% 6.7% 5.0%
Total Assets 34.1% 9.4% 6.0% 3.9% 3.3% 2.6%

Tangible Book Value NM NM NM NM (6.4%) (10.5%)

Common Equity 43.0% 8.4% (2.8%) (1.8%) (1.1%) (1.6%)
Cash from Ops. 28.1% 22.4% (4.8%) 1.2% 12.0% 0.3%
Capital Expenditures 22.9% 25.7% (7.9%) (13.9%) (23.8%) (12.3%)
Levered Free Cash Flow 42.8% (18.4%) NM NM NM 24.0%
Unlevered Free Cash Flow 38.1% (9.3%) NM NM NM 22.9%
Dividend per Share 8.8% NA NA NA 6.6% 6.6%
Max's Group, Inc. (PSE:MAXS) > Financials > Supplemental
In Millions of the reported currency, except per share items. Restatement: Latest Filings Period Type: Annual
Currency: Reported Currency Conversion: Historical
Order: Latest on Right Units: S&P Capital IQ (Default)
Decimals: Capital IQ (Default) Source: Capital IQ & Proprietary Data

Supplemental
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2017 Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022
Currency PHP PHP PHP PHP PHP PHP
Loss Carry Forward Related Items
NOL C/F, Current Year 99.4 11.4 201.4 2.4 2.5 -
NOL C/F, Current Year + 1 114.3 405.7 0.6 4.9 - -
NOL C/F, Current Year + 2 457.9 26.4 5.7 - - 969.5
NOL C/F, Current Year + 3 - - - - 1,535.9 289.8
NOL C/F, Current Year + 4 - - - 1,825.9 352.6 -
Total NOL C/F 671.6 443.5 207.7 1,833.3 1,891.0 1,259.3
Max. Year for NOL C/F 2020 2021 2022 2025 2026 2026

Tax Benefit C/F, Current Year 5.0 1.4 0.8 12.0 0.1 11.6
Tax Benefit C/F, Current Year + 1 3.9 14.6 8.7 3.2 11.6 6.7
Tax Benefit C/F, Current Year + 2 14.6 14.8 0.1 226.4 8.3 30.7
Total Tax Benefit C/F 23.5 30.7 9.6 241.5 20.0 49.0
Max. Year for Tax Benefit C/F 2020 2021 2022 2023 2024 2025

Capitalized Interest Data

Interest Capitalized - - 23.5 - 54.6 -

Filing Date Apr-27-2020 May-12-2021 Apr-13-2022 Mar-30-2023 Mar-30-2023 Mar-30-2023

Max's Group, Inc. (PSE:MAXS) > Financials > Industry Specific
In Millions of the reported currency, except per share items. Restatement: Latest Filings Period Type: Annual
Currency: Reported Currency Conversion: Historical
Order: Latest on Right Units: S&P Capital IQ (Default)
Decimals: Capital IQ (Default) Source: Capital IQ & Proprietary Data

Industry Specific
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2017 Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022
Currency PHP PHP PHP PHP PHP PHP
Restaurant Properties
Restaurants Opened - - - - - 31
Total Restaurants - - - - - 678

Total Owned/Operated Restaurants - - - - - 317

Total Franchise Restaurants - - - - - 357

Total Affiliated and Other Restaurants - - - - - 4

Restaurant Statistical Data

Operating Margin - - - - 10.6% 10.4%

Filing Date Apr-27-2020 May-12-2021 Apr-13-2022 Mar-30-2023 Mar-30-2023 Mar-30-2023

Max's Group, Inc. (PSE:MAXS) > Financials > Pension/OPEB
In Millions of the reported currency, except per share items. Restatement: Latest Filings Period Type: Annual
Currency: Reported Currency Conversion: Historical
Order: Latest on Right Units: S&P Capital IQ (Default)
Decimals: Capital IQ (Default) Source: Capital IQ & Proprietary Data

