Company Valuation: CapitaLand China Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,975 1,875 1,571 1,239 1,349 1,151 - -
Change - -5.07% -16.22% -21.14% 8.92% -14.7% - -
Enterprise Value (EV) 1 3,675 3,590 3,278 2,861 2,809 2,623 2,627 2,630
Change - -2.34% -8.67% -12.73% -1.81% -6.65% 0.15% 0.14%
P/E 17.3x 15.3x 38.8x -67.9x -136x 17x 16.6x 16.3x
PBR 0.76x 0.81x 0.77x 0.64x 0.75x 0.65x 0.66x 0.66x
PEG - 2.39x -0.6x 0x 2.9x -0x 7.53x 8.34x
Capitalization / Revenue 5.22x 4.89x 4.31x 3.63x 4.44x 3.73x 3.66x 3.61x
EV / Revenue 9.72x 9.37x 8.99x 8.38x 9.25x 8.49x 8.35x 8.25x
EV / EBITDA 16x 15.5x 14.6x 13.8x 15.5x 14.5x 14.2x 14x
EV / EBIT 16.1x 15.5x 14.6x 13.9x 15.5x 15.4x 15.1x 14.9x
EV / FCF 19.7x 25.1x 19.4x 18x 20.7x 13.4x 13.2x 13.2x
FCF Yield 5.07% 3.99% 5.15% 5.54% 4.83% 7.44% 7.58% 7.6%
Dividend per Share 2 0.0873 0.075 0.0674 0.0565 0.0482 0.0474 0.0484 0.0493
Rate of return 7.34% 6.7% 7.25% 7.85% 6.22% 7.24% 7.39% 7.52%
EPS 2 0.0686 0.073 0.024 -0.0106 -0.0057 0.0386 0.0394 0.0402
Distribution rate 127% 103% 281% -533% -846% 123% 123% 123%
Net sales 1 378 383.2 364.7 341.5 303.7 308.8 314.5 318.6
EBITDA 1 230.3 232.3 225.1 206.9 181.4 180.3 185.1 188.3
EBIT 1 228.9 231.1 224 206.2 180.8 170.3 173.7 176.8
Net income 1 103.3 119.6 37.45 -18.07 -9.938 67.54 69.74 71.83
Net Debt 1 1,701 1,715 1,708 1,622 1,460 1,472 1,476 1,479
Reference price 2 1.1900 1.1200 0.9300 0.7200 0.7750 0.6550 0.6550 0.6550
Nbr of stocks (in thousands) 1,659,528 1,673,893 1,688,862 1,720,367 1,740,903 1,757,150 - -
Announcement Date 1/30/22 2/2/23 1/29/24 2/5/25 2/4/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.98x8.49x14.54x7.24% 891M
35.81x15.46x19.88x3.95% 74.17B
31.71x11.75x16.52x4.02% 17.62B
33.5x12.23x18.28x3.68% 15.1B
15.7x11.26x16.35x6.38% 12.99B
27.72x10.55x15.55x3.81% 9.99B
41.75x16.31x19.57x3.93% 9.73B
24.2x14.78x16.26x4.9% 9.43B
12.06x17.14x18.85x4.71% 8.49B
-183.83x12.64x19.48x2.65% 7.71B
Average 5.56x 13.06x 17.53x 4.53% 16.61B
Weighted average by Cap. 21.28x 14.08x 18.52x 4.16%

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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