SOSiLA Logistics REIT, Inc. (2979.T)

Industry: REIT - Industrial Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0LBY.L	50	Montea Comm. VA	183	9.02	8.27	16.87	16.03	10.76	13.26
SMU-UN.TO	51	Summit Industrial	182	2.97	1.58	32.99	24.23	-	-
SHED.L	52	Urban Logistics RE	160	-	-	10.06	10.06	11.41	10.56
BTSGIF.BK	53	BTS Rail Mass Tran	152	-	-	3.24	3.24	3.21	3.24
O5RU.SI	54	AIMS APAC REIT	145	3,983.42	3,931.33	1,840.91	1,663.64	1,907.35	1,699.33
WIR-U.TO	55	WPT Industrial Rea	139	4.67	3.21	4.13	2.62	3.54	4.30
FTREIT.BK	56	Frasers Property T	132	10.00	9.18	12.51	8.51	12.93	12.63
2979.T	57	SOSiLA Logistics R	130	10.92	10.92	12.14	12.14	15.48	16.66
NXR-UN.TO	58	Nexus Industrial R	127	9.51	8.78	15.31	12.04	16.82	13.16
2191.HK	59	SF Real Estate Inv	115	-	-	7.34	7.34	8.88	189.89
365550.KS	60	ESR Kendall Square	113	60.93	60.93	26.26	26.26	36.79	40.88
DXI.AX	61	Dexus Industria RE	108	2.33	1.48	24.50	24.50	-	13.98
DHLU.SI	62	Daiwa House Logist	91	5.54	5.54	28.85	28.85	10.83	11.17
M1GU.SI	63	Alpha Integrated R	91	39.39	56.24	64.04	91.87	13.80	17.51
LAND	64	Gladstone Land Cor	68	37.33	33.53	12.99	11.93	43.35	59.90
LPA	65	Logistic Propertie	58	21.96	29.26	9.12	9.12	16.01	17.38

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.27	8.53	12.99	11.93	11.41	13.21
Full Range Median Multiple	9.76	8.98	15.31	12.04	12.93	13.62
Industry Multiple	348.92	345.78	140.61	129.35	161.21	150.51
Market Implied Multiple	13.49	13.49	13.79	13.79	17.60	18.94
Company (2979.T) Multiple	10.92	10.92	12.14	12.14	15.48	16.66
(*) Net Income / EBITDA / Revenue	47	47	73	73	57	53
Winsorized Enterprise Value	N/A	N/A	949	871	654	703
Full Range Median Enterprise Value	N/A	N/A	1,118	880	741	725
(-) Net Debt	373	373	373	373	373	373
Winsorized Equity Value	436	402	577	499	281	330
Full Range Median Equity Value	459	423	745	507	368	352
(/) Shares Outstanding	0	0	0	0	0	0
Winsorized Fair Value	$93,389.02	$85,925.19	$123,387.49	$106,670.53	$60,085.82	$70,708.60
Full Range Median Fair Value	$98,321.17	$90,482.59	$159,511.51	$108,441.20	$78,751.42	$75,331.86
Current Price	$135,900.00	$135,900.00	$135,900.00	$135,900.00	$135,900.00	$135,900.00
Upside / Downside	-31.28%	-36.77%	-9.21%	-21.51%	-55.79%	-47.97%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$65,372.32	$60,147.63	$86,371.24	$74,669.37	$42,060.08	$49,496.02
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy