Frasers Logistics & Commercial Trust (FRLOF) fair value: what the stock is really worth
As of Sep 18, 2026: fair value of Frasers Logistics & Commercial Trust $0.91, price $0.75, upside +21.9%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $0.5095 – $1.01 · fair‑value band $0.4700 – $1.55 · the $0.7466 price screens below the $0.9100 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Frasers Logistics & Commercial Trust is a Singapore-listed real estate investment trust. With a portfolio comprising 113 industrial and commercial properties, worth approximately S7.0 billion dollars as at 31 March 2026, diversified across five major developed markets " Australia, Germany, Singapore, the United Kingdom and the Netherlands.
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Frasers Logistics & Commercial Trust is a Singapore-listed real estate investment trust. With a portfolio comprising 113 industrial and commercial properties, worth approximately S7.0 billion dollars as at 31 March 2026, diversified across five major developed markets " Australia, Germany, Singapore, the United Kingdom and the Netherlands. FLCT was listed on the Mainboard of Singapore Exchange Securities Trading Limited (SGX-ST) on 20 June 2016 as Frasers Logistics & Industrial Trust and was subsequently renamed Frasers Logistics & Commercial Trust on 29 April 2020 following the completion of a merger with Frasers Commercial Trust. FLCT's investment strategy is to invest globally in a diversified portfolio of income-producing properties used predominantly for logistics or industrial purposes located globally, or commercial purposes (comprising primarily CBD office space) or business park purposes (comprising primarily non-CBD office space and/or research and development space) located in the Asia-Pacific region or in Europe (including the United Kingdom). FLCT is sponsored by Frasers Property Limited. FLCT is a constituent of the FTSE EPRA Nareit Global Real Estate Index Series (Global Developed Index), Straits Times Index and Global Property Research (GPR) 250. Frasers Logistics & Commercial Trust was established on November 30, 2015 and incorporated in Singapore.
Stock analysis
Frasers Logistics & Commercial Trust (FRLOF) currently trades at $0.7466, while our model-based Fair Value estimate is $0.9100, implying the stock looks roughly 18.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $1.09 per share, and 12 of the 16 models we run sit above the $0.7466 price.
Bear case: the Growth DCF group reads lowest at $0.6600, and 4 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.4700 (bear) to $1.55 (bull), the price of $0.7466 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Frasers Logistics & Commercial Trust reported revenue of 471M SGD in FY2025 versus 469M SGD in FY2021, a compound +0.1%/yr. Reported net income was 205M SGD in FY2025, compounding −27.2%/yr from FY2021.
Key figures
Market cap $2.9B · P/E ratio 18.7 · P/S ratio 8.12 · EPS (TTM) $0.0400 · Dividend yield 7.9% · Net margin 43.5% · Return on equity 5.2% · Return on assets (EBIT) 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −11% fair-value upside, at 22%, FRLOF screens cheaper than that median.
Fair Value models
Bear $0.4700Fair Value $0.9100Bull $1.55
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.3%
Start year 2020 (pandemic). Over 10 years: +15.6% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−7.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.6%
Dividend (yield on the price)7.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−16% vs 6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.71% → 63%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in SGD, Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +5.3% a year for the price and +3.4% for the forecasts.
Compare Frasers Logistics & Commercial Trust with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Industrial · 55 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+22% · Above median
Profitability
Return on equity (TTM)5% · Below median
Return on assets3% · Below median
Net margin (TTM)45% · Below median
Operating margin (TTM)64% · Below median
Growth and dividend
Revenue growth3% · Below median
Dividend yield (TTM)7.9% · Top 25%
Balance sheet
Debt / equity0.49× · Above median
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
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Is Frasers Logistics & Commercial Trust (FRLOF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $0.9100 versus a price of $0.7466, about +22% upside (undervalued).
What is the fair value of FRLOF?
Our model-based fair value for Frasers Logistics & Commercial Trust is $0.9100 (as of Sep 24, 2026), built from audited fundamentals. The current price: $0.7466.
What is the quality score of FRLOF?
Frasers Logistics & Commercial Trust has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Frasers Logistics & Commercial Trust (FRLOF)?
Our model-based price target is the fair value of $0.9100 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario $0.4700, optimistic scenario $1.55. It is a calculation from audited fundamentals, not an analyst target.
What is the Frasers Logistics & Commercial Trust stock forecast for 2026?
Our models put fair value at $0.9100, about +22% upside versus a price of $0.7466 (undervalued). Cautious scenario $0.4700, optimistic scenario $1.55. The calculation is refreshed regularly with new filings.
What is the revenue of Frasers Logistics & Commercial Trust (FRLOF)?
Frasers Logistics & Commercial Trust reported trailing-twelve-month revenue of about 478M SGD (latest available figure, as of Sep 24, 2026).
Does Frasers Logistics & Commercial Trust pay a dividend?
Frasers Logistics & Commercial Trust currently shows a dividend yield of about 7.90% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Frasers Logistics & Commercial Trust (FRLOF)?
For today's price to be fair in a discounted-cash-flow model, Frasers Logistics & Commercial Trust would have to grow free cash flow by +7.4 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FRLOF use?
