Company Valuation: CapitaLand India Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,639 1,312 1,521 1,438 1,654 1,355 - -
Change - -19.94% 15.89% -5.44% 15.03% -18.07% - -
Enterprise Value (EV) 1 2,561 2,384 2,726 3,068 3,146 2,912 3,066 3,195
Change - -6.9% 14.34% 12.53% 2.54% -7.44% 5.29% 4.2%
P/E 8.51x 9.53x 9.64x 3.26x 5.08x 8.95x 7.62x 7.09x
PBR 1.2x 1.02x 0.98x 0.78x 0.88x 0.63x 0.59x 0.59x
PEG - -0.3x -38.11x 0x -0.2x -0.2x 0.4x 0.94x
Capitalization / Revenue 8.5x 6.23x 6.5x 5.17x 5.62x 4.67x 4.08x 3.58x
EV / Revenue 13.3x 11.3x 11.6x 11x 10.7x 10x 9.22x 8.43x
EV / EBITDA 19x 16.4x 17.5x 17.3x 16.3x 15x 13.9x 12.8x
EV / EBIT 19.1x 16.5x 17.7x 17.5x 16.5x 15.2x 13.5x 12.1x
EV / FCF 17.5x -36.1x -23.5x -14.6x - 6.59x 180x 39.9x
FCF Yield 5.71% -2.77% -4.25% -6.86% - 15.2% 0.55% 2.5%
Dividend per Share 2 0.078 0.0819 0.0645 0.0684 0.0787 0.0797 0.0856 0.0942
Rate of return 5.49% 7.25% 5.66% 6.39% 6.45% 8.76% 9.41% 10.3%
EPS 2 0.1669 0.1186 0.1183 0.3284 0.24 0.1017 0.1194 0.1284
Distribution rate 46.7% 69.1% 54.5% 20.8% 32.8% 78.4% 71.7% 73.3%
Net sales 1 192.7 210.6 234.1 277.9 294.4 290.3 332.4 378.8
EBITDA 1 134.6 145.6 155.5 177.2 193.6 194.3 220.4 250
EBIT 1 133.8 144.6 154.3 174.9 191 191.8 226.5 264.4
Net income 1 192.3 137.4 147.4 438.8 322.5 162.4 225.6 237.6
Net Debt 1 922.4 1,072 1,206 1,630 1,492 1,557 1,711 1,840
Reference price 2 1.4200 1.1300 1.1400 1.0700 1.2200 0.9100 0.9100 0.9100
Nbr of stocks (in thousands) 1,154,079 1,161,087 1,333,818 1,343,710 1,355,589 1,488,953 - -
Announcement Date 1/26/22 3/23/23 1/29/24 1/27/25 2/1/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.1x10.11x15.11x8.62% 1.08B
36.78x14.7x15.18x5.88% 52.39B
16.6x23.3x27.92x3.47% 16.86B
8.3x11.89x14.57x6.01% 15.1B
18.04x16.06x23.26x5.36% 13.95B
9.53x13.3x15.85x5.4% 11.94B
26.07x10.55x16.64x4.13% 9.6B
14.21x11.56x18.16x6.64% 8.91B
34.28x7.44x11.95x5.77% 8.7B
7.19x19.35x26.05x3.45% 8.65B
Average 18.01x 13.83x 18.47x 5.47% 14.72B
Weighted average by Cap. 23.41x 14.76x 18.12x 5.33%

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 CapitaLand India Trust