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 1,905 - -
Change - 86.94% -15.28% -13.22% -4.4% 49.75% - -
Enterprise Value (EV) 1 1,262 3,209 2,992 2,833 2,871 3,041 3,040 3,037
Change - 154.3% -6.76% -5.31% 1.36% 5.93% -0.06% -0.09%
P/E -513x 8.09x 15.1x 22.6x 24x 16x 17.4x 17.2x
PBR 0.84x 1.02x 0.84x 0.74x 0.69x 0.85x - -
PEG - -0x -0.3x -0.5x -1.9x 0.2x -2.09x 11.35x
Capitalization / Revenue 12.3x 17.8x 7.49x 6.02x 6.16x 8.94x 7.64x 7.51x
EV / Revenue 16x 31.6x 14.6x 12.8x 13.9x 14.3x 12.2x 12x
EV / EBITDA 26.2x 53.8x 22.9x 19.7x 22.5x 22.6x 19.2x 19x
EV / EBIT 26.2x 53.8x 22.9x 19.7x 22.5x 21.7x 19.1x 19x
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% 6.37% 6.73% 6.8%
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 0.5750 0.5750 0.5750
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.97x14.27x22.6x6.37% 1.48B
40.79x15.78x16.35x5.13% 59.53B
9.33x12.62x15.75x5.32% 17.02B
11.08x22.71x26.71x3.73% 15.9B
19.83x16.83x24.67x4.99% 14.78B
10.03x13.26x15.96x5.5% 11.69B
8.15x22.75x30.66x2.73% 10.93B
31.59x11.34x17.89x3.74% 10.51B
15.94x12.28x19.18x6.13% 9.63B
28.43x7.4x12.1x5.48% 9.16B
Average 19.11x 14.92x 20.19x 4.91% 16.06B
Weighted average by Cap. 25.10x 15.53x 19.11x 4.86%

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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