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 18,773 - -
Change - 0.4% 1.32% 2.71% 29.14% 3.2% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 28,517 28,654 28,963
Change - 7.41% 0.78% -0.77% 22.54% 1.73% 0.48% 1.08%
P/E 12.2x 18.7x 15.9x 14.2x 19x 19.5x 18x 17x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.09x 1.09x 1.08x
PEG - -0.5x 0.8x 2.92x -2.66x -4.92x 2.09x 3.12x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 11x 10.5x 10.3x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 16.6x 16x 15.8x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 24.4x 23.6x 23.1x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 24.7x 23.6x 23.3x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 18.6x 21.8x 21.4x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.39% 4.59% 4.67%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1199 0.1247 0.1297
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 5.08% 5.28% 5.49%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.121 0.1314 0.1386
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 99.1% 94.9% 93.6%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,713 1,790 1,830
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,169 1,213 1,254
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,152 1,213 1,243
Net income 1 1,083 725.9 869.2 933.7 937.3 1,012 1,040 1,087
Net Debt 1 7,812 9,337 9,337 8,789 9,840 9,744 9,882 10,191
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.360 2.360 2.360
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.($)
19.59x16.69x24.47x5.06% 14.57B
39.59x15.45x16.05x5.28% 57.78B
9.26x12.7x15.76x5.35% 16.88B
11.02x23.48x26.34x3.74% 15.71B
10.28x13.45x16.14x5.37% 11.96B
8.04x22.66x30.53x2.76% 10.85B
32.04x11.45x18.07x3.68% 10.66B
15.94x12.28x19.18x6.13% 9.61B
28.57x7.42x12.26x5.45% 9.21B
-1965x8.26x19.7x1.91% 7.39B
Average -179.07x 14.38x 19.85x 4.47% 16.46B
Weighted average by Cap. -64.72x 15.16x 18.97x 4.77%

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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