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 1,442 - -
Change - -19.94% 15.89% -5.44% 15.03% -12.79% - -
Enterprise Value (EV) 1 2,561 2,384 2,726 3,068 3,146 2,999 3,153 3,282
Change - -6.9% 14.34% 12.53% 2.54% -4.67% 5.13% 4.08%
P/E 8.51x 9.53x 9.64x 3.26x 5.08x 8.48x 8.12x 7.55x
PBR 1.2x 1.02x 0.98x 0.78x 0.88x 0.65x 0.63x 0.63x
PEG - -0.3x -38.11x 0x -0.2x -0.2x 1.87x 1x
Capitalization / Revenue 8.5x 6.23x 6.5x 5.17x 5.62x 4.97x 4.34x 3.81x
EV / Revenue 13.3x 11.3x 11.6x 11x 10.7x 10.3x 9.49x 8.66x
EV / EBITDA 19x 16.4x 17.5x 17.3x 16.3x 15.4x 14.3x 13.1x
EV / EBIT 19.1x 16.5x 17.7x 17.5x 16.5x 15.6x 13.9x 12.4x
EV / FCF 17.5x -36.1x -23.5x -14.6x - 6.79x 185x 41x
FCF Yield 5.71% -2.77% -4.25% -6.86% - 14.7% 0.54% 2.44%
Dividend per Share 2 0.078 0.0819 0.0645 0.0684 0.0787 0.0798 0.0856 0.0942
Rate of return 5.49% 7.25% 5.66% 6.39% 6.45% 8.23% 8.83% 9.71%
EPS 2 0.1669 0.1186 0.1183 0.3284 0.24 0.1144 0.1194 0.1284
Distribution rate 46.7% 69.1% 54.5% 20.8% 32.8% 69.8% 71.7% 73.3%
Net sales 1 192.7 210.6 234.1 277.9 294.4 290.2 332.4 378.8
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 1 192.3 137.4 147.4 438.8 322.5 162.3 176.3 193.8
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 0.9700 0.9700 0.9700
Nbr of stocks (in thousands) 1,154,079 1,161,087 1,333,818 1,343,710 1,355,589 1,486,916 - -
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.($)
8.48x10.33x15.44x8.23% 1.14B
39.92x15.61x15.95x5.33% 57.77B
16.76x23.46x28.11x3.44% 17.39B
8.44x12.16x14.9x5.68% 16.31B
18.38x16.61x23.86x5.14% 14.7B
9.98x13.64x16.21x5.19% 12.65B
27.61x10.97x17.25x3.9% 10.17B
7.77x20.33x27.51x3.19% 9.54B
14.63x11.82x18.37x6.36% 9.39B
36.02x7.62x12.24x5.47% 9.17B
Average 18.80x 14.25x 18.98x 5.19% 15.82B
Weighted average by Cap. 25.05x 15.31x 18.64x 5%

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