Company Valuation: NetLink NBN Trust

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 3,800 3,351 3,332 3,429 3,761 3,624 - -
Change - -11.79% -0.58% 2.92% 9.66% -3.63% - -
Enterprise Value (EV) 1 4,352 3,916 3,946 3,973 4,534 4,418 4,450 4,449
Change - -10.02% 0.76% 0.7% 14.11% -2.56% 0.73% -0.01%
P/E 41.7x 30.7x 32.3x 35.9x 45.1x 42.7x 42.8x 41.4x
PBR 1.4x 1.27x 1.32x 1.43x 1.66x 1.72x 1.82x 1.95x
PEG - 1.6x -6.03x -4.76x -3.6x 23.43x -155.44x 11.84x
Capitalization / Revenue 10.1x 8.31x 8.1x 8.43x 9.1x 8.67x 8.52x 8.4x
EV / Revenue 11.5x 9.71x 9.59x 9.76x 11x 10.6x 10.5x 10.3x
EV / EBITDA 16.5x 13.3x 13.5x 13.8x 16x 15.3x 15.4x 15.3x
EV / EBIT 46.1x 31.5x 33x 35.9x 46.5x 43.9x 44.5x 44.3x
EV / FCF 23.5x 20.7x 22.4x 29.3x 26.1x 29x 23.5x 23.4x
FCF Yield 4.25% 4.83% 4.46% 3.42% 3.84% 3.45% 4.26% 4.28%
Dividend per Share 2 0.0513 0.0524 0.053 0.0536 0.0542 0.0541 0.0549 0.0557
Rate of return 5.26% 6.09% 6.2% 6.09% 5.62% 5.82% 5.9% 5.99%
EPS 2 0.0234 0.028 0.0265 0.0245 0.0214 0.0218 0.0217 0.0225
Distribution rate 219% 187% 200% 219% 253% 248% 253% 248%
Net sales 1 377.6 403.5 411.3 407 413.4 417.9 425.1 431.3
EBITDA 1 264.1 295 292.4 288.1 282.9 288.5 289.8 291.2
EBIT 1 94.36 124.4 119.5 110.5 97.54 100.6 100.1 100.5
Net income 1 91.26 109.3 103.2 95.35 83.31 84.81 86.21 88.71
Net Debt 1 552.3 564.5 613.7 543.8 773.2 793.6 825.7 825.3
Reference price 2 0.9750 0.8600 0.8550 0.8800 0.9650 0.9300 0.9300 0.9300
Nbr of stocks (in thousands) 3,896,971 3,896,971 3,896,971 3,896,971 3,896,971 3,896,971 - -
Announcement Date 5/17/22 5/18/23 5/16/24 5/15/25 5/14/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
42.91x10.62x15.38x5.79% 2.85B
11.56x1.34x4.22x6.73% 227B
9.98x2.47x6.49x6.25% 187B
12.52x2.08x5.35x4.36% 139B
39.3x8.38x15.47x - 134B
11.89x1x3.76x6.43% 90.16B
13.62x1.87x8.14x3.07% 90.03B
13.68x2.04x5.13x2.4% 74.26B
13.9x2.58x8.16x5.3% 55.21B
22.06x5.1x18.64x4.92% 52.32B
Average 19.14x 3.75x 9.08x 5.03% 105.11B
Weighted average by Cap. 16.03x 2.88x 7.53x 5.34%

Y-o-Y evolution of P/E

Valuation ratios - P/E - NetLink NBN Trust

Historical PBR trend

Valuation ratios - PBR - NetLink NBN Trust

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - NetLink NBN Trust

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - NetLink NBN Trust


Year-on-year evolution of the Yield

Valuation ratios - Yield - NetLink NBN Trust
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