Company Valuation: Frasers Logistics & Commercial Trust

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 5,686 4,918 4,528 4,860 4,204 3,744 - -
Change - -13.51% -7.92% 7.32% -13.49% -10.93% - -
Enterprise Value (EV) 1 8,240 6,978 6,826 7,461 6,982 6,586 6,612 6,639
Change - -15.31% -2.19% 9.3% -6.41% -5.67% 0.39% 0.41%
P/E 7.42x 6.12x -38.2x 28.8x 17.4x 18.2x 16.9x 16.4x
PBR 1.24x 0.93x 0.9x 1x 0.85x 0.81x 0.81x 0.81x
PEG - 1.45x 0x -0x 0.4x -1.2x 2.15x 5.72x
Capitalization / Revenue 12.1x 9.87x 9.38x 9.5x 7.52x 7.08x 6.71x 6.49x
EV / Revenue 17.5x 14x 14.1x 14.6x 12.5x 12.5x 11.9x 11.5x
EV / EBITDA 25.7x 20.9x 22x 23.4x 20x 19.4x 18.2x 17.3x
EV / EBIT 25.7x 20.9x 22x 23.4x 20x 19.5x 18.3x 17.6x
EV / FCF -315x 7.66x 42.2x 29.3x 23.4x 18x 17.4x 16.9x
FCF Yield -0.32% 13.1% 2.37% 3.41% 4.27% 5.56% 5.76% 5.92%
Dividend per Share 2 0.0772 0.0836 0.0807 0.0776 0.0705 0.0643 0.0653 0.0665
Rate of return 4.99% 6.28% 6.65% 6% 6.34% 6.53% 6.63% 6.76%
EPS 2 0.2084 0.2172 -0.0318 0.0449 0.0641 0.054 0.0583 0.0599
Distribution rate 37% 38.5% -254% 173% 110% 119% 112% 111%
Net sales 1 471.7 498.2 482.5 511.3 558.8 528.6 557.6 576.6
EBITDA 1 320.7 333.4 309.9 319.3 349.8 339.7 363.3 383.1
EBIT 1 320.7 333.3 309.9 319.2 349.8 338.5 360.8 378.2
Net income 1 734.8 806.3 -118.1 168.9 243.1 201.3 214.2 225.1
Net Debt 1 2,554 2,061 2,297 2,601 2,778 2,842 2,868 2,895
Reference price 2 1.5465 1.3305 1.2143 1.2932 1.1127 0.9850 0.9850 0.9850
Nbr of stocks (in thousands) 3,676,420 3,696,167 3,728,941 3,757,818 3,778,193 3,801,262 - -
Announcement Date 11/10/21 11/9/22 11/1/23 11/5/24 11/6/25 - - -
1AUD in Million2AUD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.23x12.46x19.39x6.53% 2.69B
40.77x19.05x24.33x3.15% 129B
18.44x15.56x17.73x1.12% 39.46B
33.54x15.55x22.02x3.2% 10.64B
632.1x9.55x13.48x4.61% 8.46B
26.01x13.47x19.69x3.22% 8.14B
21.79x13.34x17.27x4.1% 7.45B
33.84x11.59x15.81x4.16% 7.16B
33.06x16.16x24.46x3.31% 7.11B
10.01x18.02x18.8x6.14% 5.86B
Average 86.78x 14.48x 19.30x 3.95% 22.6B
Weighted average by Cap. 55.98x 17.10x 21.79x 3.04%

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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