KEPPEL DC REIT |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1.68 SGD | 0.00% |
|
-0.59% | -13.85% |
| 19/04 | Keppel DC REIT’s Distributable Income Down 16% in Q1 2024 | MT |
| 18/04 | Greencoat Renewables inks 10 year PPA with Keppel DC REIT | AN |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 3,395 | 4,589 | 4,237 | 3,042 | 3,357 | 2,894 | - | - |
| Enterprise Value (EV) 1 | 4,160 | 5,533 | 5,341 | 4,327 | 4,688 | 4,245 | 4,269 | 4,309 |
| P/E ratio | 27.7 x | 27.3 x | 13.1 x | 13.2 x | 28.3 x | 18.8 x | 19.1 x | 17.5 x |
| Yield | 3.66% | 3.26% | 3.99% | 5.77% | 4.81% | 5.33% | 5.58% | 5.94% |
| Capitalization / Revenue | 17.4 x | 17.3 x | 15.6 x | 11 x | 11.9 x | 10.4 x | 9.95 x | 9.65 x |
| EV / Revenue | 21.4 x | 20.8 x | 19.7 x | 15.6 x | 16.7 x | 15.2 x | 14.7 x | 14.4 x |
| EV / EBITDA | 26.1 x | 30.8 x | 23.9 x | - | - | 20 x | 19.3 x | 18.2 x |
| EV / FCF | 31.6 x | 31.6 x | 46.9 x | 24.2 x | 26.4 x | 24.3 x | 20.5 x | 19.6 x |
| FCF Yield | 3.16% | 3.17% | 2.13% | 4.13% | 3.78% | 4.11% | 4.88% | 5.1% |
| Price to Book | 1.82 x | 2.36 x | 1.84 x | 1.26 x | 1.46 x | 1.25 x | 1.24 x | 1.25 x |
| Nbr of stocks (in thousands) | 16,32,395 | 16,33,121 | 17,15,512 | 17,18,650 | 17,21,430 | 17,22,623 | - | - |
| Reference price 2 | 2.080 | 2.810 | 2.470 | 1.770 | 1.950 | 1.680 | 1.680 | 1.680 |
| Announcement Date | 21/01/20 | 26/01/21 | 24/01/22 | 31/01/23 | 25/01/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 194.8 | 265.6 | 271.1 | 277.3 | 281.2 | 279.4 | 291 | 299.8 |
| EBITDA 1 | 159.4 | 179.4 | 223.2 | - | - | 212.4 | 220.8 | 236.3 |
| EBIT 1 | 155 | 173.8 | 220.4 | 219.1 | 212.6 | 207.7 | 223.7 | 234.3 |
| Operating Margin | 79.57% | 65.45% | 81.32% | 78.99% | 75.59% | 74.31% | 76.86% | 78.17% |
| Earnings before Tax (EBT) 1 | 123.7 | 192.8 | 350.7 | 265.2 | 137.8 | 175.4 | 175.2 | 184.2 |
| Net income 1 | 106.5 | 168.2 | 313.7 | 230.9 | 118.5 | 155.8 | 154.1 | 167.5 |
| Net margin | 54.66% | 63.32% | 115.71% | 83.26% | 42.15% | 55.75% | 52.96% | 55.89% |
| EPS 2 | 0.0751 | 0.1030 | 0.1887 | 0.1344 | 0.0689 | 0.0894 | 0.0881 | 0.0958 |
| Free Cash Flow 1 | 131.5 | 175.3 | 113.9 | 178.9 | 177.3 | 174.6 | 208.4 | 219.6 |
| FCF margin | 67.5% | 66% | 42.03% | 64.5% | 63.07% | 62.48% | 71.63% | 73.27% |
| FCF Conversion (EBITDA) | 82.51% | 97.68% | 51.05% | - | - | 82.21% | 94.4% | 92.96% |
| FCF Conversion (Net income) | 123.48% | 104.24% | 36.32% | 77.46% | 149.62% | 112.07% | 135.25% | 131.09% |
| Dividend per Share 2 | 0.0761 | 0.0917 | 0.0985 | 0.1021 | 0.0938 | 0.0895 | 0.0938 | 0.0998 |
| Announcement Date | 21/01/20 | 26/01/21 | 24/01/22 | 31/01/23 | 25/01/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 135.1 | 135.9 | 135.5 | 141.8 | 140.5 | 140.7 | 129.8 | 129.8 |
| EBITDA | - | - | - | - | - | - | - | - |
| EBIT 1 | 109.5 | 111 | 107.7 | 111.4 | 111 | 101.6 | 101.4 | 101.4 |
| Operating Margin | 80.99% | 81.65% | 79.46% | 78.54% | 79.02% | 72.16% | 78.1% | 78.1% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - |
| EPS | 0.0536 | 0.1337 | - | - | - | - | - | - |
| Dividend per Share | - | - | 0.0505 | - | 0.0505 | - | - | - |
| Announcement Date | 26/07/21 | 24/01/22 | 25/07/22 | 31/01/23 | 24/07/23 | 25/01/24 | - | - |
1SGD in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 765 | 944 | 1,103 | 1,285 | 1,331 | 1,351 | 1,375 | 1,415 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.799 x | 5.258 x | 4.944 x | - | - | 6.362 x | 6.227 x | 5.987 x |
| Free Cash Flow 1 | 132 | 175 | 114 | 179 | 177 | 175 | 208 | 220 |
| ROE (net income / shareholders' equity) | 7.09% | 8.79% | 14.8% | 9.81% | 5.02% | 6.63% | 6.63% | 7.28% |
| ROA (Net income/ Total Assets) | 4.6% | 5.34% | 8.8% | 5.86% | 2.92% | 4.16% | 4.09% | 4.34% |
| Assets 1 | 2,317 | 3,150 | 3,565 | 3,944 | 4,057 | 3,745 | 3,768 | 3,857 |
| Book Value Per Share 2 | 1.140 | 1.190 | 1.340 | 1.400 | 1.340 | 1.350 | 1.350 | 1.350 |
| Cash Flow per Share 2 | 0.1100 | 0.1400 | 0.1200 | 0.1300 | 0.1200 | 0.1100 | 0.1100 | 0.1300 |
| Capex 1 | 23.8 | 59.7 | 77.6 | 39.4 | 33.4 | 29 | 29 | 29 |
| Capex / Sales | 12.2% | 22.48% | 28.62% | 14.22% | 11.89% | 10.38% | 9.97% | 9.67% |
| Announcement Date | 21/01/20 | 26/01/21 | 24/01/22 | 31/01/23 | 25/01/24 | - | - | - |
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
OUTPERFORM
Number of Analysts
13
Last Close Price
1.68
SGD
Average target price
1.898
SGD
Spread / Average Target
+12.96%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -13.85% | 2.13B | |
| -16.79% | 83.89B | |
| -13.25% | 66.31B | |
| +4.14% | 43.77B | |
| -16.28% | 41.91B | |
| -23.58% | 20.91B | |
| +11.64% | 12.13B | |
| +14.90% | 2.66B | |
| +4.33% | 1.45B | |
| +0.81% | 857M |
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