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 1,889 - -
Change - 86.94% -15.28% -13.22% -4.4% 48.45% - -
Enterprise Value (EV) 1 1,262 3,209 2,992 2,833 2,871 3,025 3,501 3,501
Change - 154.3% -6.76% -5.31% 1.36% 5.35% 15.76% -0.02%
P/E -513x 8.09x 15.1x 22.6x 24x 15.3x 16.7x 16.5x
PBR 0.84x 1.02x 0.84x 0.74x 0.69x 0.84x 0.82x 0.83x
PEG - -0x -0.3x -0.5x -1.9x 0.2x -3.34x 17.63x
Capitalization / Revenue 12.3x 17.8x 7.49x 6.02x 6.16x 8.91x 7.7x 7.47x
EV / Revenue 16x 31.6x 14.6x 12.8x 13.9x 14.2x 14.3x 13.9x
EV / EBITDA 26.2x 53.8x 22.9x 19.7x 22.5x 22.5x 22.8x 22x
EV / EBIT 26.2x 53.8x 22.9x 19.7x 22.5x 21.6x 22.8x 22x
EV / FCF - - - - - - 2,15,07,503x 1,84,24,061x
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% 6.42% 6.7% 6.83%
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 0.5700 0.5700 0.5700
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.($)
15.83x14.19x22.48x6.42% 148.75Cr
40.27x15.9x16.18x5.21% 5.9TCr
16.89x23.5x28.16x3.41% 1.77TCr
8.95x12.47x15.27x5.35% 1.74TCr
20.21x16.85x24.19x4.99% 1.5TCr
10.21x13.82x16.43x5.08% 1.3TCr
27.76x10.95x17.26x3.91% 1.01TCr
8.37x21.19x28.67x3.03% 1.02TCr
15.67x12.06x18.75x6.14% 967.82Cr
34.78x7.55x12.21x5.39% 932.05Cr
Average 19.89x 14.85x 19.96x 4.89% 1.63TCr
Weighted average by Cap. 25.38x 15.58x 18.97x 4.86%

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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