Company Valuation: ESR-REIT

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,935 2,481 2,461 2,053 2,178 1,762 - -
Change - 28.27% -0.84% -16.58% 6.11% -19.12% - -
Enterprise Value (EV) 1 3,101 4,512 3,974 4,223 4,342 4,050 4,058 4,084
Change - 45.49% -11.91% 6.24% 2.83% -6.73% 0.19% 0.65%
P/E 18x -7.76x -35.2x -13.3x 68.8x 10.6x 11x 10.1x
PBR 1.21x 1.02x 1x 0.93x 1.06x 0.87x 0.88x 0.89x
PEG - 0x 0.4x -0x -1x 0x -2.97x 1.14x
Capitalization / Revenue 8.02x 7.23x 6.37x 5.54x 4.88x 4.2x 4.15x 4.12x
EV / Revenue 12.9x 13.1x 10.3x 11.4x 9.74x 9.67x 9.56x 9.56x
EV / EBITDA 19.9x 20.7x 16.2x 18.1x 14.5x 13.7x 13.7x 13.6x
EV / EBIT 19.9x 20.7x 16.2x 18.1x 14.5x 13.7x 13.7x 13.6x
EV / FCF 21.7x 20.2x 23.9x 17.3x 17.5x 13.1x 14.9x 14.5x
FCF Yield 4.61% 4.95% 4.19% 5.76% 5.71% 7.62% 6.73% 6.88%
Dividend per Share 2 0.2987 0.3 0.2564 0.2119 0.2191 0.2189 0.2156 0.22
Rate of return 6.22% 8.11% 8.01% 8.31% 8.09% 10% 9.89% 10.1%
EPS 2 0.266 -0.477 -0.091 -0.1914 0.0394 0.2049 0.1973 0.2148
Distribution rate 112% -62.9% -282% -111% 556% 107% 109% 102%
Net sales 1 241.3 343.2 386.4 370.5 446 418.9 424.5 427.3
EBITDA 1 155.6 217.9 244.9 233.3 298.7 295.3 296.1 300.3
EBIT 1 155.6 217.9 244.9 233.3 298.7 295.3 296.1 300.3
Net income 1 101.5 -278.3 -67.45 -127.8 31.66 143.2 154.8 163
Net Debt 1 1,167 2,030 1,514 2,170 2,164 2,289 2,296 2,323
Reference price 2 4.800 3.700 3.200 2.550 2.710 2.180 2.180 2.180
Nbr of stocks (in thousands) 403,026 670,649 768,916 804,916 803,677 808,058 - -
Announcement Date 1/26/22 1/30/23 1/31/24 1/23/25 2/3/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.64x9.67x13.71x10.04% 1.38B
40.49x18.95x24.2x3.17% 128B
17.55x14.84x16.9x1.18% 37.24B
34.26x15.84x22.43x3.14% 10.86B
637.92x9.63x13.59x4.57% 8.54B
26.19x13.55x19.8x3.2% 8.19B
34.26x11.67x15.94x4.11% 7.25B
33.31x16.27x24.62x3.28% 7.16B
20.06x12.98x16.76x4.24% 7.06B
8.98x18.23x20.93x5.74% 5.72B
Average 86.37x 14.16x 18.89x 4.27% 22.16B
Weighted average by Cap. 56.73x 16.96x 21.67x 3.07%

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

-40%: Exceptional extension
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