Company Valuation: Singapore Airlines Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 35,453 36,954 26,484 20,189 20,796 21,300 - -
Change - 4.23% -28.33% -23.77% 3.01% 2.42% - -
Enterprise Value (EV) 1 37,386 35,965 28,663 24,846 23,509 24,053 25,006 25,677
Change - -3.8% -20.3% -13.32% -5.38% 2.31% 3.96% 2.68%
P/E -34x 16.3x 10.4x 7.96x 17.3x 28x 17.7x 15.2x
PBR 0.73x 0.86x 1.17x 1.29x 1.2x 1.29x 1.27x 1.25x
PEG - -0x 0.1x 0.2x -0.3x -0.8x 0.3x 0.9x
Capitalization / Revenue 4.66x 2.08x 1.39x 1.03x 1.01x 0.97x 0.96x 0.92x
EV / Revenue 4.91x 2.02x 1.51x 1.27x 1.15x 1.09x 1.13x 1.11x
EV / EBITDA 28.7x 7x 5.08x 6.07x 4.78x 5.82x 5.54x 5.33x
EV / EBIT -61.3x 13.4x 10.5x 14.5x 9.9x 15.1x 13.2x 12.9x
EV / FCF -5,192x 4.78x 7.5x 8.45x 9.5x 25.5x 52.3x 25.6x
FCF Yield -0.02% 20.9% 13.3% 11.8% 10.5% 3.93% 1.91% 3.91%
Dividend per Share 2 - 0.38 0.48 0.4 0.37 0.2483 0.3444 0.3544
Rate of return - 6.63% 7.5% 5.89% 5.61% 3.67% 5.09% 5.24%
EPS 2 -0.162 0.351 0.614 0.853 0.382 0.2417 0.381 0.4436
Distribution rate - 108% 78.2% 46.9% 96.9% 103% 90.4% 79.9%
Net sales 1 7,615 17,775 19,013 19,540 20,522 22,002 22,221 23,100
EBITDA 1 1,301 5,137 5,648 4,090 4,916 4,133 4,513 4,817
EBIT 1 -609.7 2,692 2,728 1,709 2,374 1,592 1,890 1,996
Net income 1 -962 2,157 2,675 2,778 1,184 716.5 1,189 1,387
Net Debt 1 1,932 -988.3 2,179 4,657 2,714 2,753 3,706 4,377
Reference price 2 5.500 5.730 6.400 6.790 6.600 6.760 6.760 6.760
Nbr of stocks (in thousands) 6,446,082 6,449,164 4,138,150 2,973,273 3,150,884 3,150,884 - -
Announcement Date 5/18/22 A 5/16/23 A 5/15/24 A 5/15/25 A 5/14/26 A - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.97x1.09x5.82x3.67% 16.74B
11.98x0.87x6.73x1.02% 49.96B
9.37x0.76x6.25x-.--% 33.96B
12.97x1.31x5.88x1.93% 27.38B
8.11x0.79x3.74x2.23% 25.16B
66.62x2.29x13.31x0.06% 20.58B
-51.12x1.6x10.34x-.--% 11.86B
8.14x0.39x3.78x3.85% 10.64B
-482.71x1.62x9.64x-.--% 10.55B
9.69x0.78x4.34x4.23% 9.94B
Average -37.90x 1.15x 6.98x 1.7% 21.68B
Weighted average by Cap. -10.16x 1.10x 6.84x 1.41%

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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