Company Valuation: Dolmen City REIT

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 24,216 24,505 30,064 30,420 36,580 60,062
Change - 1.19% 22.69% 1.18% 20.25% 64.19%
Enterprise Value (EV) 1 23,869 23,771 29,114 29,289 34,789 57,718
Change - -0.41% 22.48% 0.6% 18.78% 65.91%
P/E 2.98x 2.85x 3.08x 3.27x 4.49x 7.52x
PBR 0.47x 0.43x 0.47x 0.44x 0.5x 0.79x
PEG - 0.47x 0.2x -0.68x -0.4x -4.13x
Capitalization / Revenue 8.17x 7.94x 7.92x 6.65x 7.09x 10.2x
EV / Revenue 8.05x 7.7x 7.67x 6.4x 6.74x 9.82x
EV / EBITDA - - - - - -
EV / EBIT 9.68x 9.29x 9.25x 7.66x 8.33x 12.3x
EV / FCF 16.6x 14.9x 14x 12.1x 13.8x 18.1x
FCF Yield 6.04% 6.73% 7.17% 8.25% 7.22% 5.53%
Dividend per Share 2 1.25 1.24 1.5 1.81 2 2.23
Rate of return 11.5% 11.3% 11.1% 13.2% 12.2% 8.26%
EPS 2 3.651 3.872 4.39 4.179 3.661 3.594
Distribution rate 34.2% 32% 34.2% 43.3% 54.6% 62%
Net sales 1 2,965 3,086 3,795 4,577 5,159 5,875
EBITDA - - - - - -
EBIT 1 2,467 2,559 3,149 3,822 4,176 4,697
Net income 1 8,118 8,610 9,763 9,292 8,140 7,992
Net Debt 1 -347.4 -734.3 -950.2 -1,131 -1,791 -2,344
Reference price 2 10.89 11.02 13.52 13.68 16.45 27.01
Nbr of stocks (in thousands) 2,223,700 2,223,700 2,223,700 2,223,700 2,223,700 2,223,700
Announcement Date 10/23/20 10/28/21 10/27/22 8/29/23 10/28/24 10/28/25
1PKR in Million2PKR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 313M
38.39x18.29x23.22x3.32% 123B
30.6x13.85x17.62x4.48% 65.02B
35.8x14.47x14.94x6.03% 51.06B
17.75x15x17.09x1.16% 36.82B
16.07x25.01x27.38x3.57% 16.38B
25.99x10.48x14.44x4.83% 14.92B
7.92x11.67x14.3x6.3% 14.23B
17.95x16.04x23.31x5.37% 13.93B
28.77x11.06x16.14x4.24% 13.08B
Average 24.36x 15.10x 18.72x 4.37% 34.83B
Weighted average by Cap. 30.36x 15.90x 19.50x 4.02%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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