Company Valuation: Reef Casino Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 68.48 77.69 75.7 80.18 72.21 87.65
Change - 13.45% -2.56% 5.92% -9.94% 21.38%
Enterprise Value (EV) 1 64.6 68.57 62.35 72.94 69.03 84.84
Change - 6.16% -9.07% 16.98% -5.36% 22.91%
P/E -328x 10.6x 8.42x 14.9x 14.2x 16.2x
PBR 7.78x 6.06x 5.32x 6.97x 6.36x 7.19x
PEG - -0x 0.4x -0.4x -2.66x 2.53x
Capitalization / Revenue 4.37x 2.89x 2.48x 3.05x 2.83x 3.28x
EV / Revenue 4.12x 2.55x 2.04x 2.77x 2.71x 3.17x
EV / EBITDA 7.42x 3.65x 2.86x 4.73x 4.76x 5.4x
EV / EBIT 12.8x 4.63x 3.45x 6.43x 6.72x 7.7x
EV / FCF 15.3x 10.8x 7.41x 232x -62.9x 40.7x
FCF Yield 6.54% 9.26% 13.5% 0.43% -1.59% 2.46%
Dividend per Share 2 0.0976 0.2958 0.3617 0.2169 0.2042 0.2173
Rate of return 3.55% 9.48% 11.9% 6.74% 7.04% 6.17%
EPS 2 -0.008393 0.2956 0.3612 0.2157 0.2042 0.2173
Distribution rate -1,163% 100% 100% 101% 100% 100%
Net sales 1 15.66 26.87 30.52 26.29 25.52 26.74
EBITDA 1 8.701 18.77 21.8 15.41 14.51 15.71
EBIT 1 5.048 14.82 18.07 11.34 10.27 11.01
Net income 1 -0.209 7.361 8.993 5.371 5.084 5.41
Net Debt 1 -3.879 -9.116 -13.34 -7.24 -3.185 -2.811
Reference price 2 2.750 3.120 3.040 3.220 2.900 3.520
Nbr of stocks (in thousands) 24,901 24,901 24,901 24,901 24,901 24,901
Announcement Date 2/24/21 3/20/22 2/24/23 2/22/24 2/20/25 2/19/26
1AUD in Million2AUD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 81.14M
13.9x4.52x12.15x3.64% 39.56B
5.75x0.78x1.61x8.56% 28.1B
18.06x3.97x15.98x1.36% 27.94B
7.79x1.41x7.78x4.54% 26.04B
13.93x3.1x14.81x2.51% 25.78B
8.14x0.9x3.28x2.75% 20.81B
10.21x2x8.25x4.11% 20.52B
13.1x6.4x16.84x1.66% 18.82B
37.84x13.87x34.9x3.14% 18.26B
Average 14.30x 4.11x 12.85x 3.59% 22.59B
Weighted average by Cap. 13.70x 3.82x 12.17x 3.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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