Projected Income Statement: Singapore Airlines Limited

Forecast Balance Sheet: Singapore Airlines Limited

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 6,554 1,932 -988 2,179 4,657 5,362 6,090 6,346
Change - -70.52% -151.14% 320.55% 113.72% 15.13% 13.58% 4.2%
Announcement Date 19/05/21 18/05/22 16/05/23 15/05/24 15/05/25 14/05/26 - -
1SGD in Million
Estimates

Cash Flow Forecast: Singapore Airlines Limited

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 2,696 3,049 1,602 1,231 1,768 3,632 4,362 3,997
Change - 13.1% -47.46% -23.13% 43.59% 105.45% 20.08% -8.38%
Free Cash Flow (FCF) 1 -5,988 -7.2 7,528 3,824 2,940 1,676 395.1 1,042
Change - 99.88% 1,04,659.72% -49.21% -23.12% -42.97% -76.43% 163.71%
Announcement Date 19/05/21 18/05/22 16/05/23 15/05/24 15/05/25 - - -
1SGD in Million
Estimates

Forecast Financial Ratios: Singapore Airlines Limited

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) -9.72% 17.09% 28.9% 29.71% 20.93% 23.95% 21.04% 21.7%
EBIT Margin (%) -65.84% -8.01% 15.15% 14.35% 8.75% 11.57% 8.77% 8.81%
EBT Margin (%) -129.91% -14.31% 14.83% 15.97% 15.17% 7.88% 6.49% 7.22%
Net margin (%) -111.92% -12.63% 12.13% 14.07% 14.22% 5.77% 5.08% 6.07%
FCF margin (%) -156.92% -0.09% 42.35% 20.11% 15.04% 8.35% 1.85% 4.81%
FCF / Net Income (%) 140.21% 0.75% 349.05% 142.95% 105.82% 155.24% 36.48% 79.3%

Profitability

        
ROA -11.98% -2.23% 4.41% 5.73% 6.36% 2.88% 2.86% 3.27%
ROE -33.87% -5.02% 10.2% 14.8% 17.4% 6.67% 6.57% 8%

Financial Health

        
Leverage (Debt/EBITDA) -17.68x 1.48x - 0.39x 1.14x 1.19x 1.36x 1.35x
Debt / Free cash flow -1.09x -268.35x - 0.57x 1.58x 3.2x 15.41x 6.09x

Capital Intensity

        
CAPEX / Current Assets (%) 70.64% 40.04% 9.01% 6.48% 9.05% 18.1% 20.46% 18.45%
CAPEX / EBITDA (%) -726.94% 234.3% 31.18% 21.8% 43.23% 80.75% 97.23% 85.05%
CAPEX / FCF (%) -45.02% -42,343.06% 21.28% 32.2% 60.14% 216.68% 1,104.02% 383.59%

Items per share

        
Cash flow per share 1 -0.8912 0.512 1.47 1.15 1.432 1.534 1.523 1.557
Change - 157.45% 187.05% -21.73% 24.53% 7.05% -0.66% 2.19%
Dividend per Share 1 - - 0.38 0.48 0.4 0.2749 0.2426 0.2994
Change - - - 26.32% -16.67% -31.26% -11.78% 23.45%
Book Value Per Share 1 5.36 7.55 6.68 5.49 5.27 5.107 5.179 5.262
Change - 40.86% -11.52% -17.81% -4.01% -3.09% 1.42% 1.59%
EPS 1 -1.156 -0.162 0.351 0.614 0.853 0.382 0.3392 0.3935
Change - 85.99% 316.67% 74.93% 38.93% -55.22% -2.83% 16%
Nbr of stocks (in thousands) 42,69,600 64,46,082 64,49,164 41,38,150 29,73,273 31,50,884 31,50,884 31,50,884
Announcement Date 19/05/21 18/05/22 16/05/23 15/05/24 15/05/25 14/05/26 - -
1SGD
Estimates
2026 2027 *
P/E ratio 17.3x 18.5x
PBR 1.23x 1.21x
EV / Sales 1.01x 1.21x
Yield 4.39% 3.87%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
BBB
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
14
Last Close Price
6.270SGD
Average target price
6.511SGD
Spread / Average Target
+3.85%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. C6L Stock
  4. Financials Singapore Airlines Limited