The planned initial public offering of Mynt, the parent company of GCash, could give investors a clearer view of one of the most valuable assets sitting within Globe Telecom Inc., potentially helping close the gap between the telco’s market price and its underlying value.
Market analysts see Globe as a company that has evolved beyond its traditional telecommunications roots, with growing exposure to technology and digital financial services. A public listing of Mynt could make that fintech exposure easier for investors to assess and value.
The development comes as Globe continues to post stronger operating results despite concerns surrounding its debt levels, financing costs and overall market valuation.
Mynt IPO could shine a light on Globe’s fintech value
For Globe investors, one of the biggest potential benefits of a Mynt listing is greater transparency around the value of its stake in the GCash parent.
Because Mynt is currently privately held, its value is not directly reflected in the same way as a publicly traded company. An IPO would establish a market-based valuation for Mynt, potentially allowing investors to better understand how much Globe’s fintech investment contributes to its overall worth.
Jofer Gaite, vice president for sales at B.A. Securities Inc., said Globe maintains a resilient investment profile despite the disconnect between its underlying business performance and its relatively depressed market valuation. The potential Mynt listing could therefore become an important catalyst for investors reassessing Globe’s shares.
Globe’s core business continues to improve
The potential valuation boost from Mynt comes at a time when Globe itself has been reporting solid operating performance.
The company posted a record P85.4 billion in consolidated gross service revenues in the first half of 2026, representing a 6% increase from the same period a year earlier.
Mobile revenues accounted for P60.4 billion, while data services continued to make up a significant portion of Globe’s business. Demand for mobile video, social media and digital payments has continued to support the company’s data-driven growth.
Globe’s transformation from a traditional telco into a broader technology company has also helped improve its profitability.
Its EBITDA margin reached 52.6%, exceeding its guidance of around 50%. However, net income still declined 11% to P11 billion during the period.
Higher costs and Mynt’s gains weigh in on net income
The decline in net income does not necessarily point to deterioration in Globe’s core operations, according to market strategist and chief trader Joel de la Peña of H.E. Bennett Securities Inc.
De la Peña attributed the decline partly to lower one-time dilution gains related to Mynt, as well as higher depreciation and financing costs.
This distinction matters because Globe’s operating performance has continued to improve even as certain financial factors weighed on its bottom line.
For investors, the situation creates a mixed picture: a stronger underlying business, but also financial pressures that could limit how the market values the company.
Debt remains a key investor concern
Globe’s debt position remains one of the factors investors are watching closely.
The company spent P26.3 billion on capital expenditures during the first half of 2026, while its total debt-to-equity ratio stood at 225.10%.
Its current ratio was also reported at 0.5762, meaning the company had roughly 58 centavos in current assets for every peso of current liabilities.
A high debt burden can make companies more vulnerable to rising borrowing costs and refinancing risks. For Globe, these concerns may be contributing to the cautious view surrounding its shares despite improvements in its core operations.
Analysts see potential upside for Globe
Despite these challenges, analysts believe Globe could have considerable room for share-price appreciation.
A valuation using market multiples estimated Globe’s value at around P3,620.80 per share, while a discounted cash flow approach placed its estimated value at P2,544.27 per share.
Depending on the valuation method used, the estimates suggest that Globe shares could be undervalued by as much as 52%.
The potential Mynt IPO adds another layer to that valuation story. Once Mynt becomes publicly traded, investors could have a clearer benchmark for the value of Globe’s stake in the fintech company.
Mynt moves IPO listing date
Mynt is already preparing for its long-awaited public debut. Based on its revised prospectus, the company has moved its scheduled listing on the Philippine Stock Exchange to October 20, from the previously planned October 19 date.
The listing will be closely watched not only by investors interested in GCash and Mynt, but also by Globe shareholders looking for a clearer picture of the telco’s broader technology and fintech holdings.
If Mynt enters the market at a strong valuation, the IPO could reinforce the argument that Globe’s current share price does not fully reflect the value of its digital assets.
For Globe, the Mynt listing could therefore become more than another corporate milestone. It could provide the market with a clearer price tag for the fintech business helping reshape the telco’s future.
