Financials Sasseur Real Estate Investment Trust

Equities

Market Closed - Singapore S.E. Other stock markets 05:06:11 2024-06-05 am EDT			5-day change	1st Jan Change
0.675 ^SGD	-0.74%		+0.75%	-1.46%

May. 14	Sasseur REIT Opts for Semi-Annual Distributions	MT
May. 14	Sasseur Real Estate Investment Trust Announces Change in Distribution Frequency to Semi-Annual Distributions from Its Current Quarterly Distributions	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,059	989.4	1,028	929.5	851.2	840.8	-	-
Enterprise Value (EV) ¹	1,383	1,338	1,379	1,316	851.2	1,133	1,133	840.8
P/E ratio	8.35 x	20.9 x	8.33 x	14.9 x	13.6 x	10.9 x	10.4 x	9.64 x
Yield	7.38%	7.98%	8.41%	8.68%	-	9.36%	9.77%	10.1%
Capitalization / Revenue	8.97 x	7.9 x	7.63 x	7.38 x	6.72 x	6.26 x	5.97 x	5.71 x
EV / Revenue	11.7 x	10.7 x	10.2 x	10.5 x	6.72 x	8.43 x	8.05 x	5.71 x
EV / EBITDA	12.8 x	11.6 x	11.3 x	-	7.29 x	9.2 x	8.75 x	6.26 x
EV / FCF	11.8 x	15.1 x	12.1 x	-	-	10.2 x	9.85 x	7 x
FCF Yield	8.49%	6.61%	8.29%	-	-	9.81%	10.2%	14.3%
Price to Book	0.98 x	0.9 x	0.85 x	-	-	0.82 x	0.83 x	0.83 x
Nbr of stocks (in thousands)	1,196,494	1,206,538	1,217,119	1,231,092	1,242,648	1,245,670	-	-
Reference price ²	0.8850	0.8200	0.8450	0.7550	0.6850	0.6750	0.6750	0.6750
Announcement Date	2/19/20	2/25/21	2/17/22	2/16/23	2/20/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	118	125.2	134.8	125.9	126.7	134.3	140.8	147.2
EBITDA ¹	107.9	114.8	122.2	-	116.8	123.1	129.5	134.4
EBIT ¹	107.9	114.8	122.2	-	116.8	123.1	129.5	134.4
Operating Margin	91.44%	91.68%	90.63%	-	92.17%	91.62%	92%	91.27%
Earnings before Tax (EBT) ¹	175.4	64.24	164.2	80.19	86.38	97.86	104.2	110.4
Net income ¹	126.1	47.02	122.9	62.1	62.42	76.41	81.42	88.95
Net margin	106.89%	37.54%	91.11%	49.31%	49.26%	56.88%	57.83%	60.43%
EPS ²	0.1060	0.0392	0.1014	0.0508	0.0505	0.0620	0.0650	0.0700
Free Cash Flow ¹	117.5	88.4	114.3	-	-	111.1	115	120.2
FCF margin	99.54%	70.58%	84.76%	-	-	82.71%	81.68%	81.66%
FCF Conversion (EBITDA)	108.86%	76.99%	93.52%	-	-	90.28%	88.78%	89.47%
FCF Conversion (Net income)	93.12%	188%	93.03%	-	-	145.4%	141.23%	135.13%
Dividend per Share ²	0.0653	0.0654	0.0710	0.0655	-	0.0632	0.0659	0.0685
Announcement Date	2/19/20	2/25/21	2/17/22	2/16/23	2/20/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	324	348	351	387	-	292	292	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.002 x	3.033 x	2.871 x	-	-	2.373 x	2.254 x	-
Free Cash Flow ¹	117	88.4	114	-	-	111	115	120
ROE (net income / shareholders' equity)	5.39%	6.03%	6.58%	5.45%	-	7.41%	8.02%	8.63%
ROA (Net income/ Total Assets)	3.26%	3.61%	3.96%	3.31%	-	4.42%	4.7%	5.03%
Assets ¹	3,864	1,302	3,103	1,879	-	1,729	1,734	1,770
Book Value Per Share ²	0.9000	0.9100	0.9900	-	-	0.8200	0.8200	0.8100
Cash Flow per Share ²	0.1000	0.0800	0.1000	0.0500	-	0.0700	0.0700	-
Capex ¹	22.3	4.69	5.82	4.08	-	4.5	4.5	5
Capex / Sales	18.91%	3.75%	4.32%	3.24%	-	3.35%	3.2%	3.4%
Announcement Date	2/19/20	2/25/21	2/17/22	2/16/23	2/20/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.675 SGD

Average target price

0.985 SGD

Spread / Average Target

+45.93%

	1st Jan change	Capi.
SASSEUR REAL ESTATE INVESTMENT TRUST	-1.46%	629M
SIMON PROPERTY GROUP, INC.	+7.58%	49.7B
KIMCO REALTY CORPORATION	-9.48%	13B
REGENCY CENTERS CORPORATION	-8.57%	11.35B
THE LINK REAL ESTATE INVESTMENT TRUST	-22.46%	11.1B
NNN REIT, INC.	-2.11%	7.81B
BRIXMOR PROPERTY GROUP INC.	-3.35%	6.76B
AGREE REALTY CORPORATION	-2.16%	6.17B
VICINITY CENTRES	-4.66%	5.79B
KITE REALTY GROUP TRUST	-3.89%	4.84B