Company Valuation: SATS Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 4,870 4,150 3,876 4,577 5,199 5,663 - -
Change - -14.79% -6.6% 18.09% 13.61% 8.92% - -
Enterprise Value (EV) 1 4,595 4,922 7,309 8,127 8,583 8,838 8,487 7,855
Change - 7.12% 48.5% 11.19% 5.62% 2.97% -3.96% -7.45%
P/E 241x -127x 68.4x 19x 18.7x 17.7x 14.9x 13x
PBR 3.04x 1.62x 1.63x 1.77x 1.89x 1.89x 1.74x 1.46x
PEG - 1x -0x 0x 1.2x 1.2x 0.8x 0.9x
Capitalization / Revenue 4.14x 2.36x 0.75x 0.79x 0.82x 0.83x 0.79x 0.74x
EV / Revenue 3.9x 2.8x 1.42x 1.4x 1.35x 1.3x 1.18x 1.03x
EV / EBITDA 48.8x 28.4x 8.21x 7.84x 7.49x 7.24x 6.48x 5.58x
EV / EBIT -108x -103x 29.9x 17.1x 15.8x 15.4x 13x 11x
EV / FCF -295x -124x 22.4x 12.1x 12.5x 13.1x 11.7x 9.91x
FCF Yield -0.34% -0.81% 4.47% 8.24% 7.99% 7.61% 8.56% 10.1%
Dividend per Share 2 - - 0.015 0.05 0.07 0.0738 0.0907 0.117
Rate of return - - 0.58% 1.62% 1.99% 1.94% 2.38% 3.07%
EPS 2 0.018 -0.022 0.038 0.162 0.188 0.2152 0.2552 0.2941
Distribution rate - - 39.5% 30.9% 37.2% 34.3% 35.6% 39.8%
Net sales 1 1,177 1,758 5,150 5,821 6,346 6,795 7,204 7,612
EBITDA 1 94.2 173.2 890.6 1,036 1,146 1,220 1,310 1,409
EBIT 1 -42.6 -48 244.2 475.7 543.3 572.3 651.4 712
Net income 1 20.4 -26.5 56.4 243.8 285.2 321.8 381.1 433.9
Net Debt 1 -275.2 772 3,433 3,550 3,384 3,174 2,824 2,192
Reference price 2 4.340 2.790 2.600 3.080 3.520 3.810 3.810 3.810
Nbr of stocks (in thousands) 1,122,088 1,487,296 1,490,631 1,485,900 1,477,101 1,486,416 - -
Announcement Date 5/30/22 5/29/23 5/29/24 5/23/25 5/25/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.71x1.3x7.24x1.94% 4.43B
16.25x6.33x10.67x4.77% 43.66B
17.69x2.85x8.45x3.68% 12.29B
17.31x5.58x10.66x5.84% 12.08B
156.84x8.6x21.27x-.--% 10.93B
21.07x2.92x6.59x2.32% 8.42B
45.2x16.48x23.23x1.61% 8.17B
19.16x5.47x9.93x3.78% 7.46B
11.31x3.62x6.88x7.45% 7.29B
11.98x2.05x5.75x4.12% 3.86B
Average 33.45x 5.52x 11.07x 3.55% 11.86B
Weighted average by Cap. 31.59x 6.01x 11.42x 3.91%

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

-40%: Exceptional extension
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