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 1,061 973.4 - -
Change - 7.45% -10.57% -21.84% -1.83% -8.27% - -
Enterprise Value (EV) 1 2,491 2,661 2,601 2,482 2,365 2,185 2,295 2,305
Change - 6.84% -2.27% -4.58% -4.7% -7.62% 5.05% 0.42%
P/E 21.2x 7.2x 11.3x 75.4x -35.8x 20.8x 22.8x 23.8x
PBR 0.88x 0.87x 0.74x 0.59x 0.6x 0.52x 0.53x 0.53x
PEG - 0x -0.3x -0.9x 0x -0x -2.57x -5.96x
Capitalization / Revenue 9.12x 6.74x 5.37x 4.15x 3.97x 3.55x 3.35x 3.23x
EV / Revenue 15.8x 11.6x 10.1x 9.54x 8.84x 7.97x 7.91x 7.65x
EV / EBITDA 35.1x 25.3x 22x 22.2x 21.9x 18.4x 18.1x 17x
EV / EBIT 50.3x 31.6x 27x 27.8x 28.7x 22.5x 22.1x 21.8x
EV / FCF 51.2x 32.2x 53.2x 34.8x 24.7x 16.6x -26.5x 14.3x
FCF Yield 1.95% 3.1% 1.88% 2.87% 4.04% 6.03% -3.78% 7.01%
Dividend per Share 2 0.0427 0.0563 0.057 0.0532 0.0282 0.0511 0.0538 0.0562
Rate of return 3.65% 4.5% 5.14% 6.19% 3.38% 6.72% 7.08% 7.39%
EPS 2 0.0551 0.1735 0.0984 0.0114 -0.0233 0.0366 0.0333 0.032
Distribution rate 77.5% 32.4% 57.9% 467% -121% 140% 161% 176%
Net sales 1 157.7 229.4 257.6 260.3 267.6 274 290.2 301.4
EBITDA 1 71.01 105.1 118.2 111.8 107.8 118.7 126.7 135.6
EBIT 1 49.56 84.09 96.3 89.23 82.46 97.23 103.7 105.6
Net income 1 67.93 215.3 123.2 14.36 -29.49 35.09 38.21 42.14
Net Debt 1 1,052 1,115 1,218 1,401 1,304 1,212 1,322 1,332
Reference price 2 1.1700 1.2500 1.1100 0.8600 0.8350 0.7600 0.7600 0.7600
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.($)
20.78x7.97x18.4x6.72% 765M
9.65x10.89x13.24x6.85% 29.26B
16.89x3.18x10.74x6.57% 15.82B
13.55x12.04x12.8x7.4% 12.72B
31.11x4.42x14.08x3.76% 8.78B
23.32x3.7x11.52x5.82% 3.9B
37.99x2.72x11.01x6.39% 3.19B
17.05x10.01x13.89x6.91% 3.02B
16.35x3.13x11.31x3.15% 2.61B
Average 20.74x 6.45x 13.00x 5.95% 8.89B
Weighted average by Cap. 16.45x 7.85x 12.61x 6.35%

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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