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Singapore Airlines Limited (C6L.SI)

Company Dividend Discount ModelIndustry: Airlines, Airports & Air ServicesSector: Industrials

Valuation Snapshot

Stable Growth$50.77 - $190.24$150.99
Multi-Stage$23.97 - $26.21$25.07
Blended Fair Value$88.03
Current Price$6.97
Upside1,163.00%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS32.08%11.50%0.440.350.090.000.000.110.140.080.160.10
YoY Growth--26.42%280.41%0.00%0.00%-100.00%-20.96%81.15%-52.37%65.28%-34.46%
Dividend Yield--6.28%5.04%1.27%0.00%0.00%2.92%2.09%1.01%2.24%1.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,120.40
(-) Cash Dividends Paid (M)1,428.80
(=) Cash Retained (M)1,691.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)624.08390.05234.03
Cash Retained (M)1,691.601,691.601,691.60
(-) Cash Required (M)-624.08-390.05-234.03
(=) Excess Retained (M)1,067.521,301.551,457.57
(/) Shares Outstanding (M)3,261.973,261.973,261.97
(=) Excess Retained per Share0.330.400.45
LTM Dividend per Share0.440.440.44
(+) Excess Retained per Share0.330.400.45
(=) Adjusted Dividend0.770.840.88
WACC / Discount Rate7.09%7.09%7.09%
Growth Rate5.50%6.50%7.50%
Fair Value$50.77$150.99$190.24
Upside / Downside628.34%2,066.30%2,629.46%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,120.403,323.233,539.243,769.294,014.294,275.224,403.47
Payout Ratio45.79%54.63%63.47%72.32%81.16%90.00%92.50%
Projected Dividends (M)1,428.801,815.522,246.472,725.783,257.913,847.704,073.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.09%7.09%7.09%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,679.401,695.311,711.23
Year 2 PV (M)1,922.231,958.851,995.80
Year 3 PV (M)2,157.492,219.422,282.53
Year 4 PV (M)2,385.332,477.062,571.42
Year 5 PV (M)2,605.932,731.802,862.48
PV of Terminal Value (M)67,442.6870,700.1974,082.37
Equity Value (M)78,193.0681,782.6385,505.83
Shares Outstanding (M)3,261.973,261.973,261.97
Fair Value$23.97$25.07$26.21
Upside / Downside243.92%259.71%276.08%

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