Company Valuation: SATS Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 4,870 4,150 3,876 4,577 5,199 5,440 - -
Change - -14.79% -6.6% 18.09% 13.61% 4.63% - -
Enterprise Value (EV) 1 4,595 4,922 7,309 8,127 8,583 8,523 8,264 7,632
Change - 7.12% 48.5% 11.19% 5.62% -0.7% -3.03% -7.65%
P/E 241x -127x 68.4x 19x 18.7x 17x 14.4x 12.5x
PBR 3.04x 1.62x 1.63x 1.77x 1.89x 1.82x 1.67x 1.4x
PEG - 1x -0x 0x 1.2x 1.2x 0.8x 0.8x
Capitalization / Revenue 4.14x 2.36x 0.75x 0.79x 0.82x 0.8x 0.76x 0.71x
EV / Revenue 3.9x 2.8x 1.42x 1.4x 1.35x 1.25x 1.15x 1x
EV / EBITDA 48.8x 28.4x 8.21x 7.84x 7.49x 6.99x 6.31x 5.42x
EV / EBIT -108x -103x 29.9x 17.1x 15.8x 14.9x 12.7x 10.7x
EV / FCF -295x -124x 22.4x 12.1x 12.5x 12.7x 11.4x 9.63x
FCF Yield -0.34% -0.81% 4.47% 8.24% 7.99% 7.89% 8.79% 10.4%
Dividend per Share 2 - - 0.015 0.05 0.07 0.0738 0.0908 0.117
Rate of return - - 0.58% 1.62% 1.99% 2.02% 2.48% 3.2%
EPS 2 0.018 -0.022 0.038 0.162 0.188 0.2147 0.2547 0.293
Distribution rate - - 39.5% 30.9% 37.2% 34.4% 35.6% 39.9%
Net sales 1 1,177 1,758 5,150 5,821 6,346 6,795 7,204 7,612
EBITDA 1 94.2 173.2 890.6 1,036 1,146 1,220 1,310 1,409
EBIT 1 -42.6 -48 244.2 475.7 543.3 572.3 651.5 712
Net income 1 20.4 -26.5 56.4 243.8 285.2 321.9 381.1 433.9
Net Debt 1 -275.2 772 3,433 3,550 3,384 3,083 2,824 2,192
Reference price 2 4.340 2.790 2.600 3.080 3.520 3.660 3.660 3.660
Nbr of stocks (in thousands) 1,122,088 1,487,296 1,490,631 1,485,900 1,477,101 1,486,416 - -
Announcement Date 30/5/22 29/5/23 29/5/24 23/5/25 25/5/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.86x1.25x6.94x2.04% 4.2B
17.52x6.72x11.43x4.46% 45.62B
43.81x12.71x22.48x1.38% 25.43B
22.33x1.24x9.36x2.08% 15.18B
20.44x6.66x12.64x2.38% 13.5B
18.6x2.93x8.66x3.52% 12.55B
155.8x7.89x19.72x-.--% 9.68B
22.68x2.99x6.86x2.25% 8.88B
45.32x16.5x23.28x1.63% 8.07B
19.44x5.56x10.06x3.88% 7.53B
Average 38.28x 6.44x 13.14x 2.36% 15.06B
Weighted average by Cap. 33.55x 7.03x 13.67x 2.77%

Y-o-Y evolution of P/E

Valuation ratios - P/E - SATS Ltd.

Historical PBR trend

Valuation ratios - PBR - SATS Ltd.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - SATS Ltd.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - SATS Ltd.


Year-on-year evolution of the Yield

Valuation ratios - Yield - SATS Ltd.