Pension/OPEB
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2017 Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022
Currency PHP PHP PHP PHP PHP PHP
Pension Information - Total
Defined Benefit Net Periodic Cost
Def. Benefit Service Cost 50.6 48.1 41.8 127.7 88.6 30.5
Def. Benefit Plan Interest Cost - - - - 30.7 51.0
Def. Benefit Plan Return on Assets - - - - (13.6) (16.6)
Def. Benefit Net Interest Cost & Income (75.1) (26.1) (14.1) 8.6 - -
Def. Benefit Plan Other Cost 62.8 10.8 11.5 (79.9) (34.6) -
Def. Benefit Plan Total Cost 38.3 32.9 39.2 56.4 71.1 64.9

Total Pension Expense 38.3 32.9 39.2 56.4 71.1 64.9

Defined Benefit Obligation

Beg. Def. Benefit Obligation 461.5 390.1 304.7 784.8 985.6 608.6
Def. Benefit Service Cost 50.6 48.1 41.8 127.7 88.6 30.5
Def. Benefit Interest Cost 24.8 22.3 22.9 38.2 30.7 51.0
Def. Benefit Actuarial Gain/Losses (125.8) (71.9) 447.8 206.3 (375.9) (161.9)
Def. Benefits Paid (20.9) (77.6) (32.4) (90.1) (85.8) (42.7)
Acq. Benefit Obligation - 0.9 - - - -
Def. Benefit Settlement/Curtailment - (7.2) - (81.3) (34.6) -
Other Adj. To Def. Benefit Obligation (0.2) - - - - -
Proj. Benefit Obligation (Pension) 390.1 304.7 784.8 985.6 608.6 485.5

Plan Assets
Beg. Plan Assets 1,112.1 851.3 491.8 592.5 362.4 317.0
Actual Return on Plan Assets (204.8) (316.8) 106.5 (213.1) (42.3) (78.8)
Employer Contributions - 24.8 6.8 64.2 37.2 -
Benefits Paid (56.0) (64.9) (16.1) (81.3) (40.3) (0.6)
Other Plan Adjustments - (2.5) 3.6 - - -
Total Plan Assets 851.3 491.8 592.5 362.4 317.0 237.6

Weighted Avg. Assumptions on Net Periodic Cost

Exp. Long-Term Rate of Return on Assets - Min - - - - 5.0% 7.2%
Exp. Long-Term Rate of Return on Assets - Max - - - - 5.0% 7.2%

Breakdown of Plan Assets

Plan Assets - Fixed Income (%) 19.4% 9.5% 1.4% 6.5% 0.6% 16.4%
Other Plan Assets (%) 80.6% 90.5% 98.6% 93.5% 99.4% 83.6%

Breakdown of Plan Assets

Plan Assets - Fixed Income 165.1 46.7 8.3 23.6 1.9 39.0
Other Plan Assets 686.1 445.1 584.2 338.8 315.1 198.6

Weighted Avg. Assumptions on Def. Benefit Obligation

PBO Assumed Rate of Return - Min - - - - 5.0% 7.2%
PBO Assumed Rate of Return - Max - - - - 5.0% 7.2%
Rate of PBO Compensation Increase - Min - - - - 4.0% 4.0%
Rate of PBO Compensation Increase - Max - - - - 4.0% 4.0%

Estimated Future Benefits Paid

Est. Future Benefits Paid - 1st Yr 15.9 12.7 22.8 23.0 15.1 3.2
Est. Future Benefits Paid - 2nd Yr 18.5 19.1 30.0 41.4 43.3 7.9
Est. Future Benefits Paid - 3rd Yr 18.5 19.1 30.0 41.4 43.3 7.9
Est. Future Benefits Paid - 4th Yr 18.5 19.1 30.0 41.4 43.3 7.9
Est. Future Benefits Paid - 5th Yr 18.5 19.1 30.0 41.4 43.3 7.9
Est. Future Benefits Paid - Thereafter 305.3 279.1 379.8 330.1 265.9 43.6

Adj. for Liability Recognized on Balance Sheet

Other Adj. (Net Benefit Asset/Liab.) (319.1) (152.8) (25.9) - (1.1) (9.9)
Net Asset/Liability Recognized on Balance Sheet 142.0 34.3 (218.2) (623.2) (292.7) (257.8)

