Financials Singapore Airlines Limited

Equities

C6L

SG1V61937297

Airlines

Market Closed - Singapore S.E. 10:14:19 17/07/2024 BST 5-day change 1st Jan Change
7.11 SGD +0.28% Intraday chart for Singapore Airlines Limited +0.57% +8.38%

Valuation

Fiscal Period: März 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 6,803 23,696 35,453 36,954 26,484 25,277 - -
Enterprise Value (EV) 1 15,148 30,250 37,386 35,965 28,663 29,102 30,940 32,261
P/E ratio -32.1 x -4.8 x -34 x 16.3 x 10.4 x 9.96 x 15.4 x 15.6 x
Yield 1.39% - - 6.63% 7.5% 4.66% 3.7% 3.61%
Capitalization / Revenue 0.43 x 6.21 x 4.66 x 2.08 x 1.39 x 1.32 x 1.31 x 1.27 x
EV / Revenue 0.95 x 7.93 x 4.91 x 2.02 x 1.51 x 1.52 x 1.61 x 1.62 x
EV / EBITDA 6.73 x -81.6 x 28.7 x 7 x 5.08 x 6.19 x 7.38 x 7.55 x
EV / FCF -6.39 x -5.05 x -5,192 x 4.78 x 7.5 x 25.1 x 79.9 x 1,627 x
FCF Yield -15.7% -19.8% -0.02% 20.9% 13.3% 3.99% 1.25% 0.06%
Price to Book 0.73 x 1.04 x 0.73 x 0.86 x 1.17 x 1.32 x 1.27 x 1.22 x
Nbr of stocks (in thousands) 1,185,128 4,269,600 6,446,082 6,449,164 4,138,150 3,565,169 - -
Reference price 2 5.740 5.550 5.500 5.730 6.400 7.090 7.090 7.090
Announcement Date 14/05/20 19/05/21 18/05/22 16/05/23 15/05/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 15,976 3,816 7,615 17,775 19,013 19,137 19,259 19,942
EBITDA 1 2,251 -370.8 1,301 5,137 5,648 4,705 4,193 4,270
EBIT 1 844.7 -2,512 -609.7 2,692 2,728 2,241 1,646 1,584
Operating Margin 5.29% -65.84% -8.01% 15.15% 14.35% 11.71% 8.55% 7.94%
Earnings before Tax (EBT) 1 -220.2 -4,957 -1,090 2,637 3,037 2,724 1,603 1,623
Net income 1 -212 -4,271 -962 2,157 2,675 2,291 1,429 1,363
Net margin -1.33% -111.92% -12.63% 12.13% 14.07% 11.97% 7.42% 6.84%
EPS 2 -0.1790 -1.156 -0.1620 0.3510 0.6140 0.7119 0.4595 0.4554
Free Cash Flow 1 -2,372 -5,988 -7.2 7,528 3,824 1,161 387.2 19.83
FCF margin -14.84% -156.92% -0.09% 42.35% 20.11% 6.07% 2.01% 0.1%
FCF Conversion (EBITDA) - - - 146.54% 67.7% 24.68% 9.24% 0.46%
FCF Conversion (Net income) - - - 349.05% 142.95% 50.69% 27.09% 1.45%
Dividend per Share 2 0.0800 - - 0.3800 0.4800 0.3305 0.2621 0.2561
Announcement Date 14/05/20 19/05/21 18/05/22 16/05/23 15/05/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1
Net sales 1 2,316 2,472 - - 4,846 4,512 4,479 4,683 5,082 4,769 4,595 4,829 5,222 4,996 -
EBITDA - - - - - - - - - - - - - - -
EBIT 1 76 -66.7 - - 755 703.1 754.5 799.3 609 565 345.6 570.6 633.4 584.9 -
Operating Margin 3.28% -2.7% - - 15.58% 15.58% 16.84% 17.07% 11.98% 11.85% 7.52% 11.82% 12.13% 11.71% -
Earnings before Tax (EBT) 1 -71.2 - - - - - - 852 - - 386 611 673.9 625.3 -
Net income 1 85 -210 - - 628 601.9 734 707.1 659 575 319.1 505.9 558 517.7 -
Net margin 3.67% -8.5% - - 12.96% 13.34% 16.39% 15.1% 12.97% 12.06% 6.94% 10.48% 10.69% 10.36% -
EPS 2 0.0130 -0.0320 - - 0.1010 0.1090 0.2470 0.2380 0.1560 0.1550 0.1077 0.1707 0.1883 0.1747 -
Dividend per Share 2 - - - - - 0.3800 - 0.1000 - 0.3800 - 0.1000 - 0.1553 -
Announcement Date 24/02/22 18/05/22 16/08/22 16/11/22 21/02/23 16/05/23 27/07/23 07/11/23 20/02/24 15/05/24 - - - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 8,345 6,554 1,932 - 2,179 3,825 5,663 6,984
Net Cash position 1 - - - 988 - - - -
Leverage (Debt/EBITDA) 3.708 x -17.68 x 1.485 x - 0.3858 x 0.813 x 1.351 x 1.635 x
Free Cash Flow 1 -2,372 -5,988 -7.2 7,528 3,824 1,161 387 19.8
ROE (net income / shareholders' equity) -1.88% -33.9% -5.02% 10.2% 14.8% 12.8% 9.49% 8.67%
ROA (Net income/ Total Assets) -0.66% -12% -2.23% 4.41% 5.73% 5.26% 3.35% 3.1%
Assets 1 32,107 35,647 43,125 48,886 46,683 43,597 42,653 44,032
Book Value Per Share 2 7.860 5.360 7.550 6.680 5.490 5.360 5.560 5.820
Cash Flow per Share 2 2.310 -0.8900 0.5100 1.470 1.150 1.620 1.370 1.690
Capex 1 5,104 2,696 3,049 1,602 1,231 3,008 3,965 3,793
Capex / Sales 31.94% 70.64% 40.04% 9.01% 6.48% 15.72% 20.59% 19.02%
Announcement Date 14/05/20 19/05/21 18/05/22 16/05/23 15/05/24 - - -
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
B
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
12
Last Close Price
7.09 SGD
Average target price
6.912 SGD
Spread / Average Target
-2.50%
Consensus
  1. Stock Market
  2. Equities
  3. C6L Stock
  4. Financials Singapore Airlines Limited