Company Valuation: NetLink NBN Trust

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 3,800 3,351 3,332 3,429 3,761 3,800 - -
Change - -11.79% -0.58% 2.92% 9.66% 1.04% - -
Enterprise Value (EV) 1 4,352 3,916 3,946 3,973 4,534 4,567 4,617 4,617
Change - -10.02% 0.76% 0.7% 14.11% 0.74% 1.09% 0%
P/E 41.7x 30.7x 32.3x 35.9x 45.1x 44.4x 43.5x 44x
PBR 1.4x 1.27x 1.32x 1.43x 1.66x 1.77x 1.9x 2.06x
PEG - 1.6x -6.03x -4.76x -3.6x 17.6x 19.88x -39.46x
Capitalization / Revenue 10.1x 8.31x 8.1x 8.43x 9.1x 9.03x 8.92x 8.77x
EV / Revenue 11.5x 9.71x 9.59x 9.76x 11x 10.8x 10.8x 10.7x
EV / EBITDA 16.5x 13.3x 13.5x 13.8x 16x 15.9x 15.9x 15.9x
EV / EBIT 46.1x 31.5x 33x 35.9x 46.5x 45.8x 44.8x 46.6x
EV / FCF 23.5x 20.7x 22.4x 29.3x 26.1x 30x 24.3x 24.2x
FCF Yield 4.25% 4.83% 4.46% 3.42% 3.84% 3.33% 4.11% 4.13%
Dividend per Share 2 0.0513 0.0524 0.053 0.0536 0.0542 0.0547 0.0549 0.0556
Rate of return 5.26% 6.09% 6.2% 6.09% 5.62% 5.61% 5.63% 5.7%
EPS 2 0.0234 0.028 0.0265 0.0245 0.0214 0.0219 0.0224 0.0222
Distribution rate 219% 187% 200% 219% 253% 249% 245% 251%
Net sales 1 377.6 403.5 411.3 407 413.4 420.9 426.1 433.1
EBITDA 1 264.1 295 292.4 288.1 282.9 286.4 290.7 290.2
EBIT 1 94.36 124.4 119.5 110.5 97.54 99.77 103.1 99.18
Net income 1 91.26 109.3 103.2 95.35 83.31 92.23 89.34 87.42
Net Debt 1 552.3 564.5 613.7 543.8 773.2 767.6 817.6 817.7
Reference price 2 0.9750 0.8600 0.8550 0.8800 0.9650 0.9750 0.9750 0.9750
Nbr of stocks (in thousands) 3,896,971 3,896,971 3,896,971 3,896,971 3,896,971 3,896,971 - -
Announcement Date 17/05/22 18/05/23 16/05/24 15/05/25 14/05/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
44.67x10.9x16.02x5.58% 3B
29.99x1.29x10.32x1.23% 1.13B
-13.79x - - - 648M
11.96x - - 1.03% 321M
Average 18.21x 6.09x 13.17x 2.61% 1.28B
Weighted average by Cap. 31.93x 8.27x 14.46x 4.15%

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