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 24,262 - -
Change - 4.23% -28.33% -23.77% 3.01% 16.67% - -
Enterprise Value (EV) 1 37,386 35,965 28,663 24,846 23,509 27,015 27,968 28,639
Change - -3.8% -20.3% -13.32% -5.38% 14.91% 3.53% 2.4%
P/E -34x 16.3x 10.4x 7.96x 17.3x 30.4x 18x 15.7x
PBR 0.73x 0.86x 1.17x 1.29x 1.2x 1.46x 1.42x 1.37x
PEG - -0x 0.1x 0.2x -0.3x -0.9x 0.3x 1.1x
Capitalization / Revenue 4.66x 2.08x 1.39x 1.03x 1.01x 1.1x 1.09x 1.05x
EV / Revenue 4.91x 2.02x 1.51x 1.27x 1.15x 1.22x 1.25x 1.23x
EV / EBITDA 28.7x 7x 5.08x 6.07x 4.78x 6.42x 6.07x 5.83x
EV / EBIT -61.3x 13.4x 10.5x 14.5x 9.9x 16.3x 14.2x 13.8x
EV / FCF -5,192x 4.78x 7.5x 8.45x 9.5x 28.6x 58.4x 28.5x
FCF Yield -0.02% 20.9% 13.3% 11.8% 10.5% 3.5% 1.71% 3.5%
Dividend per Share 2 - 0.38 0.48 0.4 0.37 0.2314 0.3593 0.3606
Rate of return - 6.63% 7.5% 5.89% 5.61% 3.01% 4.67% 4.68%
EPS 2 -0.162 0.351 0.614 0.853 0.382 0.2531 0.427 0.4903
Distribution rate - 108% 78.2% 46.9% 96.9% 91.4% 84.1% 73.5%
Net sales 1 7,615 17,775 19,013 19,540 20,522 22,098 22,312 23,214
EBITDA 1 1,301 5,137 5,648 4,090 4,916 4,206 4,606 4,910
EBIT 1 -609.7 2,692 2,728 1,709 2,374 1,655 1,976 2,080
Net income 1 -962 2,157 2,675 2,778 1,184 753.3 1,189 1,517
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 7.700 7.700 7.700
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.($)
14.51x1.02x7.77x0.83% 60.92B
11.68x0.89x7.25x-.--% 43.09B
14.52x1.48x6.67x1.72% 30.55B
8.58x0.83x3.89x2.1% 26.36B
71.21x2.42x14.09x0.06% 21.96B
30.38x1.22x6.42x3.01% 18.91B
-15.17x1.62x10.82x-.--% 17.01B
12.32x1.27x5.18x2.83% 16.62B
-125.96x1.51x8.65x-.--% 12.57B
Average 2.45x 1.36x 7.86x 1.17% 27.55B
Weighted average by Cap. 10.32x 1.26x 7.67x 1.06%

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