Company Valuation: Singapore Airlines Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 35,453 36,954 26,484 20,189 20,796 21,867 - -
Change - 4.23% -28.33% -23.77% 3.01% 5.15% - -
Enterprise Value (EV) 1 37,386 35,965 28,663 24,846 23,509 24,621 25,573 26,244
Change - -3.8% -20.3% -13.32% -5.38% 4.73% 3.87% 2.63%
P/E -34x 16.3x 10.4x 7.96x 17.3x 27.4x 16.3x 14.2x
PBR 0.73x 0.86x 1.17x 1.29x 1.2x 1.31x 1.28x 1.24x
PEG - -0x 0.1x 0.2x -0.3x -0.8x 0.2x 1x
Capitalization / Revenue 4.66x 2.08x 1.39x 1.03x 1.01x 0.99x 0.98x 0.94x
EV / Revenue 4.91x 2.02x 1.51x 1.27x 1.15x 1.11x 1.15x 1.13x
EV / EBITDA 28.7x 7x 5.08x 6.07x 4.78x 5.85x 5.55x 5.34x
EV / EBIT -61.3x 13.4x 10.5x 14.5x 9.9x 14.9x 12.9x 12.6x
EV / FCF -5,192x 4.78x 7.5x 8.45x 9.5x 26.1x 53.4x 26.2x
FCF Yield -0.02% 20.9% 13.3% 11.8% 10.5% 3.84% 1.87% 3.82%
Dividend per Share 2 - 0.38 0.48 0.4 0.37 0.2515 0.3593 0.3606
Rate of return - 6.63% 7.5% 5.89% 5.61% 3.62% 5.18% 5.2%
EPS 2 -0.162 0.351 0.614 0.853 0.382 0.2531 0.427 0.4903
Distribution rate - 108% 78.2% 46.9% 96.9% 99.4% 84.1% 73.5%
Net sales 1 7,615 17,775 19,013 19,540 20,522 22,098 22,312 23,214
EBITDA 1 1,301 5,137 5,648 4,090 4,916 4,206 4,606 4,910
EBIT 1 -609.7 2,692 2,728 1,709 2,374 1,655 1,976 2,080
Net income 1 -962 2,157 2,675 2,778 1,184 753.3 1,189 1,517
Net Debt 1 1,932 -988.3 2,179 4,657 2,714 2,753 3,706 4,377
Reference price 2 5.500 5.730 6.400 6.790 6.600 6.940 6.940 6.940
Nbr of stocks (in thousands) 6,446,082 6,449,164 4,138,150 2,973,273 3,150,884 3,150,884 - -
Announcement Date 18/05/22 16/05/23 15/05/24 15/05/25 14/05/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.42x1.11x5.85x3.62% 17.22B
12.68x0.92x7.08x0.94% 53.9B
10.13x0.8x6.49x-.--% 36.73B
13.15x1.33x5.98x1.9% 27.96B
8.12x0.8x3.74x2.22% 25.38B
67.38x2.31x13.44x0.06% 20.65B
-11.42x1.58x11.68x-.--% 15.9B
-67.12x1.52x9.1x-.--% 11.89B
8.45x0.97x4.78x5.74% 11.3B
8.11x0.39x3.77x3.86% 10.67B
Average 7.69x 1.17x 7.19x 1.84% 23.16B
Weighted average by Cap. 11.64x 1.13x 7.12x 1.43%

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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