City Developments Valuation
Is C09 undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
2/6Valuation Score 2/6
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 C09 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: C09 (SGD5.26) is trading above our estimate of fair value (SGD3.77)
Significantly Below Fair Value: C09 is trading above our estimate of fair value.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for C09?
Key metric: As C09 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.
| What is C09's PE Ratio? | |
|---|---|
| PE Ratio | 14.3x |
| Earnings | S$327.54m |
| Market Cap | S$4.70b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 4.2x |
| Enterprise Value/EBITDA | 21.5x |
| PEG Ratio | 1x |
Price to Earnings Ratio vs Peers
How does C09's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 16.2x | ||
U14 UOL Group | 6.5x | -31.6% | S$4.5b |
U06 Singapore Land Group | 12.3x | n/a | S$2.5b |
O10 Far East Orchard | 6.6x | n/a | S$503.8m |
F1E Low Keng Huat (Singapore) | 39.2x | n/a | S$240.1m |
C09 City Developments | 14.3x | 14.5% | S$4.7b |
Price-To-Earnings vs Peers: C09 is good value based on its Price-To-Earnings Ratio (14.3x) compared to the peer average (16.2x).
Price to Earnings Ratio vs Industry
How does C09's PE Ratio compare vs other companies in the SG Real Estate Industry?
| 1 Company | Price / Earnings | Estimated Growth | Market Cap |
|---|---|---|---|
AZA IPC | 1.9x | n/a | US$6.52m |
| 1 Company | Estimated Growth | Market Cap |
|---|
Price-To-Earnings vs Industry: C09 is expensive based on its Price-To-Earnings Ratio (14.3x) compared to the SG Real Estate industry average (12.9x).
Price to Earnings Ratio vs Fair Ratio
What is C09'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.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 14.3x |
| Fair PE Ratio | 17.1x |
Price-To-Earnings vs Fair Ratio: C09 is good value based on its Price-To-Earnings Ratio (14.3x) compared to the estimated Fair Price-To-Earnings Ratio (17.1x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | S$5.26 | S$7.02 +33.5% | 24.1% | S$10.50 | S$5.00 | n/a | 13 |
| Nov ’25 | S$5.22 | S$7.02 +34.5% | 24.1% | S$10.50 | S$5.00 | n/a | 13 |
| Oct ’25 | S$5.44 | S$7.02 +29.1% | 24.1% | S$10.50 | S$5.00 | n/a | 13 |
| Sep ’25 | S$5.23 | S$7.07 +35.3% | 23.2% | S$10.50 | S$5.00 | n/a | 13 |
| Aug ’25 | S$5.34 | S$7.35 +37.6% | 21.4% | S$10.50 | S$5.40 | n/a | 12 |
| Jul ’25 | S$5.25 | S$7.40 +41.0% | 20.6% | S$10.50 | S$5.40 | n/a | 12 |
| Jun ’25 | S$5.61 | S$7.46 +33.0% | 20.5% | S$10.50 | S$5.40 | n/a | 12 |
| May ’25 | S$6.15 | S$7.54 +22.6% | 19.7% | S$10.50 | S$5.40 | n/a | 13 |
| Apr ’25 | S$5.85 | S$7.54 +28.9% | 19.7% | S$10.50 | S$5.40 | n/a | 13 |
| Mar ’25 | S$5.70 | S$7.75 +35.9% | 20.2% | S$10.50 | S$5.70 | n/a | 14 |
| Feb ’25 | S$5.91 | S$7.68 +29.9% | 15.7% | S$10.45 | S$5.70 | n/a | 13 |
| Jan ’25 | S$6.65 | S$7.90 +18.8% | 17.1% | S$10.50 | S$5.70 | n/a | 14 |
| Dec ’24 | S$6.18 | S$7.90 +27.8% | 17.1% | S$10.50 | S$5.70 | n/a | 14 |
| Nov ’24 | S$6.34 | S$8.30 +30.9% | 13.8% | S$10.50 | S$6.66 | S$5.22 | 15 |
| Oct ’24 | S$6.61 | S$8.29 +25.4% | 13.5% | S$10.50 | S$6.66 | S$5.44 | 15 |
| Sep ’24 | S$6.68 | S$8.40 +25.7% | 14.3% | S$10.50 | S$6.66 | S$5.23 | 15 |
| Aug ’24 | S$7.41 | S$8.58 +15.8% | 14.2% | S$10.50 | S$6.60 | S$5.34 | 15 |
| Jul ’24 | S$6.72 | S$8.58 +27.6% | 14.2% | S$10.50 | S$6.60 | S$5.25 | 15 |
| Jun ’24 | S$6.78 | S$8.61 +27.0% | 14.1% | S$10.50 | S$6.60 | S$5.61 | 15 |
| May ’24 | S$6.95 | S$8.84 +27.1% | 13.7% | S$10.50 | S$6.68 | S$6.15 | 15 |
| Apr ’24 | S$7.37 | S$9.28 +26.0% | 8.7% | S$10.50 | S$7.45 | S$5.85 | 15 |
| Mar ’24 | S$7.77 | S$9.37 +20.6% | 8.6% | S$10.50 | S$7.45 | S$5.70 | 16 |
| Feb ’24 | S$8.35 | S$9.50 +13.8% | 7.5% | S$10.50 | S$7.45 | S$5.91 | 16 |
| Jan ’24 | S$8.23 | S$9.47 +15.1% | 7.3% | S$10.50 | S$7.45 | S$6.65 | 16 |
| Dec ’23 | S$8.31 | S$9.47 +14.0% | 7.3% | S$10.50 | S$7.45 | S$6.18 | 16 |
| Nov ’23 | S$7.83 | S$9.47 +21.0% | 7.3% | S$10.50 | S$7.45 | S$6.34 | 16 |
Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.
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