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 80,935 - -
Change - 8.16% -6.84% 2.84% 35.56% 43% - -
Enterprise Value (EV) 1 52,659 53,319 49,825 49,048 65,498 87,843 88,802 89,157
Change - 1.25% -6.55% -1.56% 33.54% 34.12% 1.09% 0.4%
P/E ratio 72.2x 22.4x 18.4x 53.3x 14.3x 18.4x 24.6x 21.4x
PBR 1.51x 1.55x 1.56x 1.68x 2.19x 3.05x 2.98x 2.96x
PEG - 0x 1.3x -0.8x 0x 1.6x -1x 1.4x
Capitalization / Revenue 2.58x 2.84x 2.78x 2.96x 4x 5.6x 5.4x 5.25x
EV / Revenue 3.37x 3.48x 3.41x 3.47x 4.63x 6.08x 5.93x 5.79x
EV / EBITDA 13.7x 14.2x 13.5x 13.6x 17.3x 21.9x 21x 20x
EV / EBIT 45.9x 51x 44.8x 42.5x 47.4x 56.4x 51.1x 46.5x
EV / FCF 15.5x 17.3x 19.1x 19.1x 26.5x 18.1x 26.9x 25x
FCF Yield 6.45% 5.78% 5.24% 5.24% 3.78% 5.54% 3.72% 4%
Dividend per Share 2 0.075 0.093 0.144 0.15 0.17 0.186 0.2029 0.2182
Rate of return 3.07% 3.52% 5.85% 5.93% 4.96% 3.79% 4.13% 4.44%
EPS 2 0.0338 0.1176 0.134 0.0475 0.2392 0.267 0.1995 0.2295
Distribution rate 222% 79.1% 107% 316% 71.1% 69.7% 102% 95.1%
Net sales 1 15,644 15,339 14,624 14,128 14,146 14,449 14,974 15,411
EBITDA 1 3,832 3,767 3,686 3,597 3,792 4,015 4,238 4,452
EBIT 1 1,147 1,045 1,112 1,153 1,381 1,559 1,739 1,918
Net income 1 553.7 1,948 2,225 795 4,017 2,784 3,253 3,735
Net Debt 1 12,365 9,738 9,225 7,294 8,898 6,908 7,867 8,222
Reference price 2 2.440 2.640 2.460 2.530 3.430 4.910 4.910 4.910
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 1,64,83,702 - -
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.($)
13.74x6.08x21.95x3.76% 6.53TCr
10.44x1.21x3.75x7.17% 22TCr
10.99x2.53x6.98x5.53% 21TCr
17.2x2.39x6.46x3.12% 18TCr
12.18x1.71x7.1x3.48% 8.21TCr
11.36x0.79x2.87x6.51% 7.27TCr
14.3x2.01x5.08x2.52% 7.2TCr
14.91x2.78x8.77x4.93% 5.96TCr
30.17x1.86x6.04x4.44% 5.46TCr
13.2x3.02x6.86x4.05% 5.03TCr
Average 14.85x 2.44x 7.59x 4.55% 10.66TCr
Weighted average by Cap. 13.75x 2.24x 6.79x 4.89%

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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