The planned initial public offering (IPO) of GCash parent Mynt could help unlock more value for Globe Telecom Inc., whose shares are seen trading below their underlying worth despite the telco’s improving business performance.

Market analysts said a Mynt listing could give investors a clearer picture of the value of Globe’s stake in the fintech company.

Jofer Gaite, vice president for sales of B.A. Securities Inc., said Wednesday Globe has a resilient investment profile despite a disconnect between its strong underlying business and its depressed market valuation.

Globe has benefited from its shift from a traditional telecommunications company into a broader technology business. Its consolidated gross service revenues reached a record P85.4 billion in the first half of 2026, up six percent from a year earlier.

Mobile revenues reached P60.4 billion, while data services continued to account for the bulk of the company’s business, supported by growing demand for mobile video, social media and digital payments.

Globe has also become more efficient at turning revenues into earnings. Its EBITDA margin rose to 52.6 percent, above its guidance of around 50 percent. Still, net income declined by 11 percent to P11 billion.

Meanwhile, Joel de la Peña, market strategist and chief trader of H.E. Bennett Securities Inc., said the decline was not due to weakness in Globe’s core operations but was driven by lower one-time dilution gains from Mynt, along with higher depreciation and financing costs.

Another concern for investors is Globe’s debt. The company spent P26.3 billion on capital expenditures in the first half, while its total debt-to-equity ratio stood at 225.10 percent.

Globe also had a current ratio of 0.5762, meaning it had about P0.58 in short-term assets for every P1 in short-term liabilities. These factors have made investors more cautious as high debt leaves Globe exposed to higher borrowing costs and refinancing risks.

As a result, the stock is trading at a price-to-earnings multiple of about 12.7 times.

Analysts, however, see room for Globe’s share price to rise.

A valuation based on market multiples puts Globe at around P3,620.80 per share, while a discounted cash flow valuation places it at P2,544.27. Based on these estimates, Globe shares could be undervalued by as much as 52 percent.

Based on its revised prospectus,  Mynt has revised its IPO timetable to move its scheduled listing on the Philippine Stock Exchange to 20 October from the original 19 October.