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 19,409 - -
Change - 0.4% 1.32% 2.71% 29.14% 6.69% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 29,153 29,290 29,600
Change - 7.41% 0.78% -0.77% 22.54% 4% 0.47% 1.06%
P/E 12.2x 18.7x 15.9x 14.2x 19x 20.2x 18.6x 17.6x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.12x 1.12x 1.12x
PEG - -0.5x 0.8x 2.92x -2.66x -5.1x 2.16x 3.23x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 11.3x 10.8x 10.6x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 17x 16.4x 16.2x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 24.9x 24.1x 23.6x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 25.3x 24.2x 23.8x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 19x 22.2x 21.9x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.27% 4.49% 4.57%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1199 0.1247 0.1297
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 4.91% 5.11% 5.31%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.121 0.1314 0.1386
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 99.1% 94.9% 93.6%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,713 1,790 1,830
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,169 1,213 1,254
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,152 1,213 1,243
Net income 1 1,083 725.9 869.2 933.7 937.3 1,012 1,040 1,087
Net Debt 1 7,812 9,337 9,337 8,789 9,840 9,744 9,882 10,191
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.440 2.440 2.440
Nbr of stocks (in thousands) 66,08,618 66,35,122 66,57,723 72,98,470 76,11,318 79,54,480 - -
Announcement Date 27/01/22 31/01/23 05/02/24 04/02/25 05/02/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.16x17.01x24.95x4.91% 1.5TCr
40.45x15.69x16.27x5.17% 5.9TCr
9.2x12.59x15.43x5.36% 1.69TCr
13.53x22.51x26.48x3.81% 1.56TCr
10.16x13.36x16.08x5.43% 1.18TCr
7.95x22.47x30.42x2.8% 1.07TCr
31.39x11.29x17.82x3.76% 1.04TCr
16.13x12.37x19.33x6.06% 975.18Cr
22.96x7.11x11.65x6.02% 834.4Cr
-1917.5x8.17x19.48x1.96% 721.35Cr
Average -174.56x 14.26x 19.79x 4.53% 1.65TCr
Weighted average by Cap. -60.00x 15.17x 19.03x 4.77%

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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