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 11,589 - -
Change - -6.98% 15.57% -15.05% 15.41% -11.21% - -
Enterprise Value (EV) 1 18,704 18,091 20,258 18,296 20,163 19,327 19,487 19,634
Change - -3.28% 11.98% -9.69% 10.2% -4.14% 0.83% 0.76%
P/E 12.8x 15.3x 77.2x 15x 16.7x 14.5x 14.3x 13.7x
PBR 1.24x 1.16x 1.34x 1.13x 1.24x 0.99x 1x 0.99x
PEG - -0.7x -1x 0x -12.64x -2.72x 14.62x 2.89x
Capitalization / Revenue 10.1x 8.52x 9x 7.43x 8.48x 7.02x 6.68x 6.46x
EV / Revenue 15.3x 13.4x 13.7x 12x 13.1x 11.7x 11.2x 10.9x
EV / EBITDA 22.8x 20.8x 22x 19.2x 20.9x 18.4x 17.7x 17.2x
EV / EBIT 22.8x 20.8x 22x 19.2x 20.9x 18.5x 17.8x 17.4x
EV / FCF 30.5x 20.3x 25.8x 20.7x 21.1x 2,863x 21.5x 20.8x
FCF Yield 3.27% 4.93% 3.88% 4.84% 4.74% 0.03% 4.65% 4.82%
Dividend per Share 2 0.1526 0.158 0.1516 0.152 0.15 0.1513 0.1571 0.1625
Rate of return 5.17% 5.77% 5% 5.92% 5.3% 6.52% 6.77% 7%
EPS 2 0.2297 0.1789 0.0393 0.1718 0.1695 0.1605 0.162 0.1697
Distribution rate 66.4% 88.3% 386% 88.5% 88.5% 94.3% 97% 95.7%
Net sales 1 1,226 1,353 1,480 1,523 1,539 1,651 1,736 1,794
EBITDA 1 819.9 868 920.4 951.3 963.5 1,050 1,104 1,142
EBIT 1 819.9 868 920.4 951.3 963.5 1,046 1,097 1,130
Net income 1 957 760.4 178.5 764.1 769.7 737 773.8 810.2
Net Debt 1 6,320 6,572 6,946 6,987 7,111 7,738 7,898 8,046
Reference price 2 2.950 2.740 3.030 2.570 2.830 2.320 2.320 2.320
Nbr of stocks (in thousands) 41,97,930 42,03,991 43,93,607 44,00,309 46,11,952 49,95,215 - -
Announcement Date 08/02/22 02/02/23 01/02/24 06/02/25 05/02/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.46x11.71x18.4x6.52% 911.86Cr
39.26x15.28x15.78x5.51% 5.59TCr
16.42x23.12x27.71x3.51% 1.7TCr
8.03x11.91x14.6x5.97% 1.54TCr
17.99x16.26x23.64x5.25% 1.43TCr
9.32x13.35x15.91x5.36% 1.22TCr
27.02x10.8x16.99x3.99% 995.14Cr
7.26x19.43x26.29x3.42% 884.65Cr
35.55x7.57x12.17x5.54% 905.39Cr
-140.04x8.03x19.31x2.15% 653.71Cr
Average 3.53x 13.75x 19.08x 4.72% 1.58TCr
Weighted average by Cap. 17.94x 14.74x 18.42x 5.01%

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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