Financials Singapore Technologies Engineering Ltd

Equities

S63

SG1F60858221

Aerospace & Defense

Market Closed - Singapore S.E. Other stock markets 05:12:15 2024-05-15 am EDT			5-day change	1st Jan Change
4.2 ^SGD	0.00%		+7.14%	+7.97%

May. 13	Singapore Technologies Engineering Ltd commences an Equity Buyback Plan for 62,397,428 shares, representing 2% of its issued share capital, under the authorization approved on April 26, 2024.	CI
May. 13	Singapore Tech Engineering’s Group Revenue Up 18% in Q1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,276	11,901	11,707	10,428	12,116	13,102	-	-
Enterprise Value (EV) ¹	14,160	13,218	13,007	16,361	12,116	18,356	18,078	17,670
P/E ratio	21.4 x	23 x	20.5 x	19.6 x	20.8 x	19.1 x	16.7 x	15.1 x
Yield	3.81%	3.93%	3.99%	4.78%	-	3.93%	4.02%	4.2%
Capitalization / Revenue	1.56 x	1.66 x	1.52 x	1.15 x	1.2 x	1.2 x	1.12 x	1.05 x
EV / Revenue	1.8 x	1.85 x	1.69 x	1.81 x	1.2 x	1.69 x	1.55 x	1.42 x
EV / EBITDA	13.9 x	14.1 x	12.9 x	14.5 x	8.32 x	12 x	10.9 x	10.1 x
EV / FCF	47.2 x	9.92 x	16.2 x	-182 x	-	16.9 x	17.6 x	16.9 x
FCF Yield	2.12%	10.1%	6.17%	-0.55%	-	5.9%	5.69%	5.93%
Price to Book	5.52 x	5.19 x	4.85 x	4.35 x	-	4.95 x	4.46 x	3.97 x
Nbr of stocks (in thousands)	3,115,741	3,115,531	3,113,669	3,112,883	3,114,549	3,119,548	-	-
Reference price ²	3.940	3.820	3.760	3.350	3.890	4.200	4.200	4.200
Announcement Date	2/23/20	2/18/21	2/24/22	2/23/23	2/28/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,868	7,158	7,693	9,035	10,101	10,886	11,673	12,421
EBITDA ¹	1,022	939.5	1,009	1,125	1,456	1,526	1,661	1,754
EBIT ¹	654	560.9	610.5	607.9	914.7	982.7	1,077	1,138
Operating Margin	8.31%	7.84%	7.94%	6.73%	9.06%	9.03%	9.22%	9.16%
Earnings before Tax (EBT) ¹	695.2	534.4	637.6	597.5	704.2	835.3	946.3	1,035
Net income ¹	577.9	521.8	570.5	535	586.5	685.1	781.9	861.9
Net margin	7.35%	7.29%	7.42%	5.92%	5.81%	6.29%	6.7%	6.94%
EPS ²	0.1842	0.1664	0.1830	0.1706	0.1869	0.2204	0.2517	0.2777
Free Cash Flow ¹	299.8	1,333	802.2	-89.83	-	1,083	1,029	1,048
FCF margin	3.81%	18.62%	10.43%	-0.99%	-	9.95%	8.82%	8.44%
FCF Conversion (EBITDA)	29.33%	141.83%	79.54%	-	-	70.98%	61.95%	59.78%
FCF Conversion (Net income)	51.88%	255.35%	140.61%	-	-	158.13%	131.61%	121.65%
Dividend per Share ²	0.1500	0.1500	0.1500	0.1600	-	0.1651	0.1686	0.1764
Announcement Date	2/23/20	2/18/21	2/24/22	2/23/23	2/28/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2022 Q2	2022 S1	2022 S2	2023 S1	2023 S2	2024 Q4
Net sales ¹	-	-	4,270	4,765	-	5,238	2,804
EBITDA	-	-	-	-	-	-	-
EBIT	-	-	360.3	269.9	-	470.5	-
Operating Margin	-	-	8.44%	5.66%	-	8.98%	-
Earnings before Tax (EBT)	-	-	-	246.4	-	-	-
Net income	257.4	-	280	255	280.6	305.8	-
Net margin	-	-	6.56%	5.35%	-	5.84%	-
EPS	-	-	-	-	0.0895	-	-
Dividend per Share	-	0.0400	-	-	-	-	-
Announcement Date	8/13/20	8/11/22	8/11/22	2/23/23	8/10/23	2/28/24	-

¹SGD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,884	1,316	1,299	5,933	-	5,254	4,976	4,568
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.843 x	1.401 x	1.288 x	5.275 x	-	3.442 x	2.996 x	2.605 x
Free Cash Flow ¹	300	1,333	802	-89.8	-	1,083	1,029	1,048
ROE (net income / shareholders' equity)	26%	22.8%	23.6%	22.3%	-	26.6%	27.7%	27.4%
ROA (Net income/ Total Assets)	6.76%	5.47%	5.57%	4.2%	-	4.93%	5.41%	5.58%
Assets ¹	8,549	9,542	10,240	12,740	-	13,901	14,440	15,441
Book Value Per Share ²	0.7100	0.7400	0.7700	0.7700	-	0.8500	0.9400	1.060
Cash Flow per Share ²	0.1900	0.4900	0.3600	0.2100	-	0.4500	0.4700	0.5100
Capex ¹	290	200	312	763	-	559	543	549
Capex / Sales	3.69%	2.8%	4.06%	8.44%	-	5.13%	4.65%	4.42%
Announcement Date	2/23/20	2/18/21	2/24/22	2/23/23	2/28/24	-	-	-

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 Technologies Engineering Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.2 SGD

Average target price

4.512 SGD

Spread / Average Target

+7.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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