Financials CapitaLand Investment Limited

Equities

9CI

SGXE62145532

Real Estate Services

Market Closed - Singapore S.E. Other stock markets 05:14:34 2024-05-10 am EDT			5-day change	1st Jan Change
2.59 ^SGD	+1.17%		-0.38%	-18.04%

May. 10	CapitaLand Investment Repurchases Shares Worth SG$6.5 Million	MT
May. 09	CapitaLand Investment Repurchases Shares Worth SG$13.0 Million	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,531	18,922	16,117	13,093	-	-
Enterprise Value (EV) ¹	27,202	28,844	26,247	22,192	22,018	21,153
P/E ratio	9.07 x	22.4 x	90.3 x	15.2 x	13.7 x	12 x
Yield	3.52%	4.84%	3.8%	4.93%	5.11%	5.24%
Capitalization / Revenue	7.65 x	6.58 x	5.79 x	4.42 x	4.14 x	3.88 x
EV / Revenue	11.9 x	10 x	9.43 x	7.49 x	6.96 x	6.27 x
EV / EBITDA	21.7 x	14.7 x	23.8 x	12.7 x	11.3 x	9.84 x
EV / FCF	-47.4 x	-109 x	38.5 x	73.8 x	15.8 x	13.9 x
FCF Yield	-2.11%	-0.92%	2.6%	1.35%	6.33%	7.21%
Price to Book	1.09 x	1.25 x	1.15 x	0.91 x	0.89 x	0.82 x
Nbr of stocks (in thousands)	5,141,200	5,114,165	5,100,421	5,055,371	-	-
Reference price ²	3.410	3.700	3.160	2.590	2.590	2.590
Announcement Date	2/24/22	2/22/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	2,293	2,876	2,784	2,963	3,161	3,373
EBITDA ¹	1,251	1,966	1,104	1,748	1,950	2,150
EBIT ¹	1,091	1,289	962	1,611	1,781	2,000
Operating Margin	47.58%	44.82%	34.55%	54.37%	56.35%	59.28%
Earnings before Tax (EBT) ¹	1,956	1,388	474	1,264	1,506	1,648
Net income ¹	1,349	861	181	782	948.2	979.4
Net margin	58.83%	29.94%	6.5%	26.39%	29.99%	29.04%
EPS ²	0.3760	0.1650	0.0350	0.1707	0.1894	0.2161
Free Cash Flow ¹	-574	-264	682	300.6	1,393	1,524
FCF margin	-25.03%	-9.18%	24.5%	10.14%	44.06%	45.19%
FCF Conversion (EBITDA)	-	-	61.78%	17.2%	71.42%	70.9%
FCF Conversion (Net income)	-	-	376.8%	38.44%	146.9%	155.63%
Dividend per Share ²	0.1200	0.1790	0.1200	0.1278	0.1322	0.1357
Announcement Date	2/24/22	2/22/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2024 S1	2024 S2
Net sales	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-
EBIT ¹	342	327	525	764	433	650.7	976
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	8/10/22	2/24/22	8/10/22	2/22/23	8/10/23	-	-

¹SGD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,671	9,922	10,130	9,099	8,925	8,060
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.731 x	5.047 x	9.176 x	5.206 x	4.576 x	3.749 x
Free Cash Flow ¹	-574	-264	682	301	1,393	1,524
ROE (net income / shareholders' equity)	9.4%	5.39%	3.8%	5.29%	5.96%	6.45%
ROA (Net income/ Total Assets)	3.56%	2.37%	1.64%	2.57%	2.71%	3.08%
Assets ¹	37,934	36,375	11,030	30,393	35,015	31,774
Book Value Per Share ²	3.120	2.960	2.740	2.840	2.920	3.140
Cash Flow per Share ²	0.1900	0.1400	0.1300	0.2700	0.1800	0.1900
Capex ¹	1,241	999	725	627	407	1,477
Capex / Sales	54.12%	34.74%	26.04%	21.15%	12.89%	43.79%
Announcement Date	2/24/22	2/22/23	2/27/24	-	-	-

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

Ratings for CapitaLand Investment Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.59 SGD

Average target price

3.793 SGD

Spread / Average Target

+46.46%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Services

	1st Jan change	Capi.
CAPITALAND INVESTMENT LIMITED	-18.04%	9.67B
CBRE GROUP, INC.	-3.08%	27.21B
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ZILLOW GROUP, INC.	-26.30%	9.97B
FIRSTSERVICE CORPORATION	-4.03%	6.78B
COLLIERS INTERNATIONAL GROUP INC.	-6.97%	5.73B
MAKKAH CONSTRUCTION AND DEVELOPMENT COMPANY	+47.78%	4.83B
CUSHMAN & WAKEFIELD PLC	-2.31%	2.42B
CHINA OVERSEAS PROPERTY HOLDINGS LIMITED	-10.07%	2.21B
JSL CONSTRUCTION & DEVELOPMENT CO., LTD.	+90.03%	2.1B

Other Real Estate Services