Company Valuation: Axis Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,171 2,937 3,128 3,478 3,888 3,726 - -
Change - -7.36% 6.49% 11.19% 11.78% -4.17% - -
Enterprise Value (EV) 1 4,160 4,440 4,631 5,108 5,543 5,407 5,458 5,510
Change - 6.74% 4.31% 10.29% 8.53% -2.46% 0.93% 0.96%
P/E 14.1x 15.4x 14.3x 14.7x 13.8x 17.2x 16x 15.6x
PBR 1.25x 1.14x 1.11x 1.05x 1.14x 1.08x 1.08x 1.08x
PEG - -1x 1.87x -2.63x 0.8x -0.7x 2.13x 5.25x
Capitalization / Revenue 12.9x 10.3x 10.8x 10.8x 10.7x 9.9x 9.34x 9.11x
EV / Revenue 16.9x 15.6x 16.1x 15.9x 15.2x 14.4x 13.7x 13.5x
EV / EBITDA 22.9x 20.8x 22.2x 21.2x 20.1x 18.2x 17.1x 18.2x
EV / EBIT 23x 20.9x 22.2x 21.2x 20.1x 19.2x 18.4x 18.2x
EV / FCF -55.4x 26x 178x -16.2x 31.1x 24.1x 19.8x 18.7x
FCF Yield -1.81% 3.85% 0.56% -6.17% 3.21% 4.15% 5.06% 5.36%
Dividend per Share 2 0.0949 0.0975 0.0865 0.0927 0.1055 0.1034 0.1119 0.1142
Rate of return 4.89% 5.45% 4.83% 5.36% 5.49% 5.62% 6.08% 6.21%
EPS 2 0.138 0.1161 0.125 0.118 0.1396 0.1067 0.1147 0.1181
Distribution rate 68.8% 84% 69.2% 78.6% 75.6% 97% 97.6% 96.7%
Net sales 1 246.2 284.2 288.4 322.2 365 376.2 399.1 409
EBITDA 1 181.7 213.4 208.8 241.5 276.1 297.3 319.1 302.2
EBIT 1 181.1 212.8 208.3 241.1 275.8 282 296.1 302.3
Net income 1 200.4 190.1 217.8 210 282.1 212.4 232.1 239.6
Net Debt 1 988.6 1,503 1,503 1,630 1,656 1,681 1,732 1,785
Reference price 2 1.940 1.790 1.790 1.730 1.920 1.840 1.840 1.840
Nbr of stocks (in thousands) 1,634,524 1,641,054 1,747,492 2,010,492 2,024,895 2,024,895 - -
Announcement Date 1/20/22 1/19/23 1/23/24 1/24/25 1/28/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.43x14.48x18.32x5.56% 922M
4.93x10.39x11.98x7% 4.46B
15.2x6.62x - 6.27% 240M
Average 12.52x 10.49x 15.15x 6.28% 1.87B
Weighted average by Cap. 7.42x 10.90x 13.07x 6.73%

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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  4. Valuation Axis Real Estate Investment Trust