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 11,139 - -
Change - -6.98% 15.57% -15.05% 15.41% -14.65% - -
Enterprise Value (EV) 1 18,704 18,091 20,258 18,296 20,163 18,938 19,090 19,238
Change - -3.28% 11.98% -9.69% 10.2% -6.07% 0.8% 0.78%
P/E 12.8x 15.3x 77.2x 15x 16.7x 14.7x 14.2x 13.5x
PBR 1.24x 1.16x 1.34x 1.13x 1.24x 0.96x 0.95x 0.95x
PEG - -0.7x -1x 0x -12.64x -1.4x 3.92x 3.01x
Capitalization / Revenue 10.1x 8.52x 9x 7.43x 8.48x 6.73x 6.4x 6.19x
EV / Revenue 15.3x 13.4x 13.7x 12x 13.1x 11.4x 11x 10.7x
EV / EBITDA 22.8x 20.8x 22x 19.2x 20.9x 18x 17.2x 16.8x
EV / EBIT 22.8x 20.8x 22x 19.2x 20.9x 18.1x 17.3x 16.9x
EV / FCF 30.5x 20.3x 25.8x 20.7x 21.1x 41.3x 17.7x 17.2x
FCF Yield 3.27% 4.93% 3.88% 4.84% 4.74% 2.42% 5.65% 5.82%
Dividend per Share 2 0.1526 0.158 0.1516 0.152 0.15 0.1509 0.1562 0.161
Rate of return 5.17% 5.77% 5% 5.92% 5.3% 6.77% 7% 7.22%
EPS 2 0.2297 0.1789 0.0393 0.1718 0.1695 0.152 0.1575 0.1646
Distribution rate 66.4% 88.3% 386% 88.5% 88.5% 99.3% 99.1% 97.8%
Net sales 1 1,226 1,353 1,480 1,523 1,539 1,656 1,740 1,800
EBITDA 1 819.9 868 920.4 951.3 963.5 1,053 1,107 1,148
EBIT 1 819.9 868 920.4 951.3 963.5 1,049 1,101 1,137
Net income 1 957 760.4 178.5 764.1 769.7 734.1 779.2 810.3
Net Debt 1 6,320 6,572 6,946 6,987 7,111 7,799 7,951 8,099
Reference price 2 2.950 2.740 3.030 2.570 2.830 2.230 2.230 2.230
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 08/02/22 02/02/23 01/02/24 06/02/25 05/02/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.67x11.44x17.99x6.77% 8.67B
33.8x18.26x21.72x3.3% 124B
39.59x15.41x20.08x3.84% 75.7B
38.55x15.18x15.61x5.47% 56.65B
20.13x16.98x19.36x1.03% 41.18B
27.09x11.5x15.93x4.22% 17.02B
14.15x22.88x27.63x3.55% 16.57B
8.85x12.06x14.53x5.9% 14.97B
18.53x16.55x24.28x5.13% 14.52B
30.79x11.4x17.33x4% 13.92B
Average 24.61x 15.17x 19.45x 4.32% 38B
Weighted average by Cap. 30.93x 16.29x 19.81x 3.81%

Y-o-Y evolution of P/E

Valuation ratios - P/E - CapitaLand Ascendas REIT

Historical PBR trend

Valuation ratios - PBR - CapitaLand Ascendas REIT

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - CapitaLand Ascendas REIT

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - CapitaLand Ascendas REIT


Year-on-year evolution of the Yield

Valuation ratios - Yield - CapitaLand Ascendas REIT
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