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 8,212 - -
Change - -26.07% 9.25% -4.77% 14.31% 8.28% - -
Enterprise Value (EV) 1 10,177 8,310 9,147 8,799 10,059 10,731 10,668 10,866
Change - -18.34% 10.08% -3.8% 14.32% 6.68% -0.59% 1.85%
P/E 31.7x 17.7x 25.4x 23.1x 30.6x 24x 32x 31.1x
PBR 3.82x 2.59x 2.72x 2.49x 2.84x 3.07x 3.05x 3.11x
PEG - 0.6x -1.1x 4.78x -2.2x 0.6x -1.3x 10.46x
Capitalization / Revenue 18.1x 11.8x 11.3x 9.91x 10.4x 10.4x 9.79x 9.17x
EV / Revenue 21.4x 15.4x 14.9x 13.1x 13.8x 13.6x 12.7x 12.1x
EV / EBITDA 32.8x 23x 22.2x 19.6x 20.3x 19.9x 18.4x 17.6x
EV / EBIT 56.7x 38.8x 37.4x 32.3x 32.7x 31.9x 28.4x 26.3x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.08 1.18 1.28 1.48 1.78 1.993 2.112 2.267
Rate of return 1.63% 2.45% 2.43% 2.95% 3.11% 3.22% 3.41% 3.66%
EPS 2 2.09 2.72 2.07 2.17 1.87 2.578 1.936 1.993
Distribution rate 51.7% 43.4% 61.8% 68.2% 95.2% 77.3% 109% 114%
Net sales 1 476.3 539.9 614 669.6 727.1 786.4 839.2 895.7
EBITDA 1 310.2 361.3 411.3 449 495.7 538.6 580.8 617.6
EBIT 1 179.4 214 244.6 272.4 307.7 336 375.9 412.9
Net income 1 271 359.1 274.8 287.6 247.3 344.6 262 286.5
Net Debt 1 1,551 1,933 2,180 2,165 2,475 2,520 2,457 2,654
Reference price 2 66.20 48.26 52.67 50.13 57.27 61.94 61.94 61.94
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.($)
24.2x13.72x20.03x3.19% 8.27B
42.6x19.71x25.18x3.02% 135B
17.7x16.19x18.42x1.08% 41.21B
33.86x15.82x22.39x3.18% 10.74B
616.82x9.33x13.14x4.72% 8.25B
21.75x13.27x17.42x4.45% 7.44B
31.81x16.42x24.92x3.26% 7.31B
33.78x11.58x15.79x4.17% 7.15B
8.72x19.46x22.25x5.27% 6.33B
10.19x18.26x18.94x6.02% 5.96B
Average 84.14x 15.38x 19.85x 3.84% 23.75B
Weighted average by Cap. 54.23x 17.76x 22.51x 2.98%

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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