Company Valuation: Singapore Telecommunications Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 40,294 43,581 40,600 41,753 56,600 82,431 - -
Change - 8.16% -6.84% 2.84% 35.56% 45.64% - -
Enterprise Value (EV) 1 52,659 53,319 49,825 49,048 65,498 88,099 90,299 90,647
Change - 1.25% -6.55% -1.56% 33.54% 34.51% 2.5% 0.39%
P/E ratio 72.2x 22.4x 18.4x 53.3x 14.3x 13.7x 25.1x 21.8x
PBR 1.51x 1.55x 1.56x 1.68x 2.19x 3.11x 3.04x 3.01x
PEG - 0x 1.3x -0.8x 0x 0.3x -0.6x 1.4x
Capitalization / Revenue 2.58x 2.84x 2.78x 2.96x 4x 5.69x 5.5x 5.35x
EV / Revenue 3.37x 3.48x 3.41x 3.47x 4.63x 6.08x 6.03x 5.88x
EV / EBITDA 13.7x 14.2x 13.5x 13.6x 17.3x 21.9x 21.3x 20.4x
EV / EBIT 45.9x 51x 44.8x 42.5x 47.4x 57.5x 51.9x 47.3x
EV / FCF 15.5x 17.3x 19.1x 19.1x 26.5x 18.1x 27.3x 25.4x
FCF Yield 6.45% 5.78% 5.24% 5.24% 3.78% 5.52% 3.66% 3.93%
Dividend per Share 2 0.075 0.093 0.144 0.15 0.17 0.1882 0.2022 0.2182
Rate of return 3.07% 3.52% 5.85% 5.93% 4.96% 3.76% 4.04% 4.36%
EPS 2 0.0338 0.1176 0.134 0.0475 0.2392 0.3639 0.1995 0.2295
Distribution rate 222% 79.1% 107% 316% 71.1% 51.7% 101% 95.1%
Net sales 1 15,644 15,339 14,624 14,128 14,146 14,497 14,974 15,411
EBITDA 1 3,832 3,767 3,686 3,597 3,792 4,015 4,238 4,452
EBIT 1 1,147 1,045 1,112 1,153 1,381 1,533 1,739 1,918
Net income 1 553.7 1,948 2,225 795 4,017 2,802 3,253 3,735
Net Debt 1 12,365 9,738 9,225 7,294 8,898 5,669 7,868 8,217
Reference price 2 2.440 2.640 2.460 2.530 3.430 5.000 5.000 5.000
Nbr of stocks (in thousands) 16,513,963 16,507,889 16,503,958 16,503,347 16,501,331 16,486,102 - -
Announcement Date 26/05/21 26/05/22 24/05/23 22/05/24 21/05/25 - - -
1SGD in Million2SGD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.74x6.08x21.95x3.76% 65.3B
10.44x1.21x3.75x7.17% 220B
10.99x2.53x6.98x5.53% 209B
17.2x2.39x6.46x3.12% 181B
12.18x1.71x7.1x3.48% 82.08B
11.36x0.79x2.87x6.51% 72.71B
14.3x2.01x5.08x2.52% 72B
14.91x2.78x8.77x4.93% 59.58B
30.17x1.86x6.04x4.44% 54.59B
13.2x3.02x6.86x4.05% 50.33B
Average 14.85x 2.44x 7.59x 4.55% 106.64B
Weighted average by Cap. 13.75x 2.24x 6.79x 4.89%

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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