Company Valuation: First Industrial Realty Trust, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,625 6,377 6,967 6,635 7,584 8,135 - -
Change - -26.07% 9.25% -4.77% 14.31% 7.26% - -
Enterprise Value (EV) 1 10,177 8,310 9,147 8,799 10,059 10,597 10,591 10,789
Change - -18.34% 10.08% -3.8% 14.32% 5.34% -0.05% 1.87%
P/E 31.7x 17.7x 25.4x 23.1x 30.6x 26x 31.7x 30.8x
PBR 3.82x 2.59x 2.72x 2.49x 2.84x 3.07x 3.02x 3.08x
PEG - 0.6x -1.1x 4.78x -2.2x 1x -1.8x 10.36x
Capitalization / Revenue 18.1x 11.8x 11.3x 9.91x 10.4x 10.3x 9.69x 9.08x
EV / Revenue 21.4x 15.4x 14.9x 13.1x 13.8x 13.5x 12.6x 12x
EV / EBITDA 32.8x 23x 22.2x 19.6x 20.3x 19.7x 18.2x 17.5x
EV / EBIT 56.7x 38.8x 37.4x 32.3x 32.7x 31.5x 28.2x 26.1x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.08 1.18 1.28 1.48 1.78 1.979 2.112 2.267
Rate of return 1.63% 2.45% 2.43% 2.95% 3.11% 3.23% 3.44% 3.69%
EPS 2 2.09 2.72 2.07 2.17 1.87 2.36 1.936 1.993
Distribution rate 51.7% 43.4% 61.8% 68.2% 95.2% 83.9% 109% 114%
Net sales 1 476.3 539.9 614 669.6 727.1 786.6 839.2 895.7
EBITDA 1 310.2 361.3 411.3 449 495.7 538.2 580.8 617.6
EBIT 1 179.4 214 244.6 272.4 307.7 336 375.9 412.9
Net income 1 271 359.1 274.8 287.6 247.3 330.9 262 286.5
Net Debt 1 1,551 1,933 2,180 2,165 2,475 2,462 2,457 2,654
Reference price 2 66.20 48.26 52.67 50.13 57.27 61.36 61.36 61.36
Nbr of stocks (in thousands) 130,290 132,135 132,275 132,349 132,422 132,573 - -
Announcement Date 2/9/22 2/8/23 2/7/24 2/5/25 2/4/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26x13.47x19.69x3.23% 8.13B
40.19x18.84x24.06x3.2% 127B
17.95x15.16x17.28x1.15% 37.57B
34.09x15.85x22.44x3.14% 10.87B
631.27x9.56x13.46x4.62% 8.45B
33.65x16.41x24.84x3.25% 7.24B
20.51x13.2x17.04x4.15% 7.05B
33.98x11.61x15.85x4.15% 7.19B
9.05x18.32x21.03x5.7% 5.69B
9.72x17.83x18.5x6.32% 5.57B
Average 85.64x 15.03x 19.42x 3.89% 22.5B
Weighted average by Cap. 55.29x 17.01x 21.62x 3.11%

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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