Wartość EV/EBITDA organizacji Circle Property Plc to 12.12
EV / EBITDA to wartość przedsiębiorstwa podzielona przez zyski przed odsetkami, podatkami, amortyzacją i amortyzacją. Jest to miara tego, jak cenny jest czas i jest częściej stosowany w przypadku porównań między przedsiębiorstwami niż stosunek ceny do zarobku. Mierzy on cenę (w postaci wartości przedsiębiorstwa), którą inwestor płaci na rzecz przepływów pieniężnych firmy (w postaci EBITDA).
Price to earnings ratios are impacted by a company's choice of capital structure - companies which raise money via debt will have lower P/Es (and therefore look cheaper) than companies that raise an equivalent amount of money by issuing shares, even though the two companies might have equivalent enterprise values. A sample case is when a company with debt were to raise money by issuing shares of stock, and then used the money to pay off the debt, this company's P/E ratio would shoot up because of the increased number of shares - although nothing about the fundamental value of the business has changed. EV / EBITDA is unaffected by capital structure as enterprise value includes the value of debt, and EBITDA is available to all investors (debt and equity) as it excludes interest payments on that debt. It is ideal for analysts and potential investors looking to compare companies within the same industry.
Circle is amongst the best performing quoted UK real estate companies by NAV total return (NAV growth and dividend) having delivered consistent returns with 87% NAV growth since IPO in 2016 in absolute terms. Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields. Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth. As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with current total estimated rental values of approximately £10.9 million per annum, compared to contracted rent of £8.2 million at 30 September 2019. The Company has a portfolio of 15 regional commercial property investment and development assets in the UK valued at £135.6 million as at 30 September 2019.