Company Valuation: Lendlease Global Commercial REIT

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 968.4 1,810 1,534 1,331 1,272 1,889 - -
Change - 86.94% -15.28% -13.22% -4.4% 48.45% - -
Enterprise Value (EV) 1 1,262 3,209 2,992 2,833 2,871 3,025 3,023 3,020
Change - 154.3% -6.76% -5.31% 1.36% 5.35% -0.06% -0.09%
P/E -513x 8.09x 15.1x 22.6x 24x 15.8x 17.3x 17x
PBR 0.84x 1.02x 0.84x 0.74x 0.69x 0.84x - -
PEG - -0x -0.3x -0.5x -1.9x 0.2x -2.08x 11.22x
Capitalization / Revenue 12.3x 17.8x 7.49x 6.02x 6.16x 8.86x 7.57x 7.45x
EV / Revenue 16x 31.6x 14.6x 12.8x 13.9x 14.2x 12.1x 11.9x
EV / EBITDA 26.2x 53.8x 22.9x 19.7x 22.5x 22.5x 19.1x 18.9x
EV / EBIT 26.2x 53.8x 22.9x 19.7x 22.5x 21.6x 19x 18.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.0468 0.0485 0.047 0.0387 0.036 0.0366 0.0387 0.0391
Rate of return 5.71% 6.1% 7.12% 6.91% 6.92% 6.42% 6.79% 6.86%
EPS 2 -0.0016 0.0983 0.0436 0.0248 0.0217 0.036 0.033 0.0335
Distribution rate -2,925% 49.3% 108% 156% 166% 102% 117% 117%
Net sales 1 78.65 101.7 204.9 220.9 206.5 213.2 249.5 253.6
EBITDA 1 48.22 59.64 130.9 143.5 127.5 134.6 158.5 159.5
EBIT 1 48.22 59.64 130.9 143.5 127.5 140.3 158.8 159.8
Net income 1 -1.937 140.4 99.92 58.23 52.41 90.2 102.1 104.5
Net Debt 1 293.3 1,398 1,458 1,502 1,599 1,136 1,134 1,132
Reference price 2 0.8200 0.7950 0.6600 0.5600 0.5200 0.5700 0.5700 0.5700
Nbr of stocks (in thousands) 1,180,996 2,277,126 2,323,662 2,376,578 2,446,669 3,313,371 - -
Announcement Date 09/08/21 07/08/22 07/08/23 05/08/24 04/08/25 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.11x14.35x22.72x6.31% 1.49B
40.45x15.69x16.27x5.17% 59.04B
9.2x12.59x15.43x5.36% 16.9B
13.53x22.51x26.48x3.81% 15.64B
20.16x17.01x24.95x4.91% 15.04B
10.16x13.36x16.08x5.43% 11.83B
7.95x22.47x30.42x2.8% 10.65B
31.39x11.29x17.82x3.76% 10.45B
16.13x12.37x19.33x6.06% 9.75B
22.96x7.11x11.65x6.02% 8.34B
Average 18.80x 14.88x 20.11x 4.96% 15.91B
Weighted average by Cap. 24.91x 15.48x 19.04x 4.91%

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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