Company Valuation: Mapletree Logistics Trust

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,267 8,848 8,235 7,291 6,637 6,235 - -
Change - 7.03% -6.92% -11.47% -8.97% -6.06% - -
Enterprise Value (EV) 1 12,212 13,467 12,810 12,296 11,920 11,065 11,571 11,633
Change - 10.28% -4.88% -4.01% -3.06% -7.18% 0.17% 0.54%
P/E Ratio 17.3x 10.7x 15.1x 23.9x 35.9x 23.2x 21.4x 20.4x
PBR 1.45x 1.25x 1.19x 1.06x 1x 0.91x 0.96x 0.97x
PEG - 0.2x -0.4x -0.5x -0.9x 0.6x -4.2x 4.08x
Capitalization / Revenue 14.7x 13x 11.3x 9.93x 9.13x 8.3x 8.57x 8.42x
EV / Revenue 21.8x 19.8x 17.5x 16.8x 16.4x 15.6x 15.9x 15.7x
EV / EBITDA 27.6x 26.4x 24.6x 23.7x 22.6x 21.2x 22x 21.6x
EV / EBIT 27.8x 26.5x 24.8x 23.9x 22.8x 21.5x 22.1x 21.7x
EV / FCF -241x -35.8x 36.6x 21.4x 25.3x 21.6x 22.8x 19.2x
FCF Yield -0.42% -2.79% 2.73% 4.66% 3.95% 4.62% 4.39% 5.21%
Dividend per Share 2 0.0833 0.0879 0.0901 0.09 0.0805 0.0726 0.0722 0.0742
Rate of return 4.31% 4.75% 5.27% 6.17% 6.15% 6.31% 5.91% 6.09%
EPS 2 0.1118 0.1723 0.1136 0.0611 0.0365 0.0496 0.057 0.0598
Distribution rate 74.5% 51% 79.3% 147% 221% 146% 127% 124%
Net sales 1 561.1 678.6 730.6 733.9 727 708.3 727.4 740.3
EBITDA 1 442.3 511 521.6 518.9 527.4 522.2 526.1 537.9
EBIT 1 439.3 507.4 517.5 513.9 522 515.4 524.3 536.1
Net income 1 445.7 762.9 545.1 303.1 183.5 254.5 304.8 314.4
Net Debt 1 3,945 4,619 4,575 5,005 5,283 5,187 5,335 5,398
Reference price 2 1.930 1.850 1.710 1.460 1.310 1.220 1.220 1.220
Nbr of stocks (in thousands) 4,283,206 4,782,707 4,816,004 4,993,959 5,066,733 5,110,907 - -
Announcement Date 4/21/21 4/28/22 5/1/23 4/29/24 4/23/25 4/30/26 - -
1SGD in Million2SGD
Estimates

P/E Ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.31x16.08x22.36x5.88% 4.86B
42.42x20.03x26.45x2.88% 138B
26.53x21.32x24.47x0.94% 46.43B
35.03x16.07x22.73x3.1% 10.98B
27.65x13.69x20.32x3.12% 8.4B
27.89x11.21x15.86x5.01% 7.79B
18.77x13.83x18.12x4.33% 7.77B
34.46x11.75x16.07x4% 7.37B
34.12x15.91x24x3.18% 7.09B
10.75x18.35x18.75x5.86% 5.99B
Average 27.79x 15.82x 20.91x 3.83% 24.51B
Weighted average by Cap. 35.67x 18.92x 24.44x 2.82%

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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