LENDLEASE GLOBAL COMMERCIAL REIT |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.56 SGD | 0.00% |
|
0.00% | -13.18% |
| May. 07 | Lendlease Global’s Occupancy Rises to 88.8% in Q1 | MT |
| Apr. 05 | Lendlease Global Commercial REIT Announces Establishment of Environmental, Social and Governance Committee | CI |
Valuation
| Fiscal Period: June | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 796.8 | 968.4 | 1,810 | 1,534 | 1,331 | - | - |
| Enterprise Value (EV) 1 | 1,242 | 1,262 | 3,209 | 2,992 | 2,667 | 2,695 | 2,824 |
| P/E ratio | -91.9 x | -513 x | 8.09 x | 15.1 x | 16.1 x | 16.1 x | 16.4 x |
| Yield | 4.49% | 5.71% | 6.1% | 7.12% | 7.43% | 8.06% | 8.15% |
| Capitalization / Revenue | 14.3 x | 12.3 x | 17.8 x | 7.49 x | 6.07 x | 5.94 x | 5.76 x |
| EV / Revenue | 22.4 x | 16 x | 31.6 x | 14.6 x | 12.2 x | 12 x | 12.2 x |
| EV / EBITDA | 35.8 x | 26.2 x | 53.8 x | 22.9 x | 18.9 x | 18.4 x | 18.9 x |
| EV / FCF | - | 65.7 x | -1.83 x | 17.7 x | 14.4 x | 15.4 x | 16 x |
| FCF Yield | - | 1.52% | -54.6% | 5.64% | 6.94% | 6.49% | 6.23% |
| Price to Book | 0.8 x | 0.84 x | 1.02 x | 0.84 x | 0.73 x | 0.74 x | 0.77 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 | 0.5600 | 0.5600 | 0.5600 |
| 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 | 219.4 | 223.9 | 231.1 |
| EBITDA 1 | 34.7 | 48.22 | 59.64 | 130.9 | 141.4 | 146.2 | 149.8 |
| EBIT 1 | 34.7 | 48.22 | 59.64 | 130.9 | 140.8 | 145.8 | 149.8 |
| Operating Margin | 62.47% | 61.31% | 58.66% | 63.87% | 64.18% | 65.14% | 64.84% |
| Earnings before Tax (EBT) 1 | -8.616 | -1.339 | 152.7 | 118.5 | 84.98 | 91.96 | 84.2 |
| Net income 1 | -8.616 | -1.937 | 140.4 | 99.92 | 75.09 | 90.18 | 83.3 |
| Net margin | -15.51% | -2.46% | 138.09% | 48.77% | 34.23% | 40.28% | 36.05% |
| EPS 2 | -0.007400 | -0.001600 | 0.0983 | 0.0436 | 0.0348 | 0.0348 | 0.0340 |
| Free Cash Flow 1 | - | 19.22 | -1,752 | 168.7 | 185 | 175 | 176 |
| FCF margin | - | 24.43% | -1,723.38% | 82.35% | 84.33% | 78.17% | 76.17% |
| FCF Conversion (EBITDA) | - | 39.85% | - | 128.94% | 130.84% | 119.68% | 117.49% |
| FCF Conversion (Net income) | - | - | - | 168.85% | 246.39% | 194.07% | 211.28% |
| Dividend per Share 2 | 0.0305 | 0.0468 | 0.0485 | 0.0470 | 0.0416 | 0.0452 | 0.0456 |
| 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 | 1,336 | 1,364 | 1,493 |
| Net Cash position 1 | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 12.83 x | 6.082 x | 23.45 x | 11.14 x | 9.452 x | 9.33 x | 9.967 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% | 4.52% | 4.81% | 4.73% |
| ROA (Net income/ Total Assets) | 1.77% | 1.73% | 2.68% | 2.65% | 1.91% | 2.15% | 2.28% |
| Assets 1 | -486.8 | -112.2 | 5,235 | 3,764 | 3,926 | 4,199 | 3,654 |
| 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 | 6 | 5.5 | 5.4 |
| Capex / Sales | - | 1.86% | 4.41% | 2.58% | 2.74% | 2.46% | 2.34% |
| 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
Sell
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
0.56
SGD
Average target price
0.7857
SGD
Spread / Average Target
+40.31%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -13.18% | 986M | |
| -6.44% | 46.78B | |
| -3.15% | 21.47B | |
| +3.02% | 15.7B | |
| +19.01% | 12.02B | |
| -3.40% | 9.93B | |
| -11.22% | 8.59B | |
| -1.90% | 8.39B | |
| +4.13% | 7.95B | |
| -18.06% | 5.78B |
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