CapitaLand Integrated Commercial Trust

DB:M3T Stock Report

Market Cap: €10.2b

CapitaLand Integrated Commercial Trust Valuation

Is M3T 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 M3T when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: M3T (€1.37) is trading below our estimate of fair value (€1.94)

Significantly Below Fair Value: M3T is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for M3T?

Key metric: As M3T is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for M3T. This is calculated by dividing M3T's market cap by their current earnings.
What is M3T's PE Ratio?
PE Ratio17.2x
EarningsS$839.66m
Market CapS$14.43b

Price to Earnings Ratio vs Peers

How does M3T's PE Ratio compare to its peers?

The above table shows the PE ratio for M3T vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average39x
HABA Hamborner REIT
64.5x10.8%€527.9m
FRT Federal Realty Investment Trust
35.1x2.4%US$10.1b
SCG Scentre Group
44.5x21.7%AU$19.3b
LI Klépierre
12x9.4%€8.1b
M3T CapitaLand Integrated Commercial Trust
17.2x2.7%€14.4b

Price-To-Earnings vs Peers: M3T is good value based on its Price-To-Earnings Ratio (17.2x) compared to the peer average (39.1x).

Price to Earnings Ratio vs Industry

How does M3T's PE Ratio compare vs other companies in the European Retail REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
M3T 17.2xIndustry Avg. 22.7xNo. of Companies4PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: M3T is good value based on its Price-To-Earnings Ratio (17.2x) compared to the European Retail REITs industry average (22.7x).

Price to Earnings Ratio vs Fair Ratio

What is M3T'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.

M3T PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate M3T's Price-To-Earnings 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?

The above table shows the analyst M3T forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.37
€1.63
+19.1%
5.3%€1.83€1.45n/a16
Nov ’25€1.39
€1.61
+16.0%
5.7%€1.81€1.46n/a15
Oct ’25€1.46
€1.60
+9.3%
4.7%€1.74€1.46n/a15
Sep ’25€1.44
€1.54
+6.7%
4.1%€1.62€1.41n/a15
Aug ’25€1.45
€1.51
+3.6%
3.7%€1.58€1.39n/a15
Jul ’25€1.34
€1.50
+11.5%
4.3%€1.60€1.39n/a15
Jun ’25€1.31
€1.50
+14.1%
4.3%€1.60€1.39n/a15
May ’25€1.32
€1.50
+13.6%
4.9%€1.61€1.35n/a16
Apr ’25€1.34
€1.50
+11.8%
5.3%€1.61€1.35n/a16
Mar ’25€1.29
€1.49
+15.0%
5.3%€1.60€1.35n/a16
Feb ’25€1.34
€1.47
+9.8%
6.2%€1.59€1.31n/a17
Jan ’25€1.40
€1.47
+5.3%
5.7%€1.61€1.32n/a17
Dec ’24€1.24
€1.44
+16.2%
6.6%€1.58€1.26n/a16
Nov ’24€1.23
€1.47
+19.4%
7.0%€1.62€1.28€1.3916
Oct ’24€1.26
€1.54
+22.6%
4.6%€1.61€1.37€1.4616
Sep ’24€1.28
€1.52
+19.2%
4.5%€1.59€1.36€1.4417
Aug ’24€1.35
€1.55
+14.8%
4.5%€1.64€1.36€1.4517
Jul ’24€1.31
€1.55
+18.0%
4.3%€1.63€1.36€1.3417
Jun ’24€1.36
€1.57
+15.6%
4.3%€1.65€1.38€1.3117
May ’24€1.36
€1.57
+15.6%
4.9%€1.67€1.40€1.3217
Apr ’24€1.33
€1.57
+17.8%
4.9%€1.67€1.40€1.3417
Mar ’24€1.35
€1.57
+16.2%
6.0%€1.68€1.33€1.2918
Feb ’24€1.46
€1.56
+6.8%
6.9%€1.78€1.32€1.3418
Jan ’24€1.40
€1.53
+9.5%
7.0%€1.76€1.31€1.4018
Dec ’23€1.43
€1.57
+9.8%
7.4%€1.79€1.33€1.2419
Nov ’23€1.34
€1.61
+19.9%
8.0%€1.81€1.34€1.2319

Analyst Forecast: Target price is less than 20% higher than the current share price.

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