Company Valuation: Keppel Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 9,316 12,719 12,459 12,354 18,647 20,674 - -
Change - 36.52% -2.04% -0.85% 50.94% 10.87% - -
Enterprise Value (EV) 1 17,690 21,758 22,153 22,124 27,774 29,147 28,791 28,844
Change - 23% 1.82% -0.13% 25.53% 4.94% -1.22% 0.19%
P/E 9.16x 14.1x 14.4x 13.4x 24x 20.5x 18.6x 17.3x
PBR 0.8x 1.14x 1.21x 1.15x 1.78x 1.93x 1.89x 1.84x
PEG - -1.83x -2.97x 3.29x -1.5x 0.7x 1.8x 2.47x
Capitalization / Revenue 1.08x 1.92x 1.79x 1.87x 2.76x 3.13x 2.9x 2.71x
EV / Revenue 2.05x 3.29x 3.18x 3.35x 4.11x 4.42x 4.03x 3.78x
EV / EBITDA 13.6x 27x 17.1x 15.6x 20.3x 19.9x 18.2x 17.5x
EV / EBIT 19.7x 38.5x 20.6x 18.2x 24.7x 22.7x 20.7x 20.1x
EV / FCF -21.7x -42.3x -25.7x -53.8x 188x 32.7x 31.4x 30.1x
FCF Yield -4.6% -2.37% -3.89% -1.86% 0.53% 3.06% 3.19% 3.32%
Dividend per Share 2 0.33 0.33 0.34 0.34 0.34 0.4376 0.4612 0.5122
Rate of return 6.45% 4.55% 4.81% 4.97% 3.29% 3.81% 4.02% 4.46%
EPS 2 0.559 0.516 0.491 0.511 0.431 0.5598 0.6187 0.662
Distribution rate 59% 64% 69.2% 66.5% 78.9% 78.2% 74.5% 77.4%
Net sales 1 8,625 6,620 6,966 6,601 6,752 6,597 7,141 7,629
EBITDA 1 1,304 807.2 1,297 1,423 1,367 1,467 1,579 1,646
EBIT 1 897.8 565.2 1,076 1,215 1,123 1,283 1,394 1,437
Net income 1 1,023 926.6 885.2 940.2 788.5 988.7 1,089 1,154
Net Debt 1 8,373 9,038 9,694 9,771 9,127 8,472 8,117 8,170
Reference price 2 5.12 7.26 7.07 6.84 10.35 11.48 11.48 11.48
Nbr of stocks (in thousands) 1,819,615 1,751,941 1,762,294 1,806,104 1,801,660 1,800,906 - -
Announcement Date 27/01/22 02/02/23 31/01/24 04/02/25 04/02/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.51x4.42x19.87x3.81% 16.02B
23.97x - - -.--% 1,064B
22.81x1.86x11.48x1.24% 130B
20.37x3.63x12.42x2.04% 82.16B
30.67x2.17x16.09x0.79% 79.44B
23.69x5.15x17.55x2.44% 77.34B
23.78x1.83x13.34x1.14% 73.84B
31.29x4.02x17.91x3.8% 71.74B
38.09x2.6x13.44x3.02% 23.57B
Average 26.13x 3.21x 15.26x 2.03% 179.89B
Weighted average by Cap. 24.50x 3.01x 14.53x 0.66%

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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  4. Valuation Keppel Ltd.