CAPITALAND ASCENDAS REIT |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2.6 SGD | -0.38% |
|
+1.56% | -14.19% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 10,730 | 11,982 | 12,384 | 11,519 | 13,313 | 11,423 | - | - |
| Enterprise Value (EV) 1 | 15,863 | 16,996 | 18,704 | 18,091 | 20,258 | 18,137 | 18,309 | 18,403 |
| P/E ratio | 25.4 x | 24.7 x | 12.8 x | 15.3 x | 77.2 x | 17.4 x | 16.9 x | 16.2 x |
| Yield | 3.87% | 4.93% | 5.17% | 5.77% | 5% | 5.81% | 6.06% | 6.35% |
| Capitalization / Revenue | 15.3 x | 11.4 x | 10.1 x | 8.52 x | 9 x | 7.61 x | 7.41 x | 7.15 x |
| EV / Revenue | 22.7 x | 16.2 x | 15.3 x | 13.4 x | 13.7 x | 12.1 x | 11.9 x | 11.5 x |
| EV / EBITDA | 32.6 x | 24.3 x | 22.8 x | 20.8 x | 22 x | 18.7 x | 18.4 x | 17.9 x |
| EV / FCF | -14.9 x | 25.9 x | 30.5 x | 20.3 x | 25.8 x | 21.8 x | 21.3 x | 20.1 x |
| FCF Yield | -6.72% | 3.85% | 3.27% | 4.93% | 3.88% | 4.6% | 4.7% | 4.98% |
| Price to Book | 1.38 x | 1.35 x | 1.24 x | 1.16 x | 1.34 x | 1.14 x | 1.13 x | 1.12 x |
| Nbr of stocks (in thousands) | 3,612,694 | 4,020,842 | 4,197,930 | 4,203,991 | 4,393,607 | 4,393,607 | - | - |
| Reference price 2 | 2.970 | 2.980 | 2.950 | 2.740 | 3.030 | 2.600 | 2.600 | 2.600 |
| Announcement Date | 1/31/20 | 2/2/21 | 2/8/22 | 2/2/23 | 2/1/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 699.1 | 1,049 | 1,226 | 1,353 | 1,480 | 1,501 | 1,541 | 1,598 |
| EBITDA 1 | 487.3 | 699 | 819.9 | 868 | 920.4 | 970.4 | 992.7 | 1,028 |
| EBIT 1 | 487.3 | 699 | 819.9 | 868 | 920.4 | 959.9 | 980.9 | 1,015 |
| Operating Margin | 69.72% | 66.6% | 66.85% | 64.17% | 62.2% | 63.95% | 63.64% | 63.51% |
| Earnings before Tax (EBT) 1 | 408.5 | 494.2 | 1,044 | 844.8 | 172.2 | 681.1 | 693.6 | 728 |
| Net income 1 | 387.9 | 457.1 | 957 | 760.4 | 178.5 | 647.8 | 661.6 | 701.8 |
| Net margin | 55.48% | 43.55% | 78.03% | 56.21% | 12.06% | 43.16% | 42.92% | 43.91% |
| EPS 2 | 0.1168 | 0.1206 | 0.2297 | 0.1789 | 0.0393 | 0.1493 | 0.1540 | 0.1610 |
| Free Cash Flow 1 | -1,066 | 655 | 612.3 | 892.1 | 785.1 | 833.5 | 860.5 | 916.1 |
| FCF margin | -152.55% | 62.41% | 49.92% | 65.95% | 53.05% | 55.53% | 55.82% | 57.32% |
| FCF Conversion (EBITDA) | - | 93.71% | 74.68% | 102.78% | 85.3% | 85.89% | 86.68% | 89.08% |
| FCF Conversion (Net income) | - | 143.3% | 63.98% | 117.32% | 439.88% | 128.66% | 130.07% | 130.53% |
| Dividend per Share 2 | 0.1149 | 0.1469 | 0.1526 | 0.1580 | 0.1516 | 0.1510 | 0.1575 | 0.1650 |
| Announcement Date | 1/31/20 | 2/2/21 | 2/8/22 | 2/2/23 | 2/1/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 528.2 | 586 | 640.5 | 666.5 | 686.2 | 718.1 | 761.7 | 754.8 | 754.8 |
| EBITDA | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | 399.9 | 420 | 426 | 442 | 457.1 | 463.3 | 472.3 | 472.3 |
| Operating Margin | - | - | 68.24% | 65.57% | 63.91% | 64.41% | 63.65% | 60.83% | 62.57% | 62.57% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - |
| Net income | 279 | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| EPS | 0.0752 | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | 0.0742 | 0.0766 | - | 0.0787 | - | 0.0772 | - | - | - |
| Announcement Date | 7/23/20 | 2/2/21 | 8/2/21 | 2/8/22 | 8/2/22 | 2/2/23 | 7/31/23 | 2/1/24 | - | - |
1SGD in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 5,134 | 5,014 | 6,320 | 6,572 | 6,946 | 6,713 | 6,885 | 6,979 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 10.53 x | 7.173 x | 7.709 x | 7.572 x | 7.546 x | 6.918 x | 6.936 x | 6.787 x |
| Free Cash Flow 1 | -1,066 | 655 | 612 | 892 | 785 | 833 | 860 | 916 |
| ROE (net income / shareholders' equity) | 5.37% | 5.28% | 9.83% | 7.4% | 6.95% | 6.46% | 6.59% | 6.94% |
| ROA (Net income/ Total Assets) | 3.07% | 3.15% | 5.83% | 4.27% | 3.94% | 3.5% | 3.58% | 3.73% |
| Assets 1 | 12,639 | 14,494 | 16,427 | 17,803 | 4,533 | 18,536 | 18,497 | 18,827 |
| Book Value Per Share 2 | 2.160 | 2.210 | 2.380 | 2.370 | 2.260 | 2.280 | 2.290 | 2.310 |
| Cash Flow per Share 2 | - | 0.2000 | 0.1800 | 0.2400 | 0.2200 | 0.1900 | 0.1900 | 0.2200 |
| Capex 1 | 71 | 74.5 | 114 | 192 | 188 | 103 | 85.5 | 50.7 |
| Capex / Sales | 10.15% | 7.1% | 9.33% | 14.23% | 12.71% | 6.87% | 5.55% | 3.17% |
| Announcement Date | 1/31/20 | 2/2/21 | 2/8/22 | 2/2/23 | 2/1/24 | - | - | - |
1SGD in Million2SGD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
2.6
SGD
Average target price
3.111
SGD
Spread / Average Target
+19.64%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -14.19% | 8.38B | |
| -6.46% | 46.25B | |
| -8.31% | 20.33B | |
| -3.56% | 13.07B | |
| +16.05% | 11.53B | |
| -4.85% | 9.68B | |
| -0.83% | 8.48B | |
| +1.38% | 7.63B | |
| -18.42% | 5.53B | |
| +4.97% | 5.28B |
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- Financials CapitaLand Ascendas REIT
