Company Valuation: NetLink NBN Trust

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 3,800 3,351 3,332 3,429 3,761 3,877 - -
Change - -11.79% -0.58% 2.92% 9.66% 3.11% - -
Enterprise Value (EV) 1 4,352 3,916 3,946 3,973 4,534 4,686 4,695 4,695
Change - -10.02% 0.76% 0.7% 14.11% 3.35% 0.2% 0%
P/E 41.7x 30.7x 32.3x 35.9x 45.1x 43.4x 42.3x 40.9x
PBR 1.4x 1.27x 1.32x 1.43x 1.66x 1.8x 1.91x 2.01x
PEG - 1.6x -6.03x -4.76x -3.6x 6.07x 15.9x 11.89x
Capitalization / Revenue 10.1x 8.31x 8.1x 8.43x 9.1x 9.22x 9.08x 8.92x
EV / Revenue 11.5x 9.71x 9.59x 9.76x 11x 11.1x 11x 10.8x
EV / EBITDA 16.5x 13.3x 13.5x 13.8x 16x 16.2x 15.9x 15.8x
EV / EBIT 46.1x 31.5x 33x 35.9x 46.5x 44.6x 43.2x 43x
EV / FCF 23.5x 20.7x 22.4x 29.3x 26.1x 22.2x 20.9x 20.7x
FCF Yield 4.25% 4.83% 4.46% 3.42% 3.84% 4.5% 4.79% 4.83%
Dividend per Share 2 0.0513 0.0524 0.053 0.0536 0.0542 0.0545 0.0549 0.0556
Rate of return 5.26% 6.09% 6.2% 6.09% 5.62% 5.48% 5.52% 5.59%
EPS 2 0.0234 0.028 0.0265 0.0245 0.0214 0.0229 0.0235 0.0244
Distribution rate 219% 187% 200% 219% 253% 238% 233% 228%
Net sales 1 377.6 403.5 411.3 407 413.4 420.3 427 434.7
EBITDA 1 264.1 295 292.4 288.1 282.9 290.1 294.6 297.3
EBIT 1 94.36 124.4 119.5 110.5 97.54 105.1 108.7 109.2
Net income 1 91.26 109.3 103.2 95.35 83.31 90.26 92.5 94.37
Net Debt 1 552.3 564.5 613.7 543.8 773.2 808.1 817.6 817.7
Reference price 2 0.9750 0.8600 0.8550 0.8800 0.9650 0.9950 0.9950 0.9950
Nbr of stocks (in thousands) 3,896,971 3,896,971 3,896,971 3,896,971 3,896,971 3,896,971 - -
Announcement Date 5/17/22 5/18/23 5/16/24 5/15/25 5/14/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
43.39x11.15x16.15x5.48% 3.01B
27.37x1.19x9.47x1.35% 1.01B
-11.73x - - - 632M
10.68x - - 1.15% 278M
Average 17.43x 6.17x 12.81x 2.66% 1.23B
Weighted average by Cap. 31.19x 8.64x 14.47x 4.23%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation NetLink NBN Trust