Company Valuation: CapitaLand Ascendas REIT

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,384 11,519 13,313 11,309 13,052 11,039 - -
Change - -6.98% 15.57% -15.05% 15.41% -15.42% - -
Enterprise Value (EV) 1 18,704 18,091 20,258 18,296 20,163 18,838 18,990 19,138
Change - -3.28% 11.98% -9.69% 10.2% -6.57% 0.8% 0.78%
P/E 12.8x 15.3x 77.2x 15x 16.7x 14.5x 14x 13.4x
PBR 1.24x 1.16x 1.34x 1.13x 1.24x 0.95x 0.95x 0.94x
PEG - -0.7x -1x 0x -12.64x -1.4x 3.8x 2.83x
Capitalization / Revenue 10.1x 8.52x 9x 7.43x 8.48x 6.67x 6.34x 6.13x
EV / Revenue 15.3x 13.4x 13.7x 12x 13.1x 11.4x 10.9x 10.6x
EV / EBITDA 22.8x 20.8x 22x 19.2x 20.9x 17.9x 17.2x 16.7x
EV / EBIT 22.8x 20.8x 22x 19.2x 20.9x 18x 17.3x 16.8x
EV / FCF 30.5x 20.3x 25.8x 20.7x 21.1x 41.1x 17.6x 17.1x
FCF Yield 3.27% 4.93% 3.88% 4.84% 4.74% 2.44% 5.68% 5.85%
Dividend per Share 2 0.1526 0.158 0.1516 0.152 0.15 0.1511 0.1564 0.1616
Rate of return 5.17% 5.77% 5% 5.92% 5.3% 6.84% 7.08% 7.31%
EPS 2 0.2297 0.1789 0.0393 0.1718 0.1695 0.1521 0.1577 0.1652
Distribution rate 66.4% 88.3% 386% 88.5% 88.5% 99.4% 99.2% 97.8%
Net sales 1 1,226 1,353 1,480 1,523 1,539 1,656 1,741 1,801
EBITDA 1 819.9 868 920.4 951.3 963.5 1,053 1,107 1,148
EBIT 1 819.9 868 920.4 951.3 963.5 1,049 1,101 1,137
Net income 1 957 760.4 178.5 764.1 769.7 734.4 780.2 812.8
Net Debt 1 6,320 6,572 6,946 6,987 7,111 7,799 7,951 8,099
Reference price 2 2.950 2.740 3.030 2.570 2.830 2.210 2.210 2.210
Nbr of stocks (in thousands) 4,197,930 4,203,991 4,393,607 4,400,309 4,611,952 4,995,215 - -
Announcement Date 8/2/22 2/2/23 1/2/24 6/2/25 5/2/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.33x11.29x17.75x6.93% 8.5B
34.08x18.19x22.83x3.34% 122B
32.93x14.59x18.75x4.17% 69.8B
37.95x14.94x15.45x5.7% 53.95B
18.71x15.77x18x1.1% 39.29B
13.96x22.66x27.37x3.6% 16.46B
28.41x11.09x15.25x4.4% 16.23B
8.29x11.86x14.53x6.02% 14.77B
18.27x16.28x23.8x5.27% 14.2B
30.08x11.39x16.68x4.05% 13.7B
Average 23.70x 14.81x 19.04x 4.46% 36.86B
Weighted average by Cap. 29.39x 15.92x 19.69x 3.96%

Y-o-Y evolution of P/E

Valuation ratios - P/E - CapitaLand Ascendas REIT

Historical PBR trend

Valuation ratios - PBR - CapitaLand Ascendas REIT

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - CapitaLand Ascendas REIT

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - CapitaLand Ascendas REIT


Year-on-year evolution of the Yield

Valuation ratios - Yield - CapitaLand Ascendas REIT
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