CITY DEVELOPMENTS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5.95 SGD | -0.34% |
|
+0.68% | -10.53% |
| May. 27 | City Developments Repurchases and Cancels 29.8 Million Shares | MT |
| May. 27 | City Developments to Buy Back 29,778,683 Preference Shares Under Equal Access Offer | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 9,931 | 7,228 | 6,176 | 7,464 | 6,031 | 5,337 | - | - |
| Enterprise Value (EV) 1 | 16,489 | 15,656 | 15,233 | 14,770 | 6,031 | 13,487 | 13,184 | 13,402 |
| P/E ratio | 18.5 x | -3.75 x | 73.2 x | 6.1 x | 20 x | 14.6 x | 12.3 x | 11.5 x |
| Yield | 1.83% | 1.51% | 1.76% | 3.4% | - | 2.08% | 2.53% | 2.68% |
| Capitalization / Revenue | 2.9 x | 3.43 x | 2.35 x | 2.27 x | 1.22 x | 1.41 x | 1.31 x | 1.33 x |
| EV / Revenue | 4.81 x | 7.43 x | 5.8 x | 4.48 x | 1.22 x | 3.56 x | 3.23 x | 3.35 x |
| EV / EBITDA | 16.8 x | 45.4 x | 25.2 x | 6.6 x | 5.62 x | 13.6 x | 12 x | 11.3 x |
| EV / FCF | 31.2 x | -20.9 x | 15.4 x | -37.1 x | - | 3.69 x | 14.6 x | 39.7 x |
| FCF Yield | 3.21% | -4.79% | 6.51% | -2.7% | - | 27.1% | 6.83% | 2.52% |
| Price to Book | 0.94 x | 0.85 x | 0.73 x | 0.81 x | - | 0.58 x | 0.56 x | 0.54 x |
| Nbr of stocks (in thousands) | 906,901 | 906,901 | 906,901 | 906,901 | 906,901 | 893,972 | - | - |
| Reference price 2 | 10.95 | 7.970 | 6.810 | 8.230 | 6.650 | 5.970 | 5.970 | 5.970 |
| Announcement Date | 2/25/20 | 2/25/21 | 2/24/22 | 2/22/23 | 2/27/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,429 | 2,108 | 2,626 | 3,293 | 4,941 | 3,793 | 4,080 | 4,006 |
| EBITDA 1 | 984.3 | 345.2 | 605.5 | 2,237 | 1,073 | 992.6 | 1,102 | 1,191 |
| EBIT 1 | 708.3 | 58.1 | 328 | 1,960 | 818.5 | 710.1 | 788.5 | 845.5 |
| Operating Margin | 20.66% | 2.76% | 12.49% | 59.53% | 16.57% | 18.72% | 19.33% | 21.11% |
| Earnings before Tax (EBT) 1 | 754.1 | -1,791 | 227.7 | 1,857 | 472.6 | 518 | 621.9 | 681.9 |
| Net income 1 | 564.6 | -1,930 | 97.66 | 1,285 | 317.3 | 351.7 | 409.5 | 484.3 |
| Net margin | 16.47% | -91.55% | 3.72% | 39.03% | 6.42% | 9.27% | 10.04% | 12.09% |
| EPS 2 | 0.5930 | -2.128 | 0.0930 | 1.350 | 0.3330 | 0.4103 | 0.4851 | 0.5208 |
| Free Cash Flow 1 | 529.1 | -749.6 | 991.1 | -398.3 | - | 3,660 | 900.8 | 337.3 |
| FCF margin | 15.43% | -35.55% | 37.74% | -12.09% | - | 96.48% | 22.08% | 8.42% |
| FCF Conversion (EBITDA) | 53.75% | - | 163.68% | - | - | 368.7% | 81.75% | 28.32% |
| FCF Conversion (Net income) | 93.71% | - | 1,014.88% | - | - | 1,040.61% | 219.97% | 69.64% |
| Dividend per Share 2 | 0.2000 | 0.1200 | 0.1200 | 0.2800 | - | 0.1244 | 0.1508 | 0.1600 |
| Announcement Date | 2/25/20 | 2/25/21 | 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 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,192 | 1,434 | 1,473 | 1,821 | 2,704 | 2,237 | 1,570 | 1,919 |
| EBITDA | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - |
| EPS 2 | -0.0420 | 0.1360 | 1.183 | 0.1740 | 0.0660 | 0.2640 | 0.1700 | 0.2100 |
| Dividend per Share | - | - | - | - | - | - | - | - |
| Announcement Date | 8/12/21 | 2/24/22 | 8/10/22 | 2/22/23 | 8/9/23 | 2/27/24 | - | - |
1SGD in Million2SGD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 6,558 | 8,428 | 9,057 | 7,306 | - | 8,150 | 7,847 | 8,065 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 6.663 x | 24.41 x | 14.96 x | 3.266 x | - | 8.211 x | 7.121 x | 6.77 x |
| Free Cash Flow 1 | 529 | -750 | 991 | -398 | - | 3,660 | 901 | 337 |
| ROE (net income / shareholders' equity) | 5.49% | -20.3% | 1.15% | 14.6% | - | 3.92% | 4.79% | 4.97% |
| ROA (Net income/ Total Assets) | 2.56% | -8.24% | 0.41% | 5.49% | - | 1.86% | 2.06% | 2.22% |
| Assets 1 | 22,043 | 23,439 | 23,785 | 23,431 | - | 18,904 | 19,901 | 21,803 |
| Book Value Per Share 2 | 11.60 | 9.380 | 9.280 | 10.20 | - | 10.30 | 10.70 | 11.10 |
| Cash Flow per Share 2 | 0.8800 | -0.3900 | 1.250 | -0.1400 | - | 1.990 | 1.270 | 1.570 |
| Capex 1 | 307 | 393 | 271 | 273 | - | 462 | 475 | 475 |
| Capex / Sales | 8.96% | 18.66% | 10.32% | 8.28% | - | 12.18% | 11.63% | 11.86% |
| Announcement Date | 2/25/20 | 2/25/21 | 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
Trading Rating
Investor Rating
ESG Refinitiv
A
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
5.97
SGD
Average target price
7.462
SGD
Spread / Average Target
+25.00%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -10.53% | 3.96B | |
| +7.32% | 27.84B | |
| -10.60% | 26.91B | |
| +20.72% | 25.02B | |
| +12.60% | 24.4B | |
| +11.34% | 21.69B | |
| +31.55% | 20.61B | |
| -4.92% | 18.62B | |
| +4.75% | 16.98B | |
| +27.09% | 16.08B |
- Stock Market
- Equities
- C09 Stock
- Financials City Developments Limited
