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 3,858 - -
Change - -11.79% -0.58% 2.92% 9.66% 2.59% - -
Enterprise Value (EV) 1 4,352 3,916 3,946 3,973 3,761 4,673 4,676 4,652
Change - -10.02% 0.76% 0.7% -5.35% 24.27% 0.05% -0.52%
P/E Ratio 41.7x 30.7x 32.3x 35.9x 45.1x 42.6x 41.3x 40.1x
PBR 1.4x 1.27x 1.32x 1.43x - 1.79x 1.89x 1.94x
PEG - 1.6x -6.03x -4.76x -3.6x 4.95x 13.33x 12.98x
Capitalization / Revenue 10.1x 8.31x 8.1x 8.43x 9.1x 9.17x 9.02x 8.86x
EV / Revenue 11.5x 9.71x 9.59x 9.76x 9.1x 11.1x 10.9x 10.7x
EV / EBITDA 16.5x 13.3x 13.5x 13.8x 13.3x 16x 15.7x 15.6x
EV / EBIT 46.1x 31.5x 33x 35.9x 38.6x 44x 42.4x 41.9x
EV / FCF 23.5x 20.7x 22.4x 29.3x - 22.2x 20.8x 20.5x
FCF Yield 4.25% 4.83% 4.46% 3.42% - 4.51% 4.81% 4.88%
Dividend per Share 2 0.0513 0.0524 0.053 0.0536 - 0.0546 0.055 0.056
Rate of return 5.26% 6.09% 6.2% 6.09% - 5.52% 5.56% 5.65%
EPS 2 0.0234 0.028 0.0265 0.0245 0.0214 0.0232 0.024 0.0247
Distribution rate 219% 187% 200% 219% - 235% 230% 227%
Net sales 1 377.6 403.5 411.3 407 413.4 420.8 427.6 435.6
EBITDA 1 264.1 295 292.4 288.1 282.9 292.5 297.3 298.8
EBIT 1 94.36 124.4 119.5 110.5 97.54 106.2 110.3 111
Net income 1 91.26 109.3 103.2 95.35 83.31 91.72 94.55 96.15
Net Debt 1 552.3 564.5 613.7 543.8 - 815.4 818 793.5
Reference price 2 0.9750 0.8600 0.8550 0.8800 0.9650 0.9900 0.9900 0.9900
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33.88x1.33x10.62x1.11% 1.15B
-16.91x - - - 911M
14.49x - - 1.09% 299M
Average 10.49x 1.33x 10.62x 1.1% 787.38M
Weighted average by Cap. 11.85x 1.33x 10.62x 1.11%

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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