ESR-LOGOS REIT |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.285 SGD | 0.00% |
|
-1.72% | -10.94% |
| 01/05 | ESR-Logos Completes Divestment of Australian Property | MT |
| 29/04 | Maybank Adjusts ESR-LOGOS REIT’s Price Target to SG$0.32 From SG$0.33, Keeps at Buy | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,848 | 1,413 | 1,935 | 2,481 | 2,461 | 2,187 | - | - |
| Enterprise Value (EV) 1 | 3,024 | 2,573 | 3,101 | 4,512 | 3,974 | 3,933 | 3,948 | 3,822 |
| P/E ratio | 288 x | 144 x | 18 x | -7.76 x | -35.2 x | 14.5 x | 14.1 x | 13.4 x |
| Yield | 7.57% | 7.09% | 6.22% | 8.11% | 8.01% | 8.62% | 8.93% | 9.05% |
| Capitalization / Revenue | 7.3 x | 6.14 x | 8.02 x | 7.23 x | 6.37 x | 5.86 x | 5.69 x | 5.54 x |
| EV / Revenue | 11.9 x | 11.2 x | 12.9 x | 13.1 x | 10.3 x | 10.5 x | 10.3 x | 9.69 x |
| EV / EBITDA | 17.7 x | 18.3 x | 19.9 x | 20.7 x | 16.2 x | 15.6 x | 14.6 x | 14.4 x |
| EV / FCF | 18.9 x | 17.1 x | 21.7 x | 20.2 x | 23.9 x | -570 x | 40.7 x | 21.7 x |
| FCF Yield | 5.28% | 5.85% | 4.61% | 4.95% | 4.19% | -0.18% | 2.45% | 4.61% |
| Price to Book | 1.22 x | 0.98 x | 1.21 x | 1.02 x | 1 x | 0.89 x | 0.9 x | 0.9 x |
| Nbr of stocks (in thousands) | 34,87,316 | 35,76,362 | 40,30,257 | 67,06,494 | 76,89,164 | 76,73,299 | - | - |
| Reference price 2 | 0.5300 | 0.3950 | 0.4800 | 0.3700 | 0.3200 | 0.2850 | 0.2850 | 0.2850 |
| Announcement Date | 22/01/20 | 19/01/21 | 26/01/22 | 30/01/23 | 31/01/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 253 | 229.9 | 241.3 | 343.2 | 386.4 | 373.3 | 384.2 | 394.5 |
| EBITDA 1 | 170.4 | 140.9 | 155.6 | 217.9 | 244.9 | 252.9 | 270 | 265.3 |
| EBIT 1 | 170.4 | 140.9 | 155.6 | 217.9 | 244.9 | 251.4 | 268.8 | 265.3 |
| Operating Margin | 67.35% | 61.29% | 64.51% | 63.48% | 63.38% | 67.34% | 69.97% | 67.25% |
| Earnings before Tax (EBT) 1 | 9.949 | 12.74 | 107.8 | -261.9 | -65.77 | 157.5 | 170.4 | 178.6 |
| Net income 1 | 6.08 | 9.689 | 101.5 | -278.3 | -67.45 | 151.9 | 164.3 | 178.8 |
| Net margin | 2.4% | 4.21% | 42.07% | -81.07% | -17.46% | 40.68% | 42.76% | 45.32% |
| EPS 2 | 0.001840 | 0.002750 | 0.0266 | -0.0477 | -0.009100 | 0.0197 | 0.0202 | 0.0213 |
| Free Cash Flow 1 | 159.6 | 150.5 | 142.9 | 223.1 | 166.6 | -6.9 | 96.9 | 176.3 |
| FCF margin | 63.09% | 65.46% | 59.21% | 65.01% | 43.12% | -1.85% | 25.22% | 44.69% |
| FCF Conversion (EBITDA) | 93.68% | 106.8% | 91.79% | 102.42% | 68.03% | - | 35.89% | 66.45% |
| FCF Conversion (Net income) | 2,625.79% | 1,553.34% | 140.73% | - | - | - | 58.99% | 98.6% |
| Dividend per Share 2 | 0.0401 | 0.0280 | 0.0299 | 0.0300 | 0.0256 | 0.0246 | 0.0255 | 0.0258 |
| Announcement Date | 22/01/20 | 19/01/21 | 26/01/22 | 30/01/23 | 31/01/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S2 | 2021 S1 | 2022 S1 | 2023 S1 |
|---|---|---|---|---|
| Net sales 1 | 116.2 | 119.8 | 147.7 | 196.8 |
| EBITDA | - | - | - | - |
| EBIT | - | - | - | - |
| Operating Margin | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - |
| Net income | - | - | - | - |
| Net margin | - | - | - | - |
| EPS | - | - | - | - |
| Dividend per Share 2 | 0.0144 | 0.0155 | 0.0146 | 0.0138 |
| Announcement Date | 19/01/21 | 22/07/21 | 26/07/22 | 25/07/23 |
1SGD in Million2SGD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,175 | 1,161 | 1,167 | 2,030 | 1,514 | 1,746 | 1,762 | 1,635 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 6.897 x | 8.236 x | 7.496 x | 9.32 x | 6.182 x | 6.904 x | 6.525 x | 6.162 x |
| Free Cash Flow 1 | 160 | 151 | 143 | 223 | 167 | -6.9 | 96.9 | 176 |
| ROE (net income / shareholders' equity) | 6.34% | 4.97% | 6.07% | -12.4% | 5.23% | 5.19% | 6.54% | 6.73% |
| ROA (Net income/ Total Assets) | 3.32% | 2.52% | 3.12% | -6.2% | 2.68% | 3.34% | 3.42% | 3.75% |
| Assets 1 | 183 | 383.8 | 3,259 | 4,492 | -2,516 | 4,552 | 4,809 | 4,771 |
| Book Value Per Share 2 | 0.4300 | 0.4100 | 0.4000 | 0.3600 | 0.3200 | 0.3200 | 0.3200 | 0.3200 |
| Cash Flow per Share 2 | 0.0500 | 0.0500 | 0.0400 | 0.0600 | 0.0300 | 0.0300 | 0.0300 | 0.0400 |
| Capex 1 | 18.4 | 10.9 | 28.5 | 98.6 | 93.5 | 137 | 135 | - |
| Capex / Sales | 7.28% | 4.76% | 11.8% | 28.72% | 24.21% | 36.62% | 35.14% | - |
| Announcement Date | 22/01/20 | 19/01/21 | 26/01/22 | 30/01/23 | 31/01/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
0.285
SGD
Average target price
0.3533
SGD
Spread / Average Target
+23.98%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -10.94% | 1.62B | |
| -21.48% | 98.04B | |
| +34.31% | 40.98B | |
| -21.02% | 9.65B | |
| -13.60% | 7.68B | |
| -25.57% | 6.45B | |
| -11.39% | 6.41B | |
| -10.82% | 6.25B | |
| -9.19% | 6.12B | |
| -13.67% | 5.3B |
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