Financials NetLink NBN Trust

Equities

CJLU

SG1DH9000006

Integrated Telecommunications Services

Delayed Singapore S.E. 07:45:15 26/06/2024 BST 5-day change 1st Jan Change
0.82 SGD 0.00% Intraday chart for NetLink NBN Trust -1.20% -2.38%

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 3,527 3,683 3,800 3,351 3,332 3,196 - -
Enterprise Value (EV) 1 4,044 4,177 4,352 3,916 3,332 3,757 3,746 3,512
P/E ratio 45.3 x 38.9 x 41.7 x 30.7 x 32.3 x 30.1 x 28.9 x 27.2 x
Yield 5.58% 5.38% 5.26% 6.09% - 6.37% 6.6% 6.58%
Capitalization / Revenue 9.53 x 9.99 x 10.1 x 8.31 x 8.1 x 7.7 x 7.58 x 7.44 x
EV / Revenue 10.9 x 11.3 x 11.5 x 9.71 x 8.1 x 9.05 x 8.89 x 8.18 x
EV / EBITDA 14.8 x 16 x 16.5 x 13.3 x 11.4 x 12.6 x 12.4 x 11.4 x
EV / FCF 21.6 x 20.4 x 23.5 x 20.7 x - 20.8 x 17.1 x 14.8 x
FCF Yield 4.62% 4.89% 4.25% 4.83% - 4.82% 5.84% 6.77%
Price to Book 1.21 x 1.31 x 1.4 x 1.27 x - 1.31 x 1.36 x 1.35 x
Nbr of stocks (in thousands) 3,896,971 3,896,971 3,896,971 3,896,971 3,896,971 3,896,971 - -
Reference price 2 0.9050 0.9450 0.9750 0.8600 0.8550 0.8200 0.8200 0.8200
Announcement Date 06/05/20 11/05/21 17/05/22 18/05/23 16/05/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 370.2 368.5 377.6 403.5 411.3 415.1 421.5 429.5
EBITDA 1 273.8 260.7 264.1 295 292.4 297.7 302.5 308.3
EBIT 1 106 92.96 94.36 124.4 119.5 124.2 128.9 139.9
Operating Margin 28.65% 25.23% 24.99% 30.82% 29.05% 29.93% 30.58% 32.57%
Earnings before Tax (EBT) 1 71.87 91.64 87.08 109.2 101.1 106.4 111.3 120
Net income 1 78.11 94.81 91.26 109.3 103.2 107.3 111.8 118.3
Net margin 21.1% 25.73% 24.17% 27.08% 25.09% 25.84% 26.53% 27.55%
EPS 2 0.0200 0.0243 0.0234 0.0280 0.0265 0.0272 0.0283 0.0302
Free Cash Flow 1 187 204.3 184.9 189 - 181 218.6 237.7
FCF margin 50.51% 55.44% 48.95% 46.83% - 43.61% 51.88% 55.35%
FCF Conversion (EBITDA) 68.29% 78.34% 70% 64.06% - 60.8% 72.29% 77.1%
FCF Conversion (Net income) 239.38% 215.44% 202.55% 172.95% - 168.73% 195.56% 200.87%
Dividend per Share 2 0.0505 0.0508 0.0513 0.0524 - 0.0523 0.0541 0.0539
Announcement Date 06/05/20 11/05/21 17/05/22 18/05/23 16/05/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 S2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2024 Q1 2024 Q2 2024 Q3 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1
Net sales 187 - - 97.9 101.7 - - - - - - - - -
EBITDA 126.9 - - - - - - - - - - - - -
EBIT 42.55 - - - - - - - - - - - - -
Operating Margin 22.76% - - - - - - - - - - - - -
Earnings before Tax (EBT) 44.71 - - - - - - - - - - - - -
Net income 1 50.02 - 25.46 27.6 - 27.24 28.24 24.64 32.22 21.46 32.2 32.2 21.46 -
Net margin 26.75% - - 28.19% - - - - - - - - - -
EPS 2 - - 0.0100 - - - - - - 0.005510 0.008260 0.008260 0.005510 -
Dividend per Share 2 - - 0.0257 - 0.0262 - - - - - 0.0250 - 0.0250 -
Announcement Date 11/05/21 17/02/22 17/05/22 15/08/22 02/11/22 13/02/23 17/08/23 03/11/23 06/02/24 - - - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 517 494 552 565 - 561 550 316
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.889 x 1.895 x 2.091 x 1.914 x - 1.885 x 1.82 x 1.027 x
Free Cash Flow 1 187 204 185 189 - 181 219 238
ROE (net income / shareholders' equity) 2.63% 3.32% 3.31% 4.09% - 4.26% 4.59% 5.06%
ROA (Net income/ Total Assets) 1.84% 2.28% 2.24% 2.72% - 2.88% 3.07% 3.63%
Assets 1 4,245 4,166 4,078 4,022 - 3,725 3,639 3,260
Book Value Per Share 2 0.7500 0.7200 0.7000 0.6800 - 0.6300 0.6000 0.6100
Cash Flow per Share 2 0.0700 0.0700 0.0700 0.7300 - 0.0700 0.0800 -
Capex 1 75.5 60.2 73.9 96.7 - 98.3 81.5 67.5
Capex / Sales 20.4% 16.35% 19.56% 23.98% - 23.68% 19.33% 15.72%
Announcement Date 06/05/20 11/05/21 17/05/22 18/05/23 16/05/24 - - -
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
C
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
0.82 SGD
Average target price
0.9668 SGD
Spread / Average Target
+17.90%
Consensus
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