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 17,898 - -
Change - 0.4% 1.32% 2.71% 29.14% -1.61% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 27,981 28,125 28,575
Change - 7.41% 0.78% -0.77% 22.54% -0.18% 0.51% 1.6%
P/E 12.2x 18.7x 15.9x 14.2x 19x 18x 17.4x 17.9x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.04x 1.04x 1.03x
PEG - -0.5x 0.8x 2.92x -2.66x -27.66x 5.61x -7.38x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 10.3x 9.84x 9.54x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 16.1x 15.5x 15.2x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 23.4x 22.6x 22.1x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 24x 22.9x 22.7x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 17.8x 21x 20.7x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.61% 4.76% 4.83%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1204 0.1255 0.1296
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 5.35% 5.58% 5.76%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.1252 0.1291 0.1259
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 96.2% 97.2% 103%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,740 1,818 1,876
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,197 1,245 1,295
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,168 1,226 1,259
Net income 1 1,083 725.9 869.2 933.7 937.3 1,039 1,033 1,022
Net Debt 1 7,812 9,337 9,337 8,789 9,840 10,083 10,228 10,677
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.250 2.250 2.250
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.($)
17.97x16.08x23.37x5.35% 1.4TCr
37.23x18.03x22.66x3.38% 12TCr
32.37x14.42x18.52x4.25% 6.86TCr
37.85x14.92x15.42x5.72% 5.38TCr
17.97x15.21x17.31x1.15% 3.76TCr
13.88x24.7x27.05x3.61% 1.64TCr
27.45x10.9x14.99x4.55% 1.58TCr
8.15x11.78x14.43x6.12% 1.46TCr
29.84x11.08x16.23x4.08% 1.32TCr
15.06x10.92x15.86x6.7% 1.24TCr
Average 23.78x 14.80x 18.58x 4.49% 3.67TCr
Weighted average by Cap. 30.07x 15.79x 19.38x 4.04%

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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