Company Valuation: Singapore Telecommunications Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 40,294 43,581 40,600 41,753 56,600 80,234 - -
Change - 8.16% -6.84% 2.84% 35.56% 41.76% - -
Enterprise Value (EV) 1 52,659 53,319 49,825 49,048 65,498 87,745 87,746 88,457
Change - 1.25% -6.55% -1.56% 33.54% 33.97% 0% 0.81%
P/E ratio 72.2x 22.4x 18.4x 53.3x 14.3x 23.2x 25x 21.4x
PBR 1.51x 1.55x 1.56x 1.68x 2.19x 2.96x 2.95x 2.93x
PEG - 0x 1.3x -0.8x 0x -1.9x -3.53x 1.3x
Capitalization / Revenue 2.58x 2.84x 2.78x 2.96x 4x 5.57x 5.38x 5.25x
EV / Revenue 3.37x 3.48x 3.41x 3.47x 4.63x 6.09x 5.89x 5.78x
EV / EBITDA 13.7x 14.2x 13.5x 13.6x 17.3x 22.1x 20.9x 20.1x
EV / EBIT 45.9x 51x 44.8x 42.5x 47.4x 58.1x 51.3x 47.2x
EV / FCF 15.5x 17.3x 19.1x 19.1x 26.5x 18.1x 22.8x 21.5x
FCF Yield 6.45% 5.78% 5.24% 5.24% 3.78% 5.54% 4.39% 4.66%
Dividend per Share 2 0.075 0.093 0.144 0.15 0.17 0.1849 0.2008 0.2189
Rate of return 3.07% 3.52% 5.85% 5.93% 4.96% 3.8% 4.13% 4.5%
EPS 2 0.0338 0.1176 0.134 0.0475 0.2392 0.2095 0.1947 0.227
Distribution rate 222% 79.1% 107% 316% 71.1% 88.2% 103% 96.4%
Net sales 1 15,644 15,339 14,624 14,128 14,146 14,401 14,902 15,295
EBITDA 1 3,832 3,767 3,686 3,597 3,792 3,969 4,197 4,395
EBIT 1 1,147 1,045 1,112 1,153 1,381 1,510 1,711 1,875
Net income 1 553.7 1,948 2,225 795 4,017 3,498 3,268 3,689
Net Debt 1 12,365 9,738 9,225 7,294 8,898 7,511 7,512 8,223
Reference price 2 2.440 2.640 2.460 2.530 3.430 4.860 4.860 4.860
Nbr of stocks (in thousands) 1,65,13,963 1,65,07,889 1,65,03,958 1,65,03,347 1,65,01,331 1,65,09,034 - -
Announcement Date 26/05/21 26/05/22 24/05/23 22/05/24 21/05/25 - - -
1SGD in Million2SGD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.2x6.09x22.11x3.8% 6.18TCr
12.02x1.42x4.36x6.18% 25TCr
8.95x2.27x6.24x6.66% 17TCr
14.44x2.21x5.89x3.7% 15TCr
13.77x0.93x3.38x5.36% 8.49TCr
11.48x1.66x6.71x3.54% 8.04TCr
14.74x2.06x5.2x3.34% 6.99TCr
15.49x2.69x8.56x5.65% 5.83TCr
11.81x2.7x6.11x4.65% 4.38TCr
24.28x1.67x5.35x5.46% 4.33TCr
Average 15.02x 2.37x 7.39x 4.83% 10.13TCr
Weighted average by Cap. 13.54x 2.13x 6.51x 5.15%
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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

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