Other Compr. Income Components Recognized on the BS

Net Actuarial Loss/Gain 47.2 123.4 314.1 611.8 393.8 350.5
Net Amount Recognized 47.2 123.4 314.1 611.8 393.8 350.5

Consolidated Balance Sheet Amounts

Long Term Assets 310.3 163.8 141.0 - 20.9 47.2
Long Term Liabilities (168.2) (129.5) (359.1) (623.2) (313.6) (305.0)

Other Pension Related Items

Benefit Info Date Dec-31-2017 Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022

Pension Information - Domestic

Defined Benefit Net Periodic Cost
Def. Benefit Service Cost 50.6 48.1 41.8 127.7 88.6 30.5
Def. Benefit Interest Cost - - - - 30.7 51.0
Def. Benefit Return On Assets - - - - (13.6) (16.6)
Def. Benefit Net Interest Cost & Income (75.1) (26.1) (14.1) 8.6 - -
Def. Benefit Other Cost 62.8 10.8 11.5 (79.9) (34.6) -
Def. Benefit Total Cost 38.3 32.9 39.2 56.4 71.1 64.9

Defined Benefit Obligation

Beg. Def. Benefit Obligation 461.5 390.1 304.7 784.8 985.6 608.6
Def. Benefit Service Cost 50.6 48.1 41.8 127.7 88.6 30.5
Def. Benefit Interest Cost 24.8 22.3 22.9 38.2 30.7 51.0
Def. Benefit Actuarial Gain/Losses (125.8) (71.9) 447.8 206.3 (375.9) (161.9)
Def. Benefits Paid (20.9) (77.6) (32.4) (90.1) (85.8) (42.7)
Acq. Benefit Obligation - 0.9 - - - -
Def. Benefit Settlement/Curtailment - (7.2) - (81.3) (34.6) -
Other Adj. To Def. Benefit Obligation (0.2) - - - - -
Proj. Benefit Obligation (Pension) - Domestic 390.1 304.7 784.8 985.6 608.6 485.5

Plan Assets
Beg. Plan Assets 1,112.1 851.3 491.8 592.5 362.4 317.0
Actual Return on Plan Assets (204.8) (316.8) 106.5 (213.1) (42.3) (78.8)
Employer Contributions - 24.8 6.8 64.2 37.2 -
Benefits Paid (56.0) (64.9) (16.1) (81.3) (40.3) (0.6)
Other Plan Adjustments - (2.5) 3.6 - - -
Total Plan Assets 851.3 491.8 592.5 362.4 317.0 237.6

Weighted Avg. Assumptions on Net Periodic Cost

Exp. Long-Term Rate of Return on Assets - Min - - - - 5.0% 7.2%
Exp. Long-Term Rate of Return on Assets - Max - - - - 5.0% 7.2%

Breakdown of Plan Assets

Plan Assets - Fixed Income (%) 19.4% 9.5% 1.4% 6.5% 0.6% 16.4%
Other Plan Assets (%) 80.6% 90.5% 98.6% 93.5% 99.4% 83.6%

Breakdown of Plan Assets

Plan Assets - Fixed Income 165.1 46.7 8.3 23.6 1.9 39.0
Other Plan Assets 686.1 445.1 584.2 338.8 315.1 198.6

Weighted Avg. Assumptions on Def. Benefit Obligation

PBO Assumed Rate of Return - Min - - - - 5.0% 7.2%
PBO Assumed Rate of Return - Max - - - - 5.0% 7.2%
Rate of PBO Compensation Increase - Min - - - - 4.0% 4.0%
Rate of PBO Compensation Increase - Max - - - - 4.0% 4.0%

Estimated Future Benefits Paid

Est. Future Benefits Paid - 1st Yr 15.9 12.7 22.8 23.0 15.1 3.2
Est. Future Benefits Paid - 2nd Yr 18.5 19.1 30.0 41.4 43.3 7.9
Est. Future Benefits Paid - 3rd Yr 18.5 19.1 30.0 41.4 43.3 7.9
Est. Future Benefits Paid - 4th Yr 18.5 19.1 30.0 41.4 43.3 7.9
Est. Future Benefits Paid - 5th Yr 18.5 19.1 30.0 41.4 43.3 7.9
Est. Future Benefits Paid - Thereafter 305.3 279.1 379.8 330.1 265.9 43.6

