Financials Seatrium Limited

Equities

Market Closed - Singapore S.E. Other stock markets 05:14:38 2024-04-26 am EDT			5-day change	1st Jan Change
0.089 ^SGD	+1.14%		+15.58%	-24.58%

Apr. 25	Singapore's Keppel profit rises on strong infra, connectivity performance	RE
Apr. 19	Glass Lewis Controversy Alert: Seatrium Limited	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,760	1,795	2,574	4,332	8,050	6,071	-	-
Enterprise Value (EV) ¹	6,772	4,573	4,545	5,330	8,797	6,771	6,469	5,152
P/E ratio	-20.1 x	-1.31 x	-1.26 x	-16.6 x	-3.78 x	39.6 x	13.6 x	11.2 x
Yield	-	-	-	-	-	0.22%	0.9%	0.84%
Capitalization / Revenue	0.96 x	1.19 x	1.38 x	2.22 x	1.1 x	0.79 x	0.69 x	0.67 x
EV / Revenue	2.35 x	3.03 x	2.44 x	2.74 x	1.21 x	0.88 x	0.74 x	0.56 x
EV / EBITDA	88.9 x	-12 x	-4.42 x	-803 x	37.3 x	9.98 x	6.81 x	4.79 x
EV / FCF	-11.1 x	-5.45 x	-7.16 x	5.25 x	18.1 x	-9.95 x	10.2 x	5.92 x
FCF Yield	-9.04%	-18.4%	-14%	19.1%	5.51%	-10.1%	9.83%	16.9%
Price to Book	1.27 x	0.49 x	0.64 x	1.15 x	1.24 x	0.89 x	0.85 x	0.79 x
Nbr of stocks (in thousands)	2,090,905	12,555,229	31,386,834	31,389,099	68,217,076	68,217,076	-	-
Reference price ²	1.320	0.1430	0.0820	0.1380	0.1180	0.0890	0.0890	0.0890
Announcement Date	2/19/20	2/22/21	2/25/22	2/27/23	2/26/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,883	1,510	1,862	1,947	7,291	7,659	8,750	9,129
EBITDA ¹	76.15	-379.8	-1,028	-6.634	236	678.3	950.6	1,075
EBIT ¹	-138.8	-581.5	-1,224	-206.4	-1,573	266.4	557.3	672.6
Operating Margin	-4.81%	-38.51%	-65.73%	-10.6%	-21.57%	3.48%	6.37%	7.37%
Earnings before Tax (EBT) ¹	-177	-670.7	-1,255	-239.7	-1,939	211.3	481.1	632.7
Net income ¹	-137.2	-582.5	-1,171	-261.1	-1,940	165.2	412.9	537.2
Net margin	-4.76%	-38.57%	-62.86%	-13.41%	-26.61%	2.16%	4.72%	5.88%
EPS ²	-0.0657	-0.1088	-0.0649	-0.008300	-0.0312	0.002250	0.006560	0.007930
Free Cash Flow ¹	-612.4	-839.1	-634.8	1,016	484.9	-680.5	636	869.7
FCF margin	-21.25%	-55.56%	-34.09%	52.18%	6.65%	-8.89%	7.27%	9.53%
FCF Conversion (EBITDA)	-	-	-	-	205.48%	-	66.9%	80.92%
FCF Conversion (Net income)	-	-	-	-	-	-	154.05%	161.87%
Dividend per Share ²	-	-	-	-	-	0.000200	0.000800	0.000750
Announcement Date	2/19/20	2/22/21	2/25/22	2/27/23	2/26/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,012	2,777	1,972	998	747	699	398	-
Net Cash position ¹	-	-	-	-	-	-	-	919
Leverage (Debt/EBITDA)	52.68 x	-7.312 x	-1.919 x	-150.4 x	3.165 x	1.031 x	0.4182 x	-
Free Cash Flow ¹	-612	-839	-635	1,016	485	-681	636	870
ROE (net income / shareholders' equity)	-6.12%	-20%	-30.5%	-6.7%	-37.9%	2.5%	6.02%	7.19%
ROA (Net income/ Total Assets)	-0.66%	-6.68%	-12.8%	-2.84%	-15.3%	1.16%	2.7%	3.35%
Assets ¹	20,637	8,720	9,135	9,201	12,664	14,240	15,291	16,037
Book Value Per Share ²	1.040	0.2900	0.1300	0.1200	0.0900	0.1000	0.1000	0.1100
Cash Flow per Share ²	-0.1400	-0.1400	-0.0300	0.0300	0.0100	0.0100	0.0100	0.0200
Capex ¹	316	89.2	45.7	23.3	116	140	140	131
Capex / Sales	10.97%	5.91%	2.46%	1.2%	1.59%	1.83%	1.6%	1.44%
Announcement Date	2/19/20	2/22/21	2/25/22	2/27/23	2/26/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.089 SGD

Average target price

0.1388 SGD

Spread / Average Target

+55.93%

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