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 19,807 - -
Change - 0.4% 1.32% 2.71% 29.14% 8.88% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 29,727 29,804 30,114
Change - 7.41% 0.78% -0.77% 22.54% 6.05% 0.26% 1.04%
P/E 12.2x 18.7x 15.9x 14.2x 19x 20.2x 18.9x 18x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.15x 1.15x 1.14x
PEG - -0.5x 0.8x 2.92x -2.66x -9.09x 2.83x 3.33x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 11.5x 11x 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 25x 24.1x 23.4x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 25.7x 24.6x 24.2x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 19.1x 22.5x 22.3x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.24% 4.44% 4.49%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1201 0.1254 0.1297
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 4.82% 5.04% 5.21%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.1232 0.1314 0.1385
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 97.5% 95.5% 93.6%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,729 1,806 1,847
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,187 1,238 1,285
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,156 1,213 1,242
Net income 1 1,083 725.9 869.2 933.7 937.3 1,032 1,045 1,092
Net Debt 1 7,812 9,337 9,337 8,789 9,840 9,920 9,997 10,307
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.490 2.490 2.490
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.74x17.35x25.82x4.78% 15.6B
38.96x15.8x16.03x5.27% 58.56B
16.79x23.43x28.27x3.43% 17.4B
9.4x12.53x15.36x5.31% 17.25B
10.69x14.05x16.7x4.98% 13.09B
9.65x21.66x29.28x2.91% 10.38B
28.16x11.07x17.38x3.92% 10.14B
15.99x12.21x18.99x6.02% 9.79B
26.79x7.21x11.55x5.98% 8.38B
-155.2x8.4x19.62x1.94% 7.24B
Average 2.20x 14.37x 19.90x 4.45% 16.78B
Weighted average by Cap. 16.93x 15.38x 19.20x 4.72%

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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