Financials Singapore Telecommunications Limited Deutsche Boerse AG

Equities

SIT4

SG1T75931496

Integrated Telecommunications Services

Market Closed - Deutsche Boerse AG Other stock markets 03:10:19 2024-07-17 EDT			After market 16:01:48
2.08 ^EUR	+1.96%		2.041	-1.88%

11:09am	Thai Billionaire Combines Energy, Telecom Businesses	DJ
04:41am	Singtel's Associated Company Enters Into Amalgamation Agreement with Gulf Energy	MT

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	41,459	40,294	43,581	40,600	41,753	49,870	-	-
Enterprise Value (EV) ¹	53,958	52,659	53,319	49,825	49,048	57,726	58,046	57,814
P/E ratio	38.7 x	72.2 x	22.4 x	18.4 x	53.3 x	19.5 x	17 x	15.1 x
Yield	4.82%	3.07%	3.52%	5.85%	5.93%	5.24%	5.84%	6.34%
Capitalization / Revenue	2.51 x	2.58 x	2.84 x	2.78 x	2.96 x	3.44 x	3.35 x	3.27 x
EV / Revenue	3.26 x	3.37 x	3.48 x	3.41 x	3.47 x	3.98 x	3.9 x	3.8 x
EV / EBITDA	11.9 x	13.7 x	14.2 x	13.5 x	13.6 x	15.1 x	14.3 x	13.8 x
EV / FCF	14.3 x	15.5 x	17.3 x	19.1 x	19.1 x	23.9 x	14.8 x	15.4 x
FCF Yield	7.01%	6.45%	5.78%	5.24%	5.24%	4.19%	6.75%	6.48%
Price to Book	1.55 x	1.51 x	1.55 x	1.56 x	1.68 x	1.98 x	1.94 x	1.91 x
Nbr of stocks (in thousands)	16,322,326	16,513,963	16,507,889	16,503,958	16,503,347	16,513,182	-	-
Reference price ²	2.540	2.440	2.640	2.460	2.530	3.020	3.020	3.020
Announcement Date	5/27/20	5/26/21	5/26/22	5/24/23	5/22/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	16,542	15,644	15,339	14,624	14,128	14,497	14,901	15,234
EBITDA ¹	4,541	3,832	3,767	3,686	3,597	3,830	4,047	4,199
EBIT ¹	1,961	1,147	1,045	1,112	1,153	1,284	1,443	1,525
Operating Margin	11.86%	7.33%	6.81%	7.6%	8.16%	8.86%	9.69%	10.01%
Earnings before Tax (EBT) ¹	1,565	754	2,621	2,598	961.2	3,359	3,821	4,306
Net income ¹	1,075	553.7	1,948	2,225	795	2,527	2,881	3,228
Net margin	6.5%	3.54%	12.7%	15.21%	5.63%	17.43%	19.33%	21.19%
EPS ²	0.0656	0.0338	0.1176	0.1340	0.0475	0.1552	0.1775	0.2005
Free Cash Flow ¹	3,781	3,395	3,081	2,613	2,569	2,418	3,917	3,746
FCF margin	22.85%	21.7%	20.08%	17.87%	18.18%	16.68%	26.29%	24.59%
FCF Conversion (EBITDA)	83.25%	88.59%	81.77%	70.89%	71.42%	63.14%	96.79%	89.22%
FCF Conversion (Net income)	351.82%	613.08%	158.11%	117.43%	323.14%	95.7%	135.97%	116.03%
Dividend per Share ²	0.1225	0.0750	0.0930	0.1440	0.1500	0.1583	0.1763	0.1914
Announcement Date	5/27/20	5/26/21	5/26/22	5/24/23	5/22/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	7,425	8,219	7,652	3,913	3,773	7,687	3,584	3,675	7,259	3,713	3,652	7,366	3,488	3,540	3,593	3,506	3,610	3,682	3,737	3,737	-
EBITDA	1,903	1,928	1,929	-	-	1,839	-	-	1,878	-	-	1,808	-	-	-	-	-	-	-	-	-
EBIT	595.9	550.9	572.4	313	221.8	472.4	328	251	579	288	311	-	300	279.6	324	249.3	-	-	-	-	-
Operating Margin	8.03%	6.7%	7.48%	8%	5.88%	6.15%	9.15%	6.83%	7.98%	7.76%	8.51%	-	8.6%	7.9%	9.02%	7.11%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	1,170	-	-	-	-	-	465	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	16.11%	-	-	-	-	-	12.94%	-	-	-	-	-	-
EPS ²	-	-	-	-	0.0200	-	-	0.0300	-	-	-	-	-	-	-	-	0.0382	0.0414	0.0391	0.0407	0.0500
Dividend per Share ²	-	-	-	-	0.0480	-	-	0.0460	-	-	0.0490	-	-	0.0520	-	-	-	0.0750	-	0.0750	-
Announcement Date	11/11/20	5/26/21	11/10/21	2/14/22	5/26/22	5/26/22	8/24/22	11/9/22	11/9/22	2/15/23	5/24/23	5/24/23	8/21/23	11/8/23	2/22/24	5/22/24	-	-	-	-	-

¹SGD in Million²SGD

Estimates

Balance Sheet Analysis

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	12,499	12,365	9,739	9,225	7,294	7,856	8,176	7,944
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.752 x	3.227 x	2.585 x	2.503 x	2.028 x	2.051 x	2.02 x	1.892 x
Free Cash Flow ¹	3,781	3,395	3,081	2,613	2,569	2,418	3,917	3,746
ROE (net income / shareholders' equity)	8.68%	6.51%	7.14%	7.59%	8.88%	10.5%	11.7%	13%
ROA (Net income/ Total Assets)	5.02%	3.57%	4.01%	4.29%	4.88%	5.48%	6.17%	6.84%
Assets ¹	21,402	15,488	48,564	51,841	16,302	46,103	46,657	47,234
Book Value Per Share ²	1.640	1.620	1.700	1.580	1.510	1.530	1.560	1.580
Cash Flow per Share ²	0.3600	0.3400	0.3200	0.2900	0.2900	0.2400	0.2500	0.2600
Capex ¹	2,037	2,214	2,217	2,162	2,150	3,115	2,325	2,174
Capex / Sales	12.31%	14.15%	14.45%	14.79%	15.22%	21.49%	15.6%	14.27%
Announcement Date	5/27/20	5/26/21	5/26/22	5/24/23	5/22/24	-	-	-

¹SGD in Million²SGD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Singapore Telecommunications Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.02 SGD

Average target price

3.354 SGD

Spread / Average Target

+11.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+15.74%	216B
VERIZON COMMUNICATIONS	+11.49%	174B
DEUTSCHE TELEKOM AG	+10.53%	128B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-7.31%	83.35B
CHINA TELECOM CORPORATION LIMITED	+24.33%	76.7B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.86%	56.4B
SAUDI TELECOM COMPANY	-4.08%	51.7B
CHARTER COMMUNICATIONS, INC.	-15.02%	47.16B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.62%	38.31B

Other Integrated Telecommunications Services