Company Valuation: Singapore Airlines Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 35,453 36,954 26,484 20,189 20,796 20,512 - -
Change - 4.23% -28.33% -23.77% 3.01% -1.36% - -
Enterprise Value (EV) 1 37,386 35,965 28,663 24,846 23,509 23,266 24,218 24,889
Change - -3.8% -20.3% -13.32% -5.38% -1.04% 4.09% 2.77%
P/E -34x 16.3x 10.4x 7.96x 17.3x 27.7x 17.2x 14.7x
PBR 0.73x 0.86x 1.17x 1.29x 1.2x 1.25x 1.22x 1.2x
PEG - -0x 0.1x 0.2x -0.3x -0.7x 0.3x 0.9x
Capitalization / Revenue 4.66x 2.08x 1.39x 1.03x 1.01x 0.93x 0.93x 0.9x
EV / Revenue 4.91x 2.02x 1.51x 1.27x 1.15x 1.06x 1.1x 1.09x
EV / EBITDA 28.7x 7x 5.08x 6.07x 4.78x 5.65x 5.38x 5.17x
EV / EBIT -61.3x 13.4x 10.5x 14.5x 9.9x 14.7x 12.8x 12.5x
EV / FCF -5,192x 4.78x 7.5x 8.45x 9.5x 24.6x 50.6x 24.8x
FCF Yield -0.02% 20.9% 13.3% 11.8% 10.5% 4.06% 1.98% 4.03%
Dividend per Share 2 - 0.38 0.48 0.4 0.37 0.2483 0.3444 0.3544
Rate of return - 6.63% 7.5% 5.89% 5.61% 3.81% 5.29% 5.44%
EPS 2 -0.162 0.351 0.614 0.853 0.382 0.2352 0.3795 0.4436
Distribution rate - 108% 78.2% 46.9% 96.9% 106% 90.7% 79.9%
Net sales 1 7,615 17,775 19,013 19,540 20,522 22,019 22,109 22,751
EBITDA 1 1,301 5,137 5,648 4,090 4,916 4,119 4,503 4,813
EBIT 1 -609.7 2,692 2,728 1,709 2,374 1,580 1,885 1,996
Net income 1 -962 2,157 2,675 2,778 1,184 694.1 1,184 1,387
Net Debt 1 1,932 -988.3 2,179 4,657 2,714 2,753 3,706 4,377
Reference price 2 5.500 5.730 6.400 6.790 6.600 6.510 6.510 6.510
Nbr of stocks (in thousands) 6,446,082 6,449,164 4,138,150 2,973,273 3,150,884 3,150,884 - -
Announcement Date 5/18/22 5/16/23 5/15/24 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.($)
12.6x0.9x7.03x0.95% 52.08B
10.19x0.78x6.41x-.--% 35.29B
13.12x1.32x6x1.92% 27.19B
8.02x0.79x3.72x2.23% 24.7B
64.88x2.24x13.02x0.07% 19.83B
27.67x1.06x5.65x3.81% 16.06B
-10.36x1.58x11.18x-.--% 15.84B
11.49x1.17x4.85x - 14.82B
-12.07x1.59x10.05x-.--% 11.67B
Average 13.95x 1.27x 7.55x 1.12% 24.16B
Weighted average by Cap. 14.56x 1.16x 7.19x 1.08%

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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  5. Valuation Singapore Airlines Limited
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