Company Valuation: NetLink NBN Trust

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 3,800 3,351 3,332 3,429 3,761 3,936 - -
Change - -11.79% -0.58% 2.92% 9.66% 4.66% - -
Enterprise Value (EV) 1 4,352 3,916 3,946 3,973 4,534 4,744 4,754 4,754
Change - -10.02% 0.76% 0.7% 14.11% 4.64% 0.2% 0%
P/E 41.7x 30.7x 32.3x 35.9x 45.1x 44x 42.9x 41.5x
PBR 1.4x 1.27x 1.32x 1.43x 1.66x 1.83x 1.94x 2.04x
PEG - 1.6x -6.03x -4.76x -3.6x 6.15x 16.13x 12.06x
Capitalization / Revenue 10.1x 8.31x 8.1x 8.43x 9.1x 9.36x 9.22x 9.05x
EV / Revenue 11.5x 9.71x 9.59x 9.76x 11x 11.3x 11.1x 10.9x
EV / EBITDA 16.5x 13.3x 13.5x 13.8x 16x 16.4x 16.1x 16x
EV / EBIT 46.1x 31.5x 33x 35.9x 46.5x 45.1x 43.7x 43.5x
EV / FCF 23.5x 20.7x 22.4x 29.3x 26.1x 22.5x 21.1x 21x
FCF Yield 4.25% 4.83% 4.46% 3.42% 3.84% 4.44% 4.73% 4.77%
Dividend per Share 2 0.0513 0.0524 0.053 0.0536 0.0542 0.0545 0.0549 0.0556
Rate of return 5.26% 6.09% 6.2% 6.09% 5.62% 5.4% 5.44% 5.51%
EPS 2 0.0234 0.028 0.0265 0.0245 0.0214 0.0229 0.0235 0.0244
Distribution rate 219% 187% 200% 219% 253% 238% 233% 228%
Net sales 1 377.6 403.5 411.3 407 413.4 420.3 427 434.7
EBITDA 1 264.1 295 292.4 288.1 282.9 290.1 294.6 297.3
EBIT 1 94.36 124.4 119.5 110.5 97.54 105.1 108.7 109.2
Net income 1 91.26 109.3 103.2 95.35 83.31 90.26 92.5 94.37
Net Debt 1 552.3 564.5 613.7 543.8 773.2 808.1 817.6 817.7
Reference price 2 0.975 0.860 0.855 0.880 0.965 1.010 1.010 1.010
Nbr of stocks (in thousands) 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 in Million2SGD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.44x1.23x9.82x1.3% 105.61Cr
-13.61x - - - 64Cr
10.73x - - 1.15% 29Cr
Average 8.52x 1.23x 9.82x 1.22% 66.08Cr
Weighted average by Cap. 12.31x 1.23x 9.82x 1.27%

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