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 11,889 - -
Change - -6.98% 15.57% -15.05% 15.41% -8.91% - -
Enterprise Value (EV) 1 18,704 18,091 20,258 18,296 20,163 19,504 19,786 19,934
Change - -3.28% 11.98% -9.69% 10.2% -3.27% 1.45% 0.75%
P/E 12.8x 15.3x 77.2x 15x 16.7x 14.6x 14.7x 14x
PBR 1.24x 1.16x 1.34x 1.13x 1.24x 1.01x 1.02x 1.02x
PEG - -0.7x -1x 0x -12.64x -3.63x -36.8x 2.96x
Capitalization / Revenue 10.1x 8.52x 9x 7.43x 8.48x 7.2x 6.85x 6.63x
EV / Revenue 15.3x 13.4x 13.7x 12x 13.1x 11.8x 11.4x 11.1x
EV / EBITDA 22.8x 20.8x 22x 19.2x 20.9x 18.4x 17.9x 17.5x
EV / EBIT 22.8x 20.8x 22x 19.2x 20.9x 18.5x 18x 17.6x
EV / FCF 30.5x 20.3x 25.8x 20.7x 21.1x 2,889x 21.8x 21.1x
FCF Yield 3.27% 4.93% 3.88% 4.84% 4.74% 0.03% 4.58% 4.74%
Dividend per Share 2 0.1526 0.158 0.1516 0.152 0.15 0.1513 0.1571 0.1625
Rate of return 5.17% 5.77% 5% 5.92% 5.3% 6.36% 6.6% 6.83%
EPS 2 0.2297 0.1789 0.0393 0.1718 0.1695 0.1627 0.162 0.1697
Distribution rate 66.4% 88.3% 386% 88.5% 88.5% 93% 97% 95.7%
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 2.380 2.380 2.380
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 2/8/22 A 2/2/23 A 2/1/24 A 2/6/25 A 2/5/26 A - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
39.92x15.61x15.95x5.33% 57.77B
16.76x23.46x28.11x3.44% 17.39B
8.44x12.16x14.9x5.68% 16.31B
18.38x16.61x23.86x5.14% 14.7B
9.98x13.64x16.21x5.19% 12.65B
27.61x10.97x17.25x3.9% 10.17B
7.77x20.33x27.51x3.19% 9.54B
14.63x11.82x18.37x6.36% 9.39B
36.02x7.62x12.24x5.47% 9.17B
Average 19.95x 14.69x 19.38x 4.86% 17.45B
Weighted average by Cap. 25.17x 15.35x 18.66x 4.97%

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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  5. Valuation CapitaLand Ascendas REIT