Company Valuation: SATS Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 4,870 4,150 3,876 4,577 5,199 5,842 - -
Change - -14.79% -6.6% 18.09% 13.61% 12.35% - -
Enterprise Value (EV) 1 4,595 4,922 7,309 8,127 8,583 9,016 8,666 8,034
Change - 7.12% 48.5% 11.19% 5.62% 5.05% -3.89% -7.29%
P/E 241x -127x 68.4x 19x 18.7x 18.3x 15.4x 13.4x
PBR 3.04x 1.62x 1.63x 1.77x 1.89x 1.95x 1.79x 1.51x
PEG - 1x -0x 0x 1.2x 1.3x 0.8x 0.9x
Capitalization / Revenue 4.14x 2.36x 0.75x 0.79x 0.82x 0.86x 0.81x 0.77x
EV / Revenue 3.9x 2.8x 1.42x 1.4x 1.35x 1.33x 1.2x 1.06x
EV / EBITDA 48.8x 28.4x 8.21x 7.84x 7.49x 7.39x 6.61x 5.7x
EV / EBIT -108x -103x 29.9x 17.1x 15.8x 15.8x 13.3x 11.3x
EV / FCF -295x -124x 22.4x 12.1x 12.5x 13.4x 11.9x 10.1x
FCF Yield -0.34% -0.81% 4.47% 8.24% 7.99% 7.46% 8.38% 9.87%
Dividend per Share 2 - - 0.015 0.05 0.07 0.0738 0.0907 0.117
Rate of return - - 0.58% 1.62% 1.99% 1.88% 2.31% 2.98%
EPS 2 0.018 -0.022 0.038 0.162 0.188 0.2152 0.2552 0.2941
Distribution rate - - 39.5% 30.9% 37.2% 34.3% 35.6% 39.8%
Net sales 1 1,177 1,758 5,150 5,821 6,346 6,795 7,204 7,612
EBITDA 1 94.2 173.2 890.6 1,036 1,146 1,220 1,310 1,409
EBIT 1 -42.6 -48 244.2 475.7 543.3 572.3 651.4 712
Net income 1 20.4 -26.5 56.4 243.8 285.2 321.8 381.1 433.9
Net Debt 1 -275.2 772 3,433 3,550 3,384 3,174 2,824 2,192
Reference price 2 4.340 2.790 2.600 3.080 3.520 3.930 3.930 3.930
Nbr of stocks (in thousands) 1,122,088 1,487,296 1,490,631 1,485,900 1,477,101 1,486,416 - -
Announcement Date 5/30/22 A 5/29/23 A 5/29/24 A 5/23/25 A 5/25/26 A - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.59x1.34x7.48x1.84% 4.7B
15.9x6.22x10.48x4.87% 43.34B
17.62x2.85x8.44x3.67% 12.51B
17.34x5.61x10.69x5.56% 12.42B
155.81x8.56x21.16x-.--% 10.95B
22.09x3.11x7.03x2.21% 8.82B
45.69x16.62x23.43x1.59% 8.45B
19.45x5.53x10.06x3.72% 7.72B
11.16x3.64x6.86x7.35% 7.62B
12.51x2.19x5.99x3.97% 3.99B
Average 33.62x 5.57x 11.16x 3.48% 12.05B
Weighted average by Cap. 31.40x 5.99x 11.39x 3.88%

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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