Plymouth Industrial REIT, Inc. (PLYM)

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
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
3481.T	46	Mitsubishi Estate	219	10.71	10.71	12.56	12.56	17.89	16.27
UKCM.L	47	UK Commercial Prop	198	-	-	10.48	8.74	14.24	10.01
PLYM	48	Plymouth Industria	192	10.62	10.62	8.44	6.42	54.37	61.67
JB7.DE	49	Deutsche Industrie	187	6.96	6.96	9.40	9.40	27.50	8.31
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.51	7.80	10.48	9.40	12.29	10.56
Full Range Median Multiple	10.35	8.73	11.90	10.06	13.50	11.31
Industry Multiple	339.94	334.53	133.93	120.66	148.42	140.21
Market Implied Multiple	10.40	10.40	8.35	6.34	53.77	60.99
Company (PLYM) Multiple	10.62	10.62	8.44	6.42	54.37	61.67
(*) Net Income / EBITDA / Revenue	93	93	217	285	34	30
Winsorized Enterprise Value	N/A	N/A	2,271	2,679	413	313
Full Range Median Enterprise Value	N/A	N/A	2,579	2,870	454	335
(-) Net Debt	844	844	844	844	844	844
Winsorized Equity Value	883	724	1,427	1,835	-430	-531
Full Range Median Equity Value	961	810	1,735	2,026	-389	-508
(/) Shares Outstanding	44	44	44	44	44	44
Winsorized Fair Value	$20.00	$16.39	$32.33	$41.57	$-9.75	$-12.02
Full Range Median Fair Value	$21.77	$18.34	$39.30	$45.89	$-8.82	$-11.52
Current Price	$21.87	$21.87	$21.87	$21.87	$21.87	$21.87
Upside / Downside	-8.55%	-25.06%	47.83%	90.09%	-144.57%	-154.96%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$14.00	$11.47	$22.63	$29.10	$-6.82	$-8.41
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy