Company Valuation: Lendlease Global Commercial REIT

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 968.4 1,810 1,534 1,331 1,272 1,938 - -
Change - 86.94% -15.28% -13.22% -4.4% 52.35% - -
Enterprise Value (EV) 1 1,262 3,209 2,992 2,833 2,871 3,075 3,073 3,070
Change - 154.3% -6.76% -5.31% 1.36% 7.08% -0.06% -0.09%
P/E -513x 8.09x 15.1x 22.6x 24x 15.3x 18.3x 18.1x
PBR 0.84x 1.02x 0.84x 0.74x 0.69x 0.86x 0.84x 0.85x
PEG - -0x -0.3x -0.5x -1.9x 0.2x -1.6x 17.55x
Capitalization / Revenue 12.3x 17.8x 7.49x 6.02x 6.16x 8.91x 7.93x 7.63x
EV / Revenue 16x 31.6x 14.6x 12.8x 13.9x 14.4x 12.6x 12.1x
EV / EBITDA 26.2x 53.8x 22.9x 19.7x 22.5x 22.8x 20.4x 19.3x
EV / EBIT 26.2x 53.8x 22.9x 19.7x 22.5x 21.9x 20.4x 19.3x
EV / FCF - - - - - - 18,874,214x 16,158,011x
FCF Yield - - - - - - 0% 0%
Dividend per Share 2 0.0468 0.0485 0.047 0.0387 0.036 0.0366 0.0389 0.0394
Rate of return 5.71% 6.1% 7.12% 6.91% 6.92% 6.26% 6.65% 6.73%
EPS 2 -0.0016 0.0983 0.0436 0.0248 0.0217 0.0373 0.032 0.0323
Distribution rate -2,925% 49.3% 108% 156% 166% 102% 122% 122%
Net sales 1 78.65 101.7 204.9 220.9 206.5 211.9 244.3 254.2
EBITDA 1 48.22 59.64 130.9 143.5 127.5 129.7 150.9 159.3
EBIT 1 48.22 59.64 130.9 143.5 127.5 129.7 150.9 159.5
Net income 1 -1.937 140.4 99.92 58.23 52.41 107 98.83 103
Net Debt 1 293.3 1,398 1,458 1,502 1,599 1,136 1,134 1,132
Reference price 2 0.8200 0.7950 0.6600 0.5600 0.5200 0.5850 0.5850 0.5850
Nbr of stocks (in thousands) 1,180,996 2,277,126 2,323,662 2,376,578 2,446,669 3,313,371 - -
Announcement Date 8/9/21 8/7/22 8/7/23 8/5/24 8/4/25 8/3/26 - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.97x14.27x22.6x6.37% 1.51B
40.66x15.63x16.29x5.16% 58.65B
9.55x12.6x15.45x5.22% 17.62B
16.95x23.7x28.74x3.4% 17.74B
20.57x17.25x25.68x4.82% 15.44B
11.51x14.04x16.71x4.98% 13.08B
29.83x11.51x18.09x3.7% 10.67B
9.79x21.89x29.58x2.87% 10.63B
16.23x12.49x19.55x5.96% 9.93B
25.72x7.46x12.22x5.43% 8.52B
Average 19.68x 15.09x 20.49x 4.79% 16.38B
Weighted average by Cap. 25.33x 15.72x 19.49x 4.76%

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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