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 22,860 - -
Change - 4.23% -28.33% -23.77% 3.01% 9.93% - -
Enterprise Value (EV) 1 37,386 35,965 28,663 24,846 23,509 25,026 25,942 26,564
Change - -3.8% -20.3% -13.32% -5.38% 6.45% 3.66% 2.4%
P/E -34x 16.3x 10.4x 7.96x 17.3x 31.5x 19.2x 15.3x
PBR 0.73x 0.86x 1.17x 1.29x 1.2x 1.34x 1.32x 1.29x
PEG - -0x 0.1x 0.2x -0.3x -0.8x 0.3x 0.6x
Capitalization / Revenue 4.66x 2.08x 1.39x 1.03x 1.01x 1x 1.01x 0.98x
EV / Revenue 4.91x 2.02x 1.51x 1.27x 1.15x 1.1x 1.15x 1.14x
EV / EBITDA 28.7x 7x 5.08x 6.07x 4.78x 6.11x 5.87x 5.58x
EV / EBIT -61.3x 13.4x 10.5x 14.5x 9.9x 14.6x 14.1x 13x
EV / FCF -5,192x 4.78x 7.5x 8.45x 9.5x 26.5x 54.2x 26.5x
FCF Yield -0.02% 20.9% 13.3% 11.8% 10.5% 3.77% 1.84% 3.78%
Dividend per Share 2 - 0.38 0.48 0.4 0.37 0.2478 0.3276 0.3389
Rate of return - 6.63% 7.5% 5.89% 5.61% 3.42% 4.52% 4.68%
EPS 2 -0.162 0.351 0.614 0.853 0.382 0.2302 0.3774 0.4727
Distribution rate - 108% 78.2% 46.9% 96.9% 108% 86.8% 71.7%
Net sales 1 7,615 17,775 19,013 19,540 20,522 22,784 22,618 23,271
EBITDA 1 1,301 5,137 5,648 4,090 4,916 4,095 4,421 4,765
EBIT 1 -609.7 2,692 2,728 1,709 2,374 1,710 1,836 2,043
Net income 1 -962 2,157 2,675 2,778 1,184 684.8 1,119 1,458
Net Debt 1 1,932 -988.3 2,179 4,657 2,714 2,165 3,081 3,704
Reference price 2 5.500 5.730 6.400 6.790 6.600 7.250 7.250 7.250
Nbr of stocks (in thousands) 6,446,082 6,449,164 4,138,150 2,973,273 3,150,884 3,153,169 - -
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.($)
30.83x1.08x6.28x3.49% 17.76B
18.63x0.94x8.43x0.91% 56.63B
12.76x0.79x7.89x-.--% 36.14B
15.1x1.53x7.06x1.68% 29.9B
9.12x0.85x4.14x2.09% 26B
135.5x2.43x14.72x0.06% 23.28B
18.34x0.8x7.82x1.62% 22.14B
-9.94x1.62x12.96x-.--% 16.88B
9.65x1.13x4.9x3.4% 13.85B
-12.93x1.5x10.55x-.--% 12.04B
Average 22.71x 1.27x 8.48x 1.32% 25B
Weighted average by Cap. 24.05x 1.19x 8.34x 1.19%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Singapore Airlines Limited

Historical PBR trend

Valuation ratios - PBR - Singapore Airlines Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Singapore Airlines Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Singapore Airlines Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - Singapore Airlines Limited
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