Financials DBS Group Holdings Ltd

Equities

D05

SG1L01001701

Banks

Market Closed - Singapore S.E. 05:10:41 2024-04-26 am EDT 5-day change 1st Jan Change
34.42 SGD -0.09% Intraday chart for DBS Group Holdings Ltd +3.99% +13.33%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 66,101 63,879 83,882 87,297 86,169 97,895 - -
Enterprise Value (EV) 1 66,101 63,879 83,882 87,297 86,169 97,895 97,895 97,895
P/E ratio 10.5 x 13.8 x 12.5 x 10.8 x 8.63 x 9.99 x 9.87 x 9.86 x
Yield 4.75% 3.47% 3.67% 4.42% 5.75% 6.11% 6.48% 7.38%
Capitalization / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 4.73 x 4.6 x 4.49 x
EV / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 4.73 x 4.6 x 4.49 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.35 x 1.25 x 1.52 x 1.6 x 1.44 x 1.54 x 1.46 x 1.4 x
Nbr of stocks (in thousands) 2,809,534 2,806,173 2,825,176 2,830,992 2,837,056 2,844,137 - -
Reference price 2 23.53 22.76 29.69 30.84 30.37 34.42 34.42 34.42
Announcement Date 2/12/20 2/9/21 2/13/22 2/13/23 2/7/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,544 14,592 14,297 16,709 20,180 20,688 21,294 21,811
EBITDA - - - - - - - -
EBIT 1 8,286 8,434 7,828 9,412 12,124 11,900 12,131 12,268
Operating Margin 56.97% 57.8% 54.75% 56.33% 60.08% 57.52% 56.97% 56.25%
Earnings before Tax (EBT) 1 7,583 5,368 7,776 9,382 11,486 11,451 11,717 11,878
Net income 1 6,391 4,721 6,805 8,193 10,062 9,993 10,120 10,165
Net margin 43.94% 32.35% 47.6% 49.03% 49.86% 48.3% 47.53% 46.6%
EPS 2 2.236 1.645 2.373 2.864 3.518 3.445 3.487 3.491
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.118 0.7909 1.091 1.364 1.745 2.104 2.231 2.539
Announcement Date 2/12/20 2/9/21 2/13/22 2/13/23 2/7/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 6,840 3,561 3,293 3,747 3,792 4,544 4,626 4,936 5,045 5,192 5,007 5,109 5,198 5,211 5,172 5,241
EBITDA - - - - - - - - - - - - - - - -
EBIT 1 3,721 1,893 1,622 2,103 2,134 2,719 2,456 3,054 3,114 3,154 2,802 2,984 - - - -
Operating Margin 54.4% 53.16% 49.26% 56.12% 56.28% 59.84% 53.09% 61.87% 61.72% 60.75% 55.96% 58.4% - - - -
Earnings before Tax (EBT) 1 - 1,963 1,589 2,048 2,088 2,541 2,705 2,956 3,084 3,001 2,445 2,884 2,960 2,900 2,735 2,960
Net income 1 - 1,700 1,393 1,801 1,815 2,236 2,341 2,571 2,629 2,593 2,269 2,514 2,559 2,507 2,278 2,560
Net margin - 47.74% 42.3% 48.07% 47.86% 49.21% 50.61% 52.09% 52.11% 49.94% 45.32% 49.22% 49.24% 48.11% 44.05% 48.84%
EPS 2 - 0.5864 0.4796 0.6386 0.6394 1.046 0.5400 0.9136 0.9182 0.9091 3.273 0.8938 0.8566 0.8392 0.7922 0.8928
Dividend per Share 2 - 0.3000 0.3273 0.3273 0.3273 0.3273 0.3818 0.3818 0.4364 0.4364 0.4909 0.5400 0.7400 0.5400 0.6000 0.6000
Announcement Date 2/9/21 11/5/21 2/13/22 4/28/22 8/3/22 11/2/22 2/13/23 5/1/23 8/2/23 11/5/23 2/7/24 - - - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 13.2% 9.1% 12.5% 15% 18% 16.2% 15.5% 15.2%
ROA (Net income/ Total Assets) 1.13% 0.75% 1.02% 1.12% 1.38% 1.3% 1.28% 1.24%
Assets 1 565,575 629,467 667,157 731,518 729,130 767,063 788,449 819,062
Book Value Per Share 2 17.40 18.30 19.50 19.20 21.00 22.40 23.60 24.60
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/12/20 2/9/21 2/13/22 2/13/23 2/7/24 - - -
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
BUY
Number of Analysts
18
Last Close Price
34.42 SGD
Average target price
35.73 SGD
Spread / Average Target
+3.82%
Consensus
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