PARAGON REIT |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.83 SGD | -2.35% |
|
-0.60% | -6.21% |
| Feb. 15 | Paragon Reit Issues Over 5 Million Units to Manager | MT |
| Feb. 06 | Singapore Shares Remain in Red; CapitaLand Integrated Commercial Trust Climbs 1% as H2 2023 DPU Rises 1.7% | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,948 | 2,345 | 2,800 | 2,530 | 2,508 | 2,356 | - | - |
| Enterprise Value (EV) 1 | 3,696 | 3,562 | 3,982 | 3,708 | 3,642 | 3,830 | 3,837 | 2,356 |
| P/E ratio | 18.5 x | -30.7 x | 20.3 x | 13.8 x | 18.4 x | 17.8 x | 17.5 x | 15.4 x |
| Yield | 5.23% | 3.22% | 5.4% | 6.13% | 5.67% | 5.27% | 5.5% | 6.02% |
| Capitalization / Revenue | 12.9 x | 9.71 x | 10.1 x | 8.98 x | 8.68 x | 7.82 x | 7.62 x | 7.32 x |
| EV / Revenue | 16.2 x | 14.8 x | 14.4 x | 13.2 x | 12.6 x | 12.7 x | 12.4 x | 7.32 x |
| EV / EBITDA | 23.2 x | 23.7 x | 22.4 x | 20.2 x | 19.3 x | 19.2 x | 18.6 x | 10.4 x |
| EV / FCF | 21.4 x | 22.7 x | 21 x | 19.4 x | 19.6 x | 18.2 x | 19.2 x | 11.4 x |
| FCF Yield | 4.67% | 4.41% | 4.75% | 5.15% | 5.09% | 5.51% | 5.22% | 8.78% |
| Price to Book | 1.13 x | 0.93 x | 1.1 x | 0.98 x | - | 0.91 x | 0.91 x | 0.91 x |
| Nbr of stocks (in thousands) | 2,755,131 | 2,775,579 | 2,799,823 | 2,810,851 | 2,833,428 | 2,839,010 | - | - |
| Reference price 2 | 1.070 | 0.8450 | 1.000 | 0.9000 | 0.8850 | 0.8300 | 0.8300 | 0.8300 |
| Announcement Date | 10/10/19 | 10/6/20 | 10/4/21 | 10/8/22 | 2/5/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 228.6 | 241.5 | 277.2 | 281.9 | 288.9 | 301.2 | 309 | 321.9 |
| EBITDA 1 | 159.6 | 150.4 | 177.5 | 183.5 | 188.4 | 199.5 | 206.6 | 225.9 |
| EBIT 1 | 159.5 | 150.2 | 177.2 | 183.2 | 188.2 | 199.5 | 206.6 | 225.9 |
| Operating Margin | 69.74% | 62.19% | 63.95% | 64.99% | 65.14% | 66.24% | 66.85% | 70.18% |
| Earnings before Tax (EBT) 1 | 149.2 | -59.98 | 153.5 | 198.8 | 147.2 | 139 | 137 | 156.4 |
| Net income 1 | 149.9 | -74.91 | 137.3 | 182.8 | 136 | 131.5 | 133 | 153.5 |
| Net margin | 65.56% | -31.02% | 49.55% | 64.87% | 47.07% | 43.66% | 43.05% | 47.69% |
| EPS 2 | 0.0579 | -0.0275 | 0.0493 | 0.0651 | 0.0480 | 0.0466 | 0.0474 | 0.0540 |
| Free Cash Flow 1 | 172.5 | 157.1 | 189.3 | 190.9 | 185.3 | 211 | 200.3 | 206.9 |
| FCF margin | 75.46% | 65.05% | 68.28% | 67.72% | 64.15% | 70.05% | 64.81% | 64.27% |
| FCF Conversion (EBITDA) | 108.08% | 104.44% | 106.63% | 104.02% | 98.36% | 105.76% | 96.95% | 91.59% |
| FCF Conversion (Net income) | 115.1% | - | 137.8% | 104.39% | 136.27% | 160.46% | 150.54% | 134.79% |
| Dividend per Share 2 | 0.0560 | 0.0272 | 0.0540 | 0.0552 | 0.0502 | 0.0438 | 0.0456 | 0.0500 |
| Announcement Date | 10/10/19 | 10/6/20 | 10/4/21 | 10/8/22 | 2/5/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2022 S1 |
|---|---|
| Net sales 1 | 141.6 |
| EBITDA | - |
| EBIT | - |
| Operating Margin | - |
| Earnings before Tax (EBT) | - |
| Net income | - |
| Net margin | - |
| EPS | - |
| Dividend per Share 2 | 0.0268 |
| Announcement Date | 4/1/22 |
1SGD in Million2SGD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 748 | 1,217 | 1,182 | 1,178 | 1,134 | 1,474 | 1,481 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.689 x | 8.089 x | 6.661 x | 6.42 x | 6.019 x | 7.388 x | 7.168 x | - |
| Free Cash Flow 1 | 173 | 157 | 189 | 191 | 185 | 211 | 200 | 207 |
| ROE (net income / shareholders' equity) | 5.77% | 3.75% | 4.85% | 6.37% | 4.74% | 5.1% | 5.19% | 5.96% |
| ROA (Net income/ Total Assets) | 4.08% | 2.54% | 3.24% | 4.29% | 3.19% | 3.08% | 3.1% | 3.55% |
| Assets 1 | 3,678 | -2,944 | 4,244 | 4,261 | 4,263 | 4,269 | 4,299 | 4,324 |
| Book Value Per Share 2 | 0.9500 | 0.9100 | 0.9100 | 0.9200 | - | 0.9100 | 0.9100 | 0.9100 |
| Cash Flow per Share 2 | 0.0700 | 0.0600 | 0.0700 | 0.0700 | 0.0700 | 0.0500 | 0.0400 | - |
| Capex 1 | 7.94 | 9.23 | 13.3 | 7.69 | 6.76 | 8.25 | 8.3 | 10 |
| Capex / Sales | 3.47% | 3.82% | 4.79% | 2.73% | 2.34% | 2.74% | 2.69% | 3.11% |
| Announcement Date | 10/10/19 | 10/6/20 | 10/4/21 | 10/8/22 | 2/5/24 | - | - | - |
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
C-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
0.83
SGD
Average target price
0.955
SGD
Spread / Average Target
+15.06%
EPS Revisions
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -6.21% | 1.73B | |
| -0.20% | 46.38B | |
| -13.75% | 12.39B | |
| -22.69% | 11.06B | |
| -13.01% | 10.74B | |
| -5.43% | 7.45B | |
| -6.66% | 6.54B | |
| -8.23% | 5.8B | |
| -7.60% | 5.6B | |
| -7.00% | 4.67B |
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