Projected Income Statement: NetLink NBN Trust

Forecast Balance Sheet: NetLink NBN Trust

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Net Debt 1 552 565 614 544 773 798 818 818
Change - 2.36% 8.67% -11.4% 42.1% 3.21% 2.51% 0%
Announcement Date 17/05/22 18/05/23 16/05/24 15/05/25 14/05/26 - - -
1SGD in Million
Estimates

Cash Flow Forecast: NetLink NBN Trust

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
CAPEX 1 73.88 96.74 132.3 143.7 106.9 95.31 84.47 90.14
Change - 30.94% 36.78% 8.59% -25.57% -10.88% -11.37% 6.72%
Free Cash Flow (FCF) 1 184.9 189 176.1 135.7 174 152.3 189.6 190.5
Change - 2.22% -6.81% -22.91% 28.21% -12.49% 24.52% 0.45%
Announcement Date 17/05/22 18/05/23 16/05/24 15/05/25 14/05/26 - - -
1SGD in Million
Estimates

Forecast Financial Ratios: NetLink NBN Trust

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029

Profitability

        
EBITDA Margin (%) 69.94% 73.11% 71.1% 70.79% 68.44% 68.03% 68.22% 67%
EBIT Margin (%) 24.99% 30.82% 29.05% 27.16% 23.59% 23.7% 24.2% 22.9%
EBT Margin (%) 23.06% 27.07% 24.57% 22.63% 18.46% 19.22% 19.18% 17.96%
Net margin (%) 24.17% 27.08% 25.09% 23.43% 20.15% 21.91% 20.97% 20.18%
FCF margin (%) 48.95% 46.83% 42.81% 33.35% 42.09% 36.18% 44.51% 43.98%
FCF / Net Income (%) 202.55% 172.95% 170.61% 142.36% 208.9% 165.13% 212.27% 217.93%

Profitability

        
ROA 2.24% 2.72% 2.6% 2.45% 2.16% 2.97% 2.53% 2.78%
ROE 3.31% 4.09% 4% 3.88% 3.58% 3.9% 4.25% 4.45%

Financial Health

        
Leverage (Debt/EBITDA) 2.09x 1.91x 2.1x 1.89x 2.73x 2.79x 2.81x 2.82x
Debt / Free cash flow 2.99x 2.99x 3.49x 4.01x 4.44x 5.24x 4.31x 4.29x

Capital Intensity

        
CAPEX / Current Assets (%) 19.56% 23.98% 32.17% 35.3% 25.87% 22.64% 19.82% 20.81%
CAPEX / EBITDA (%) 27.98% 32.8% 45.25% 49.87% 37.8% 33.28% 29.06% 31.06%
CAPEX / FCF (%) 39.97% 51.2% 75.14% 105.84% 61.45% 62.58% 44.54% 47.32%

Items per share

        
Cash flow per share 1 0.0664 0.7331 0.0741 0.0664 0.0664 0.0715 0.0722 -
Change - 1,004.08% -89.89% -10.39% 0% 7.7% 0.95% -
Dividend per Share 1 0.0513 0.0524 0.053 0.0536 0.0542 0.0547 0.0549 0.0556
Change - 2.14% 1.15% 1.13% 1.12% 0.89% 0.48% 1.24%
Book Value Per Share 1 0.6971 0.6754 0.6473 0.6142 0.5798 0.5522 0.5145 0.4744
Change - -3.11% -4.16% -5.11% -5.6% -4.76% -6.83% -7.79%
EPS 1 0.0234 0.028 0.0265 0.0245 0.0214 0.0219 0.0224 0.0222
Change - 19.66% -5.36% -7.55% -12.65% 2.52% 2.19% -1.12%
Nbr of stocks (in thousands) 38,96,971 38,96,971 38,96,971 38,96,971 38,96,971 38,96,971 38,96,971 38,96,971
Announcement Date 17/05/22 18/05/23 16/05/24 15/05/25 14/05/26 - - -
1SGD
Estimates
2027 *2028 *
P/E 44.4x 43.5x
PBR 1.77x 1.9x
EV / Sales 10.9x 10.8x
Yield 5.61% 5.63%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
0.9750SGD
Average target price
1.052SGD
Spread / Average Target
+7.95%

Annual profits - Rate of surprise

  1. Stock Market
  2. Stocks
  3. CJLU Stock
  4. Financials NetLink NBN Trust