Company Valuation: Lendlease Global Commercial REIT

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 968.4 1,810 1,534 1,331 1,272 1,822 - -
Change - 86.94% -15.28% -13.22% -4.4% 43.24% - -
Enterprise Value (EV) 1 1,262 3,209 2,992 2,833 2,871 3,501 3,435 3,434
Change - 154.3% -6.76% -5.31% 1.36% 21.93% 16.11% -0.02%
P/E -513x 8.09x 15.1x 22.6x 24x 15.3x 16.1x 15.9x
PBR 0.84x 1.02x 0.84x 0.74x 0.69x 0.81x 0.79x 0.8x
PEG - -0x -0.3x -0.5x -1.9x 0.2x -3.22x 16.99x
Capitalization / Revenue 12.3x 17.8x 7.49x 6.02x 6.16x 8.91x 7.43x 7.21x
EV / Revenue 16x 31.6x 14.6x 12.8x 13.9x 16.5x 14x 13.6x
EV / EBITDA 26.2x 53.8x 22.9x 19.7x 22.5x 27x 22.3x 21.6x
EV / EBIT 26.2x 53.8x 22.9x 19.7x 22.5x 27x 22.3x 21.6x
EV / FCF - - - - - - 21,100,455x 18,075,285x
FCF Yield - - - - - - 0% 0%
Dividend per Share 2 0.0468 0.0485 0.047 0.0387 0.036 0.037 0.0382 0.039
Rate of return 5.71% 6.1% 7.12% 6.91% 6.92% 6.49% 6.95% 7.08%
EPS 2 -0.0016 0.0983 0.0436 0.0248 0.0217 0.0373 0.0342 0.0345
Distribution rate -2,925% 49.3% 108% 156% 166% 99.2% 112% 113%
Net sales 1 78.65 101.7 204.9 220.9 206.5 211.9 245.2 252.7
EBITDA 1 48.22 59.64 130.9 143.5 127.5 129.7 153.8 159.1
EBIT 1 48.22 59.64 130.9 143.5 127.5 129.7 153.8 159.3
Net income 1 -1.937 140.4 99.92 58.23 52.41 107 101.8 104.6
Net Debt 1 293.3 1,398 1,458 1,502 1,599 1,612 1,613 1,612
Reference price 2 0.8200 0.7950 0.6600 0.5600 0.5200 0.5500 0.5500 0.5500
Nbr of stocks (in thousands) 1,180,996 2,277,126 2,323,662 2,376,578 2,446,669 3,313,371 - -
Announcement Date 9/8/21 7/8/22 7/8/23 5/8/24 4/8/25 3/8/26 - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.28x13.88x21.98x6.66% 1.44B
39.41x15.31x15.82x5.48% 56.12B
16.46x23.17x27.76x3.5% 17.08B
8.07x11.94x14.62x5.94% 15.58B
17.91x16.33x23.47x5.27% 14.32B
9.29x13.33x15.88x5.38% 12.2B
26.98x10.79x16.97x3.99% 9.94B
7.69x20.19x27.31x3.23% 9.43B
14.58x11.77x18.5x6.47% 9.23B
34.99x7.52x12.08x5.63% 8.91B
Average 19.07x 14.42x 19.44x 5.16% 15.42B
Weighted average by Cap. 24.62x 15.11x 18.51x 5.13%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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