Company Valuation: Singapore Airlines Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 23,696 35,453 36,954 26,484 20,189 20,638 - -
Change - 49.62% 4.23% -28.33% -23.77% 2.23% - -
Enterprise Value (EV) 1 30,250 37,386 35,965 28,663 24,846 25,580 26,733 26,957
Change - 23.59% -3.8% -20.3% -13.32% 2.96% 4.51% 0.84%
P/E ratio -4.8x -34x 16.3x 10.4x 7.96x 19.4x 17.5x 15.3x
PBR 1.04x 0.73x 0.86x 1.17x 1.29x 1.29x 1.25x 1.22x
PEG - 0.4x -0x 0.1x 0.2x -0.3x 1.7x 1x
Capitalization / Revenue 6.21x 4.66x 2.08x 1.39x 1.03x 1.03x 0.98x 0.96x
EV / Revenue 7.93x 4.91x 2.02x 1.51x 1.27x 1.28x 1.27x 1.26x
EV / EBITDA -81.6x 28.7x 7x 5.08x 6.07x 5.78x 5.92x 5.71x
EV / EBIT -12x -61.3x 13.4x 10.5x 14.5x 13x 13.7x 14x
EV / FCF -5.05x -5,192x 4.78x 7.5x 8.45x 15.3x 67.7x 27.7x
FCF Yield -19.8% -0.02% 20.9% 13.3% 11.8% 6.55% 1.48% 3.6%
Dividend per Share 2 - - 0.38 0.48 0.4 0.2686 0.2446 0.2777
Rate of return - - 6.63% 7.5% 5.89% 4.1% 3.73% 4.24%
EPS 2 -1.156 -0.162 0.351 0.614 0.853 0.3384 0.3734 0.4287
Distribution rate - - 108% 78.2% 46.9% 79.4% 65.5% 64.8%
Net sales 1 3,816 7,615 17,775 19,013 19,540 19,997 21,035 21,397
EBITDA 1 -370.8 1,301 5,137 5,648 4,090 4,427 4,517 4,722
EBIT 1 -2,512 -609.7 2,692 2,728 1,709 1,961 1,948 1,926
Net income 1 -4,271 -962 2,157 2,675 2,778 1,085 1,189 1,362
Net Debt 1 6,554 1,932 -988.3 2,179 4,657 4,942 6,095 6,319
Reference price 2 5.550 5.500 5.730 6.400 6.790 6.550 6.550 6.550
Nbr of stocks (in thousands) 4,269,600 6,446,082 6,449,164 4,138,150 2,973,273 3,150,884 - -
Announcement Date 5/19/21 5/18/22 5/16/23 5/15/24 5/15/25 - - -
1SGD in Million2SGD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.51x1.29x5.81x4.07% 16.34B
13.92x0.87x7.35x1.11% 45.67B
11.65x1.48x6.1x1.94% 29.55B
8.8x0.75x6.08x-.--% 30.85B
6.46x0.72x3.31x2.52% 23.58B
440.58x2.4x12.75x0.22% 19.15B
-11.9x1.73x12.52x-.--% 16.01B
-98.53x1.65x9.96x0.17% 13.9B
-16.42x1.7x10.26x-.--% 13.6B
7.16x0.36x3.53x4.17% 10.67B
Average 38.12x 1.30x 7.77x 1.42% 21.93B
Weighted average by Cap. 38.55x 1.22x 7.46x 1.3%

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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