Company Valuation: Frasers Property Limited

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,425 3,848 3,278 3,435 4,005 3,848 - -
Change - -13.05% -14.8% 4.79% 16.57% -3.92% - -
Enterprise Value (EV) 1 17,932 16,416 17,081 18,007 4,005 20,237 20,485 3,848
Change - -8.45% 4.05% 5.42% -77.76% 405.34% 1.23% -81.22%
P/E 5.04x 4.45x 26.9x 20.8x 17.3x 31.4x 25.1x 21.8x
PBR 0.46x 0.37x 0.33x 0.36x 0.43x 0.4x 0.39x 0.36x
PEG - -2.49x -0.3x 0.6x 0.4x -0.7x 1x 1.4x
Capitalization / Revenue 1.18x 0.99x 0.83x 0.82x 1.18x 1.1x 1.02x 0.89x
EV / Revenue 4.76x 4.23x 4.33x 4.27x 1.18x 5.8x 5.45x 0.89x
EV / EBITDA 14.2x 13.4x 13.7x 15.7x 3.82x 15.5x 15x 3.26x
EV / EBIT 14.3x 14.4x 14.7x 16.9x 4.14x 16.7x 16.2x 3.5x
EV / FCF 13.5x 15x - - 4.06x 89.5x 22.5x 4.03x
FCF Yield 7.4% 6.66% - - 24.6% 1.12% 4.45% 24.8%
Dividend per Share 2 0.02 0.03 0.045 0.045 0.045 0.045 0.045 0.045
Rate of return 1.77% 3.06% 5.39% 5.14% 4.41% 4.59% 4.59% 4.59%
EPS 2 0.224 0.22 0.031 0.042 0.059 0.0312 0.0391 0.045
Distribution rate 8.93% 13.6% 145% 107% 76.3% 144% 115% 100%
Net sales 1 3,764 3,877 3,947 4,215 3,404 3,492 3,759 4,318
EBITDA 1 1,266 1,230 1,242 1,147 1,048 1,308 1,362 1,182
EBIT 1 1,257 1,141 1,162 1,068 968.4 1,211 1,266 1,100
Net income 1 833.1 928.3 173.1 206.3 243.1 123.5 154.2 178.3
Net Debt 1 13,506 12,568 13,803 14,572 - 16,389 16,637 -
Reference price 2 1.1300 0.9800 0.8350 0.8750 1.0200 0.9800 0.9800 0.9800
Nbr of stocks (in thousands) 3,916,086 3,926,042 3,926,042 3,926,042 3,926,042 3,926,042 - -
Announcement Date 11/11/21 11/11/22 11/10/23 11/12/24 11/13/25 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
31.04x5.78x15.45x4.64% 2.98B
61.61x - - - 65.82B
14.08x4.56x12.27x3.6% 40.07B
5.7x0.76x1.57x8.64% 27.87B
8.36x1.48x7.93x4.24% 27.77B
17.83x3.95x15.87x1.37% 27.62B
13.63x3.06x14.66x2.57% 25.25B
9.19x3.49x7.71x-.--% 21.67B
8.18x0.91x3.3x2.73% 20.93B
10.37x2.04x8.39x4.05% 20.85B
Average 18.00x 2.89x 9.68x 3.54% 28.08B
Weighted average by Cap. 23.24x 2.72x 9.40x 3.54%

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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  3. TQ5 Stock
  4. Valuation Frasers Property Limited