Adj. for Liability Recognized on Balance Sheet

Other Adj. (Net Benefit Asset/Liab.) (319.1) (152.8) (25.9) - (1.1) (9.9)
Net Asset/Liability Recognized on Balance Sheet 142.0 34.3 (218.2) (623.2) (292.7) (257.8)

Other Compr. Income Components Recognized on the BS

Net Actuarial Loss/Gain 47.2 123.4 314.1 611.8 393.8 350.5
Net Amount Recognized 47.2 123.4 314.1 611.8 393.8 350.5

Consolidated Balance Sheet Amounts

Long Term Assets 310.3 163.8 141.0 - 20.9 47.2
Long Term Liabilities (168.2) (129.5) (359.1) (623.2) (313.6) (305.0)

Other Pension Related Items

Benefit Info Date Dec-31-2017 Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022
Max's Group, Inc. (PSE:MAXS) > Financials > Segments
In Millions of the reported currency. View By: Line Items Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)

Business Segments
Reclassified Reclassified
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2017 Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022
Currency PHP PHP PHP PHP PHP PHP
Revenues
Restaurants 12,661.9 13,682.7 14,401.3 7,143.8 7,639.8 10,983.2
Total Revenues 12,661.9 13,682.7 14,401.3 7,143.8 7,639.8 10,983.2

Gross Profit Before Tax

Restaurants 3,275.8 3,671.5 3,945.1 1,030.6 2,330.5 3,769.6
Total Gross Profit Before Tax 3,275.8 3,671.5 3,945.1 1,030.6 2,330.5 3,769.6

Interest Expense
Restaurants (116.4) (160.5) (320.4) (345.8) (275.0) (288.8)
Total Interest Expense (116.4) (160.5) (320.4) (345.8) (275.0) (288.8)

Net Profit Before Tax

Restaurants 713.1 915.6 996.2 (2,284.4) 534.7 855.0
Total Net Profit Before Tax 713.1 915.6 996.2 (2,284.4) 534.7 855.0

Tax Expense
Restaurants 86.4 284.4 272.0 (603.0) 83.7 233.3
Total Tax Expense 86.4 284.4 272.0 (603.0) 83.7 233.3

Net Profit After Tax

Restaurants 628.8 619.7 721.0 (1,675.2) 450.1 618.1
Total Net Profit After Tax 628.8 619.7 721.0 (1,675.2) 450.1 618.1

Assets
Restaurants 12,757.0 12,880.7 16,778.7 15,374.8 14,709.7 15,013.6
Total Assets 12,757.0 12,880.7 16,778.7 15,374.8 14,709.7 15,013.6

Depreciation & Amortization

Restaurants 410.4 506.9 1,384.4 1,215.1 983.7 975.7
Total Depreciation & Amortization 410.4 506.9 1,384.4 1,215.1 983.7 975.7

Capital Expenditure
Restaurants (837.9) (744.7) (1,138.0) (684.8) (413.0) (222.0)
Total Capital Expenditure (837.9) (744.7) (1,138.0) (684.8) (413.0) (222.0)
Filing Date Apr-27-2020 May-12-2021 Apr-13-2022 Mar-30-2023 Mar-30-2023 Mar-30-2023

Geographic Segments
Reclassified Reclassified
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2017 Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022
Currency PHP PHP PHP PHP PHP PHP
Revenues
International - - - - 97.0 161.5
Philippines - - - - 7,542.8 10,821.7
Total Revenues - - - - 7,639.8 10,983.2

Assets
International 313.8 212.5 275.2 252.1 214.8 316.8
Philippines 12,443.2 12,668.2 16,503.5 15,122.7 14,494.9 14,696.8
Total Assets 12,757.0 12,880.7 16,778.7 15,374.8 14,709.7 15,013.6

Filing Date Apr-27-2020 May-12-2021 Apr-13-2022 Mar-30-2023 Mar-30-2023 Mar-30-2023