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 78,024 - -
Change - 8.16% -6.84% 2.84% 35.56% 37.85% - -
Enterprise Value (EV) 1 52,659 53,319 49,825 49,048 65,498 83,800 83,921 84,059
Change - 1.25% -6.55% -1.56% 33.54% 27.94% 0.14% 0.17%
P/E ratio 72.2x 22.4x 18.4x 53.3x 14.3x 18.1x 24x 20.8x
PBR 1.51x 1.55x 1.56x 1.68x 2.19x 2.94x 2.85x 2.82x
PEG - 0x 1.3x -0.8x 0x 1.84x -1x 1.3x
Capitalization / Revenue 2.58x 2.84x 2.78x 2.96x 4x 5.4x 5.19x 5.04x
EV / Revenue 3.37x 3.48x 3.41x 3.47x 4.63x 5.79x 5.59x 5.43x
EV / EBITDA 13.7x 14.2x 13.5x 13.6x 17.3x 21x 19.7x 18.8x
EV / EBIT 45.9x 51x 44.8x 42.5x 47.4x 53.7x 48.1x 43.7x
EV / FCF 15.5x 17.3x 19.1x 19.1x 26.5x 19.7x 22.9x 23.8x
FCF Yield 6.45% 5.78% 5.24% 5.24% 3.78% 5.07% 4.36% 4.21%
Dividend per Share 2 0.075 0.093 0.144 0.15 0.17 0.1887 0.2043 0.2206
Rate of return 3.07% 3.52% 5.85% 5.93% 4.96% 3.97% 4.3% 4.64%
EPS 2 0.0338 0.1176 0.134 0.0475 0.2392 0.2627 0.1981 0.2288
Distribution rate 222% 79.1% 107% 316% 71.1% 71.8% 103% 96.4%
Net sales 1 15,644 15,339 14,624 14,128 14,146 14,462 15,019 15,473
EBITDA 1 3,832 3,767 3,686 3,597 3,792 3,989 4,252 4,482
EBIT 1 1,147 1,045 1,112 1,153 1,381 1,561 1,744 1,924
Net income 1 553.7 1,948 2,225 795 4,017 2,802 3,251 3,732
Net Debt 1 12,365 9,738 9,225 7,294 8,898 5,776 5,897 6,036
Reference price 2 2.440 2.640 2.460 2.530 3.430 4.750 4.750 4.750
Nbr of stocks (in thousands) 16,513,963 16,507,889 16,503,958 16,503,347 16,501,331 16,426,070 - -
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.($)
17.86x5.73x20.76x4.02% 60.79B
12.23x1.45x4.51x6.23% 239B
9.75x2.47x6.62x5.98% 197B
13.69x2.16x5.61x4.15% 155B
12.94x2.04x5.17x2.38% 81.78B
13.94x0.91x3.39x5.55% 78.67B
11.84x1.7x6.99x3.55% 78.09B
15.49x2.61x8.18x5.14% 57.19B
17.39x1.99x6.32x4.42% 55.81B
14.18x2.64x6.1x4.78% 45.79B
Average 13.93x 2.37x 7.36x 4.62% 105B
Weighted average by Cap. 13.00x 2.16x 6.53x 4.98%

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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