Projected Income Statement: Singapore Airlines Limited

Forecast Balance Sheet: Singapore Airlines Limited

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Net Debt 1 1,932 -988 2,179 4,657 2,714 2,753 3,706 4,377
Change - -151.14% 320.55% 113.72% -41.72% 1.46% 34.62% 18.11%
Announcement Date 5/18/22 5/16/23 5/15/24 5/15/25 5/14/26 - - -
1SGD in Million
Estimates

Cash Flow Forecast: Singapore Airlines Limited

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
CAPEX 1 3,049 1,602 1,231 1,768 2,628 4,121 4,210 4,081
Change - -47.46% -23.13% 43.59% 48.67% 56.77% 2.18% -3.07%
Free Cash Flow (FCF) 1 -7.2 7,528 3,824 2,940 2,474 944.3 478.5 1,003
Change - 104,659.72% -49.21% -23.12% -15.82% -61.84% -49.33% 109.66%
Announcement Date 5/18/22 5/16/23 5/15/24 5/15/25 5/14/26 - - -
1SGD in Million
Estimates

Forecast Financial Ratios: Singapore Airlines Limited

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029

Profitability

        
EBITDA Margin (%) 17.09% 28.9% 29.71% 20.93% 23.95% 18.78% 20.31% 20.85%
EBIT Margin (%) -8.01% 15.15% 14.35% 8.75% 11.57% 7.24% 8.51% 8.64%
EBT Margin (%) -14.31% 14.83% 15.97% 15.17% 7.88% 4.84% 7.29% 7.61%
Net margin (%) -12.63% 12.13% 14.07% 14.22% 5.77% 3.26% 5.35% 6.01%
FCF margin (%) -0.09% 42.35% 20.11% 15.04% 12.06% 4.29% 2.15% 4.34%
FCF / Net Income (%) 0.75% 349.05% 142.95% 105.82% 208.99% 131.79% 40.26% 72.31%

Profitability

        
ROA -2.23% 4.41% 5.73% 6.36% 5.5% 1.73% 2.71% 3.58%
ROE -5.02% 10.2% 14.8% 17.4% 7.2% 4.38% 7.16% 8.31%

Financial Health

        
Leverage (Debt/EBITDA) 1.48x - 0.39x 1.14x 0.55x 0.67x 0.82x 0.91x
Debt / Free cash flow -268.35x - 0.57x 1.58x 1.1x 2.92x 7.74x 4.36x

Capital Intensity

        
CAPEX / Current Assets (%) 40.04% 9.01% 6.48% 9.05% 12.81% 18.73% 18.95% 17.67%
CAPEX / EBITDA (%) 234.3% 31.18% 21.8% 43.23% 53.47% 99.71% 93.29% 84.72%
CAPEX / FCF (%) -42,343.06% 21.28% 32.2% 60.14% 106.22% 436.37% 879.93% 406.8%

Items per share

        
Cash flow per share 1 0.512 1.47 1.15 1.432 1.649 1.691 1.427 2
Change - 187.05% -21.73% 24.53% 15.11% 2.57% -15.62% 40.15%
Dividend per Share 1 - 0.38 0.48 0.4 0.37 0.2483 0.3444 0.3544
Change - - 26.32% -16.67% -7.5% -32.9% 38.72% 2.9%
Book Value Per Share 1 7.55 6.68 5.49 5.27 5.48 5.222 5.324 5.404
Change - -11.52% -17.81% -4.01% 3.98% -4.71% 1.96% 1.5%
EPS 1 -0.162 0.351 0.614 0.853 0.382 0.2417 0.381 0.4436
Change - 316.67% 74.93% 38.93% -55.22% -36.73% 57.65% 16.42%
Nbr of stocks (in thousands) 6,446,082 6,449,164 4,138,150 2,973,273 3,150,884 3,150,884 3,150,884 3,150,884
Announcement Date 5/18/22 5/16/23 5/15/24 5/15/25 5/14/26 - - -
1SGD
Estimates
2027 *2028 *
P/E 28.6x 18.2x
PBR 1.33x 1.3x
EV / Sales 1.12x 1.15x
Yield 3.59% 4.98%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
BBB
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
14
Last Close Price
6.920SGD
Average target price
7.007SGD
Spread / Average Target
+1.26%

Quarterly revenue - Rate of surprise

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