Lippo Malls Indonesia Retail Trust Valuation

Q: What is the Fair Price of 3HJ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

3HJ (€0.01) is trading below our estimate of [[fair value]] (€0.04)

Is 3HJ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3HJ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3HJ (€0.01) is trading below our estimate of fair value (€0.04)

Significantly Below Fair Value: 3HJ is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3HJ?

Key metric: As 3HJ is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 3HJ. This is calculated by dividing 3HJ's market cap by their current revenue.
What is 3HJ's PS Ratio?
PS Ratio	0.8x
Sales	S$193.19m
Market Cap	S$146.24m

3HJ key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4.6x
Enterprise Value/EBITDA	8.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 3HJ's PS Ratio compare to its peers?

The above table shows the PS ratio for 3HJ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	4.9x
DKG Deutsche Konsum REIT-AG	1.3x	-12.7%	€140.6m
HABA Hamborner REIT	5x	1.7%	€527.9m
FVI Fair Value REIT-AG	2.3x	n/a	€54.7m
MLECE Faifey Invest Socimi	11x	n/a	€98.7m
3HJ Lippo Malls Indonesia Retail Trust	0.8x	n/a	€146.2m

Price-To-Sales vs Peers: 3HJ is good value based on its Price-To-Sales Ratio (0.8x) compared to the peer average (4.9x).

Price to Sales Ratio vs Industry

How does 3HJ's PS Ratio compare vs other companies in the European Retail REITs Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	5.7x	-1.4%
3HJ Lippo Malls Indonesia Retail Trust	0.8x	n/a	US$108.94m

1 Company		Estimated Growth	Market Cap
Industry Avg.	5.7x	39.0%
3HJ Lippo Malls Indonesia Retail Trust	0.8x	n/a	US$108.94m

No more companies

Price-To-Sales vs Industry: 3HJ is good value based on its Price-To-Sales Ratio (0.8x) compared to the European Retail REITs industry average (5.7x).

Price to Sales Ratio vs Fair Ratio

What is 3HJ's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3HJ PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.8x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 3HJ's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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