(Bloomberg) – The ambition of a Philippine cemetery chain to create a new shopping center for the nation has its scholarships at an accounting value 100 times breathtaking.
Most of Bloomberg
Golden MV Holdings Inc. reached this assessment last month when its barely negotiated shares increased to a record level. It is the most expensive action of the Bloomberg World real estate index, at a price ratio / book more than double that of any other member. The global gauge has a PB ratio of just under 1.
The share price increased by more than 130% in the past year, stimulating the richness of the president and the manual control shareholder Villar Jr. who cemented the status of the former legislator as a richest person in the Philippines, with a net value of 24 billion dollars according to the Bloomberg Billionaires index.
Becoming a public in 2016 under the name of Golden Haven, the company drew attention from cemeteries in affordable housing. Now investors are betting on his city of Villar, a succession that should reach ten times the size of Central Park in New York which is still in development.
The planned plot of 3,500 hectares is larger than the commercial districts of Makati and Bonifacio Global City in Manila Combined. The question is whether this potential deserves the assessment of Golden MV.
Contacted by Bloomberg News, Golden MV cited the Villar City project as the reason for the lively interest of equity investors. The company plans to change its name in Villar Land Holdings Corp. While it focuses on the project.
It is now a market capitalization of more than $ 26 billion. Last year, it became the largest stock of the Philippines, going beyond the real estate company SM Prime Holdings Inc. by comparison, SM Prime is negotiated at around 1.5 times the accounting value.
Actions more than 1,000 times the train of 12 months of multiple gains do not seem justified by the profits alone, said Toby Allan Arce, analyst at Globalinks Securities & Stocks Inc. “Its valuation is speculative, strongly based on the projected cash flows of Villar City and similar assets.”
Golden MV does not have an official rating of analysts or profits according to data respected by Bloomberg. The free float represents less than 12% of its total actions in circulation.
Most of Bloomberg Businessweek
© 2025 Bloomberg LP