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 3,665 - -
Change - -7.36% 6.49% 11.19% 11.78% -5.73% - -
Enterprise Value (EV) 1 4,160 4,440 4,631 5,108 5,543 5,346 5,397 5,450
Change - 6.74% 4.31% 10.29% 8.53% -3.56% 0.95% 0.97%
P/E 14.1x 15.4x 14.3x 14.7x 13.8x 17x 15.8x 15.3x
PBR 1.25x 1.14x 1.11x 1.05x 1.14x 1.07x 1.07x 1.07x
PEG - -1x 1.87x -2.63x 0.8x -0.7x 2.12x 5.11x
Capitalization / Revenue 12.9x 10.3x 10.8x 10.8x 10.7x 9.74x 9.18x 8.96x
EV / Revenue 16.9x 15.6x 16.1x 15.9x 15.2x 14.2x 13.5x 13.3x
EV / EBITDA 22.9x 20.8x 22.2x 21.2x 20.1x 18x 16.9x 18x
EV / EBIT 23x 20.9x 22.2x 21.2x 20.1x 19x 18.2x 18x
EV / FCF -55.4x 26x 178x -16.2x 31.1x 23.8x 19.6x 18.4x
FCF Yield -1.81% 3.85% 0.56% -6.17% 3.21% 4.2% 5.11% 5.42%
Dividend per Share 2 0.0949 0.0975 0.0865 0.0927 0.1055 0.1035 0.1119 0.1142
Rate of return 4.89% 5.45% 4.83% 5.36% 5.49% 5.72% 6.18% 6.31%
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 1 181.7 213.4 208.8 241.5 276.1 297.3 319.2 302.2
EBIT 1 181.1 212.8 208.3 241.1 275.8 282.1 296.1 302.2
Net income 1 200.4 190.1 217.8 210 282.1 212.4 232.1 239.5
Net Debt 1 988.6 1,503 1,503 1,630 1,656 1,681 1,732 1,784
Reference price 2 1.940 1.790 1.790 1.730 1.920 1.810 1.810 1.810
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.($)
17.06x14.26x18.05x5.69% 903M
80.9x12.85x34.63x1.35% 168B
58.94x11.84x23.04x2.04% 100B
24x10.33x15.62x4.27% 77.98B
62.42x11.9x22.06x2.77% 65.5B
28.33x13.02x18.23x4.21% 53.36B
159.73x8.18x22.49x2.39% 44.58B
60.45x6.34x17.06x3.16% 33.19B
34.52x11.35x17.01x6.34% 28.54B
28.52x13.9x16.9x4.88% 28.2B
Average 55.49x 11.40x 20.51x 3.71% 60.03B
Weighted average by Cap. 63.12x 11.54x 23.83x 2.84%

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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