Company Valuation: CapitaLand Integrated Commercial Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 13,482 13,536 13,715 14,086 18,191 18,852 - -
Change - 0.4% 1.32% 2.71% 29.14% 3.63% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 28,980 28,907 29,265
Change - 7.41% 0.78% -0.77% 22.54% 3.38% -0.25% 1.24%
P/E 12.2x 18.7x 15.9x 14.2x 19x 20x 18.2x 17.2x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.09x 1.09x 1.09x
PEG - -0.5x 0.8x 2.92x -2.66x -3.49x 1.85x 3.2x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 10.9x 10.4x 10.1x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 16.7x 15.9x 15.8x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 24x 23.3x 22.6x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 24.9x 23.8x 23.5x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 18.3x 23.7x 23.3x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.47% 4.22% 4.3%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1201 0.1256 0.1296
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 5.07% 5.3% 5.47%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.1188 0.1304 0.1374
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 101% 96.3% 94.3%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,734 1,814 1,858
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,208 1,242 1,294
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,162 1,213 1,244
Net income 1 1,083 725.9 869.2 933.7 937.3 1,042 1,043 1,088
Net Debt 1 7,812 9,337 9,337 8,789 9,840 10,127 10,055 10,413
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.370 2.370 2.370
Nbr of stocks (in thousands) 6,608,618 6,635,122 6,657,723 7,298,470 7,611,318 7,954,480 - -
Announcement Date 1/27/22 1/31/23 2/5/24 2/4/25 2/5/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
39.88x15.8x16.08x5.27% 58.46B
16.95x23.57x28.24x3.4% 17.64B
8.6x12.25x15.01x5.57% 16.59B
19.95x16.71x23.99x5.07% 14.8B
9.93x13.6x16.16x5.22% 12.57B
27.76x10.93x17.24x3.91% 10.14B
8.02x20.59x27.85x3.16% 9.71B
14.94x11.97x18.61x6.23% 9.53B
35.28x7.55x12.13x5.59% 8.99B
Average 20.15x 14.77x 19.48x 4.82% 17.6B
Weighted average by Cap. 25.32x 15.49x 18.79x 4.93%

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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  5. Valuation CapitaLand Integrated Commercial Trust