Company Valuation: Singapore Post Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 1,575 1,462 1,125 944.9 1,384 776.7
Change - -7.14% -23.07% -16% 46.45% -43.87%
Enterprise Value (EV) 1 1,468 1,770 1,329 1,440 958.6 534.5
Change - 20.6% -24.92% 8.41% -33.45% -44.24%
P/E 48.1x 21.1x 80.6x 14x 5.91x 15.5x
PBR 1.23x 1.12x 1x 0.83x 1.05x 0.66x
PEG - 0x -1x 0x 0x -0.2x
Capitalization / Revenue 1.12x 0.88x 0.6x 0.56x 1.7x 2.07x
EV / Revenue 1.04x 1.06x 0.71x 0.85x 1.18x 1.42x
EV / EBITDA 12.2x 11.5x 9.51x 11x 13.3x 14x
EV / EBIT 18.5x 15.8x 14.2x 17x 21.6x 45.4x
EV / FCF 8.65x 9.92x 18.9x 181x -8.84x -6.16x
FCF Yield 11.6% 10.1% 5.29% 0.55% -11.3% -16.2%
Dividend per Share 2 0.011 0.018 0.0058 0.0074 0.0034 0.0014
Rate of return 1.57% 2.77% 1.16% 1.76% 0.55% 0.41%
EPS 2 0.0146 0.0309 0.006202 0.03 0.1041 0.0222
Distribution rate 75.6% 58.3% 93.5% 24.7% 3.27% 6.3%
Net sales 1 1,405 1,666 1,872 1,687 813.7 376.1
EBITDA 1 120.2 154.2 139.7 131.1 72.31 38.19
EBIT 1 79.33 112.1 93.4 84.92 44.34 11.77
Net income 1 47.62 83.11 24.68 78.33 245.1 60.88
Net Debt 1 -107.2 307.6 203.8 495.5 -425.3 -242.2
Reference price 2 0.7000 0.6500 0.5000 0.4200 0.6150 0.3450
Nbr of stocks (in thousands) 2,249,578 2,249,578 2,249,740 2,249,700 2,250,100 2,251,268
Announcement Date 6/15/21 A 6/21/22 A 6/19/23 A 6/25/24 A 6/23/25 A 6/23/26 A
1SGD in Million2SGD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 527M
15.49x1.09x7.98x6.98% 79.88B
15.9x0.96x7.07x3.59% 69.49B
13.95x0.85x7.5x2.08% 67.94B
12.6x9.38x28.92x5.46% 41.7B
28.21x1.18x10.12x0.6% 41.68B
24.67x1.16x12.35x3.1% 31.53B
24.05x1.8x17.19x0.84% 24.4B
13.95x0.4x3.99x2.98% 22.92B
9.86x1.41x5.2x4.28% 14.74B
Average 17.63x 2.03x 11.15x 3.32% 39.48B
Weighted average by Cap. 17.30x 1.94x 10.76x 3.68%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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