Company Valuation: Singapore Post Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 1,575 1,462 1,125 944.9 1,384 776.7
Change - -7.14% -23.07% -16% 46.45% -43.87%
Enterprise Value (EV) 1 1,468 1,770 1,329 1,440 958.6 534.5
Change - 20.6% -24.92% 8.41% -33.45% -44.24%
P/E 48.1x 21.1x 80.6x 14x 5.91x 15.5x
PBR 1.23x 1.12x 1x 0.83x 1.05x 0.66x
PEG - 0x -1x 0x 0x -0.2x
Capitalization / Revenue 1.12x 0.88x 0.6x 0.56x 1.7x 2.07x
EV / Revenue 1.04x 1.06x 0.71x 0.85x 1.18x 1.42x
EV / EBITDA 12.2x 11.5x 9.51x 11x 13.3x 14x
EV / EBIT 18.5x 15.8x 14.2x 17x 21.6x 45.4x
EV / FCF 8.65x 9.92x 18.9x 181x -8.84x -6.16x
FCF Yield 11.6% 10.1% 5.29% 0.55% -11.3% -16.2%
Dividend per Share 2 0.011 0.018 0.0058 0.0074 0.0034 0.0014
Rate of return 1.57% 2.77% 1.16% 1.76% 0.55% 0.41%
EPS 2 0.0146 0.0309 0.006202 0.03 0.1041 0.0222
Distribution rate 75.6% 58.3% 93.5% 24.7% 3.27% 6.3%
Net sales 1 1,405 1,666 1,872 1,687 813.7 376.1
EBITDA 1 120.2 154.2 139.7 131.1 72.31 38.19
EBIT 1 79.33 112.1 93.4 84.92 44.34 11.77
Net income 1 47.62 83.11 24.68 78.33 245.1 60.88
Net Debt 1 -107.2 307.6 203.8 495.5 -425.3 -242.2
Reference price 2 0.7000 0.6500 0.5000 0.4200 0.6150 0.3450
Nbr of stocks (in thousands) 2,249,578 2,249,578 2,249,740 2,249,700 2,250,100 2,251,268
Announcement Date 6/15/21 6/21/22 6/19/23 6/25/24 6/23/25 6/23/26
1SGD in Million2SGD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.09x9.28x28.7x4.89% 40.9B
14.15x0.46x4.45x2.9% 25.34B
12x1.78x6.3x3.49% 17.97B
10.95x0.73x5.9x2.23% 9.73B
10.55x0.38x5.11x1.2% 3.14B
16.8x0.91x6.95x5.64% 2.52B
14.23x0.18x8.98x-.--% 992M
Average 13.25x 1.96x 9.48x 2.91% 14.37B
Weighted average by Cap. 13.38x 4.31x 14.90x 3.74%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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