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 1,107 - -
Change - -5.07% -16.22% -21.14% 8.92% -17.95% - -
Enterprise Value (EV) 1 3,675 3,590 3,278 2,861 2,809 2,579 2,583 2,586
Change - -2.34% -8.67% -12.73% -1.81% -8.21% 0.16% 0.14%
P/E 17.3x 15.3x 38.8x -67.9x -136x 13.6x 15.7x 15.4x
PBR 0.76x 0.81x 0.77x 0.64x 0.75x 0.62x 0.63x 0.63x
PEG - 2.39x -0.6x 0x 2.9x -0x -1.2x 8.13x
Capitalization / Revenue 5.22x 4.89x 4.31x 3.63x 4.44x 3.58x 3.52x 3.47x
EV / Revenue 9.72x 9.37x 8.99x 8.38x 9.25x 8.35x 8.21x 8.12x
EV / EBITDA 16x 15.5x 14.6x 13.8x 15.5x 14.3x 14x 13.7x
EV / EBIT 16.1x 15.5x 14.6x 13.9x 15.5x 15x 14.8x 14.5x
EV / FCF 19.7x 25.1x 19.4x 18x 20.7x 13.2x 13x 12.9x
FCF Yield 5.07% 3.99% 5.15% 5.54% 4.83% 7.56% 7.71% 7.73%
Dividend per Share 2 0.0873 0.075 0.0674 0.0565 0.0482 0.0483 0.0491 0.05
Rate of return 7.34% 6.7% 7.25% 7.85% 6.22% 7.66% 7.8% 7.93%
EPS 2 0.0686 0.073 0.024 -0.0106 -0.0057 0.0463 0.0401 0.0409
Distribution rate 127% 103% 281% -533% -846% 104% 122% 122%
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 1 228.9 231.1 224 206.2 180.8 172.1 175 178.1
Net income 1 103.3 119.6 37.45 -18.07 -9.938 80.99 70.94 73.04
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 0.6300 0.6300 0.6300
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.($)
13.62x8.35x14.3x7.66% 870M
35.88x14.98x19.24x4.04% 72.21B
29.1x11.2x15.28x4.4% 16.31B
30.73x11.6x16.89x3.97% 13.96B
15.52x11.17x16.25x6.46% 12.82B
39.5x15.66x18.92x4.29% 9.24B
25.45x10x14.88x4.18% 9.13B
22.31x14.24x15.63x5.28% 8.87B
11.65x16.66x18.31x4.88% 8.36B
-148.66x12.26x16.62x2.75% 7.07B
Average 7.51x 12.61x 16.63x 4.79% 15.88B
Weighted average by Cap. 22.32x 13.63x 17.72x 4.36%

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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