Financials CapitaLand Investment Limited

Equities

9CI

SGXE62145532

Real Estate Services

Market Closed - Singapore S.E. Other stock markets 02:40:57 02/05/2024 pm IST			5-day change	1st Jan Change
2.56 ^SGD	-3.76%		-1.92%	-18.99%

01/05	Maybank Securities Adjusts CapitaLand Investment’s Price Target to SG$3.00 From SG$3.15, Keeps at Buy	MT
01/05	OCBC Investment Research Adjusts CapitaLand Investment’s Price Target to SG$3.86 From SG$3.89, Keeps at Buy	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,531	18,922	16,117	12,994	-	-
Enterprise Value (EV) ¹	27,202	28,844	26,247	22,093	21,919	21,054
P/E ratio	9.07 x	22.4 x	90.3 x	15 x	13.5 x	11.8 x
Yield	3.52%	4.84%	3.8%	5.11%	5.17%	5.3%
Capitalization / Revenue	7.65 x	6.58 x	5.79 x	4.39 x	4.11 x	3.85 x
EV / Revenue	11.9 x	10 x	9.43 x	7.46 x	6.93 x	6.24 x
EV / EBITDA	21.7 x	14.7 x	23.8 x	13 x	11.6 x	9.79 x
EV / FCF	-47.4 x	-109 x	38.5 x	19.9 x	15.7 x	13.8 x
FCF Yield	-2.11%	-0.92%	2.6%	5.02%	6.35%	7.24%
Price to Book	1.09 x	1.25 x	1.15 x	0.91 x	0.88 x	0.81 x
Nbr of stocks (in thousands)	51,41,200	51,14,165	51,00,421	50,75,828	-	-
Reference price ²	3.410	3.700	3.160	2.560	2.560	2.560
Announcement Date	24/02/22	22/02/23	27/02/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	2,293	2,876	2,784	2,963	3,161	3,373
EBITDA ¹	1,251	1,966	1,104	1,699	1,891	2,150
EBIT ¹	1,091	1,289	962	1,611	1,781	2,000
Operating Margin	47.58%	44.82%	34.55%	54.37%	56.35%	59.28%
Earnings before Tax (EBT) ¹	1,956	1,388	474	1,264	1,506	1,648
Net income ¹	1,349	861	181	782	948.2	979.4
Net margin	58.83%	29.94%	6.5%	26.39%	29.99%	29.04%
EPS ²	0.3760	0.1650	0.0350	0.1707	0.1894	0.2161
Free Cash Flow ¹	-574	-264	682	1,109	1,393	1,524
FCF margin	-25.03%	-9.18%	24.5%	37.42%	44.06%	45.19%
FCF Conversion (EBITDA)	-	-	61.78%	65.25%	73.67%	70.9%
FCF Conversion (Net income)	-	-	376.8%	141.79%	146.9%	155.63%
Dividend per Share ²	0.1200	0.1790	0.1200	0.1307	0.1322	0.1357
Announcement Date	24/02/22	22/02/23	27/02/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2024 S1	2024 S2
Net sales	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-
EBIT ¹	342	327	525	764	433	650.7	976
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	10/08/22	24/02/22	10/08/22	22/02/23	10/08/23	-	-

¹SGD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,671	9,922	10,130	9,099	8,925	8,060
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.731 x	5.047 x	9.176 x	5.355 x	4.72 x	3.749 x
Free Cash Flow ¹	-574	-264	682	1,109	1,393	1,524
ROE (net income / shareholders' equity)	9.4%	5.39%	3.8%	5.29%	5.96%	6.45%
ROA (Net income/ Total Assets)	3.56%	2.37%	1.64%	2.37%	2.71%	3.08%
Assets ¹	37,934	36,375	11,030	33,052	35,015	31,774
Book Value Per Share ²	3.120	2.960	2.740	2.820	2.920	3.140
Cash Flow per Share ²	0.1900	0.1400	0.1300	0.2700	0.1800	0.1900
Capex ¹	1,241	999	725	627	407	1,477
Capex / Sales	54.12%	34.74%	26.04%	21.15%	12.89%	43.79%
Announcement Date	24/02/22	22/02/23	27/02/24	-	-	-

¹SGD in Million²SGD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CapitaLand Investment Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.56 SGD

Average target price

3.793 SGD

Spread / Average Target

+48.18%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Services

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JONES LANG LASALLE INCORPORATED	-2.58%	8.57B
FIRSTSERVICE CORPORATION	-4.13%	6.59B
COLLIERS INTERNATIONAL GROUP INC.	-14.77%	5.25B
MAKKAH CONSTRUCTION AND DEVELOPMENT COMPANY	+43.74%	4.75B
CUSHMAN & WAKEFIELD PLC	-8.24%	2.2B
CHINA OVERSEAS PROPERTY HOLDINGS LIMITED	-14.85%	2.01B
JSL CONSTRUCTION & DEVELOPMENT CO., LTD.	+66.28%	1.84B

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