Financials Singapore Telecommunications Limited

Equities

Z74

SG1T75931496

Integrated Telecommunications Services

Market Closed - Singapore S.E. Other stock markets 04:58:08 2024-05-31 am EDT			5-day change	1st Jan Change
2.47 ^SGD	-.--%		+2.07%	-0.40%

May. 31	PT Telekomunikasi Indonesia International Announces Partnership with Singtel to Develop Subsea Cable System Enhancing DC-to-DC Connectivity Between Singapore and Batam	CI
May. 30	SingTel Denies Report of $1 Billion Data Center Stake Purchase With KKR	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	41,459	40,294	43,581	40,600	41,753	40,928	-	-
Enterprise Value (EV) ¹	53,958	52,659	53,319	49,825	41,753	48,858	48,725	48,233
P/E ratio	38.7 x	72.2 x	22.4 x	18.4 x	53.3 x	16.1 x	14.3 x	12.7 x
Yield	4.82%	3.07%	3.52%	5.85%	-	6.28%	6.91%	7.57%
Capitalization / Revenue	2.51 x	2.58 x	2.84 x	2.78 x	2.96 x	2.8 x	2.72 x	2.66 x
EV / Revenue	3.26 x	3.37 x	3.48 x	3.41 x	2.96 x	3.34 x	3.24 x	3.14 x
EV / EBITDA	11.9 x	13.7 x	14.2 x	13.5 x	11.6 x	12.5 x	11.9 x	11.5 x
EV / FCF	14.3 x	15.5 x	17.3 x	19.1 x	-	24.4 x	17.6 x	12.9 x
FCF Yield	7.01%	6.45%	5.78%	5.24%	-	4.1%	5.7%	7.76%
Price to Book	1.55 x	1.51 x	1.55 x	1.56 x	-	1.61 x	1.57 x	1.57 x
Nbr of stocks (in thousands)	16,322,326	16,513,963	16,507,889	16,503,958	16,503,347	16,503,347	-	-
Reference price ²	2.540	2.440	2.640	2.460	2.530	2.480	2.480	2.480
Announcement Date	5/27/20	5/26/21	5/26/22	5/24/23	5/22/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	16,542	15,644	15,339	14,624	14,128	14,636	15,033	15,364
EBITDA ¹	4,541	3,832	3,767	3,686	3,597	3,893	4,094	4,204
EBIT ¹	1,961	1,147	1,045	1,112	1,153	1,294	1,426	1,526
Operating Margin	11.86%	7.33%	6.81%	7.6%	8.16%	8.84%	9.49%	9.93%
Earnings before Tax (EBT) ¹	1,565	754	2,621	2,598	961.2	3,254	3,617	4,049
Net income ¹	1,075	553.7	1,948	2,225	795	2,454	2,813	3,111
Net margin	6.5%	3.54%	12.7%	15.21%	5.63%	16.77%	18.71%	20.25%
EPS ²	0.0656	0.0338	0.1176	0.1340	0.0475	0.1541	0.1730	0.1946
Free Cash Flow ¹	3,781	3,395	3,081	2,613	-	2,002	2,776	3,745
FCF margin	22.85%	21.7%	20.08%	17.87%	-	13.68%	18.47%	24.37%
FCF Conversion (EBITDA)	83.25%	88.59%	81.77%	70.89%	-	51.42%	67.81%	89.07%
FCF Conversion (Net income)	351.82%	613.08%	158.11%	117.43%	-	81.58%	98.68%	120.38%
Dividend per Share ²	0.1225	0.0750	0.0930	0.1440	-	0.1557	0.1714	0.1878
Announcement Date	5/27/20	5/26/21	5/26/22	5/24/23	5/22/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	7,425	8,219	7,652	3,913	3,773	7,687	3,584	3,675	7,259	3,713	3,652	7,366	3,488	3,540	3,593	3,506	3,610	3,682	3,737	3,737	-
EBITDA	1,903	1,928	1,929	-	-	1,839	-	-	1,878	-	-	1,808	-	-	-	-	-	-	-	-	-
EBIT	595.9	550.9	572.4	313	221.8	472.4	328	251	579	288	311	-	300	279.6	324	249.3	-	-	-	-	-
Operating Margin	8.03%	6.7%	7.48%	8%	5.88%	6.15%	9.15%	6.83%	7.98%	7.76%	8.51%	-	8.6%	7.9%	9.02%	7.11%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	1,170	-	-	-	-	-	465	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	16.11%	-	-	-	-	-	12.94%	-	-	-	-	-	-
EPS ²	-	-	-	-	0.0200	-	-	0.0300	-	-	-	-	-	-	-	-	0.0382	0.0414	0.0382	0.0376	0.0500
Dividend per Share ²	-	-	-	-	0.0480	-	-	0.0460	-	-	0.0490	-	-	0.0520	-	-	-	0.0750	-	0.0750	-
Announcement Date	11/11/20	5/26/21	11/10/21	2/14/22	5/26/22	5/26/22	8/24/22	11/9/22	11/9/22	2/15/23	5/24/23	5/24/23	8/21/23	11/8/23	2/22/24	5/22/24	-	-	-	-	-

¹SGD in Million²SGD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	12,499	12,365	9,739	9,225	-	7,929	7,797	7,305
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.752 x	3.227 x	2.585 x	2.503 x	-	2.037 x	1.905 x	1.738 x
Free Cash Flow ¹	3,781	3,395	3,081	2,613	-	2,002	2,776	3,745
ROE (net income / shareholders' equity)	8.68%	6.51%	7.14%	7.59%	-	10.3%	11.4%	12.8%
ROA (Net income/ Total Assets)	5.02%	3.57%	4.01%	4.29%	-	5.4%	6.04%	6.61%
Assets ¹	21,402	15,488	48,564	51,841	-	45,415	46,560	47,070
Book Value Per Share ²	1.640	1.620	1.700	1.580	-	1.540	1.580	1.580
Cash Flow per Share ²	0.3600	0.3400	0.3200	0.2900	-	0.2400	0.2500	0.2700
Capex ¹	2,037	2,214	2,217	2,162	-	3,075	2,256	2,104
Capex / Sales	12.31%	14.15%	14.45%	14.79%	-	21.01%	15.01%	13.69%
Announcement Date	5/27/20	5/26/21	5/26/22	5/24/23	5/22/24	-	-	-

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

Ratings for Singapore Telecommunications Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.48 SGD

Average target price

3.173 SGD

Spread / Average Target

+27.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
SINGAPORE TELECOMMUNICATIONS LIMITED	-0.40%	30.27B
CHINA MOBILE LIMITED	+15.90%	209B
VERIZON COMMUNICATIONS	+9.35%	173B
DEUTSCHE TELEKOM AG	+2.48%	120B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-10.45%	82.52B
CHINA TELECOM CORPORATION LIMITED	+19.79%	71.62B
AMÉRICA MÓVIL, S.A.B. DE C.V.	-0.13%	57.05B
SAUDI TELECOM COMPANY	-9.78%	47.84B
CHARTER COMMUNICATIONS, INC.	-26.13%	41.35B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-18.02%	38.12B

Other Integrated Telecommunications Services