Company Valuation: CDL Hospitality Trusts

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,439 1,546 1,383 1,081 1,061 1,018 - -
Change - 7.45% -10.57% -21.84% -1.83% -4.04% - -
Enterprise Value (EV) 1 2,491 2,661 2,601 2,482 2,365 2,241 2,351 2,365
Change - 6.84% -2.27% -4.58% -4.7% -5.25% 4.93% 0.58%
P/E 21.2x 7.2x 11.3x 75.4x -35.8x 26.9x 30.4x 24.8x
PBR 0.88x 0.87x 0.74x 0.59x 0.6x 0.54x 0.55x 0.56x
PEG - 0x -0.3x -0.9x 0x -0x -2.7x 1.1x
Capitalization / Revenue 9.12x 6.74x 5.37x 4.15x 3.97x 3.73x 3.52x 3.38x
EV / Revenue 15.8x 11.6x 10.1x 9.54x 8.84x 8.21x 8.13x 7.85x
EV / EBITDA 35.1x 25.3x 22x 22.2x 21.9x 18.9x 18.7x 17.4x
EV / EBIT 50.3x 31.6x 27x 27.8x 28.7x 22.7x 22.2x 21.5x
EV / FCF 51.2x 32.2x 53.2x 34.8x 24.7x 16.6x -27.6x 14.6x
FCF Yield 1.95% 3.1% 1.88% 2.87% 4.04% 6.02% -3.62% 6.86%
Dividend per Share 2 0.0427 0.0563 0.057 0.0532 0.0282 0.0498 0.0522 0.0563
Rate of return 3.65% 4.5% 5.14% 6.19% 3.38% 6.26% 6.57% 7.08%
EPS 2 0.0551 0.1735 0.0984 0.0114 -0.0233 0.0295 0.0262 0.032
Distribution rate 77.5% 32.4% 57.9% 467% -121% 169% 199% 176%
Net sales 1 157.7 229.4 257.6 260.3 267.6 273 289.1 301.4
EBITDA 1 71.01 105.1 118.2 111.8 107.8 118.5 125.9 135.8
EBIT 1 49.56 84.09 96.3 89.23 82.46 98.59 105.7 110
Net income 1 67.93 215.3 123.2 14.36 -29.49 36.06 38.7 44.08
Net Debt 1 1,052 1,115 1,218 1,401 1,304 1,223 1,333 1,347
Reference price 2 1.1700 1.2500 1.1100 0.8600 0.8350 0.7950 0.7950 0.7950
Nbr of stocks (in thousands) 1,230,012 1,237,020 1,245,832 1,256,857 1,270,770 1,280,755 - -
Announcement Date 1/27/22 3/22/23 1/29/24 1/26/25 1/29/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.93x8.16x18.91x6.3% 787M
9.2x11.1x13.23x6.71% 29.65B
18.82x3.45x11.7x5.98% 17.49B
14.16x12.17x13x6.95% 13.04B
33.08x4.28x13.64x3.56% 8.46B
24.11x3.78x11.98x5.7% 3.97B
35.03x2.71x11.18x6.58% 3.08B
17.33x13.7x15.72x6.43% 2.97B
18.52x7.69x18.14x6.74% 2.7B
Average 21.91x 7.45x 14.17x 6.11% 9.13B
Weighted average by Cap. 16.95x 8.22x 13.08x 6.2%

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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