Mapletree Industrial Trust

DB:M2L Stock Report

Market Cap: €4.1b

Mapletree Industrial Trust Valuation

Is M2L 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-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of M2L when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€2.20
Fair Value
32.5% undervalued intrinsic discount
14
Number of Analysts

Below Fair Value: M2L (€1.48) is trading below our estimate of fair value (€2.2)

Significantly Below Fair Value: M2L is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for M2L?

Key metric: As M2L is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for M2L. This is calculated by dividing M2L's market cap by their current earnings.
What is M2L's PE Ratio?
PE Ratio47.8x
EarningsS$119.66m
Market CapS$5.72b

Price to Earnings Ratio vs Peers

How does M2L's PE Ratio compare to its peers?

The above table shows the PE ratio for M2L vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.2x
3283 Nippon Prologis REIT
26x4.7%JP¥654.7b
3281 GLP J-REIT
21.5x-1.9%JP¥601.8b
M44U Mapletree Logistics Trust
22.2x9.4%S$6.1b
BBOX Tritax Big Box REIT
23.1x26.3%UK£3.6b
M2L Mapletree Industrial Trust
47.8x20.4%€5.7b

Price-To-Earnings vs Peers: M2L is expensive based on its Price-To-Earnings Ratio (47.8x) compared to the peer average (23.2x).

Price to Earnings Ratio vs Industry

How does M2L's PE Ratio compare vs other companies in the Global Industrial REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
M2L 47.8xIndustry Avg. 18.5xNo. of Companies9PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: M2L is expensive based on its Price-To-Earnings Ratio (47.8x) compared to the Global Industrial REITs industry average (18.5x).

Price to Earnings Ratio vs Fair Ratio

What is M2L's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

M2L PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio47.8x
Fair PE Ratio61.2x

Price-To-Earnings vs Fair Ratio: M2L is good value based on its Price-To-Earnings Ratio (47.8x) compared to the estimated Fair Price-To-Earnings Ratio (61.2x).

Analyst Price Targets

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

The above table shows the analyst M2L forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.48
€1.80
+21.4%
9.7%€2.01€1.35n/a14
Feb ’26€1.54
€1.83
+18.8%
7.3%€2.05€1.59n/a14
Jan ’26€1.51
€1.86
+23.0%
7.1%€2.16€1.63n/a14
Dec ’25€1.59
€1.85
+16.3%
7.0%€2.15€1.62n/a14
Nov ’25€1.62
€1.80
+10.6%
8.3%€2.12€1.53n/a13
Oct ’25€1.67
€1.77
+5.6%
9.2%€2.12€1.50n/a13
Sep ’25€1.63
€1.71
+4.9%
7.0%€1.92€1.48n/a13
Aug ’25€1.55
€1.71
+10.4%
7.0%€1.91€1.48n/a13
Jul ’25€1.40
€1.74
+23.7%
8.7%€2.02€1.48n/a13
Jun ’25€1.45
€1.73
+19.6%
9.2%€2.07€1.48n/a13
May ’25€1.50
€1.75
+16.5%
8.8%€2.07€1.48n/a13
Apr ’25€1.58
€1.77
+12.0%
7.1%€2.04€1.58n/a13
Mar ’25€1.53
€1.76
+15.1%
7.8%€2.05€1.52n/a14
Feb ’25€1.62
€1.75
+8.2%
7.7%€2.05€1.52€1.5415
Jan ’25€1.72
€1.72
-0.2%
6.7%€1.87€1.49€1.5115
Dec ’24€1.53
€1.67
+9.5%
7.1%€1.84€1.47€1.5915
Nov ’24€1.43
€1.69
+18.7%
7.8%€1.86€1.48€1.6215
Oct ’24n/a
€1.72
0%
7.3%€1.98€1.52€1.6715
Sep ’24n/a
€1.71
0%
6.7%€1.97€1.57€1.6316
Aug ’24n/a
€1.72
0%
6.9%€1.98€1.57€1.5516
Jul ’24n/a
€1.75
0%
7.8%€2.04€1.59€1.4015
Jun ’24n/a
€1.76
0%
7.0%€2.04€1.59€1.4516
May ’24€1.58
€1.73
+9.6%
6.5%€2.01€1.51€1.5016
Apr ’24€1.59
€1.77
+11.4%
7.3%€2.06€1.54€1.5816
Mar ’24€1.62
€1.81
+11.8%
10.1%€2.32€1.55€1.5316
Feb ’24€1.63
€1.81
+11.3%
11.2%€2.31€1.54€1.6216
Analyst Price Target
Consensus Narrative from 14 Analysts
€1.87
Fair Value
20.5% undervalued intrinsic discount
14
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/19 22:57
End of Day Share Price 2025/02/19 00:00
Earnings2024/12/31
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Mapletree Industrial Trust is covered by 27 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kwok Yi LouieBarclays
Tricia SongBarclays
Donald ChuaBofA Global Research