Financials Singapore Telecommunications Limited

Equities

Z74

SG1T75931496

Integrated Telecommunications Services

Market Closed - Singapore S.E. Other stock markets 04:42:07 2024-04-26 am EDT			5-day change	1st Jan Change
2.41 ^SGD	-0.41%		+2.55%	-2.82%

Apr. 19	Singtel Partners with Vonage to Accelerate Global Enterprise and Telco Innovation and Digital Transformation	CI
Apr. 04	Brookfield and Singtel Reportedly End Optus Sale Talks	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,292	41,459	40,294	43,581	40,600	39,773	-	-
Enterprise Value (EV) ¹	59,444	53,958	52,659	53,319	49,825	48,104	48,275	48,439
P/E ratio	16 x	38.7 x	72.2 x	22.4 x	18.4 x	16.4 x	15.8 x	13.8 x
Yield	5.79%	4.82%	3.07%	3.52%	5.85%	5.31%	5.46%	6.14%
Capitalization / Revenue	2.84 x	2.51 x	2.58 x	2.84 x	2.78 x	2.76 x	2.67 x	2.59 x
EV / Revenue	3.42 x	3.26 x	3.37 x	3.48 x	3.41 x	3.33 x	3.24 x	3.16 x
EV / EBITDA	12.7 x	11.9 x	13.7 x	14.2 x	13.5 x	12.9 x	12.3 x	11.8 x
EV / FCF	16.3 x	14.3 x	15.5 x	17.3 x	19.1 x	13.8 x	13.3 x	12.3 x
FCF Yield	6.14%	7.01%	6.45%	5.78%	5.24%	7.25%	7.51%	8.11%
Price to Book	1.65 x	1.55 x	1.51 x	1.55 x	1.56 x	1.48 x	1.45 x	1.41 x
Nbr of stocks (in thousands)	16,322,018	16,322,326	16,513,963	16,507,889	16,503,958	16,503,347	-	-
Reference price ²	3.020	2.540	2.440	2.640	2.460	2.410	2.410	2.410
Announcement Date	5/14/19	5/27/20	5/26/21	5/26/22	5/24/23	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,372	16,542	15,644	15,339	14,624	14,434	14,881	15,343
EBITDA ¹	4,692	4,541	3,832	3,767	3,686	3,730	3,929	4,114
EBIT ¹	2,470	1,961	1,147	1,045	1,112	1,193	1,323	1,456
Operating Margin	14.22%	11.86%	7.33%	6.81%	7.6%	8.26%	8.89%	9.49%
Earnings before Tax (EBT) ¹	3,746	1,565	754	2,621	2,598	3,586	3,372	3,755
Net income ¹	3,095	1,075	553.7	1,948	2,225	3,008	2,530	2,838
Net margin	17.82%	6.5%	3.54%	12.7%	15.21%	20.84%	17%	18.49%
EPS ²	0.1893	0.0656	0.0338	0.1176	0.1340	0.1473	0.1530	0.1751
Free Cash Flow ¹	3,650	3,781	3,395	3,081	2,613	3,489	3,626	3,928
FCF margin	21.01%	22.85%	21.7%	20.08%	17.87%	24.17%	24.36%	25.6%
FCF Conversion (EBITDA)	77.78%	83.25%	88.59%	81.77%	70.89%	93.55%	92.29%	95.46%
FCF Conversion (Net income)	117.92%	351.82%	613.08%	158.11%	117.43%	116.01%	143.33%	138.42%
Dividend per Share ²	0.1750	0.1225	0.0750	0.0930	0.1440	0.1280	0.1316	0.1480
Announcement Date	5/14/19	5/27/20	5/26/21	5/26/22	5/24/23	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	7,425	8,219	-	3,855	7,652	3,913	3,773	7,687	3,584	3,675	7,259	3,713	3,652	7,366	3,488	3,540	3,593	3,578	-	-	-
EBITDA	1,903	1,928	-	-	1,929	-	-	1,839	-	-	1,878	-	-	1,808	-	-	-	-	-	-	-
EBIT ¹	595.9	550.9	-	260.4	572.4	313	221.8	472.4	328	251	579	288	311	-	300	279.6	324	264.7	-	-	-
Operating Margin	8.03%	6.7%	-	6.75%	7.48%	8%	5.88%	6.15%	9.15%	6.83%	7.98%	7.76%	8.51%	-	8.6%	7.9%	9.02%	7.4%	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	-	-	-	-	-	-	-	-	-	-	1,170	-	-	-	-	-	465	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	16.11%	-	-	-	-	-	12.94%	-	-	-	-
EPS ²	-	-	-	0.0300	-	-	0.0200	-	-	0.0300	-	-	-	-	-	-	0.0385	0.0366	-	-	-
Dividend per Share ²	-	-	-	4.500	-	-	0.0480	-	-	0.0460	-	-	0.0490	-	-	0.0520	0.0650	0.0562	-	0.0640	-
Announcement Date	11/11/20	5/26/21	8/10/21	11/10/21	11/10/21	2/14/22	5/26/22	5/26/22	8/24/22	11/9/22	11/9/22	2/15/23	5/24/23	5/24/23	8/21/23	11/8/23	2/22/24	-	-	-	-

¹SGD in Million²SGD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,151	12,499	12,365	9,739	9,225	8,331	8,502	8,665
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.164 x	2.752 x	3.227 x	2.585 x	2.503 x	2.234 x	2.164 x	2.106 x
Free Cash Flow ¹	3,650	3,781	3,395	3,081	2,613	3,489	3,626	3,928
ROE (net income / shareholders' equity)	9.48%	8.68%	6.51%	7.14%	7.59%	8.73%	9.46%	10.4%
ROA (Net income/ Total Assets)	5.8%	5.02%	3.57%	4.01%	4.29%	5.55%	5.33%	5.84%
Assets ¹	53,362	21,402	15,488	48,564	51,841	54,155	47,494	48,619
Book Value Per Share ²	1.830	1.640	1.620	1.700	1.580	1.620	1.660	1.710
Cash Flow per Share ²	0.3300	0.3600	0.3400	0.3200	0.2900	0.2300	0.2500	0.2600
Capex ¹	1,718	2,037	2,214	2,217	2,162	2,451	2,508	2,173
Capex / Sales	9.89%	12.31%	14.15%	14.45%	14.79%	16.98%	16.85%	14.16%
Announcement Date	5/14/19	5/27/20	5/26/21	5/26/22	5/24/23	-	-	-

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 Singapore Telecommunications Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.41 SGD

Average target price

3.082 SGD

Spread / Average Target

+27.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
SINGAPORE TELECOMMUNICATIONS LIMITED	-2.82%	29.19B
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B

Other Integrated Telecommunications Services