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 3,852 - -
Change - -16.81% -7.06% -1.69% 5.27% 3.39% - -
Enterprise Value (EV) 1 4,655 3,873 3,600 8,548 3,726 9,603 9,710 3,852
Change - -16.81% -7.06% 137.45% -56.41% 157.75% 1.11% -60.33%
P/E - - - - - - - -
PBR - - - - - - - -
PEG - - - - - - - -
Capitalization / Revenue 5.91x 4.73x 4.13x 3.9x 3.93x 4.06x 3.93x 3.82x
EV / Revenue 5.91x 4.73x 4.13x 9.43x 3.93x 10.1x 9.91x 3.82x
EV / EBITDA 9.59x 7.93x 6.7x 15.8x 6.67x 17.2x 16.7x 6.5x
EV / EBIT - - - - - - - -
EV / FCF 12.5x - -56x 39.7x 18.5x 1,200x 231x 68.8x
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% - 6.95% 6.95% 6.95%
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 26.62 26.62 26.62
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.($)
- 10.12x17.23x6.95% 2.72B
32.23x14.06x17.86x4.4% 66.27B
26.71x10.6x14.37x4.8% 15.05B
29.5x11.2x16.41x4.14% 13.38B
14.83x10.85x15.75x6.77% 12.24B
24.14x9.69x14.36x4.42% 8.61B
35.54x14.69x17.75x4.73% 8.38B
20.04x13.22x14.51x5.91% 7.93B
14.26x14.41x15.65x5.95% 7.4B
-123.74x11.65x16.57x3.02% 6.43B
Average 8.17x 12.05x 16.05x 5.11% 14.84B
Weighted average by Cap. 21.20x 12.76x 16.64x 4.78%

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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