Financials SIA Engineering Company Limited

Equities

S59

SG1I53882771

Airport Services

Market Closed - Singapore S.E. Other stock markets 05:04:05 2024-05-17 am EDT			5-day change	1st Jan Change
2.33 ^SGD	-0.43%		+3.10%	-1.69%

10:09am	SIA Engineering Repurchases More Shares	MT
May. 16	SIA Engineering Buys Back Shares	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	1,916	2,433	2,862	2,524	2,536	2,614	-	-
Enterprise Value (EV) ¹	1,409	1,902	2,307	2,524	2,536	3,179	3,191	2,614
P/E ratio	9.91 x	-217 x	42.5 x	38.2 x	26.2 x	16.9 x	15.8 x	14.5 x
Yield	4.68%	-	-	-	-	4.51%	4.88%	4.72%
Capitalization / Revenue	1.93 x	5.49 x	5.06 x	3.17 x	2.32 x	2.1 x	1.92 x	1.9 x
EV / Revenue	1.42 x	4.29 x	4.07 x	3.17 x	2.32 x	2.55 x	2.35 x	1.9 x
EV / EBITDA	9.8 x	41.2 x	55.6 x	67 x	38.8 x	32.2 x	28.2 x	21.7 x
EV / FCF	26 x	12.6 x	214 x	-	-	30.5 x	21.5 x	17 x
FCF Yield	3.85%	7.92%	0.47%	-	-	3.28%	4.65%	5.89%
Price to Book	1.18 x	1.59 x	1.78 x	-	-	1.48 x	1.44 x	1.39 x
Nbr of stocks (in thousands)	1,120,314	1,121,403	1,122,512	1,121,990	1,122,180	1,121,965	-	-
Reference price ²	1.710	2.170	2.550	2.250	2.260	2.330	2.330	2.330
Announcement Date	5/8/20	5/4/21	5/5/22	5/8/23	5/10/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	994.1	443	566.1	796	1,094	1,248	1,360	1,372
EBITDA ¹	143.8	46.2	41.46	37.7	65.44	98.76	113.3	120.5
EBIT ¹	67.7	-25	-21.87	-26.25	2.356	34.73	59.8	52
Operating Margin	6.81%	-5.64%	-3.86%	-3.3%	0.22%	2.78%	4.4%	3.79%
Earnings before Tax (EBT) ¹	204.5	-35.6	49.16	65.55	99.3	168	186.1	194
Net income ¹	193.8	-11.2	67.61	66.39	97.1	156.9	167.4	179.8
Net margin	19.5%	-2.53%	11.94%	8.34%	8.87%	12.58%	12.31%	13.1%
EPS ²	0.1726	-0.0100	0.0600	0.0589	0.0861	0.1380	0.1478	0.1610
Free Cash Flow ¹	54.3	150.6	10.77	-	-	104.4	148.3	154
FCF margin	5.46%	34%	1.9%	-	-	8.36%	10.91%	11.22%
FCF Conversion (EBITDA)	37.76%	325.97%	25.98%	-	-	105.67%	130.89%	127.76%
FCF Conversion (Net income)	28.02%	-	15.93%	-	-	66.51%	88.61%	85.65%
Dividend per Share ²	0.0800	-	-	-	-	0.1050	0.1136	0.1100
Announcement Date	5/8/20	5/4/21	5/5/22	5/8/23	5/10/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q3
Net sales ¹	-	190.7	-	-	291.7
EBITDA	-	-	-	-	-
EBIT ¹	-	-6.8	-	-2.951	-3.4
Operating Margin	-	-3.57%	-	-	-1.17%
Earnings before Tax (EBT)	-	-	-	-	-
Net income ¹	12.8	-	12.8	21.09	26.9
Net margin	-	-	-	-	9.22%
EPS	0.0113	-	0.0114	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	7/25/22	11/1/22	2/17/23	5/8/23	2/15/24

¹SGD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	565	577	-
Net Cash position ¹	507	532	556	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	5.721 x	5.092 x	-
Free Cash Flow ¹	54.3	151	10.8	-	-	104	148	154
ROE (net income / shareholders' equity)	12.3%	-0.7%	4.3%	-	-	9.14%	9.4%	9.88%
ROA (Net income/ Total Assets)	10.1%	-0.59%	3.71%	-	-	7.06%	7.47%	7.74%
Assets ¹	1,925	1,908	1,824	-	-	2,221	2,240	2,322
Book Value Per Share ²	1.450	1.370	1.440	-	-	1.570	1.620	1.680
Cash Flow per Share ²	0.0800	0.0500	0.0400	-	-	0.1000	0.1100	-
Capex ¹	36.8	15.2	18.4	-	-	35	33.8	35
Capex / Sales	3.7%	3.43%	3.26%	-	-	2.81%	2.48%	2.55%
Announcement Date	5/8/20	5/4/21	5/5/22	5/8/23	5/10/24	-	-	-

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

Ratings for SIA Engineering Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.33 SGD

Average target price

2.71 SGD

Spread / Average Target

+16.31%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Airport Services

	1st Jan change	Capi.
SIA ENGINEERING COMPANY LIMITED	-1.69%	1.95B
AENA S.M.E., S.A.	+8.96%	29.51B
AÉROPORTS DE PARIS	+8.28%	13.64B
GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V.	+19.09%	10.64B
GRUPO AEROPORTUARIO DEL PACÍFICO, S.A.B. DE C.V.	+9.36%	9.81B
AUCKLAND INTERNATIONAL AIRPORT LIMITED	-13.41%	6.84B
FLUGHAFEN ZÜRICH AG	+9.40%	6.47B
GMR AIRPORTS INFRASTRUCTURE LIMITED	+6.83%	6B
MALAYSIA AIRPORTS HOLDINGS	+38.04%	3.58B
CORPORACIÓN AMÉRICA AIRPORTS S.A.	+14.45%	2.9B

Other Airport Services