Company Valuation: CapitaLand China Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,975 1,875 1,571 1,239 1,349 1,072 - -
Change - -5.07% -16.22% -21.14% 8.92% -20.56% - -
Enterprise Value (EV) 1 3,675 3,590 3,278 2,861 2,809 2,535 2,535 2,540
Change - -2.34% -8.67% -12.73% -1.81% -9.77% 0.01% 0.21%
P/E 17.3x 15.3x 38.8x -67.9x -136x 13.3x 14.2x 13.9x
PBR 0.76x 0.81x 0.77x 0.64x 0.75x 0.59x 0.61x 0.61x
PEG - 2.39x -0.6x 0x 2.9x -0x -2.1x 5.51x
Capitalization / Revenue 5.22x 4.89x 4.31x 3.63x 4.44x 3.52x 3.49x 3.43x
EV / Revenue 9.72x 9.37x 8.99x 8.38x 9.25x 8.32x 8.26x 8.13x
EV / EBITDA 16x 15.5x 14.6x 13.8x 15.5x 14.3x 13.9x 13.6x
EV / EBIT 16.1x 15.5x 14.6x 13.9x 15.5x 14.7x 14.4x 14.1x
EV / FCF 19.7x 25.1x 19.4x 18x 20.7x 97.5x 141x 1,270x
FCF Yield 5.07% 3.99% 5.15% 5.54% 4.83% 1.03% 0.71% 0.08%
Dividend per Share 2 0.0873 0.075 0.0674 0.0565 0.0482 0.0481 0.0495 0.0506
Rate of return 7.34% 6.7% 7.25% 7.85% 6.22% 7.89% 8.12% 8.3%
EPS 2 0.0686 0.073 0.024 -0.0106 -0.0057 0.0459 0.0428 0.0439
Distribution rate 127% 103% 281% -533% -846% 105% 116% 115%
Net sales 1 378 383.2 364.7 341.5 303.7 304.6 307 312.4
EBITDA 1 230.3 232.3 225.1 206.9 181.4 177.9 182.8 187.2
EBIT 1 228.9 231.1 224 206.2 180.8 172.4 176 180.4
Net income 1 103.3 119.6 37.45 -18.07 -9.938 86.08 83.21 85.78
Net Debt 1 1,701 1,715 1,708 1,622 1,460 1,463 1,463 1,469
Reference price 2 1.1900 1.1200 0.9300 0.7200 0.7750 0.6100 0.6100 0.6100
Nbr of stocks (in thousands) 1,659,528 1,673,893 1,688,862 1,720,367 1,740,903 1,757,150 - -
Announcement Date 30/01/22 02/02/23 29/01/24 05/02/25 04/02/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.18x8.29x14.2x7.95% 832M
37.23x18.03x22.66x3.38% 120B
32.37x14.42x18.52x4.25% 68.61B
37.85x14.92x15.42x5.72% 53.82B
17.97x15.21x17.31x1.15% 37.62B
13.88x24.7x27.05x3.61% 16.35B
27.45x10.9x14.99x4.55% 15.82B
8.15x11.78x14.43x6.12% 14.59B
17.97x16.08x23.37x5.35% 14B
29.84x11.08x16.23x4.08% 13.2B
Average 23.59x 14.54x 18.42x 4.62% 35.52B
Weighted average by Cap. 30.55x 15.94x 19.49x 3.96%

Y-o-Y evolution of P/E

Valuation ratios - P/E - CapitaLand China Trust

Historical PBR trend

Valuation ratios - PBR - CapitaLand China Trust

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - CapitaLand China Trust

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - CapitaLand China Trust


Year-on-year evolution of the Yield

Valuation ratios - Yield - CapitaLand China Trust
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