Financials DBS Group Holdings Ltd

Equities

D05

SG1L01001701

Banks

Market Closed - Singapore S.E. 10:09:39 24/06/2024 BST 5-day change 1st Jan Change
35.54 SGD +0.25% Intraday chart for DBS Group Holdings Ltd +0.17% +17.01%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 66,101 63,879 83,882 87,297 86,169 101,080 - -
Enterprise Value (EV) 1 66,101 63,879 83,882 87,297 86,169 101,080 101,080 101,080
P/E ratio 10.5 x 13.8 x 12.5 x 10.8 x 8.63 x 9.61 x 9.72 x 9.57 x
Yield 4.75% 3.47% 3.67% 4.42% 5.75% 6.21% 6.73% 7.18%
Capitalization / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 4.76 x 4.66 x 4.53 x
EV / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 4.76 x 4.66 x 4.53 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.35 x 1.25 x 1.52 x 1.6 x 1.44 x 1.54 x 1.47 x 1.42 x
Nbr of stocks (in thousands) 2,809,534 2,806,173 2,825,176 2,830,992 2,837,056 2,844,110 - -
Reference price 2 23.53 22.76 29.69 30.84 30.37 35.54 35.54 35.54
Announcement Date 12/02/20 09/02/21 13/02/22 13/02/23 07/02/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,544 14,592 14,297 16,709 20,180 21,257 21,692 22,320
EBITDA - - - - - - - -
EBIT 1 8,286 8,434 7,828 9,412 12,124 12,256 12,341 12,690
Operating Margin 56.97% 57.8% 54.75% 56.33% 60.08% 57.66% 56.89% 56.85%
Earnings before Tax (EBT) 1 7,583 5,368 7,776 9,382 11,486 12,077 11,919 12,150
Net income 1 6,391 4,721 6,805 8,193 10,062 10,455 10,317 10,449
Net margin 43.94% 32.35% 47.6% 49.03% 49.86% 49.18% 47.56% 46.81%
EPS 2 2.236 1.645 2.373 2.864 3.518 3.697 3.656 3.714
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.118 0.7909 1.091 1.364 1.745 2.206 2.391 2.552
Announcement Date 12/02/20 09/02/21 13/02/22 13/02/23 07/02/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 6,840 3,561 3,293 3,747 3,792 4,544 4,626 4,936 5,045 5,192 5,007 5,557 5,301 5,286 5,226 5,383
EBITDA - - - - - - - - - - - - - - - -
EBIT 1 3,721 1,893 1,622 2,103 2,134 2,719 2,456 3,054 3,114 3,154 2,802 3,478 - - - -
Operating Margin 54.4% 53.16% 49.26% 56.12% 56.28% 59.84% 53.09% 61.87% 61.72% 60.75% 55.96% 62.59% - - - -
Earnings before Tax (EBT) 1 - 1,963 1,589 2,048 2,088 2,541 2,705 2,956 3,084 3,001 2,445 2,884 3,034 2,894 2,747 2,919
Net income 1 - 1,700 1,393 1,801 1,815 2,236 2,341 2,571 2,629 2,593 2,269 2,951 2,639 2,517 2,302 2,538
Net margin - 47.74% 42.3% 48.07% 47.86% 49.21% 50.61% 52.09% 52.11% 49.94% 45.32% 53.1% 49.78% 47.62% 44.05% 47.16%
EPS 2 - 0.5864 0.4796 0.6386 0.6394 1.046 0.5400 0.9136 0.9182 0.9091 3.273 4.570 0.9302 0.8890 0.8064 0.9377
Dividend per Share 2 - 0.3000 0.3273 0.3273 0.3273 0.3273 0.3818 0.3818 0.4364 0.4364 0.4909 0.5233 0.7400 0.5400 0.6000 0.6000
Announcement Date 09/02/21 05/11/21 13/02/22 28/04/22 03/08/22 02/11/22 13/02/23 01/05/23 02/08/23 05/11/23 07/02/24 01/05/24 - - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 13.2% 9.1% 12.5% 15% 18% 16.6% 15.5% 15.2%
ROA (Net income/ Total Assets) 1.13% 0.75% 1.02% 1.12% 1.38% 1.39% 1.34% 1.29%
Assets 1 565,575 629,467 667,157 731,518 729,130 751,387 767,637 810,365
Book Value Per Share 2 17.40 18.30 19.50 19.20 21.00 23.00 24.20 25.00
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 12/02/20 09/02/21 13/02/22 13/02/23 07/02/24 - - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
35.54 SGD
Average target price
38.29 SGD
Spread / Average Target
+7.74%
Consensus
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