Financials Lendlease Global Commercial REIT

Equities

JYEU

SGXC61949712

Commercial REITs

Market Closed - Singapore S.E. 05:04:34 2024-04-26 am EDT 5-day change 1st Jan Change
0.54 SGD -0.92% Intraday chart for Lendlease Global Commercial REIT +1.89% -16.28%

Valuation

Fiscal Period: June 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 796.8 968.4 1,810 1,534 1,283 - -
Enterprise Value (EV) 1 1,242 1,262 3,209 2,992 2,624 2,649 2,776
P/E ratio -91.9 x -513 x 8.09 x 15.1 x 15.3 x 15.7 x 16.4 x
Yield 4.49% 5.71% 6.1% 7.12% 7.81% 8.26% 8.31%
Capitalization / Revenue 14.3 x 12.3 x 17.8 x 7.49 x 5.9 x 5.7 x 5.55 x
EV / Revenue 22.4 x 16 x 31.6 x 14.6 x 12.1 x 11.8 x 12 x
EV / EBITDA 35.8 x 26.2 x 53.8 x 22.9 x 18.5 x 18.1 x 18.7 x
EV / FCF - 65.7 x -1.83 x 17.7 x 14.2 x 15.1 x 15.8 x
FCF Yield - 1.52% -54.6% 5.64% 7.05% 6.61% 6.34%
Price to Book 0.8 x 0.84 x 1.02 x 0.84 x 0.7 x 0.71 x 0.74 x
Nbr of stocks (in thousands) 1,171,795 1,180,996 2,277,126 2,323,662 2,376,578 - -
Reference price 2 0.6800 0.8200 0.7950 0.6600 0.5400 0.5400 0.5400
Announcement Date 8/10/20 8/9/21 8/7/22 8/7/23 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2020 2021 2022 2023 2024 2025 2026
Net sales 1 55.54 78.65 101.7 204.9 217.5 225.1 231.1
EBITDA 1 34.7 48.22 59.64 130.9 141.5 146 148.4
EBIT 1 34.7 48.22 59.64 130.9 141.3 146.2 149.8
Operating Margin 62.47% 61.31% 58.66% 63.87% 64.96% 64.95% 64.81%
Earnings before Tax (EBT) 1 -8.616 -1.339 152.7 118.5 84.17 91.89 84.88
Net income 1 -8.616 -1.937 140.4 99.92 75.99 83.32 81.94
Net margin -15.51% -2.46% 138.09% 48.77% 34.94% 37.02% 35.46%
EPS 2 -0.007400 -0.001600 0.0983 0.0436 0.0354 0.0343 0.0330
Free Cash Flow 1 - 19.22 -1,752 168.7 185 175 176
FCF margin - 24.43% -1,723.38% 82.35% 85.06% 77.75% 76.16%
FCF Conversion (EBITDA) - 39.85% - 128.94% 130.7% 119.84% 118.62%
FCF Conversion (Net income) - - - 168.85% 243.46% 210.03% 214.79%
Dividend per Share 2 0.0305 0.0468 0.0485 0.0470 0.0422 0.0446 0.0449
Announcement Date 8/10/20 8/9/21 8/7/22 8/7/23 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2
Net sales 1 41.61 37.04 39.19 62.47 - 103.1
EBITDA - - - - - -
EBIT - - - - - -
Operating Margin - - - - - -
Earnings before Tax (EBT) - - - - - -
Net income - - 39.42 - 58.26 -
Net margin - - 100.59% - - -
EPS - - - - 0.0214 -
Dividend per Share 2 0.0234 0.0234 - 0.0245 - 0.0225
Announcement Date 2/9/21 8/9/21 2/4/22 8/7/22 2/7/23 8/7/23
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 445 293 1,398 1,458 1,340 1,366 1,493
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 12.83 x 6.082 x 23.45 x 11.14 x 9.469 x 9.353 x 10.06 x
Free Cash Flow 1 - 19.2 -1,752 169 185 175 176
ROE (net income / shareholders' equity) 2.79% 2.64% 4.37% 4.54% 4.63% 5.19% 4.89%
ROA (Net income/ Total Assets) 1.77% 1.73% 2.68% 2.65% 1.89% 2.02% 2.12%
Assets 1 -486.8 -112.2 5,235 3,764 4,021 4,129 3,858
Book Value Per Share 2 0.8500 0.9800 0.7800 0.7900 0.7700 0.7600 0.7300
Cash Flow per Share 2 0.0300 0.0600 0.0700 0.0800 0.0500 0.0500 0.0500
Capex 1 - 1.46 4.48 5.29 5.25 5 4.95
Capex / Sales - 1.86% 4.41% 2.58% 2.41% 2.22% 2.14%
Announcement Date 8/10/20 8/9/21 8/7/22 8/7/23 - - -
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
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
0.54 SGD
Average target price
0.7562 SGD
Spread / Average Target
+40.05%
Consensus

Quarterly revenue - Rate of surprise

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