Company Valuation: Boustead Singapore Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 488.9 472.6 393.9 458.4 531 938.8
Change - -3.33% -16.65% 16.36% 15.83% 76.81%
Enterprise Value (EV) 1 63.07 47.48 110.7 119.3 225 652.9
Change - -24.72% 133.16% 7.75% 88.62% 190.21%
P/E 4.34x 15.5x 8.74x 7.14x 5.52x 3.99x
PBR 1.09x 1.09x 0.87x 0.91x 0.91x 1.19x
PEG - -0.2x 0.2x 0.2x 0.1x 0x
Capitalization / Revenue 0.71x 0.75x 0.7x 0.6x 1.01x 1.5x
EV / Revenue 0.09x 0.08x 0.2x 0.16x 0.43x 1.05x
EV / EBITDA 0.85x 1.22x 2.11x 1.23x 2.19x 8.08x
EV / EBIT 0.98x 1.43x 2.32x 1.33x 2.29x 8.62x
EV / FCF 0.37x 1.28x 1.35x 1.15x 4.48x -6.3x
FCF Yield 272% 78.3% 74% 87.3% 22.3% -15.9%
Dividend per Share 2 0.04 0.04 0.04 0.055 0.055 0.055
Rate of return 3.96% 4.08% 4.85% 5.73% 5.09% 2.96%
EPS 2 0.2325 0.0633 0.0944 0.1344 0.1957 0.4659
Distribution rate 17.2% 63.2% 42.4% 40.9% 28.1% 11.8%
Net sales 1 685.7 631.8 561.6 767.6 527.1 624.4
EBITDA 1 73.84 38.89 52.5 96.62 102.9 80.79
EBIT 1 64.59 33.18 47.73 89.66 98.38 75.72
Net income 1 113.1 30.58 45.32 64.19 95.05 232.6
Net Debt 1 -425.8 -425.1 -283.2 -339.1 -306 -285.9
Reference price 2 1.010 0.980 0.825 0.960 1.080 1.860
Nbr of stocks (in thousands) 484,030 482,247 477,473 477,473 491,621 504,724
Announcement Date 7/6/21 7/5/22 7/5/23 7/1/24 7/4/25 7/8/26
1SGD in Million2SGD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 714M
6.77x0.13x2.35x2.99% 6.88B
12.55x0.6x6.07x1.82% 6.82B
13.65x0.49x6.63x5% 4.66B
18.14x2.03x9.6x1.93% 3.98B
12.73x0.5x5.42x3.03% 1.56B
18.58x0.42x14.84x1.36% 921M
8.02x - - 5.22% 212M
Average 12.92x 0.69x 7.48x 3.05% 3.22B
Weighted average by Cap. 12.25x 0.66x 5.99x 2.84%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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