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 12,538 - -
Change - -6.98% 15.57% -15.05% 15.41% -3.94% - -
Enterprise Value (EV) 1 18,704 18,091 20,258 18,296 20,163 20,153 20,436 20,584
Change - -3.28% 11.98% -9.69% 10.2% -0.05% 1.4% 0.72%
P/E 12.8x 15.3x 77.2x 15x 16.7x 16x 15.5x 14.8x
PBR 1.24x 1.16x 1.34x 1.13x 1.24x 1.07x 1.08x 1.07x
PEG - -0.7x -1x 0x -12.64x -2.17x 4.82x 3.13x
Capitalization / Revenue 10.1x 8.52x 9x 7.43x 8.48x 7.6x 7.22x 6.99x
EV / Revenue 15.3x 13.4x 13.7x 12x 13.1x 12.2x 11.8x 11.5x
EV / EBITDA 22.8x 20.8x 22x 19.2x 20.9x 19x 18.5x 18x
EV / EBIT 22.8x 20.8x 22x 19.2x 20.9x 19.1x 18.6x 18.2x
EV / FCF 30.5x 20.3x 25.8x 20.7x 21.1x -25.5x 22.6x 21.8x
FCF Yield 3.27% 4.93% 3.88% 4.84% 4.74% -3.92% 4.43% 4.59%
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% 6.02% 6.26% 6.48%
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 2.510 2.510 2.510
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.99x12.21x18.99x6.02% 9.8B
39.58x15.8x16.06x5.27% 58.56B
16.66x23.3x28.11x3.46% 17.28B
9.42x12.54x15.37x5.3% 17.3B
20.33x17.11x25.48x4.87% 15.29B
10.6x13.97x16.62x5.02% 12.99B
9.66x21.68x29.31x2.91% 10.41B
28.26x11.1x17.42x3.9% 10.18B
26.92x7.23x11.58x5.96% 8.42B
-155.56x8.41x19.64x1.93% 7.26B
Average 2.18x 14.34x 19.86x 4.46% 16.75B
Weighted average by Cap. 17.07x 15.33x 19.14x 4.74%

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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