Financials Keppel Ltd.

Equities

Market Closed - Singapore S.E. Other stock markets 05:08:07 2024-04-26 am EDT			5-day change	1st Jan Change
6.84 ^SGD	-0.29%		-1.87%	-3.25%

Apr. 25	Keppel’s Net Profit Improves in Q1 2024	MT
Apr. 25	Singapore's Keppel profit rises on strong infra, connectivity performance	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,297	9,778	9,316	12,719	12,459	12,139	-	-
Enterprise Value (EV) ¹	21,451	19,767	17,690	21,758	22,153	22,211	22,256	22,440
P/E ratio	17.5 x	-19.4 x	9.16 x	14.1 x	14.4 x	12.3 x	11.4 x	10.5 x
Yield	2.95%	1.86%	6.45%	4.55%	4.81%	4.68%	4.85%	5.61%
Capitalization / Revenue	1.62 x	1.49 x	1.08 x	1.92 x	1.79 x	1.68 x	1.63 x	1.59 x
EV / Revenue	2.83 x	3.01 x	2.05 x	3.29 x	3.18 x	3.08 x	2.99 x	2.95 x
EV / EBITDA	17.1 x	46.9 x	13.6 x	27 x	17.1 x	18 x	17.6 x	15.6 x
EV / FCF	-16 x	-69.3 x	-21.7 x	-42.3 x	-25.7 x	22.5 x	36.1 x	35.5 x
FCF Yield	-6.26%	-1.44%	-4.6%	-2.37%	-3.89%	4.44%	2.77%	2.82%
Price to Book	1.1 x	0.91 x	0.8 x	1.14 x	1.21 x	1.11 x	1.06 x	1.03 x
Nbr of stocks (in thousands)	1,816,379	1,817,506	1,819,615	1,751,941	1,762,294	1,774,658	-	-
Reference price ²	6.770	5.380	5.120	7.260	7.070	6.840	6.840	6.840
Announcement Date	1/23/20	1/28/21	1/27/22	2/2/23	1/31/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,580	6,574	8,625	6,620	6,966	7,205	7,453	7,616
EBITDA ¹	1,252	421.9	1,304	807.2	1,297	1,231	1,262	1,442
EBIT ¹	876.5	8.401	897.8	565.2	1,076	1,053	1,083	1,158
Operating Margin	11.56%	0.13%	10.41%	8.54%	15.44%	14.62%	14.53%	15.2%
Earnings before Tax (EBT) ¹	953.5	-254.7	1,335	1,095	1,214	1,289	1,402	1,416
Net income ¹	707	-505.9	1,023	926.6	885.2	985.6	1,046	1,088
Net margin	9.33%	-7.69%	11.86%	14%	12.71%	13.68%	14.04%	14.29%
EPS ²	0.3870	-0.2780	0.5590	0.5160	0.4910	0.5570	0.5996	0.6539
Free Cash Flow ¹	-1,342	-285.2	-813.9	-514.9	-862.7	987	616.3	632.7
FCF margin	-17.71%	-4.34%	-9.44%	-7.78%	-12.38%	13.7%	8.27%	8.31%
FCF Conversion (EBITDA)	-	-	-	-	-	80.16%	48.82%	43.86%
FCF Conversion (Net income)	-	-	-	-	-	100.14%	58.9%	58.15%
Dividend per Share ²	0.2000	0.1000	0.3300	0.3300	0.3400	0.3204	0.3319	0.3838
Announcement Date	1/23/20	1/28/21	1/27/22	2/2/23	1/31/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,155	9,989	8,373	9,039	9,694	10,073	10,117	10,301
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.313 x	23.68 x	6.42 x	11.2 x	7.472 x	8.181 x	8.014 x	7.141 x
Free Cash Flow ¹	-1,342	-285	-814	-515	-863	987	616	633
ROE (net income / shareholders' equity)	6.29%	-4.6%	9.1%	8.1%	7.84%	8.87%	9.15%	9.7%
ROA (Net income/ Total Assets)	2.44%	-1.6%	3.17%	2.92%	8.33%	3.56%	3.57%	3.4%
Assets ¹	28,954	31,713	32,215	31,694	10,622	27,685	29,300	32,000
Book Value Per Share ²	6.170	5.900	6.410	6.380	5.850	6.170	6.450	6.660
Cash Flow per Share ²	-0.4500	0.1100	-0.1500	0.1000	0.0300	0.5300	0.5400	0.5500
Capex ¹	517	488	538	696	921	558	528	488
Capex / Sales	6.82%	7.42%	6.24%	10.52%	13.22%	7.74%	7.08%	6.41%
Announcement Date	1/23/20	1/28/21	1/27/22	2/2/23	1/31/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.84 SGD

Average target price

8.078 SGD

Spread / Average Target

+18.10%

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