Financials ComfortDelGro Corporation Limited

Equities

C52

SG1N31909426

Passenger Transportation, Ground & Sea

Market Closed - Singapore S.E. Other stock markets 05:14:44 2024-05-21 am EDT			5-day change	1st Jan Change
1.38 ^SGD	0.00%		-4.17%	-1.43%

May. 16	UOB Kay Hian Downgrades ComfortDelGro to Hold From Buy, Adjusts Price Target to SG$1.56 From SG$1.72	MT
May. 14	ComfortDelGro Corporation Limited Approves Tax-Exempt One-Tier Final Dividend in Respect of the Financial Year Ended 31 December 2023, Payable on 15 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,155	3,618	3,034	2,664	3,032	2,989	-	-
Enterprise Value (EV) ¹	5,195	3,428	2,733	2,150	2,525	2,640	2,588	2,570
P/E ratio	19.5 x	58.6 x	23.3 x	15.4 x	16.8 x	14.1 x	13 x	12 x
Yield	4.11%	0.86%	3%	4.02%	4.76%	5.7%	6.17%	5.54%
Capitalization / Revenue	1.32 x	1.12 x	0.86 x	0.7 x	0.78 x	0.74 x	0.7 x	0.7 x
EV / Revenue	1.33 x	1.06 x	0.77 x	0.57 x	0.65 x	0.65 x	0.61 x	0.6 x
EV / EBITDA	5.98 x	5.72 x	4.3 x	3.64 x	4.01 x	3.81 x	3.52 x	3.41 x
EV / FCF	19.7 x	9.08 x	5.86 x	5.66 x	20.1 x	14.5 x	8.78 x	8.66 x
FCF Yield	5.07%	11%	17.1%	17.7%	4.98%	6.92%	11.4%	11.5%
Price to Book	1.99 x	1.39 x	1.12 x	1.04 x	1.17 x	1.12 x	1.09 x	1.07 x
Nbr of stocks (in thousands)	2,166,159	2,166,735	2,166,984	2,166,107	2,165,713	2,165,713	-	-
Reference price ²	2.380	1.670	1.400	1.230	1.400	1.380	1.380	1.380
Announcement Date	2/14/20	2/15/21	2/28/22	2/24/23	2/29/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,906	3,229	3,538	3,781	3,880	4,044	4,262	4,298
EBITDA ¹	868.8	599.2	635.3	590.9	629.9	693.6	736.1	752.9
EBIT ¹	415.8	123.1	233.7	233.7	265.7	319.9	349.4	363.9
Operating Margin	10.65%	3.81%	6.6%	6.18%	6.85%	7.91%	8.2%	8.47%
Earnings before Tax (EBT) ¹	406.6	117.2	204.9	272.7	280	325	356.7	375.7
Net income ¹	265.1	61.8	130.1	173.1	180.5	211.3	232.3	245.6
Net margin	6.79%	1.91%	3.68%	4.58%	4.65%	5.22%	5.45%	5.71%
EPS ²	0.1223	0.0285	0.0600	0.0799	0.0833	0.0980	0.1060	0.1146
Free Cash Flow ¹	263.4	377.6	466.6	380	125.7	182.7	294.7	296.8
FCF margin	6.74%	11.7%	13.19%	10.05%	3.24%	4.52%	6.91%	6.9%
FCF Conversion (EBITDA)	30.32%	63.02%	73.45%	64.31%	19.96%	26.34%	40.04%	39.41%
FCF Conversion (Net income)	99.36%	611%	358.65%	219.53%	69.64%	86.47%	126.85%	120.84%
Dividend per Share ²	0.0979	0.0143	0.0420	0.0495	0.0666	0.0787	0.0851	0.0765
Announcement Date	2/14/20	2/15/21	2/28/22	2/24/23	2/29/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2025 S2
Net sales ¹	-	1,862	1,862	2,018
EBITDA ¹	-	-	312	354
EBIT ¹	-	-	115	155
Operating Margin	-	-	6.18%	7.68%
Earnings before Tax (EBT)	-	-	-	-
Net income	118.7	78.5	-	-
Net margin	-	4.22%	-	-
EPS	0.0548	0.0362	-	-
Dividend per Share	-	-	-	-
Announcement Date	8/12/22	8/14/23	-	-

¹SGD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	40	-	-	-	-	-	-	-
Net Cash position ¹	-	191	301	514	507	349	401	418
Leverage (Debt/EBITDA)	0.046 x	-	-	-	-	-	-	-
Free Cash Flow ¹	263	378	467	380	126	183	295	297
ROE (net income / shareholders' equity)	10.2%	2.38%	4.86%	6.6%	6.98%	8.1%	8.75%	9.09%
ROA (Net income/ Total Assets)	5.04%	1.16%	2.62%	3.6%	3.84%	4.63%	4.93%	5.23%
Assets ¹	5,258	5,344	4,957	4,808	4,696	4,567	4,714	4,691
Book Value Per Share ²	1.200	1.200	1.250	1.190	1.200	1.230	1.260	1.290
Cash Flow per Share ²	0.2800	0.2200	0.3000	0.2800	0.2100	0.3100	0.3300	0.3400
Capex ¹	347	106	194	222	323	372	394	381
Capex / Sales	8.87%	3.29%	5.49%	5.88%	8.33%	9.19%	9.24%	8.86%
Announcement Date	2/14/20	2/15/21	2/28/22	2/24/23	2/29/24	-	-	-

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 ComfortDelGro Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.38 SGD

Average target price

1.653 SGD

Spread / Average Target

+19.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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