Company Valuation: CapitaLand Ascendas REIT

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,384 11,519 13,313 11,309 13,052 12,588 - -
Change - -6.98% 15.57% -15.05% 15.41% -3.55% - -
Enterprise Value (EV) 1 18,704 18,091 20,258 18,296 20,163 20,447 20,603 20,821
Change - -3.28% 11.98% -9.69% 10.2% 1.41% 0.76% 1.06%
P/E 12.8x 15.3x 77.2x 15x 16.7x 16.1x 15.3x 14.6x
PBR 1.24x 1.16x 1.34x 1.13x 1.24x 1.08x 1.08x 1.07x
PEG - -0.7x -1x 0x -12.64x -2.05x 2.93x 2.99x
Capitalization / Revenue 10.1x 8.52x 9x 7.43x 8.48x 7.62x 7.23x 6.96x
EV / Revenue 15.3x 13.4x 13.7x 12x 13.1x 12.4x 11.8x 11.5x
EV / EBITDA 22.8x 20.8x 22x 19.2x 20.9x 19.3x 18.4x 17.9x
EV / EBIT 22.8x 20.8x 22x 19.2x 20.9x 19.4x 18.6x 18.2x
EV / FCF 30.5x 20.3x 25.8x 20.7x 21.1x 1,661x 22.7x 21.9x
FCF Yield 3.27% 4.93% 3.88% 4.84% 4.74% 0.06% 4.41% 4.56%
Dividend per Share 2 0.1526 0.158 0.1516 0.152 0.15 0.1527 0.1579 0.1642
Rate of return 5.17% 5.77% 5% 5.92% 5.3% 6.06% 6.26% 6.52%
EPS 2 0.2297 0.1789 0.0393 0.1718 0.1695 0.1562 0.1644 0.1724
Distribution rate 66.4% 88.3% 386% 88.5% 88.5% 97.8% 96.1% 95.3%
Net sales 1 1,226 1,353 1,480 1,523 1,539 1,652 1,740 1,810
EBITDA 1 819.9 868 920.4 951.3 963.5 1,058 1,119 1,161
EBIT 1 819.9 868 920.4 951.3 963.5 1,051 1,110 1,146
Net income 1 957 760.4 178.5 764.1 769.7 729.9 780.8 823.6
Net Debt 1 6,320 6,572 6,946 6,987 7,111 7,859 8,015 8,233
Reference price 2 2.950 2.740 3.030 2.570 2.830 2.520 2.520 2.520
Nbr of stocks (in thousands) 4,197,930 4,203,991 4,393,607 4,400,309 4,611,952 4,995,215 - -
Announcement Date 2/8/22 2/2/23 2/1/24 2/6/25 2/5/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.13x12.37x19.33x6.06% 9.75B
40.45x15.69x16.27x5.17% 59.04B
9.2x12.59x15.43x5.36% 16.9B
13.53x22.51x26.48x3.81% 15.64B
20.16x17.01x24.95x4.91% 15.04B
10.16x13.36x16.08x5.43% 11.83B
7.95x22.47x30.42x2.8% 10.65B
31.39x11.29x17.82x3.76% 10.45B
22.96x7.11x11.65x6.02% 8.34B
-1917.5x8.17x19.48x1.96% 7.21B
Average -174.56x 14.26x 19.79x 4.53% 16.49B
Weighted average by Cap. -60.00x 15.17x 19.03x 4.77%

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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