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 3,819 - -
Change - -11.79% -0.58% 2.92% 9.66% 1.55% - -
Enterprise Value (EV) 1 4,352 3,916 3,946 3,973 4,534 4,587 4,637 4,637
Change - -10.02% 0.76% 0.7% 14.11% 1.17% 1.09% 0%
P/E 41.7x 30.7x 32.3x 35.9x 45.1x 44.7x 43.7x 44.2x
PBR 1.4x 1.27x 1.32x 1.43x 1.66x 1.77x 1.9x 2.07x
PEG - 1.6x -6.03x -4.76x -3.6x 17.71x 19.97x -39.64x
Capitalization / Revenue 10.1x 8.31x 8.1x 8.43x 9.1x 9.07x 8.96x 8.82x
EV / Revenue 11.5x 9.71x 9.59x 9.76x 11x 10.9x 10.9x 10.7x
EV / EBITDA 16.5x 13.3x 13.5x 13.8x 16x 16x 16x 16x
EV / EBIT 46.1x 31.5x 33x 35.9x 46.5x 46x 45x 46.8x
EV / FCF 23.5x 20.7x 22.4x 29.3x 26.1x 30.1x 24.4x 24.3x
FCF Yield 4.25% 4.83% 4.46% 3.42% 3.84% 3.32% 4.09% 4.11%
Dividend per Share 2 0.0513 0.0524 0.053 0.0536 0.0542 0.0547 0.0549 0.0556
Rate of return 5.26% 6.09% 6.2% 6.09% 5.62% 5.58% 5.61% 5.68%
EPS 2 0.0234 0.028 0.0265 0.0245 0.0214 0.0219 0.0224 0.0222
Distribution rate 219% 187% 200% 219% 253% 249% 245% 251%
Net sales 1 377.6 403.5 411.3 407 413.4 420.9 426.1 433.1
EBITDA 1 264.1 295 292.4 288.1 282.9 286.4 290.7 290.2
EBIT 1 94.36 124.4 119.5 110.5 97.54 99.77 103.1 99.18
Net income 1 91.26 109.3 103.2 95.35 83.31 92.23 89.34 87.42
Net Debt 1 552.3 564.5 613.7 543.8 773.2 767.6 817.6 817.7
Reference price 2 0.9750 0.8600 0.8550 0.8800 0.9650 0.9800 0.9800 0.9800
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
44.67x10.9x16.02x5.58% 2.99B
29.33x1.27x10.11x1.26% 1.1B
-13.81x - - - 649M
12.59x - - 0.98% 335M
Average 18.19x 6.08x 13.06x 2.61% 1.27B
Weighted average by Cap. 31.73x 8.30x 14.43x 4.16%

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