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 18,136 - -
Change - 0.4% 1.32% 2.71% 29.14% -0.3% - -
Enterprise Value (EV) 1 21,294 22,873 23,052 22,875 28,031 28,345 28,296 28,658
Change - 7.41% 0.78% -0.77% 22.54% 1.12% -0.17% 1.28%
P/E 12.2x 18.7x 15.9x 14.2x 19x 17.9x 17.5x 18x
PBR 0.99x 0.96x 0.97x 0.91x 1.12x 1.05x 1.05x 1.05x
PEG - -0.5x 0.8x 2.92x -2.66x 17.48x 7.84x -6.3x
Capitalization / Revenue 10.3x 9.39x 8.79x 8.88x 11.2x 10.5x 10x 9.76x
EV / Revenue 16.3x 15.9x 14.8x 14.4x 17.3x 16.3x 15.6x 15.4x
EV / EBITDA 24.6x 23.8x 22.4x 21.8x 25.9x 23.5x 22.8x 22.2x
EV / EBIT 24.7x 23.9x 22.5x 21.8x 25.9x 24.4x 23.3x 23x
EV / FCF 29x 25.5x 24x 26.4x 34.5x 17.9x 23.2x 22.8x
FCF Yield 3.45% 3.92% 4.17% 3.78% 2.89% 5.59% 4.31% 4.39%
Dividend per Share 2 0.104 0.1058 0.1075 0.1088 0.1158 0.1202 0.1255 0.1296
Rate of return 5.1% 5.19% 5.22% 5.64% 4.85% 5.27% 5.51% 5.68%
EPS 2 0.1668 0.1089 0.1294 0.1357 0.126 0.1273 0.1301 0.1264
Distribution rate 62.4% 97.2% 83.1% 80.2% 91.9% 94.4% 96.5% 102%
Net sales 1 1,305 1,442 1,560 1,586 1,619 1,735 1,814 1,859
EBITDA 1 867.1 961.6 1,031 1,049 1,082 1,208 1,242 1,294
EBIT 1 862.3 957.4 1,027 1,048 1,082 1,162 1,213 1,244
Net income 1 1,083 725.9 869.2 933.7 937.3 1,067 1,041 1,013
Net Debt 1 7,812 9,337 9,337 8,789 9,840 10,209 10,160 10,521
Reference price 2 2.040 2.040 2.060 1.930 2.390 2.280 2.280 2.280
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.($)
17.91x16.33x23.47x5.27% 14.32B
39.41x15.31x15.82x5.48% 56.12B
16.46x23.17x27.76x3.5% 17.08B
8.07x11.94x14.62x5.94% 15.58B
9.29x13.33x15.88x5.38% 12.2B
26.98x10.79x16.97x3.99% 9.94B
7.69x20.19x27.31x3.23% 9.43B
14.58x11.77x18.5x6.47% 9.23B
34.99x7.52x12.08x5.63% 8.91B
-141.76x8.07x19.42x2.12% 6.62B
Average 3.36x 13.84x 19.18x 4.7% 15.94B
Weighted average by Cap. 17.80x 14.83x 18.52x 4.99%

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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