Company Valuation: SmartCentres Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,655 3,873 3,600 3,539 3,726 3,865 - -
Change - -16.81% -7.06% -1.69% 5.27% 3.74% - -
Enterprise Value (EV) 1 4,655 3,873 3,600 8,548 3,726 9,616 9,723 3,865
Change - -16.81% -7.06% 137.45% -56.41% 158.1% 1.11% -60.25%
P/E - - - - - - - -
PBR - - - - - - - -
PEG - - - - - - - -
Capitalization / Revenue 5.91x 4.73x 4.13x 3.9x 3.93x 4.07x 3.94x 3.84x
EV / Revenue 5.91x 4.73x 4.13x 9.43x 3.93x 10.1x 9.92x 3.84x
EV / EBITDA 9.59x 7.93x 6.7x 15.8x 6.67x 17.2x 16.7x 6.52x
EV / EBIT - - - - - - - -
EV / FCF 12.5x - -56x 39.7x 18.5x 1,202x 232x 69x
FCF Yield 7.97% - -1.78% 2.52% 5.4% 0.08% 0.43% 1.45%
Dividend per Share 2 1.85 1.85 1.85 1.85 - 1.85 1.85 1.85
Rate of return 5.75% 6.91% 7.43% 7.56% - 6.93% 6.93% 6.93%
EPS 2 - - - - - - - -
Distribution rate - - - - - - - -
Net sales 1 787.4 818.6 871.1 906.8 949 949.2 980.2 1,008
EBITDA 1 485.6 488.2 537.5 542.2 558.2 557.5 581.2 592.5
EBIT - - - - - - - -
Net income - - - - - - - -
Net Debt 1 - - - 5,009 - 5,751 5,858 -
Reference price 2 32.19 26.78 24.89 24.46 25.75 26.71 26.71 26.71
Nbr of stocks (in thousands) 144,625 144,625 144,625 144,688 144,688 144,709 - -
Announcement Date 2/15/22 2/8/23 2/14/24 2/12/25 2/11/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
38.67x18.39x23.35x3.3% 123B
30.33x13.86x17.61x4.49% 64.96B
35.96x14.5x14.98x6.01% 51.22B
18.62x15.72x17.91x1.11% 38.65B
16.39x23.1x27.68x3.52% 16.7B
26.08x10.47x14.45x4.83% 14.9B
8.06x11.76x14.41x6.19% 14.62B
17.87x16x23.25x5.39% 13.89B
28.95x11.08x16.19x4.22% 13.13B
Average 24.55x 14.99x 18.87x 4.34% 39.05B
Weighted average by Cap. 30.48x 15.94x 19.65x 3.98%

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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