Financials StarHub Ltd

Equities

CC3

SG1V12936232

Wireless Telecommunications Services

Market Closed - Singapore S.E. 05:04:34 2024-04-26 am EDT 5-day change 1st Jan Change
1.25 SGD 0.00% Intraday chart for StarHub Ltd +5.04% +12.61%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,459 2,267 2,353 1,797 1,903 2,147 - -
Enterprise Value (EV) 1 3,390 3,181 2,885 2,374 2,540 2,763 2,762 2,778
P/E ratio 13.8 x 15.2 x 16.8 x 33.5 x 13.5 x 13.8 x 12.3 x 11.6 x
Yield 6.34% 3.82% 4.71% 4.81% 6.04% 5.77% 6.27% 6.9%
Capitalization / Revenue 1.06 x 1.12 x 1.15 x 0.77 x 0.8 x 0.9 x 0.87 x 0.86 x
EV / Revenue 1.45 x 1.57 x 1.41 x 1.02 x 1.07 x 1.16 x 1.12 x 1.11 x
EV / EBITDA 5.49 x 5.92 x 5.65 x 5.69 x 5.43 x 5.72 x 5.46 x 5.41 x
EV / FCF 15.5 x 8.21 x 5.95 x 10.7 x 13.7 x 13.5 x 11.1 x 11.8 x
FCF Yield 6.45% 12.2% 16.8% 9.35% 7.32% 7.4% 8.97% 8.45%
Price to Book 4.75 x 4.21 x 3.99 x 3.39 x 3.34 x 3.62 x 3.4 x 3.24 x
Nbr of stocks (in thousands) 1,731,615 1,730,154 1,730,170 1,728,151 1,714,018 1,717,429 - -
Reference price 2 1.420 1.310 1.360 1.040 1.110 1.250 1.250 1.250
Announcement Date 2/20/20 2/19/21 2/11/22 2/8/23 2/8/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,331 2,029 2,043 2,327 2,373 2,389 2,456 2,505
EBITDA 1 617.1 537.8 510.9 417 467.4 483.1 506.2 513.6
EBIT 1 255.9 231.3 231.8 146.2 226.3 233.4 262.9 274.1
Operating Margin 10.98% 11.4% 11.35% 6.28% 9.54% 9.77% 10.7% 10.94%
Earnings before Tax (EBT) 1 218.6 192.8 190.2 93.1 196.6 207.7 237.6 251.5
Net income 1 186.3 157.9 149.3 62.2 149.6 160.6 182.8 193.4
Net margin 7.99% 7.78% 7.31% 2.67% 6.3% 6.72% 7.44% 7.72%
EPS 2 0.1030 0.0860 0.0810 0.0310 0.0820 0.0908 0.1020 0.1080
Free Cash Flow 1 218.6 387.7 484.6 222 185.9 204.3 247.9 234.7
FCF margin 9.38% 19.11% 23.72% 9.54% 7.83% 8.55% 10.09% 9.37%
FCF Conversion (EBITDA) 35.42% 72.09% 94.85% 53.24% 39.77% 42.3% 48.97% 45.7%
FCF Conversion (Net income) 117.34% 245.54% 324.58% 356.91% 124.26% 127.23% 135.6% 121.35%
Dividend per Share 2 0.0900 0.0500 0.0640 0.0500 0.0670 0.0721 0.0784 0.0863
Announcement Date 2/20/20 2/19/21 2/11/22 2/8/23 2/8/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 517.2 551.7 512.7 545.9 590.8 677.9 557.4 548.7 622.1 579.7 592.6 609.7 609.8
EBITDA - - - - - - - - - - - - -
EBIT 1 64.1 63 43.8 49.6 43.7 10.9 51.4 54.8 53.4 56.43 59.15 61.46 62.97
Operating Margin 12.39% 11.42% 8.54% 9.09% 7.4% 1.61% 9.22% 9.99% 8.58% 9.73% 9.98% 10.08% 10.33%
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income - - 29.7 31.2 27.4 - - 39.2 37.3 - - - -
Net margin - - 5.79% 5.72% 4.64% - - 7.14% 6% - - - -
EPS 0.0200 0.0200 0.0200 0.0200 - - - - - - - - -
Dividend per Share - 0.0390 0.0100 0.0250 0.0100 - - - - - - - -
Announcement Date 11/10/21 2/11/22 4/29/22 8/4/22 11/9/22 2/8/23 5/11/23 8/3/23 11/8/23 - - - -
1SGD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 931 915 532 577 637 616 615 631
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.508 x 1.701 x 1.041 x 1.383 x 1.363 x 1.275 x 1.216 x 1.229 x
Free Cash Flow 1 219 388 485 222 186 204 248 235
ROE (net income / shareholders' equity) 36.3% 29.9% 26.5% 11.1% 27.2% 27.1% 28.2% 28.2%
ROA (Net income/ Total Assets) 6.92% 5.57% 4.84% 1.95% 4.85% 5.51% 6.07% 6.19%
Assets 1 2,694 2,833 3,087 3,188 3,084 2,917 3,014 3,126
Book Value Per Share 2 0.3000 0.3100 0.3400 0.3100 0.3300 0.3500 0.3700 0.3900
Cash Flow per Share 2 0.2600 0.3100 0.3000 0.2200 0.2100 0.2400 0.2600 0.2300
Capex 1 230 191 173 161 168 261 238 236
Capex / Sales 9.85% 9.42% 8.45% 6.94% 7.1% 10.94% 9.68% 9.41%
Announcement Date 2/20/20 2/19/21 2/11/22 2/8/23 2/8/24 - - -
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
OUTPERFORM
Number of Analysts
14
Last Close Price
1.25 SGD
Average target price
1.282 SGD
Spread / Average Target
+2.56%
Consensus
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  4. Financials StarHub Ltd