Company Valuation: CapitaLand Ascendas REIT

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,384 11,519 13,313 11,309 13,052 12,288 - -
Change - -6.98% 15.57% -15.05% 15.41% -5.85% - -
Enterprise Value (EV) 1 18,704 18,091 20,258 18,296 20,163 19,904 20,186 20,334
Change - -3.28% 11.98% -9.69% 10.2% -1.28% 1.42% 0.73%
P/E 12.8x 15.3x 77.2x 15x 16.7x 15.7x 15.2x 14.5x
PBR 1.24x 1.16x 1.34x 1.13x 1.24x 1.05x 1.06x 1.05x
PEG - -0.7x -1x 0x -12.64x -2.13x 4.73x 3.06x
Capitalization / Revenue 10.1x 8.52x 9x 7.43x 8.48x 7.45x 7.08x 6.85x
EV / Revenue 15.3x 13.4x 13.7x 12x 13.1x 12.1x 11.6x 11.3x
EV / EBITDA 22.8x 20.8x 22x 19.2x 20.9x 18.8x 18.3x 17.8x
EV / EBIT 22.8x 20.8x 22x 19.2x 20.9x 18.8x 18.4x 18x
EV / FCF 30.5x 20.3x 25.8x 20.7x 21.1x 2,949x 22.3x 21.5x
FCF Yield 3.27% 4.93% 3.88% 4.84% 4.74% 0.03% 4.49% 4.65%
Dividend per Share 2 0.1526 0.158 0.1516 0.152 0.15 0.1511 0.1571 0.1626
Rate of return 5.17% 5.77% 5% 5.92% 5.3% 6.14% 6.39% 6.61%
EPS 2 0.2297 0.1789 0.0393 0.1718 0.1695 0.157 0.162 0.1697
Distribution rate 66.4% 88.3% 386% 88.5% 88.5% 96.3% 97% 95.8%
Net sales 1 1,226 1,353 1,480 1,523 1,539 1,651 1,736 1,794
EBITDA 1 819.9 868 920.4 951.3 963.5 1,061 1,104 1,142
EBIT 1 819.9 868 920.4 951.3 963.5 1,056 1,097 1,130
Net income 1 957 760.4 178.5 764.1 769.7 737 773.8 810.2
Net Debt 1 6,320 6,572 6,946 6,987 7,111 7,615 7,898 8,046
Reference price 2 2.950 2.740 3.030 2.570 2.830 2.460 2.460 2.460
Nbr of stocks (in thousands) 4,197,930 4,203,991 4,393,607 4,400,309 4,611,952 4,995,215 - -
Announcement Date 8/2/22 2/2/23 1/2/24 6/2/25 5/2/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
40.27x15.9x16.18x5.21% 59.05B
16.89x23.5x28.16x3.41% 17.66B
8.95x12.47x15.27x5.35% 17.38B
20.21x16.85x24.19x4.99% 15.04B
10.21x13.82x16.43x5.08% 13B
8.37x21.19x28.67x3.03% 10.19B
27.76x10.95x17.26x3.91% 10.14B
15.67x12.06x18.75x6.14% 9.68B
34.78x7.55x12.21x5.39% 9.32B
Average 20.35x 14.92x 19.68x 4.72% 17.94B
Weighted average by Cap. 25.46x 15.59x 18.94x 4.85%

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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