Financials Seatrium Limited

Equities

Market Closed - Singapore S.E. Other stock markets 02:38:31 09/05/2024 pm IST			5-day change	1st Jan Change
1.86 ^SGD	-1.06%		-2.11%	-21.19%

29/04	Seatrium Unit to Fully Redeem SG$500 Million Bonds Due 2026	MT
29/04	Seatrium Sets Up SG$100 Million Share Buyback	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,760	1,795	2,574	4,332	8,050	6,412	-	-
Enterprise Value (EV) ¹	6,772	4,573	4,545	5,330	8,797	7,382	6,810	5,493
P/E ratio	-20.1 x	-1.31 x	-1.26 x	-16.6 x	-3.78 x	33.4 x	14.7 x	11.8 x
Yield	-	-	-	-	-	0.53%	1.6%	1.95%
Capitalization / Revenue	0.96 x	1.19 x	1.38 x	2.22 x	1.1 x	0.84 x	0.73 x	0.7 x
EV / Revenue	2.35 x	3.03 x	2.44 x	2.74 x	1.21 x	0.96 x	0.78 x	0.6 x
EV / EBITDA	88.9 x	-12 x	-4.42 x	-803 x	37.3 x	10.9 x	7.16 x	5.11 x
EV / FCF	-11.1 x	-5.45 x	-7.16 x	5.25 x	18.1 x	-10.8 x	13.4 x	7.5 x
FCF Yield	-9.04%	-18.4%	-14%	19.1%	5.51%	-9.22%	7.44%	13.3%
Price to Book	1.27 x	0.49 x	0.64 x	1.15 x	1.24 x	0.94 x	0.9 x	0.84 x
Nbr of stocks (in thousands)	1,04,545	6,27,761	15,69,342	15,69,455	34,10,854	34,10,854	-	-
Reference price ²	26.40	2.860	1.640	2.760	2.360	1.880	1.880	1.880
Announcement Date	19/02/20	22/02/21	25/02/22	27/02/23	26/02/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,883	1,510	1,862	1,947	7,291	7,659	8,750	9,129
EBITDA ¹	76.15	-379.8	-1,028	-6.634	236	678.3	950.6	1,075
EBIT ¹	-138.8	-581.5	-1,224	-206.4	-1,573	266.4	557.3	672.6
Operating Margin	-4.81%	-38.51%	-65.73%	-10.6%	-21.57%	3.48%	6.37%	7.37%
Earnings before Tax (EBT) ¹	-177	-670.7	-1,255	-239.7	-1,939	211.3	481.1	632.7
Net income ¹	-137.2	-582.5	-1,171	-261.1	-1,940	165.1	412.9	537.3
Net margin	-4.76%	-38.57%	-62.86%	-13.41%	-26.61%	2.16%	4.72%	5.89%
EPS ²	-1.314	-2.176	-1.298	-0.1660	-0.6240	0.0562	0.1275	0.1587
Free Cash Flow ¹	-612.4	-839.1	-634.8	1,016	484.9	-680.5	507	732.5
FCF margin	-21.25%	-55.56%	-34.09%	52.18%	6.65%	-8.89%	5.79%	8.02%
FCF Conversion (EBITDA)	-	-	-	-	205.48%	-	53.33%	68.16%
FCF Conversion (Net income)	-	-	-	-	-	-	122.8%	136.33%
Dividend per Share ²	-	-	-	-	-	0.0100	0.0300	0.0367
Announcement Date	19/02/20	22/02/21	25/02/22	27/02/23	26/02/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,012	2,777	1,972	998	747	969	398	-
Net Cash position ¹	-	-	-	-	-	-	-	919
Leverage (Debt/EBITDA)	52.68 x	-7.312 x	-1.919 x	-150.4 x	3.165 x	1.429 x	0.4182 x	-
Free Cash Flow ¹	-612	-839	-635	1,016	485	-681	507	733
ROE (net income / shareholders' equity)	-6.12%	-20%	-30.5%	-6.7%	-37.9%	2.5%	6.02%	7.19%
ROA (Net income/ Total Assets)	-0.66%	-6.68%	-12.8%	-2.84%	-15.3%	1.16%	2.7%	3.35%
Assets ¹	20,637	8,720	9,135	9,201	12,664	14,234	15,291	16,039
Book Value Per Share ²	20.80	5.840	2.550	2.400	1.900	2.000	2.090	2.240
Cash Flow per Share ²	-2.840	-2.800	-0.6500	0.6600	0.1900	0.1800	0.2300	0.2600
Capex ¹	316	89.2	45.7	23.3	116	140	140	131
Capex / Sales	10.97%	5.91%	2.46%	1.2%	1.59%	1.83%	1.6%	1.44%
Announcement Date	19/02/20	22/02/21	25/02/22	27/02/23	26/02/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.88 SGD

Average target price

2.776 SGD

Spread / Average Target

+47.64%

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