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 10,840 - -
Change - -6.98% 15.57% -15.05% 15.41% -16.95% - -
Enterprise Value (EV) 1 18,704 18,091 20,258 18,296 20,163 18,639 18,790 18,939
Change - -3.28% 11.98% -9.69% 10.2% -7.56% 0.81% 0.79%
P/E 12.8x 15.3x 77.2x 15x 16.7x 14.2x 13.6x 12.9x
PBR 1.24x 1.16x 1.34x 1.13x 1.24x 0.93x 0.93x 0.93x
PEG - -0.7x -1x 0x -12.64x -1.43x 3.2x 2.41x
Capitalization / Revenue 10.1x 8.52x 9x 7.43x 8.48x 6.55x 6.23x 6.02x
EV / Revenue 15.3x 13.4x 13.7x 12x 13.1x 11.3x 10.8x 10.5x
EV / EBITDA 22.8x 20.8x 22x 19.2x 20.9x 17.7x 17x 16.5x
EV / EBIT 22.8x 20.8x 22x 19.2x 20.9x 17.8x 17.1x 16.7x
EV / FCF 30.5x 20.3x 25.8x 20.7x 21.1x 40.6x 17.4x 16.9x
FCF Yield 3.27% 4.93% 3.88% 4.84% 4.74% 2.46% 5.74% 5.91%
Dividend per Share 2 0.1526 0.158 0.1516 0.152 0.15 0.1511 0.1564 0.1616
Rate of return 5.17% 5.77% 5% 5.92% 5.3% 6.96% 7.21% 7.45%
EPS 2 0.2297 0.1789 0.0393 0.1718 0.1695 0.1526 0.1591 0.1676
Distribution rate 66.4% 88.3% 386% 88.5% 88.5% 99% 98.3% 96.4%
Net sales 1 1,226 1,353 1,480 1,523 1,539 1,656 1,741 1,801
EBITDA 1 819.9 868 920.4 951.3 963.5 1,053 1,107 1,148
EBIT 1 819.9 868 920.4 951.3 963.5 1,049 1,101 1,137
Net income 1 957 760.4 178.5 764.1 769.7 734.4 780.2 812.8
Net Debt 1 6,320 6,572 6,946 6,987 7,111 7,799 7,951 8,099
Reference price 2 2.950 2.740 3.030 2.570 2.830 2.170 2.170 2.170
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 08/02/22 02/02/23 01/02/24 06/02/25 05/02/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.22x11.26x17.71x6.96% 8.47B
40.89x18.13x23.9x3.4% 120B
31.28x14.08x17.81x4.38% 66.47B
37.11x14.77x15.27x5.8% 52.9B
18.08x15.31x17.42x1.14% 37.55B
16.04x24.97x27.34x3.58% 16.49B
26.77x10.69x14.72x4.69% 15.37B
8.13x11.76x14.41x6.14% 14.6B
17.81x16x23.26x5.4% 13.87B
29.43x11.24x16.41x4.15% 13.38B
Average 23.98x 14.82x 18.82x 4.56% 35.86B
Weighted average by Cap. 31.13x 15.82x 19.75x 4.06%

Y-o-Y evolution of P/E

Valuation ratios - P/E - CapitaLand Ascendas REIT

Historical PBR trend

Valuation ratios - PBR - CapitaLand Ascendas REIT

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - CapitaLand Ascendas REIT

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - CapitaLand Ascendas REIT


Year-on-year evolution of the Yield

Valuation ratios - Yield - CapitaLand Ascendas REIT
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