LaSalle LOGIPORT REIT (3466.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
GRP-UN	30	Granite Real Estat	439	16.29	16.93	20.46	19.13	17.58	15.38
EQU.JO	31	Equites Property F	421	5.97	5.97	5.68	5.68	3.30	4.94
NYMTI	32	New York Mortgage	372	55.92	55.92	4.27	4.27	-	6.72
J91U.SI	33	ESR-Logos REIT	371	-	-	1,185.51	1,315.56	63.40	40.24
LXP	34	LXP Industrial Tru	364	22.30	23.85	12.79	13.14	1,607.93	92.47
DIR-UN.TO	35	Dream Industrial R	351	15.82	14.65	20.94	19.46	18.94	14.03
NHPAP	36	National Healthcar	348	-	-	19.81	16.83	-	-
3466.T	37	LaSalle LOGIPORT R	331	9.98	9.98	11.77	11.77	13.86	15.72
9A4U.SI	38	ESR REIT	322	-	-	-	-	21.09	18.15
GMT.NZ	39	Goodman Property T	318	-	-	12.55	8.93	9.14	10.73
ASK.AX	40	Abacus Storage Kin	310	4.74	4.74	6.10	6.10	12.18	13.25
CIP.AX	41	Centuria Industria	305	10.93	9.41	15.33	15.33	21.87	6.74
FIBRAMQ12.MX	42	FIBRA Macquarie M�	277	5.48	5.34	7.45	7.20	11.64	-
8967.T	43	Japan Logistics Fu	277	11.92	11.04	11.90	10.94	14.07	14.65
IIPR	44	Innovative Industr	276	11.83	9.99	8.30	6.87	15.29	11.31
TERRA13.MX	45	Fibra Terrafina	265	11.32	7.32	12.82	10.48	6.19	12.09

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.32	9.41	12.22	9.70	14.07	12.09
Full Range Median Multiple	11.83	9.99	12.67	10.71	15.29	13.25
Industry Multiple	15.68	15.01	95.99	104.28	140.20	20.05
Market Implied Multiple	11.41	11.41	12.84	12.84	15.11	17.14
Company (3466.T) Multiple	9.98	9.98	11.77	11.77	13.86	15.72
(*) Net Income / EBITDA / Revenue	166	166	225	225	191	168
Winsorized Enterprise Value	N/A	N/A	2,745	2,179	2,685	2,032
Full Range Median Enterprise Value	N/A	N/A	2,844	2,405	2,917	2,228
(-) Net Debt	986	986	986	986	986	986
Winsorized Equity Value	1,881	1,564	1,758	1,193	1,699	1,046
Full Range Median Equity Value	1,965	1,659	1,858	1,418	1,931	1,242
(/) Shares Outstanding	0	0	0	0	0	0
Winsorized Fair Value	$161,703.70	$134,450.37	$151,181.30	$102,540.55	$146,083.84	$89,950.06
Full Range Median Fair Value	$168,927.02	$142,654.93	$159,765.86	$121,950.39	$166,052.27	$106,783.10
Current Price	$163,000.00	$163,000.00	$163,000.00	$163,000.00	$163,000.00	$163,000.00
Upside / Downside	-0.80%	-17.52%	-7.25%	-37.09%	-10.38%	-44.82%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$113,192.59	$94,115.26	$105,826.91	$71,778.39	$102,258.69	$62,965.04
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy