Company Valuation: Lendlease Global Commercial REIT

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 968.4 1,810 1,534 1,331 1,272 1,855 - -
Change - 86.94% -15.28% -13.22% -4.4% 45.84% - -
Enterprise Value (EV) 1 1,262 3,209 2,992 2,833 2,871 2,992 3,468 3,467
Change - 154.3% -6.76% -5.31% 1.36% 4.2% 15.93% -0.02%
P/E -513x 8.09x 15.1x 22.6x 24x 15.3x 16.4x 16.2x
PBR 0.84x 1.02x 0.84x 0.74x 0.69x 0.82x 0.8x 0.81x
PEG - -0x -0.3x -0.5x -1.9x 0.2x -3.28x 17.31x
Capitalization / Revenue 12.3x 17.8x 7.49x 6.02x 6.16x 8.91x 7.57x 7.34x
EV / Revenue 16x 31.6x 14.6x 12.8x 13.9x 14x 14.1x 13.7x
EV / EBITDA 26.2x 53.8x 22.9x 19.7x 22.5x 22.2x 22.6x 21.8x
EV / EBIT 26.2x 53.8x 22.9x 19.7x 22.5x 21.3x 22.6x 21.8x
EV / FCF - - - - - - 2,13,03,979x 1,82,49,673x
FCF Yield - - - - - - 0% 0%
Dividend per Share 2 0.0468 0.0485 0.047 0.0387 0.036 0.0366 0.0382 0.039
Rate of return 5.71% 6.1% 7.12% 6.91% 6.92% 6.54% 6.82% 6.96%
EPS 2 -0.0016 0.0983 0.0436 0.0248 0.0217 0.0373 0.0342 0.0345
Distribution rate -2,925% 49.3% 108% 156% 166% 102% 112% 113%
Net sales 1 78.65 101.7 204.9 220.9 206.5 211.9 245.2 252.7
EBITDA 1 48.22 59.64 130.9 143.5 127.5 129.7 153.8 159.1
EBIT 1 48.22 59.64 130.9 143.5 127.5 129.7 153.8 159.3
Net income 1 -1.937 140.4 99.92 58.23 52.41 107 101.8 104.6
Net Debt 1 293.3 1,398 1,458 1,502 1,599 1,136 1,613 1,612
Reference price 2 0.8200 0.7950 0.6600 0.5600 0.5200 0.5600 0.5600 0.5600
Nbr of stocks (in thousands) 11,80,996 22,77,126 23,23,662 23,76,578 24,46,669 33,13,371 - -
Announcement Date 09/08/21 07/08/22 07/08/23 05/08/24 04/08/25 03/08/26 - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.56x14.04x22.23x6.54% 145.64Cr
39.88x15.8x16.08x5.27% 5.85TCr
16.95x23.57x28.24x3.4% 1.76TCr
8.6x12.25x15.01x5.57% 1.66TCr
19.95x16.71x23.99x5.07% 1.48TCr
9.93x13.6x16.16x5.22% 1.26TCr
27.76x10.93x17.24x3.91% 1.01TCr
8.02x20.59x27.85x3.16% 970.77Cr
14.94x11.97x18.61x6.23% 952.75Cr
35.28x7.55x12.13x5.59% 898.59Cr
Average 19.69x 14.70x 19.75x 4.99% 1.6TCr
Weighted average by Cap. 25.23x 15.47x 18.82x 4.94%

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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