Company Valuation: Trade Estates REIC

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 212.1 198.6 238 243.1 - -
Change - -6.36% 19.83% 2.12% - -
Enterprise Value (EV) 1 212.1 431 491.1 524.6 554 617
Change - 103.18% 13.95% 6.81% 5.6% 11.37%
P/E 4.37x 8.26x 5.95x 8x 7.84x 8.33x
PBR - 0.64x - - - -
PEG - -0.2x 0.1x -0.3x 3.92x -1.42x
Capitalization / Revenue - 4.3x 4.59x 4.44x 4.14x 4.09x
EV / Revenue - 9.33x 9.47x 9.59x 9.44x 10.4x
EV / EBITDA - 14.3x 15.7x 15.1x 14.7x 16.1x
EV / EBIT - 14.6x 16x 9.81x 10.2x 11x
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 - 0.1 0.1953 0.135 0.145 0.145
Rate of return - 6.07% 9.94% 6.75% 7.25% 7.25%
EPS 2 0.4031 0.1994 0.33 0.25 0.255 0.24
Distribution rate - 50.2% 59.2% 54% 56.9% 60.4%
Net sales 1 - 46.19 51.87 54.7 58.7 59.4
EBITDA 1 - 30.08 31.3 34.85 37.8 38.4
EBIT 1 - 29.58 30.65 53.5 54.5 56
Net income 1 37.71 24.04 39.91 38.2 35.9 32.55
Net Debt 1 - 232.4 253.1 281.5 310.9 373.9
Reference price 2 1.760 1.648 1.965 2.000 2.000 2.000
Nbr of stocks (in thousands) 120,529 120,529 121,132 121,534 - -
Announcement Date 3/12/24 4/2/25 3/16/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8x9.59x15.05x6.75% 282M
13x14.82x15.4x5.31% 12.96B
18x14.1x17.3x1.38% 8.93B
46.61x14.76x24.33x0.15% 7.08B
24.4x11.76x16.42x1.5% 3.91B
127.48x15.49x23.5x2.31% 3.37B
11.91x6.78x8.9x3.46% 2.89B
15.33x6.11x8.25x12.22% 2.81B
9.73x6.42x10.68x1.95% 2.24B
Average 30.50x 11.09x 15.54x 3.89% 4.94B
Weighted average by Cap. 28.92x 12.92x 16.79x 3.29%

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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