Company Valuation: StarHub Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,353 1,797 1,903 2,079 1,929 1,882 - -
Change - -23.62% 5.86% 9.25% -7.2% -2.44% - -
Enterprise Value (EV) 1 2,885 2,374 2,540 2,674 2,735 2,893 2,893 2,846
Change - -17.71% 6.99% 5.29% 2.29% 5.77% -0.01% -1.64%
P/E 16.8x 33.5x 13.5x 13.8x 24.9x 42.3x 21x 16.6x
PBR 3.99x 3.39x 3.34x 3.42x 3.85x 3.22x 3.59x 3.85x
PEG - -0.5x 0x 1.89x -0.5x -1x 0x 0.6x
Capitalization / Revenue 1.15x 0.77x 0.8x 0.88x 0.82x 0.87x 0.85x 0.85x
EV / Revenue 1.41x 1.02x 1.07x 1.13x 1.16x 1.33x 1.31x 1.28x
EV / EBITDA 5.65x 5.69x 5.43x 5.81x 6.78x 8.63x 7.74x 6.81x
EV / EBIT 12.4x 16.2x 11.2x 11.9x 17.4x 33.3x 20.6x 16.1x
EV / FCF 5.95x 10.7x 13.7x 16.5x 19.1x 29.9x 19.9x 14.3x
FCF Yield 16.8% 9.35% 7.32% 6.07% 5.22% 3.35% 5.03% 7.01%
Dividend per Share 2 0.064 0.05 0.067 0.062 0.062 0.06 0.061 0.0599
Rate of return 4.71% 4.81% 6.04% 5.12% 5.54% 5.5% 5.6% 5.5%
EPS 2 0.081 0.031 0.082 0.088 0.045 0.0258 0.0519 0.0657
Distribution rate 79% 161% 81.7% 70.5% 138% 233% 118% 91.1%
Net sales 1 2,043 2,327 2,373 2,368 2,353 2,168 2,204 2,218
EBITDA 1 510.9 417 467.4 460.3 403.6 335.4 373.7 417.6
EBIT 1 231.8 146.2 226.3 224.4 157.4 86.92 140.4 177
Net income 1 149.3 62.2 149.6 160.5 86.4 41.15 89.24 102.9
Net Debt 1 531.9 576.6 637.2 595.5 806.4 1,011 1,011 963.8
Reference price 2 1.360 1.040 1.110 1.210 1.120 1.090 1.090 1.090
Nbr of stocks (in thousands) 1,730,170 1,728,151 1,714,018 1,717,876 1,722,279 1,726,493 - -
Announcement Date 2/11/22 2/8/23 2/8/24 2/20/25 2/11/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.66x5.2x9.1x1.79% 120B
19.94x2.19x8.38x3.68% 75.65B
13.83x1.83x3.88x2.85% 22.93B
31.71x3.01x6.81x4.01% 19.58B
-222.92x8.58x10.67x3.22% 19.46B
-8.78x7.08x15.86x-.--% 16.88B
13.53x2.66x6.91x4.82% 13.31B
11.47x4.84x10.47x6.52% 12.37B
25.18x3.44x10.27x4.07% 11.9B
Average -9.71x 4.31x 9.15x 3.44% 34.65B
Weighted average by Cap. 6.46x 4.21x 8.87x 2.86%

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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