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 24,010 - -
Change - 4.23% -28.33% -23.77% 3.01% 15.45% - -
Enterprise Value (EV) 1 37,386 35,965 28,663 24,846 23,509 26,734 27,751 28,434
Change - -3.8% -20.3% -13.32% -5.38% 13.71% 3.81% 2.46%
P/E -34x 16.3x 10.4x 7.96x 17.3x 29.3x 18.5x 15.3x
PBR 0.73x 0.86x 1.17x 1.29x 1.2x 1.43x 1.39x 1.37x
PEG - -0x 0.1x 0.2x -0.3x -0.9x 0.3x 0.7x
Capitalization / Revenue 4.66x 2.08x 1.39x 1.03x 1.01x 1.11x 1.09x 1.05x
EV / Revenue 4.91x 2.02x 1.51x 1.27x 1.15x 1.23x 1.27x 1.25x
EV / EBITDA 28.7x 7x 5.08x 6.07x 4.78x 6.25x 5.96x 5.73x
EV / EBIT -61.3x 13.4x 10.5x 14.5x 9.9x 15.8x 14.5x 13.3x
EV / FCF -5,192x 4.78x 7.5x 8.45x 9.5x 87.1x 68x 33.5x
FCF Yield -0.02% 20.9% 13.3% 11.8% 10.5% 1.15% 1.47% 2.99%
Dividend per Share 2 - 0.38 0.48 0.4 0.37 0.2615 0.3508 0.3609
Rate of return - 6.63% 7.5% 5.89% 5.61% 3.43% 4.6% 4.74%
EPS 2 -0.162 0.351 0.614 0.853 0.382 0.2605 0.4112 0.4982
Distribution rate - 108% 78.2% 46.9% 96.9% 100% 85.3% 72.5%
Net sales 1 7,615 17,775 19,013 19,540 20,522 21,678 21,929 22,836
EBITDA 1 1,301 5,137 5,648 4,090 4,916 4,277 4,657 4,963
EBIT 1 -609.7 2,692 2,728 1,709 2,374 1,697 1,909 2,137
Net income 1 -962 2,157 2,675 2,778 1,184 804.6 1,284 1,549
Net Debt 1 1,932 -988.3 2,179 4,657 2,714 2,724 3,742 4,424
Reference price 2 5.500 5.730 6.400 6.790 6.600 7.620 7.620 7.620
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.($)
13.98x0.97x7.4x0.89% 56.37B
10.71x0.86x6.74x-.--% 39.32B
13.64x1.52x6.68x1.79% 31.42B
9.32x0.85x4.05x1.93% 27.22B
-366.94x2.71x14.29x0.19% 21.13B
11.42x1.21x4.88x3.06% 15.41B
-13.38x1.53x9.92x-.--% 13.28B
8.69x0.41x4.07x3.46% 12.47B
-119.12x1.5x8.49x-.--% 11.94B
Average -47.96x 1.28x 7.39x 1.26% 25.4B
Weighted average by Cap. -31.39x 1.22x 7.28x 1.11%

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