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 17,818 - -
Change - 0.4% 1.32% 2.71% 29.14% -2.05% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 27,843 27,981 28,412
Change - 7.41% 0.78% -0.77% 22.54% -0.67% 0.5% 1.54%
P/E 12.2x 18.7x 15.9x 14.2x 19x 17.9x 17.3x 17.7x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.03x 1.03x 1.03x
PEG - -0.5x 0.8x 2.92x -2.66x -19.11x 4.99x -9.9x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 10.3x 9.82x 9.53x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 16x 15.4x 15.2x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 23.3x 22.5x 22x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 24x 22.9x 22.7x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 17.6x 22.9x 22.6x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.69% 4.36% 4.42%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1203 0.1255 0.1298
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 5.37% 5.6% 5.8%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.1248 0.1292 0.1268
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 96.4% 97.2% 102%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,736 1,814 1,869
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,194 1,242 1,294
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,163 1,220 1,253
Net income 1 1,083 725.9 869.2 933.7 937.3 1,036 1,032 1,020
Net Debt 1 7,812 9,337 9,337 8,789 9,840 10,025 10,163 10,594
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.240 2.240 2.240
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 1/27/22 A 1/31/23 A 2/5/24 A 2/4/25 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.($)
17.95x16.04x23.31x5.37% 13.93B
38.39x18.29x23.22x3.32% 123B
30.6x13.85x17.62x4.48% 65.02B
35.8x14.47x14.94x6.03% 51.06B
17.75x15x17.09x1.16% 36.82B
16.07x25.01x27.38x3.57% 16.38B
25.99x10.48x14.44x4.83% 14.92B
7.92x11.67x14.3x6.3% 14.23B
28.77x11.06x16.14x4.24% 13.08B
14.67x10.76x15.78x6.88% 12.05B
Average 23.39x 14.66x 18.42x 4.62% 36B
Weighted average by Cap. 29.84x 15.73x 19.38x 4.12%

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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