Company Valuation: RAM Essential Services Property Fund

Data adjusted to current consolidation scope
Fiscal Period: June 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 409.1 359.5 314.4 288.1 210.4 - -
Change - -12.1% -12.57% -8.35% -26.96% - -
Enterprise Value (EV) 1 650.2 648 589.5 550.9 464.5 402.7 414.5
Change - -0.34% -9.04% -6.54% -15.69% -13.29% 2.93%
P/E 6.54x -21.2x -12.9x -19.6x 11.1x 8.51x 4.82x
PBR 1.45x 1.43x 1.43x 0.71x 0.52x 0.47x 0.43x
PEG - 0x -0.3x 0.5x -0x 0.3x 0.1x
Capitalization / Revenue 13.8x 6.38x 5.64x 4.96x 3.97x 4.07x 5.05x
EV / Revenue 22x 11.5x 10.6x 9.49x 8.76x 7.79x 9.94x
EV / EBITDA 22.9x 16.8x 19.9x 14.3x 12.4x 10.2x -
EV / EBIT 27.1x 19.4x 25.7x 18.5x 13.1x 11.6x 12.1x
EV / FCF - 32.9x - - 19.4x 17.7x -
FCF Yield - 3.04% - - 5.15% 5.64% -
Dividend per Share 2 0.04 0.057 0.056 0.05 0.0456 0.0456 0.0466
Rate of return 5.1% 8.26% 9.11% 8.7% 10.9% 10.9% 11.1%
EPS 2 0.12 -0.0325 -0.0478 -0.0294 0.0377 0.0493 0.0872
Distribution rate 33.3% -175% -117% -170% 121% 92.5% 53.5%
Net sales 1 29.6 56.32 55.7 58.03 53.02 51.69 41.69
EBITDA 1 28.38 38.67 29.56 38.42 37.5 39.3 -
EBIT 1 23.96 33.36 22.98 29.79 35.5 34.65 34.28
Net income 1 61.46 -16.63 -24.46 -5.531 6 2.7 -
Net Debt 1 241.2 288.5 275.1 262.8 254.1 192.3 204.1
Reference price 2 0.7850 0.6900 0.6150 0.5750 0.4200 0.4200 0.4200
Nbr of stocks (in thousands) 5,21,084 5,21,084 5,11,151 5,01,065 5,01,065 - -
Announcement Date 21/08/22 27/08/23 19/08/24 26/08/25 - - -
1AUD in Million2AUD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.26x8.81x12.45x10.74% 15Cr
23.96x13.61x15.91x5.19% 1.64TCr
8.51x13.95x18.01x6.18% 685.89Cr
23.62x15.04x16.4x4.08% 672.61Cr
12.28x14.65x16.8x5.2% 640.93Cr
8.93x16.77x20.2x7.83% 618.18Cr
10.36x14.75x15.83x6.84% 606.53Cr
8.57x13.93x17.87x5.82% 589.95Cr
12.69x11.53x13.19x5.36% 519.67Cr
Average 13.35x 13.67x 16.30x 6.36% 665.34Cr
Weighted average by Cap. 15.45x 14.20x 16.68x 5.71%

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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