Since the company received its BBB rating and entered the Eurobond market, PPI's share price has increased by 13%. At the same time, refinancing activities and acquisitions have led us to revise our IFPM estimates upward by 40%. Regardless of which equity metrics we consider, PPI appears significantly undervalued. Based on 2025 earnings, we expect a P/IFPM multiple of 11.0x (sector average 14.0x), an implied yield of 7.5% (sector average 5.8%), and a dividend yield of 2.7% (sector average 2.3%). ....
