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 19,807 - -
Change - 0.4% 1.32% 2.71% 29.14% 8.88% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 29,741 29,908 30,250
Change - 7.41% 0.78% -0.77% 22.54% 6.1% 0.56% 1.14%
P/E 12.2x 18.7x 15.9x 14.2x 19x 20.6x 18.9x 18x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.15x 1.15x 1.14x
PEG - -0.5x 0.8x 2.92x -2.66x -5.22x 2.19x 3.37x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 11.5x 11x 10.7x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 17.3x 16.6x 16.4x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 25.7x 24.7x 24.1x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 25.7x 24.7x 24.4x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 19.1x 22.6x 22.4x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.24% 4.42% 4.47%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1199 0.1254 0.1296
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 4.82% 5.04% 5.21%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.121 0.1315 0.1385
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 99.1% 95.4% 93.6%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,724 1,806 1,847
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,158 1,212 1,256
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,155 1,212 1,242
Net income 1 1,083 725.9 869.2 933.7 937.3 1,014 1,044 1,091
Net Debt 1 7,812 9,337 9,337 8,789 9,840 9,935 10,101 10,443
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.490 2.490 2.490
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.($)
41.98x16.05x16.64x5% 61.12B
13.26x24.38x28.73x3.38% 17.44B
9.54x12.73x15.89x5.22% 17.27B
12.84x14.22x16.27x5.06% 12.69B
31.14x11.6x18.3x3.61% 10.87B
10x21.8x28.97x2.91% 10.22B
16.42x12.58x19.69x5.89% 9.97B
26.08x7.52x12.31x5.36% 9.37B
-162.6x8.27x19.97x1.85% 7.65B
Average -0.15x 14.35x 19.64x 4.25% 17.4B
Weighted average by Cap. 17.43x 15.42x 18.89x 4.54%

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