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 19,727 - -
Change - 0.4% 1.32% 2.71% 29.14% 8.44% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 29,662 29,828 30,170
Change - 7.41% 0.78% -0.77% 22.54% 5.82% 0.56% 1.15%
P/E 12.2x 18.7x 15.9x 14.2x 19x 20.5x 18.9x 17.9x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.14x 1.14x 1.14x
PEG - -0.5x 0.8x 2.92x -2.66x -5.2x 2.19x 3.35x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 11.4x 10.9x 10.7x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 17.2x 16.5x 16.3x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 25.6x 24.6x 24x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 25.7x 24.6x 24.3x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 19x 22.6x 22.3x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.26% 4.43% 4.49%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1199 0.1254 0.1296
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 4.83% 5.06% 5.23%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.121 0.1315 0.1385
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 99.1% 95.4% 93.6%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,724 1,806 1,847
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,158 1,212 1,256
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,155 1,212 1,242
Net income 1 1,083 725.9 869.2 933.7 937.3 1,014 1,044 1,091
Net Debt 1 7,812 9,337 9,337 8,789 9,840 9,935 10,101 10,443
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.480 2.480 2.480
Nbr of stocks (in thousands) 6,608,618 6,635,122 6,657,723 7,298,470 7,611,318 7,954,480 - -
Announcement Date 27/01/22 31/01/23 05/02/24 04/02/25 05/02/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.41x17.16x25.55x4.85% 15.22B
41.55x15.97x16.55x5.03% 60.64B
9.48x12.7x15.85x5.25% 17.22B
12.24x23.07x27.17x3.66% 16.2B
10.95x13.76x16.48x5.15% 12.45B
31.95x11.55x18.23x3.63% 10.8B
8.01x22.57x30.56x2.78% 10.7B
15.97x12.37x19.36x6.06% 9.71B
24.07x7.24x11.86x5.8% 8.65B
-154.04x8.05x19.45x1.95% 7.24B
Average 2.06x 14.44x 20.10x 4.42% 16.88B
Weighted average by Cap. 17.81x 15.40x 19.34x 4.65%

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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