Our models discount Frasers Logistics & Commercial Trust at 8.9 %: a base by market capitalisation (mid), damped by beta 0.64, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Frasers Logistics & Commercial Trust that is +7.4 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Frasers Logistics & Commercial Trust (FRLOF) delivered so far?
Over the past 5 years revenue at Frasers Logistics & Commercial Trust grew +7.3 % a year. The price currently implies +7.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Frasers Logistics & Commercial Trust (FRLOF) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Frasers Logistics & Commercial Trust (+7.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Frasers Logistics & Commercial Trust (FRLOF)?
The free-cash-flow yield on the price is 8.97 %: that much free cash flow Frasers Logistics & Commercial Trust produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Frasers Logistics & Commercial Trust (FRLOF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Frasers Logistics & Commercial Trust it is $0.9100 per share (as of Sep 24, 2026), against a price of $0.7466. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Frasers Logistics & Commercial Trust stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FRLOF trades below its calculated fair value: price $0.7466, fair value $0.9100, a gap of about +22% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FRLOF?
No. The price is what the market pays today ($0.7466); the fair value is what the company's own numbers justify ($0.9100). For Frasers Logistics & Commercial Trust the two are $0.1634 per share apart. That gap is exactly why we show both numbers side by side.
How much is Frasers Logistics & Commercial Trust worth?
The market values Frasers Logistics & Commercial Trust at about $2.9B (market capitalisation, as of Sep 24, 2026). Per share that is $0.7466; our models calculate a fair value of $0.9100 per share.
What do the bullish and bearish scenarios say about FRLOF?
Our models span a range for Frasers Logistics & Commercial Trust: cautious scenario $0.4700, base $0.9100, optimistic $1.55 per share (as of Sep 24, 2026, price $0.7466). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FRLOF?
Frasers Logistics & Commercial Trust trades at a price-to-earnings ratio of 18.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $0.9100 is built from several models across several years. Other multiples: PEG 7.3, P/B 0.7, P/S 6.0, EV/EBITDA 15.3.
What is the PEG ratio of FRLOF?
The PEG ratio of Frasers Logistics & Commercial Trust is 7.25 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Frasers Logistics & Commercial Trust (FRLOF)?
Balance-sheet figures for Frasers Logistics & Commercial Trust (as of Sep 24, 2026): return on equity 5.2%, debt of 0.49 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is FRLOF from its 52-week high?
Frasers Logistics & Commercial Trust trades at $0.7466, about 5% below its 52-week high of $0.7889 and 30% above the low of $0.5747 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $0.9100 is for.
Which stocks are comparable to Frasers Logistics & Commercial Trust?
From the same area (Real Estate) we also value Public Storage, a member of the S&P 500,, Prologis, Inc, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Frasers Logistics & Commercial Trust stock attractive at the current price?
The data as of Sep 24, 2026: price $0.7466, calculated fair value $0.9100 (+22%), Quality Score 67/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FRLOF calculated?
We run Frasers Logistics & Commercial Trust through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.9100, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Frasers Logistics & Commercial Trust currently trades 22 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Frasers Logistics & Commercial Trust (FRLOF)?
The closing price on Sep 18, 2026 was $0.7466. Our model-based fair value is $0.9100, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Frasers Logistics & Commercial Trust right now?
The model range is unusually wide ($0.4700 to $1.55). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Frasers Logistics & Commercial Trust (FRLOF) come from?
Earnings per share at Frasers Logistics & Commercial Trust grew +0.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.1 %, EBIT margin +1.0 %, tax rate +0.4 %, residual (interest, one-offs) −4.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Frasers Logistics & Commercial Trust
How large is the market capitalisation of Frasers Logistics & Commercial Trust (FRLOF)?
The market capitalisation of Frasers Logistics & Commercial Trust is $2.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Frasers Logistics & Commercial Trust (FRLOF)?
The price-to-sales ratio of Frasers Logistics & Commercial Trust is 8.12 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Frasers Logistics & Commercial Trust (FRLOF)?
Earnings per share at Frasers Logistics & Commercial Trust are $0.0400 (price ÷ EPS = P/E 18.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Frasers Logistics & Commercial Trust (FRLOF)?
The dividend yield of Frasers Logistics & Commercial Trust is 7.9% (payout 148%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Frasers Logistics & Commercial Trust (FRLOF)?
The net margin of Frasers Logistics & Commercial Trust is 43.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Frasers Logistics & Commercial Trust (FRLOF)?
The return on equity (ROE) of Frasers Logistics & Commercial Trust is 5.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Frasers Logistics & Commercial Trust (FRLOF)?
On an EBIT basis the return on assets of Frasers Logistics & Commercial Trust is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Frasers Logistics & Commercial Trust (FRLOF)?
The operating margin of Frasers Logistics & Commercial Trust is 64.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Frasers Logistics & Commercial Trust (FRLOF)?
Revenue at Frasers Logistics & Commercial Trust is growing +2.8% versus a year earlier (3y avg +1.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Frasers Logistics & Commercial Trust (FRLOF)?
Earnings per share at Frasers Logistics & Commercial Trust are growing +8.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Frasers Logistics & Commercial Trust (FRLOF) carry?
The net debt of Frasers Logistics & Commercial Trust is 2.4B SGD (fiscal year 2025, ≈ 9.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Sep 24, 2026