Company Valuation: CapitaLand Integrated Commercial Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 13,482 13,536 13,715 14,086 18,191 18,659 - -
Change - 0.4% 1.32% 2.71% 29.14% 2.57% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 28,830 28,978 29,331
Change - 7.41% 0.78% -0.77% 22.54% 2.85% 0.51% 1.22%
P/E 12.2x 18.7x 15.9x 14.2x 19x 18.5x 18x 18.6x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.08x 1.08x 1.07x
PEG - -0.5x 0.8x 2.92x -2.66x 75.19x 6.4x -6.16x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 10.7x 10.2x 9.98x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 16.6x 15.9x 15.7x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 24.3x 23.4x 22.8x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 24.5x 23.5x 23.2x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 18.6x 21.9x 21.4x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.38% 4.57% 4.67%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1202 0.1254 0.1291
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 5.13% 5.36% 5.52%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.1263 0.1299 0.1259
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 95.1% 96.5% 103%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,742 1,821 1,869
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,187 1,238 1,288
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,175 1,232 1,267
Net income 1 1,083 725.9 869.2 933.7 937.3 1,041 1,036 1,013
Net Debt 1 7,812 9,337 9,337 8,789 9,840 10,171 10,319 10,671
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.340 2.340 2.340
Nbr of stocks (in thousands) 6,608,618 6,635,122 6,657,723 7,298,470 7,611,318 7,974,049 - -
Announcement Date 27/1/22 31/1/23 5/2/24 4/2/25 5/2/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.76x16.69x24.48x5.07% 14.73B
33.81x18.26x21.73x3.3% 124B
39.54x15.35x20.01x3.84% 75.61B
38.53x15.17x15.6x5.48% 56.62B
19.95x16.83x19.19x1.03% 40.79B
27.6x11.49x15.34x4.2% 17.06B
14.11x22.83x27.58x3.56% 16.57B
9.02x12.15x14.65x5.79% 15.33B
30.92x11.42x17.32x3.99% 13.98B
16.43x11.56x16.79x6.14% 13.49B
Average 24.87x 15.18x 19.27x 4.24% 39B
Weighted average by Cap. 30.78x 16.21x 19.69x 3.82%

Y-o-Y evolution of P/E

Valuation ratios - P/E - CapitaLand Integrated Commercial Trust

Historical PBR trend

Valuation ratios - PBR - CapitaLand Integrated Commercial Trust

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - CapitaLand Integrated Commercial Trust

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - CapitaLand Integrated Commercial Trust


Year-on-year evolution of the Yield

Valuation ratios - Yield - CapitaLand Integrated Commercial Trust
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