Projected Income Statement: Singapore Airlines Limited

Forecast Balance Sheet: Singapore Airlines Limited

Forecast Balance Sheet - Singapore Airlines Limited
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Net Debt 1 1,932 -988 2,179 4,657 2,714 2,975 4,161 4,935
Change - -151.14% 320.55% 113.72% -41.72% 9.64% 39.87% 18.6%
Announcement Date 18/05/22 16/05/23 15/05/24 15/05/25 14/05/26 - - -
1SGD in Million
Estimates

Cash Flow Forecast: Singapore Airlines Limited

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
CAPEX 1 3,049 1,602 1,231 1,768 2,628 4,090 4,239 4,112
Change - -47.46% -23.13% 43.59% 48.67% 55.58% 3.67% -3%
Free Cash Flow (FCF) 1 -7.2 7,528 3,824 2,940 2,474 944.3 478.5 1,003
Change - 104,659.72% -49.21% -23.12% -15.82% -61.84% -49.33% 109.66%
Announcement Date 18/05/22 16/05/23 15/05/24 15/05/25 14/05/26 - - -
1SGD in Million
Estimates

Forecast Financial Ratios: Singapore Airlines Limited

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029

Profitability

        
EBITDA Margin (%) 17.09% 28.9% 29.71% 20.93% 23.95% 18.76% 20.2% 20.97%
EBIT Margin (%) -8.01% 15.15% 14.35% 8.75% 11.57% 7.27% 8.51% 8.78%
EBT Margin (%) -14.31% 14.83% 15.97% 15.17% 7.88% 4.71% 7.49% 7.97%
Net margin (%) -12.63% 12.13% 14.07% 14.22% 5.77% 3.2% 4.98% 6.34%
FCF margin (%) -0.09% 42.35% 20.11% 15.04% 12.06% 4.24% 2.14% 4.35%
FCF / Net Income (%) 0.75% 349.05% 142.95% 105.82% 208.99% 132.54% 42.95% 68.6%

Profitability

        
ROA -2.23% 4.41% 5.73% 6.36% 5.5% 1.72% 2.47% 3.41%
ROE -5.02% 10.2% 14.8% 17.4% 7.2% 4.35% 7.35% 8.5%

Financial Health

        
Leverage (Debt/EBITDA) 1.48x - 0.39x 1.14x 0.55x 0.71x 0.92x 1.02x
Debt / Free cash flow -268.35x - 0.57x 1.58x 1.1x 3.15x 8.7x 4.92x

Capital Intensity

        
CAPEX / Current Assets (%) 40.04% 9.01% 6.48% 9.05% 12.81% 18.36% 18.97% 17.83%
CAPEX / EBITDA (%) 234.3% 31.18% 21.8% 43.23% 53.47% 97.89% 93.89% 85.02%
CAPEX / FCF (%) -42,343.06% 21.28% 32.2% 60.14% 106.22% 433.07% 885.98% 409.92%

Items per share

        
Cash flow per share 1 0.512 1.47 1.15 1.432 1.649 1.741 1.421 1.8
Change - 187.05% -21.73% 24.53% 15.11% 5.56% -18.36% 26.67%
Dividend per Share 1 - 0.38 0.48 0.4 0.37 0.2588 0.3499 0.3502
Change - - 26.32% -16.67% -7.5% -30.04% 35.18% 0.07%
Book Value Per Share 1 7.55 6.68 5.49 5.27 5.48 5.271 5.393 5.561
Change - -11.52% -17.81% -4.01% 3.98% -3.81% 2.31% 3.11%
EPS 1 -0.162 0.351 0.614 0.853 0.382 0.2324 0.3522 0.4658
Change - 316.67% 74.93% 38.93% -55.22% -39.16% 51.56% 32.25%
Nbr of stocks (in thousands) 6,446,082 6,449,164 4,138,150 2,973,273 3,150,884 3,150,884 3,150,884 3,150,884
Announcement Date 18/05/22 16/05/23 15/05/24 15/05/25 14/05/26 - - -
1SGD
Estimates
2027 *2028 *
P/E 28.5x 18.8x
PBR 1.26x 1.23x
EV / Sales 1.07x 1.12x
Yield 3.9% 5.28%

EPS & Dividend

EPS & Dividend - Singapore Airlines Limited


Y-o-Y evolution of P/E

Valuation ratios - P/E - Singapore Airlines Limited
 

Year-on-year evolution of the Yield

Valuation ratios - Yield - Singapore Airlines Limited
Trader
Investor
Global
Quality
ESG MSCI
-
MarketScreener Ratings - Singapore Airlines Limited
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
14
Last Close Price
6.620SGD
Average target price
7.008SGD
Spread / Average Target
+5.86%

Quarterly revenue - Rate of surprise

Rate of surprise - Net sales - Quarterly - Singapore Airlines Limited
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