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 17,977 - -
Change - 0.4% 1.32% 2.71% 29.14% -1.18% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 27,987 28,137 28,498
Change - 7.41% 0.78% -0.77% 22.54% -0.16% 0.54% 1.28%
P/E 12.2x 18.7x 15.9x 14.2x 19x 17.8x 17.4x 17.9x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.04x 1.04x 1.04x
PEG - -0.5x 0.8x 2.92x -2.66x 17.39x 7.8x -6.26x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 10.4x 9.91x 9.67x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 16.1x 15.5x 15.3x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 23.4x 22.7x 22x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 24.2x 23.2x 22.9x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 17.7x 23.1x 22.7x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.66% 4.34% 4.41%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1202 0.1255 0.1296
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 5.32% 5.55% 5.73%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.1273 0.1301 0.1264
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 94.4% 96.5% 102%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,735 1,814 1,859
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,194 1,242 1,294
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,157 1,213 1,244
Net income 1 1,083 725.9 869.2 933.7 937.3 1,067 1,041 1,013
Net Debt 1 7,812 9,337 9,337 8,789 9,840 10,010 10,160 10,521
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.260 2.260 2.260
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.($)
37.52x14.88x15.36x5.76% 53.43B
16.65x23.35x27.97x3.46% 17.08B
8.1x11.99x14.69x5.9% 15.49B
17.75x16.13x23.44x5.32% 14.09B
9.23x13.27x15.81x5.42% 11.97B
26.1x10.56x16.6x4.13% 9.61B
36.49x7.66x12.32x5.4% 9.29B
14.39x11.68x18.35x6.55% 9.04B
7.34x19.6x26.52x3.37% 8.89B
Average 19.29x 14.35x 19.01x 5.03% 16.54B
Weighted average by Cap. 23.91x 14.90x 18.28x 5.22%

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
-40%: Exceptional extension
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