GCash Valuation Could Reach P673 Billion by 2030, Analyst Estimates

MANILA, Philippines — E-wallet giant GCash is projected to see its valuation surge to as much as P673 billion by 2030, provided it can sustain its current growth momentum, according to US-based financial analyst Eric Jurado. In a blog post, Jurado estimates that GCash would raise its equity until the start of the next decade, landing between P506 billion and P672.5 billion by 2030. “Applying the Philippine market’s five-year median price-to-earnings ratio of 10.5 times results in an estimated future equity value of approximately P672.5 billion by 2030,” Jurado said. “To be even more conservative, I also use the Philippine market’s recent lowest valuation of 7.9 times earnings, recorded on June 26, 2026, when investor sentiment was particularly pessimistic. Under that scenario, GCash would still be worth approximately P506 billion,” he added. Citing recent disclosures, GCash said its profit has increased by 24 percent to P5.6 billion in the first quarter. Jurado annualized the available data, and estimates the e-wallet would earn a profit of P23.6 billion this year. He said this would result in a 37-percent growth for 2026, tracking previous years of improving profit by close to 40 percent annually. However, Jurado said to estimate GCash’s profit by 2030, he prefers to build a safety margin to consider possible challenges in the future, reducing the growth rate to 30 percent. “Under that assumption, GCash could potentially earn around P64.05 billion by 2030,” he said. So is GCash worth more or less than its initial public offering (IPO) price of P10 a piece? Jurado said the share price appears to be leveled closer to the e-wallet’s fair value. Jurado believes GCash is pricing its IPO with caution, with valuation based on the performance of the Philippine market, not on the usual high multiples assigned to financial technology debuts. Now if GCash sustains its growth post-IPO, its value could prove materially higher. GCash’s parent firm is gearing up for a P92.3-billion listing at the Philippine Stock Exchange, an IPO that could easily become the largest in local history. Mynt Inc. aims to mount the IPO by the fourth quarter, with 8.03 billion common shares up for grabs, and 1.2 billion secondary common shares waiting as an overallotment option.