Financials NetLink NBN Trust

Equities

CJLU

SG1DH9000006

Integrated Telecommunications Services

Market Closed - Singapore S.E. 02:34:58 10/05/2024 pm IST 5-day change 1st Jan Change
0.87 SGD +1.16% Intraday chart for NetLink NBN Trust +1.75% +3.57%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,234 3,527 3,683 3,800 3,351 3,390 - -
Enterprise Value (EV) 1 3,720 4,044 4,177 4,352 3,916 3,964 3,970 3,984
P/E ratio 41.7 x 45.3 x 38.9 x 41.7 x 30.7 x 30.5 x 30.9 x 29 x
Yield 5.88% 5.58% 5.38% 5.26% 6.09% 6.01% 6.14% 6.36%
Capitalization / Revenue 9.15 x 9.53 x 9.99 x 10.1 x 8.31 x 8.24 x 8.12 x 8.02 x
EV / Revenue 10.5 x 10.9 x 11.3 x 11.5 x 9.71 x 9.63 x 9.51 x 9.43 x
EV / EBITDA 15 x 14.8 x 16 x 16.5 x 13.3 x 13.2 x 13.2 x 13.1 x
EV / FCF 23.5 x 21.6 x 20.4 x 23.5 x 20.7 x 16.6 x 19.3 x 18.2 x
FCF Yield 4.26% 4.62% 4.89% 4.25% 4.83% 6.01% 5.17% 5.49%
Price to Book 1.06 x 1.21 x 1.31 x 1.4 x 1.27 x 1.34 x 1.39 x 1.45 x
Nbr of stocks (in thousands) 38,96,971 38,96,971 38,96,971 38,96,971 38,96,971 38,96,971 - -
Reference price 2 0.8300 0.9050 0.9450 0.9750 0.8600 0.8700 0.8700 0.8700
Announcement Date 13/05/19 06/05/20 11/05/21 17/05/22 18/05/23 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 353.6 370.2 368.5 377.6 403.5 411.7 417.4 422.5
EBITDA 1 247.9 273.8 260.7 264.1 295 300.1 299.9 304.6
EBIT 1 87.08 106 92.96 94.36 124.4 127.5 127.1 132.9
Operating Margin 24.63% 28.65% 25.23% 24.99% 30.82% 30.96% 30.44% 31.45%
Earnings before Tax (EBT) 1 69.75 71.87 91.64 87.08 109.2 110.1 106.3 111.7
Net income 1 77.36 78.11 94.81 91.26 109.3 110.6 109 113.1
Net margin 21.88% 21.1% 25.73% 24.17% 27.08% 26.86% 26.13% 26.77%
EPS 2 0.0199 0.0200 0.0243 0.0234 0.0280 0.0286 0.0281 0.0300
Free Cash Flow 1 158.5 187 204.3 184.9 189 238.2 205.2 218.7
FCF margin 44.84% 50.51% 55.44% 48.95% 46.83% 57.86% 49.18% 51.76%
FCF Conversion (EBITDA) 63.96% 68.29% 78.34% 70% 64.06% 79.38% 68.44% 71.8%
FCF Conversion (Net income) 204.94% 239.38% 215.44% 202.55% 172.95% 215.44% 188.22% 193.34%
Dividend per Share 2 0.0488 0.0505 0.0508 0.0513 0.0524 0.0523 0.0534 0.0553
Announcement Date 13/05/19 06/05/20 11/05/21 17/05/22 18/05/23 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 S2 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2024 Q1 2024 Q2 2024 Q3
Net sales 187 93.4 - - - 97.9 101.7 - - - -
EBITDA 126.9 - - - - - - - - - -
EBIT 42.55 - - - - - - - - - -
Operating Margin 22.76% - - - - - - - - - -
Earnings before Tax (EBT) 44.71 - - - - - - - - - -
Net income 1 50.02 24.8 - - 25.46 27.6 - 27.24 28.24 24.64 32.22
Net margin 26.75% 26.55% - - - 28.19% - - - - -
EPS 2 - - - - 0.0100 - - - - - 0.008270
Dividend per Share 2 - - 0.0256 - 0.0257 - 0.0262 - - - -
Announcement Date 11/05/21 23/08/21 17/11/21 17/02/22 17/05/22 15/08/22 02/11/22 13/02/23 17/08/23 03/11/23 06/02/24
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 486 517 494 552 565 574 580 593
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.96 x 1.889 x 1.895 x 2.091 x 1.914 x 1.912 x 1.934 x 1.948 x
Free Cash Flow 1 159 187 204 185 189 238 205 219
ROE (net income / shareholders' equity) 2.49% 2.63% 3.32% 3.31% 4.09% 4.27% 4.39% 4.78%
ROA (Net income/ Total Assets) 1.79% 1.84% 2.28% 2.24% 2.72% 3.04% 2.92% 3.27%
Assets 1 4,329 4,245 4,166 4,078 4,022 3,637 3,735 3,463
Book Value Per Share 2 0.7800 0.7500 0.7200 0.7000 0.6800 0.6500 0.6200 0.6000
Cash Flow per Share 2 0.0600 0.0700 0.0700 0.0700 0.7300 0.0800 0.0700 0.0800
Capex 1 71.1 75.5 60.2 73.9 96.7 98.8 83.6 85.1
Capex / Sales 20.11% 20.4% 16.35% 19.56% 23.98% 24% 20.03% 20.13%
Announcement Date 13/05/19 06/05/20 11/05/21 17/05/22 18/05/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
0.87 SGD
Average target price
0.9779 SGD
Spread / Average Target
+12.40%
Consensus
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  4. Financials NetLink NBN Trust
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