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 21,804 - -
Change - 4.23% -28.33% -23.77% 3.01% 4.85% - -
Enterprise Value (EV) 1 37,386 35,965 28,663 24,846 23,509 24,558 25,510 26,181
Change - -3.8% -20.3% -13.32% -5.38% 4.46% 3.88% 2.63%
P/E -34x 16.3x 10.4x 7.96x 17.3x 28.6x 18.2x 15.6x
PBR 0.73x 0.86x 1.17x 1.29x 1.2x 1.33x 1.3x 1.28x
PEG - -0x 0.1x 0.2x -0.3x -0.8x 0.3x 1x
Capitalization / Revenue 4.66x 2.08x 1.39x 1.03x 1.01x 0.99x 0.98x 0.94x
EV / Revenue 4.91x 2.02x 1.51x 1.27x 1.15x 1.12x 1.15x 1.13x
EV / EBITDA 28.7x 7x 5.08x 6.07x 4.78x 5.94x 5.65x 5.44x
EV / EBIT -61.3x 13.4x 10.5x 14.5x 9.9x 15.4x 13.5x 13.1x
EV / FCF -5,192x 4.78x 7.5x 8.45x 9.5x 26x 53.3x 26.1x
FCF Yield -0.02% 20.9% 13.3% 11.8% 10.5% 3.85% 1.88% 3.83%
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% 3.59% 4.98% 5.12%
EPS 2 -0.162 0.351 0.614 0.853 0.382 0.2417 0.381 0.4436
Distribution rate - 108% 78.2% 46.9% 96.9% 103% 90.4% 79.9%
Net sales 1 7,615 17,775 19,013 19,540 20,522 22,002 22,221 23,100
EBITDA 1 1,301 5,137 5,648 4,090 4,916 4,133 4,513 4,817
EBIT 1 -609.7 2,692 2,728 1,709 2,374 1,592 1,890 1,996
Net income 1 -962 2,157 2,675 2,778 1,184 716.5 1,189 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 6.920 6.920 6.920
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.69x0.92x7.09x0.94% 53.95B
10.17x0.8x6.51x-.--% 36.86B
13.43x1.36x6.12x1.86% 28.56B
8.31x0.81x3.81x2.17% 25.97B
67.45x2.31x13.45x0.06% 20.66B
27.46x1.12x5.86x3.62% 17.24B
-11.5x1.59x11.74x-.--% 16.1B
-67.66x1.53x9.12x-.--% 11.97B
8.45x0.97x4.78x5.74% 11.31B
Average 7.64x 1.27x 7.61x 1.6% 24.73B
Weighted average by Cap. 11.80x 1.17x 7.31x 1.3%

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