Financials Singapore Airlines Limited

Equities

C6L

SG1V61937297

Airlines

Market Closed - Singapore S.E. 05:08:57 2024-05-20 am EDT 5-day change 1st Jan Change
6.77 SGD -0.15% Intraday chart for Singapore Airlines Limited +0.30% +3.20%

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 6,803 23,696 35,453 36,954 26,484 24,172 - -
Enterprise Value (EV) 1 15,148 30,250 37,386 35,965 26,484 28,548 29,562 29,668
P/E ratio -32.1 x -4.8 x -34 x 16.3 x 10.4 x 9.55 x 14.8 x 13.2 x
Yield 1.39% - - 6.63% - 4.69% 3.61% 3.89%
Capitalization / Revenue 0.43 x 6.21 x 4.66 x 2.08 x 1.39 x 1.26 x 1.23 x 1.2 x
EV / Revenue 0.95 x 7.93 x 4.91 x 2.02 x 1.39 x 1.49 x 1.51 x 1.47 x
EV / EBITDA 6.73 x -81.6 x 28.7 x 7 x 4.69 x 6.19 x 7.09 x 7.05 x
EV / FCF -6.39 x -5.05 x -5,192 x 4.78 x - 68.8 x 82.1 x -
FCF Yield -15.7% -19.8% -0.02% 20.9% - 1.45% 1.22% -
Price to Book 0.73 x 1.04 x 0.73 x 0.86 x - 1.28 x 1.21 x 1.21 x
Nbr of stocks (in thousands) 1,185,128 4,269,600 6,446,082 6,449,164 4,138,150 3,565,169 - -
Reference price 2 5.740 5.550 5.500 5.730 6.400 6.780 6.780 6.780
Announcement Date 5/14/20 5/19/21 5/18/22 5/16/23 5/15/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 15,976 3,816 7,615 17,775 19,013 19,163 19,590 20,154
EBITDA 1 2,251 -370.8 1,301 5,137 5,648 4,615 4,168 4,210
EBIT 1 844.7 -2,512 -609.7 2,692 2,728 2,185 1,579 1,765
Operating Margin 5.29% -65.84% -8.01% 15.15% 14.35% 11.4% 8.06% 8.76%
Earnings before Tax (EBT) 1 -220.2 -4,957 -1,090 2,637 3,037 2,814 1,455 1,886
Net income 1 -212 -4,271 -962 2,157 2,675 2,363 1,359 1,521
Net margin -1.33% -111.92% -12.63% 12.13% 14.07% 12.33% 6.94% 7.55%
EPS 2 -0.1790 -1.156 -0.1620 0.3510 0.6140 0.7097 0.4570 0.5118
Free Cash Flow 1 -2,372 -5,988 -7.2 7,528 - 415 360 -
FCF margin -14.84% -156.92% -0.09% 42.35% - 2.17% 1.84% -
FCF Conversion (EBITDA) - - - 146.54% - 8.99% 8.64% -
FCF Conversion (Net income) - - - 349.05% - 17.56% 26.49% -
Dividend per Share 2 0.0800 - - 0.3800 - 0.3182 0.2451 0.2638
Announcement Date 5/14/20 5/19/21 5/18/22 5/16/23 5/15/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1
Net sales 1 2,316 2,472 - - 4,846 4,512 4,479 4,683 5,082 4,769 4,595 4,829 5,222 4,996 -
EBITDA - - - - - - - - - - - - - - -
EBIT 1 76 -66.7 - - 755 703.1 754.5 799.3 609 565 348.6 573.7 636.5 588 -
Operating Margin 3.28% -2.7% - - 15.58% 15.58% 16.84% 17.07% 11.98% 11.85% 7.59% 11.88% 12.19% 11.77% -
Earnings before Tax (EBT) 1 -71.2 - - - - - - 852 - - 389.1 614.2 677 628.4 -
Net income 1 85 -210 - - 628 601.9 734 707.1 659 575 321.7 508.6 560.7 520.4 -
Net margin 3.67% -8.5% - - 12.96% 13.34% 16.39% 15.1% 12.97% 12.06% 7% 10.53% 10.74% 10.41% -
EPS 2 0.0130 -0.0320 - - 0.1010 0.1090 0.2470 0.2380 0.1560 0.1550 0.1086 0.1716 0.1892 0.1756 -
Dividend per Share 2 - - - - - 0.3800 - 0.1000 - - - 0.1000 - 0.1568 -
Announcement Date 2/24/22 5/18/22 8/16/22 11/16/22 2/21/23 5/16/23 7/27/23 11/7/23 2/20/24 5/15/24 - - - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 8,345 6,554 1,932 - - 4,376 5,390 5,496
Net Cash position 1 - - - 988 - - - -
Leverage (Debt/EBITDA) 3.708 x -17.68 x 1.485 x - - 0.9482 x 1.293 x 1.306 x
Free Cash Flow 1 -2,372 -5,988 -7.2 7,528 - 415 360 -
ROE (net income / shareholders' equity) -1.88% -33.9% -5.02% 10.2% - 13.9% 8.56% 9.29%
ROA (Net income/ Total Assets) -0.66% -12% -2.23% 4.41% - 5.58% 3.1% 3.35%
Assets 1 32,107 35,647 43,125 48,886 - 42,393 43,893 45,395
Book Value Per Share 2 7.860 5.360 7.550 6.680 - 5.310 5.590 5.620
Cash Flow per Share 2 2.310 -0.8900 0.5100 1.470 - 1.710 1.480 -
Capex 1 5,104 2,696 3,049 1,602 - 2,960 3,850 3,100
Capex / Sales 31.94% 70.64% 40.04% 9.01% - 15.45% 19.65% 15.38%
Announcement Date 5/14/20 5/19/21 5/18/22 5/16/23 5/15/24 - - -
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
HOLD
Number of Analysts
11
Last Close Price
6.78 SGD
Average target price
6.861 SGD
Spread / Average Target
+1.19%
Consensus
  1. Stock Market
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  3. C6L Stock
  4. Financials Singapore Airlines Limited
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