Financials DBS Group Holdings Ltd

Equities

D05

SG1L01001701

Banks

Market Closed - Singapore S.E. 05:06:00 2024-05-15 am EDT 5-day change 1st Jan Change
35.31 SGD -0.42% Intraday chart for DBS Group Holdings Ltd -1.12% +16.26%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 66,101 63,879 83,882 87,297 86,169 100,852 - -
Enterprise Value (EV) 1 66,101 63,879 83,882 87,297 86,169 100,852 100,852 100,852
P/E ratio 10.5 x 13.8 x 12.5 x 10.8 x 8.63 x 9.51 x 9.64 x 9.54 x
Yield 4.75% 3.47% 3.67% 4.42% 5.75% 6.22% 6.68% 7.25%
Capitalization / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 4.75 x 4.64 x 4.52 x
EV / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 4.75 x 4.64 x 4.52 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.35 x 1.25 x 1.52 x 1.6 x 1.44 x 1.54 x 1.46 x 1.42 x
Nbr of stocks (in thousands) 2,809,534 2,806,173 2,825,176 2,830,992 2,837,056 2,844,110 - -
Reference price 2 23.53 22.76 29.69 30.84 30.37 35.46 35.46 35.46
Announcement Date 2/12/20 2/9/21 2/13/22 2/13/23 2/7/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,544 14,592 14,297 16,709 20,180 21,253 21,726 22,319
EBITDA - - - - - - - -
EBIT 1 8,286 8,434 7,828 9,412 12,124 12,295 12,451 12,690
Operating Margin 56.97% 57.8% 54.75% 56.33% 60.08% 57.85% 57.31% 56.86%
Earnings before Tax (EBT) 1 7,583 5,368 7,776 9,382 11,486 12,084 12,000 12,161
Net income 1 6,391 4,721 6,805 8,193 10,062 10,466 10,383 10,453
Net margin 43.94% 32.35% 47.6% 49.03% 49.86% 49.25% 47.79% 46.84%
EPS 2 2.236 1.645 2.373 2.864 3.518 3.730 3.677 3.715
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.118 0.7909 1.091 1.364 1.745 2.205 2.370 2.569
Announcement Date 2/12/20 2/9/21 2/13/22 2/13/23 2/7/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 6,840 3,561 3,293 3,747 3,792 4,544 4,626 4,936 5,045 5,192 5,007 5,557 5,350 5,324 5,197 5,375
EBITDA - - - - - - - - - - - - - - - -
EBIT 1 3,721 1,893 1,622 2,103 2,134 2,719 2,456 3,054 3,114 3,154 2,802 3,478 - - - -
Operating Margin 54.4% 53.16% 49.26% 56.12% 56.28% 59.84% 53.09% 61.87% 61.72% 60.75% 55.96% 62.59% - - - -
Earnings before Tax (EBT) 1 - 1,963 1,589 2,048 2,088 2,541 2,705 2,956 3,084 3,001 2,445 2,884 2,960 2,900 2,735 2,960
Net income 1 - 1,700 1,393 1,801 1,815 2,236 2,341 2,571 2,629 2,593 2,269 2,951 - - - 2,560
Net margin - 47.74% 42.3% 48.07% 47.86% 49.21% 50.61% 52.09% 52.11% 49.94% 45.32% 53.1% - - - 47.62%
EPS 2 - 0.5864 0.4796 0.6386 0.6394 1.046 0.5400 0.9136 0.9182 0.9091 3.273 4.570 0.9400 0.9000 0.8100 0.9414
Dividend per Share 2 - 0.3000 0.3273 0.3273 0.3273 0.3273 0.3818 0.3818 0.4364 0.4364 0.4909 0.5400 0.7400 0.5400 0.6000 0.6000
Announcement Date 2/9/21 11/5/21 2/13/22 4/28/22 8/3/22 11/2/22 2/13/23 5/1/23 8/2/23 11/5/23 2/7/24 5/1/24 - - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 13.2% 9.1% 12.5% 15% 18% 16.5% 15.6% 15.2%
ROA (Net income/ Total Assets) 1.13% 0.75% 1.02% 1.12% 1.38% 1.39% 1.34% 1.29%
Assets 1 565,575 629,467 667,157 731,518 729,130 752,191 775,332 810,705
Book Value Per Share 2 17.40 18.30 19.50 19.20 21.00 23.10 24.30 25.00
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/12/20 2/9/21 2/13/22 2/13/23 2/7/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
18
Last Close Price
35.46 SGD
Average target price
38.14 SGD
Spread / Average Target
+7.57%
Consensus
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