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 1,624 - -
Change - 28.27% -0.84% -16.58% 6.11% -25.43% - -
Enterprise Value (EV) 1 3,101 4,512 3,974 4,223 4,342 3,913 3,920 3,947
Change - 45.49% -11.91% 6.24% 2.83% -9.89% 0.19% 0.68%
P/E 18x -7.76x -35.2x -13.3x 68.8x 9.81x 10.2x 9.36x
PBR 1.21x 1.02x 1x 0.93x 1.06x 0.81x 0.81x 0.82x
PEG - 0x 0.4x -0x -1x 0x -2.75x 1.06x
Capitalization / Revenue 8.02x 7.23x 6.37x 5.54x 4.88x 3.88x 3.83x 3.8x
EV / Revenue 12.9x 13.1x 10.3x 11.4x 9.74x 9.34x 9.23x 9.24x
EV / EBITDA 19.9x 20.7x 16.2x 18.1x 14.5x 13.2x 13.2x 13.1x
EV / EBIT 19.9x 20.7x 16.2x 18.1x 14.5x 13.2x 13.2x 13.1x
EV / FCF 21.7x 20.2x 23.9x 17.3x 17.5x 12.7x 14.4x 14.1x
FCF Yield 4.61% 4.95% 4.19% 5.76% 5.71% 7.89% 6.97% 7.12%
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% 10.7% 10.9%
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 2.010 2.010 2.010
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.($)
9.86x9.36x13.28x10.84% 1.27B
38.57x18.38x23.5x3.31% 123B
30.37x13.77x17.28x4.52% 64.52B
35.86x14.48x14.96x6.02% 51.1B
18.61x15.71x17.9x1.11% 38.76B
16.14x25.08x27.47x3.56% 16.46B
25.9x10.46x14.41x4.84% 14.86B
7.9x11.71x14.35x6.32% 14.13B
17.95x16.04x23.27x5.38% 13.91B
28.96x11.11x16.28x4.22% 13.16B
Average 23.01x 14.61x 18.27x 5.01% 35.13B
Weighted average by Cap. 30.36x 15.98x 19.61x 4.02%

Y-o-Y evolution of P/E

Valuation ratios - P/E - ESR-REIT

Historical PBR trend

Valuation ratios - PBR - ESR-REIT

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - ESR-REIT

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - ESR-REIT


Year-on-year evolution of the Yield

Valuation ratios - Yield - ESR-REIT