F

First Gen Corp
XPHS:FGEN

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First Gen Corp
XPHS:FGEN
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Price: 17.8 PHP -0.34% Market Closed
Market Cap: ₱64B

EV/EBIT

4.4
Current
6%
More Expensive
vs 3-y average of 4.2

Enterprise Value to EBIT (EV/EBIT) ratio compares a company`s total enterprise value to its earnings before interest and taxes. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBIT
4.4
=
Enterprise Value
₱127.9B
/
EBIT
$484m

Enterprise Value to EBIT (EV/EBIT) ratio compares a company`s total enterprise value to its earnings before interest and taxes. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBIT
4.4
=
Enterprise Value
₱127.9B
/
EBIT
$484m

Valuation Scenarios

First Gen Corp is trading above its 3-year average

If EV/EBIT returns to its 3-Year Average (4.2), the stock would be worth ₱16.78 (6% downside from current price).

Statistics
Positive Scenarios
2/4
Maximum Downside
-6%
Maximum Upside
+108%
Average Upside
51%
Scenario EV/EBIT Value Implied Price Upside/Downside
Current Multiple 4.4 ₱17.8
0%
3-Year Average 4.2 ₱16.78
-6%
5-Year Average 4.2 ₱16.86
-5%
Industry Average 9.2 ₱37.04
+108%
Country Average 9.2 ₱37.04
+108%

Forward EV/EBIT
Today’s price vs future ebit

Today's Enterprise Value EBIT Forward EV/EBIT
₱127.9B
/
Oct 2025
$484m
=
4.4
Current
₱127.9B
/
Dec 2025
$527.8m
=
242.4
Forward
₱127.9B
/
Dec 2026
$432.9m
=
295.5
Forward
₱127.9B
/
Dec 2027
$452.7m
=
282.6
Forward

Forward EV/EBIT shows whether today’s EV/EBIT still looks high or low once future ebit are taken into account.

Peer Comparison

All Multiples
EV/EBIT
P/E
All Countries
Close
Market Cap EV/EBIT P/E
PH
First Gen Corp
XPHS:FGEN
64B PHP 4.4 4.1
US
Vistra Corp
NYSE:VST
52.4B USD 33.2 69.6
SA
ACWA Power Co
SAU:2082
184.5B SAR 80.2 99.6
IN
Adani Power Ltd
NSE:ADANIPOWER
3.9T INR 28.5 36.1
IN
NTPC Ltd
NSE:NTPC
3.8T INR 15.9 16.3
CN
CGN Power Co Ltd
SZSE:003816
230.8B CNY 22.1 23.6
TH
Gulf Energy Development PCL
SET:GULF
877.7B THB 55 40.7
CN
China National Nuclear Power Co Ltd
SSE:601985
183.3B CNY 20.1 21.4
DE
Uniper SE
XETRA:UN0
17.3B EUR 16.3 12.5
CN
SDIC Power Holdings Co Ltd
SSE:600886
109.4B CNY 12.9 16.7
US
Talen Energy Corp
NASDAQ:TLN
15.1B USD -731.7 -69.5
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
PH
F
First Gen Corp
XPHS:FGEN
Average EV/EBIT: 28.9
4.4
N/A N/A
US
Vistra Corp
NYSE:VST
33.2
42%
0.8
SA
ACWA Power Co
SAU:2082
80.2
43%
1.9
IN
Adani Power Ltd
NSE:ADANIPOWER
28.5
12%
2.4
IN
NTPC Ltd
NSE:NTPC
15.9
8%
2
CN
CGN Power Co Ltd
SZSE:003816
22.1
16%
1.4
TH
G
Gulf Energy Development PCL
SET:GULF
55
11%
5
CN
China National Nuclear Power Co Ltd
SSE:601985
20.1
7%
2.9
DE
Uniper SE
XETRA:UN0
16.3
3%
5.4
CN
SDIC Power Holdings Co Ltd
SSE:600886
12.9
1%
12.9
US
Talen Energy Corp
NASDAQ:TLN
Negative Multiple: -731.7 N/A N/A

Market Distribution

Lower than 88% of companies in Philippines
Percentile
12th
Based on 160 companies
12th percentile
4.4
Low
0 — 7
Typical Range
7 — 13.3
High
13.3 —
Distribution Statistics
Philippines
Min 0
30th Percentile 7
Median 9.2
70th Percentile 13.3
Max 644.2

First Gen Corp
Glance View

First Gen Corp. is an investment holding company, engaged in the power generation business. The firm is engaged in the business of power generation. The firm's segments include First Gas Power Corporation (FGPC), which operates the 1,000 megawatts (MW) Santa Rita natural gas-fired power plant; FGP Corp. (FGP), which operates the 500 MW San Lorenzo natural gas-fired power plant; First NatGas Power Corp. (FNPC), which operates the 420 MW San Gabriel natural gas-fired power flex plant; Prime Meridian PowerGen Corporation (PMPC), which operates the 97 MW Avion natural gasfired power plant; FG Bukidnon Power Corporation (FG Bukidnon), which operates the 1.6 MW5 FG Bukidnon mini hydroelectric power plant; Energy Development Corporation (EDC) with an aggregate installed capacity of approximately 1,343.8 MW; First Gen Hydro Power Corporation (FG Hydro), which operates the 132.810 MW PantabanganMasiway hydroelectric power plants.

FGEN Intrinsic Value
46.25 PHP
Undervaluation 62%
Intrinsic Value
Price ₱17.8
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