Financials Parkway Life Real Estate Investment Trust

Equities

Market Closed - Singapore S.E. Other stock markets 05:04:34 2024-04-26 am EDT			5-day change	1st Jan Change
3.54 ^SGD	+1.14%		+2.91%	-3.54%

Mar. 08	DBS Adjusts Parkway Life REIT's Price Target to S$4.50 From S$4.80, Keeps at Buy	MT
Feb. 27	Parkway Life REIT's 2023 DPU Increases, Net Property Income Rises	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,009	2,341	3,104	2,275	2,220	2,142	-	-
Enterprise Value (EV) ¹	2,727	3,110	3,906	2,275	2,220	2,933	3,019	2,142
P/E ratio	16.3 x	26.8 x	9.35 x	55.3 x	-	20 x	19.8 x	19.7 x
Yield	3.97%	3.56%	2.74%	3.82%	4.02%	4.16%	4.23%	4.9%
Capitalization / Revenue	17.4 x	19.4 x	25.7 x	17.5 x	15.1 x	14.2 x	13.9 x	13.8 x
EV / Revenue	23.7 x	25.7 x	32.4 x	17.5 x	15.1 x	19.4 x	19.6 x	13.8 x
EV / EBITDA	29.2 x	32.4 x	41.1 x	21.7 x	18.3 x	23.9 x	24.1 x	16.7 x
EV / FCF	34.2 x	50.4 x	263 x	-74.5 x	-	148 x	117 x	30.4 x
FCF Yield	2.92%	1.98%	0.38%	-1.34%	-	0.68%	0.86%	3.29%
Price to Book	1.7 x	1.98 x	2.16 x	1.61 x	-	1.48 x	1.47 x	1.25 x
Nbr of stocks (in thousands)	605,002	605,002	605,002	605,002	605,002	605,002	-	-
Reference price ²	3.320	3.870	5.130	3.760	3.670	3.540	3.540	3.540
Announcement Date	1/21/20	1/25/21	1/24/22	1/27/23	2/1/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	115.2	120.9	120.7	130	147.5	150.8	153.6	155.6
EBITDA ¹	93.27	96.14	95.01	104.8	121.6	122.8	125.4	128.3
EBIT ¹	93.27	96.14	95.01	104.8	121.6	121	123.7	128.3
Operating Margin	80.95%	79.53%	78.71%	80.63%	82.45%	80.25%	80.52%	82.47%
Earnings before Tax (EBT) ¹	132	96.39	340.8	48.22	108.3	110.6	137.8	143
Net income ¹	123.4	87.22	331.9	41.14	100.5	106.6	142.4	149.6
Net margin	107.09%	72.15%	274.95%	31.65%	68.13%	70.7%	92.67%	96.09%
EPS ²	0.2040	0.1442	0.5486	0.0680	-	0.1773	0.1785	0.1800
Free Cash Flow ¹	79.62	61.74	14.87	-30.55	-	19.8	25.9	70.4
FCF margin	69.1%	51.07%	12.32%	-23.51%	-	13.13%	16.86%	45.24%
FCF Conversion (EBITDA)	85.36%	64.21%	15.66%	-	-	16.12%	20.65%	54.85%
FCF Conversion (Net income)	64.52%	70.78%	4.48%	-	-	18.57%	18.19%	47.07%
Dividend per Share ²	0.1319	0.1379	0.1408	0.1438	0.1477	0.1471	0.1498	0.1734
Announcement Date	1/21/20	1/25/21	1/24/22	1/27/23	2/1/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	718	769	802	-	-	791	877	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.7 x	7.997 x	8.445 x	-	-	6.442 x	6.991 x	-
Free Cash Flow ¹	79.6	61.7	14.9	-30.6	-	19.8	25.9	70.4
ROE (net income / shareholders' equity)	10.6%	7.37%	25.4%	2.89%	7.11%	7.14%	8.8%	8.69%
ROA (Net income/ Total Assets)	6.33%	4.29%	15%	1.76%	-	4.49%	5.79%	5.79%
Assets ¹	1,949	2,035	2,206	2,344	-	2,377	2,460	2,583
Book Value Per Share ²	1.950	1.960	2.370	2.330	-	2.390	2.410	2.840
Cash Flow per Share ²	0.1500	0.1500	0.1500	-	-	0.1900	0.1800	-
Capex ¹	9.63	4.58	11.7	17.7	-	78.4	93.9	56.8
Capex / Sales	8.36%	3.79%	9.69%	13.59%	-	51.98%	61.12%	36.5%
Announcement Date	1/21/20	1/25/21	1/24/22	1/27/23	2/1/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.54 SGD

Average target price

4.42 SGD

Spread / Average Target

+24.86%

	1st Jan change	Capi.
PARKWAY LIFE REAL ESTATE INVESTMENT TRUST	-3.54%	1.57B
WELLTOWER INC.	+4.62%	55.76B
VENTAS, INC.	-11.72%	17.72B
HEALTHPEAK PROPERTIES, INC.	-5.05%	13.23B
OMEGA HEALTHCARE INVESTORS, INC.	+1.40%	7.68B
HEALTHCARE REALTY TRUST INCORPORATED	-16.54%	5.39B
CARETRUST REIT, INC.	+8.62%	3.28B
AEDIFICA SA	-5.42%	3.06B
MEDICAL PROPERTIES TRUST, INC.	-8.15%	2.73B
NATIONAL HEALTH INVESTORS, INC.	+12.61%	2.73B