Company Valuation: Lippo Malls Indonesia Retail Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Capitalization 1 181.5 414.4 230.9 130.8 138.5 69.27
Change - 128.35% -44.27% -43.33% 5.88% -50%
Enterprise Value (EV) 1 769.8 1,151 976.6 833.1 854.1 696.6
Change - 49.57% -15.18% -14.69% 2.52% -18.44%
P/E ratio -0.73x -7.99x -18.1x -1.04x -3.81x 2.17x
PBR 0.36x 0.57x 0.44x 0.3x 0.31x 0.18x
PEG - 0.1x 0.2x -0x 0.1x -0x
Capitalization / Revenue 1.22x 2.37x 1.13x 0.66x 0.71x 0.34x
EV / Revenue 5.18x 6.58x 4.77x 4.22x 4.39x 3.4x
EV / EBITDA 11.1x 12.4x 8.27x 7.75x 8.17x 6.24x
EV / EBIT 12.1x 13.9x 8.97x 8.39x 8.8x 6.37x
EV / FCF 5.7x 215x 11.1x 17.9x 7.07x 13.9x
FCF Yield 17.6% 0.47% 8.99% 5.58% 14.1% 7.2%
Dividend per Share 2 0.0034 0.0035 0.0031 - - -
Rate of return 5.48% 6.48% 10.3% - - -
EPS 2 -0.0849 -0.00676 -0.001655 -0.0164 -0.004726 0.004156
Distribution rate -4% -51.8% -187% - - -
Net sales 1 148.5 175.1 204.7 197.3 194.6 205
EBITDA 1 69.11 92.98 118.1 107.4 104.6 111.6
EBIT 1 63.68 82.66 108.9 99.31 97.09 109.4
Net income 1 -230.2 -32.51 1.583 -126 -36.38 31.99
Net Debt 1 588.3 737 745.6 702.2 715.5 627.3
Reference price 2 0.062000 0.054000 0.030000 0.017000 0.018000 0.009000
Nbr of stocks (in thousands) 2,926,795 7,673,336 7,696,810 7,696,810 7,696,810 7,696,810
Announcement Date 3/31/21 4/6/22 4/2/23 4/2/24 4/3/25 2/25/26
1SGD in Million2SGD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 91.75M
30.43x13.99x17.44x4.71% 61.6B
29.82x10.84x14.38x4.59% 15.62B
32.38x11.9x17.84x3.89% 14.17B
14.85x10.63x15.8x6.74% 12.56B
40.12x16x19.2x4.01% 9.57B
29.59x9.96x14.88x4.14% 9.17B
21.2x13.92x15.25x5.42% 8.57B
10.47x15.71x17.13x5.4% 7.5B
75.33x6.89x9.91x4.5% 5.37B
Average 31.58x 12.20x 15.76x 4.82% 14.42B
Weighted average by Cap. 29.87x 12.85x 16.53x 4.78%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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