Company Valuation: Lippo Malls Indonesia Retail Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 651.4 181.5 414.4 230.9 130.8 138.5
Change - -72.14% 128.35% -44.27% -43.33% 5.88%
Enterprise Value (EV) 1 1,266 769.8 1,151 976.6 833.1 854.1
Change - -39.18% 49.57% -15.18% -14.69% 2.52%
P/E ratio -154x -0.73x -7.99x -18.1x -1.04x -3.81x
PBR 0.8x 0.36x 0.57x 0.44x 0.3x 0.31x
PEG - -0x 0.1x 0.2x -0x 0.1x
Capitalization / Revenue 2.39x 1.22x 2.37x 1.13x 0.66x 0.71x
EV / Revenue 4.64x 5.18x 6.58x 4.77x 4.22x 4.39x
EV / EBITDA 7.89x 11.1x 12.4x 8.27x 7.75x 8.17x
EV / EBIT 8.23x 12.1x 13.9x 8.97x 8.39x 8.8x
EV / FCF -29.7x 5.7x 215x 11.1x 17.9x 7.07x
FCF Yield -3.37% 17.6% 0.47% 8.99% 5.58% 14.1%
Dividend per Share 2 0.0223 0.0034 0.0035 0.0031 - -
Rate of return 9.91% 5.48% 6.48% 10.3% - -
EPS 2 -0.001461 -0.0849 -0.00676 -0.001655 -0.0164 -0.004726
Distribution rate -1,526% -4% -51.8% -187% - -
Net sales 1 273 148.5 175.1 204.7 197.3 194.6
EBITDA 1 160.5 69.11 92.98 118.1 107.4 104.6
EBIT 1 153.7 63.68 82.66 108.9 99.31 97.09
Net income 1 13.5 -230.2 -32.51 1.583 -126 -36.38
Net Debt 1 614.4 588.3 737 745.6 702.2 715.5
Reference price 2 0.2250 0.0620 0.0540 0.0300 0.0170 0.0180
Nbr of stocks (in thousands) 2,894,903 2,926,795 7,673,336 7,696,810 7,696,810 7,696,810
Announcement Date 3/19/20 3/31/21 4/6/22 4/2/23 4/2/24 4/3/25
1SGD in Million2SGD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 90.1M
27.05x13.59x17.2x5.22% 53.02B
31.67x10.64x15.52x4.63% 14.69B
15.61x11.19x16.22x6.35% 13.88B
31.18x11.64x17.08x4.05% 12.66B
21.96x14.22x15.47x5.31% 8.29B
40.94x15.98x19.17x4.24% 7.95B
29.48x9.55x14.36x4.45% 7.94B
17.3x16.66x18.12x4.76% 7.45B
62.67x9.04x13.14x4.79% 4.98B
Average 30.87x 12.50x 16.25x 4.87% 13.1B
Weighted average by Cap. 28.23x 12.76x 16.63x 5.02%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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