Company Valuation: Alpha Integrated Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 373.8 468.6 470.7 450.3 405 540
Change - 25.35% 0.45% -4.35% -10.05% 33.33%
Enterprise Value (EV) 1 730.3 831.1 826.4 824.2 812.3 947.8
Change - 13.79% -0.56% -0.27% -1.45% 16.69%
P/E -8.86x 9.64x 8.93x 24.7x 35.5x 8.44x
PBR 0.69x 0.86x 0.81x 0.78x 0.72x 0.91x
PEG - -0x 1.62x -0.4x -0.9x 0x
Capitalization / Revenue 5.21x 5.72x 4.96x 4.02x 3.57x 4.5x
EV / Revenue 10.2x 10.1x 8.71x 7.37x 7.17x 7.89x
EV / EBITDA - - - - - -
EV / EBIT 20x 18x 17.5x 16.8x 18.2x 16x
EV / FCF 36.3x 22.9x 35.9x 38.5x 102x 32.6x
FCF Yield 2.76% 4.37% 2.79% 2.6% 0.98% 3.07%
Dividend per Share 2 0.0276 0.0305 0.0305 0.0276 0.0286 0.0353
Rate of return 7.77% 6.85% 7.01% 6.81% 7.94% 7.35%
EPS 2 -0.0401 0.0461 0.0487 0.0164 0.0101 0.0569
Distribution rate -68.9% 66.1% 62.6% 169% 282% 62.1%
Net sales 1 71.7 81.91 94.91 111.9 113.3 120.1
EBITDA - - - - - 59.32
EBIT 1 36.48 46.26 47.16 49.02 44.56 59.32
Net income 1 -42.21 48.82 52.77 18.07 11.37 63.98
Net Debt 1 356.5 362.4 355.7 373.9 407.2 407.8
Reference price 2 0.3550 0.4450 0.4350 0.4050 0.3600 0.4800
Nbr of stocks (in thousands) 1,053,084 1,053,084 1,082,146 1,111,788 1,125,055 1,125,055
Announcement Date 4/11/21 3/27/22 3/26/23 3/24/24 3/13/25 3/31/26
1SGD in Million2SGD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 418M
37.23x18.03x22.66x3.38% 120B
32.37x14.42x18.52x4.25% 68.61B
37.85x14.92x15.42x5.72% 53.82B
17.97x15.21x17.31x1.15% 37.62B
13.88x24.7x27.05x3.61% 16.35B
27.45x10.9x14.99x4.55% 15.82B
8.15x11.78x14.43x6.12% 14.59B
17.97x16.08x23.37x5.35% 14B
29.84x11.08x16.23x4.08% 13.2B
Average 24.75x 15.24x 18.89x 4.25% 35.48B
Weighted average by Cap. 30.59x 15.96x 19.50x 3.95%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Alpha Integrated Real Estate Investment Trust

Historical PBR trend

Valuation ratios - PBR - Alpha Integrated Real Estate Investment Trust

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Alpha Integrated Real Estate Investment Trust

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Alpha Integrated Real Estate Investment Trust

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