Company Valuation: CapitaLand Integrated Commercial Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 13,482 13,536 13,715 14,086 18,191 18,181 - -
Change - 0.4% 1.32% 2.71% 29.14% -0.06% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 28,265 28,409 28,859
Change - 7.41% 0.78% -0.77% 22.54% 0.83% 0.51% 1.58%
P/E 12.2x 18.7x 15.9x 14.2x 19x 18.3x 17.7x 18.1x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.05x 1.05x 1.05x
PEG - -0.5x 0.8x 2.92x -2.66x -19.06x 5.77x -8.69x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 10.5x 10x 9.71x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 16.3x 15.7x 15.4x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 23.8x 23x 22.4x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 24x 23.1x 22.8x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 18.2x 21.5x 21.1x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.49% 4.66% 4.74%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1202 0.1252 0.1293
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 5.27% 5.49% 5.67%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.1248 0.1286 0.1259
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 96.3% 97.4% 103%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,737 1,815 1,873
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,187 1,238 1,288
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,175 1,232 1,267
Net income 1 1,083 725.9 869.2 933.7 937.3 1,036 1,030 1,019
Net Debt 1 7,812 9,337 9,337 8,789 9,840 10,084 10,229 10,678
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.280 2.280 2.280
Nbr of stocks (in thousands) 6,608,618 6,635,122 6,657,723 7,298,470 7,611,318 7,974,049 - -
Announcement Date 27/1/22 31/1/23 5/2/24 4/2/25 5/2/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.27x16.28x23.8x5.27% 14.2B
34.08x18.19x22.83x3.34% 122B
32.93x14.59x18.75x4.17% 69.8B
37.95x14.94x15.45x5.7% 53.95B
18.71x15.77x18x1.1% 39.29B
13.96x22.66x27.37x3.6% 16.46B
28.41x11.09x15.25x4.4% 16.23B
8.29x11.86x14.53x6.02% 14.77B
30.08x11.39x16.68x4.05% 13.7B
15.81x11.26x16.36x6.38% 12.97B
Average 23.85x 14.80x 18.90x 4.4% 37.31B
Weighted average by Cap. 29.27x 15.87x 19.62x 3.97%

Y-o-Y evolution of P/E

Valuation ratios - P/E - CapitaLand Integrated Commercial Trust

Historical PBR trend

Valuation ratios - PBR - CapitaLand Integrated Commercial Trust

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - CapitaLand Integrated Commercial Trust

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - CapitaLand Integrated Commercial Trust


Year-on-year evolution of the Yield

Valuation ratios - Yield - CapitaLand Integrated Commercial Trust
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