Singapore Telecommunications Limited (Z74.SI)

Industry: Telecommunications Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0762.HK	15	China Unicom (Hong	50,442	12.20	10.88	3.09	3.15	2.90	-
0R15.L	16	SoftBank Group Cor	47,295	8.54	9.21	13.54	15.35	38.89	29.77
TEF.MC	17	Telefónica, S.A.	44,937	-	-	1.83	1.87	6.88	10.48
0552.HK	18	China Communicatio	42,917	3.69	3.33	2.62	2.63	-	-
9433.T	19	KDDI Corporation	38,707	12.69	12.52	7.52	7.48	11.65	12.01
BT-A.L	20	BT Group plc	27,229	15.66	17.30	5.39	5.31	20.36	17.08
BISV.ME	21	Public Joint-Stock	25,924	14.18	17.88	1.48	1.17	15.57	4.34
Z74.SI	22	Singapore Telecomm	21,804	11.21	11.46	8.17	8.65	32.06	95.75
BHARTIARTL.BO	23	Bharti Airtel Limi	21,539	29.68	29.68	11.23	6.92	20.35	16.11
7010.SR	24	Saudi Telecom Comp	20,384	16.65	16.10	10.04	9.83	14.86	14.15
O2D.DE	25	Telefónica Deutsc	19,772	14.60	18.11	2.17	1.72	18.33	14.17
030200.KS	26	KT Corporation	18,630	14.59	13.36	4.23	4.18	5.30	13.61
VOD.JO	27	Vodacom Group Limi	18,521	7.66	7.27	2.04	1.75	3.41	2.94
BCE-PA.TO	28	BCE Inc.	17,759	4.44	3.66	4.43	4.07	11.21	6.99
TIT.BR	29	Telecom Italia S.p	16,413	-	-	5.98	7.30	16.27	25.30
RCI	30	Rogers Communicati	15,246	3.82	2.71	4.70	3.68	6.73	9.11

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.20	10.88	4.23	3.68	11.43	12.01
Full Range Median Multiple	12.69	12.52	4.43	4.07	13.25	13.61
Industry Multiple	12.19	12.46	5.35	5.09	13.76	13.54
Market Implied Multiple	12.19	12.46	8.81	9.32	34.56	103.22
Company (Z74.SI) Multiple	11.21	11.46	8.17	8.65	32.06	95.75
(*) Net Income / EBITDA / Revenue	4,708	4,608	7,224	6,823	1,841	616
Winsorized Enterprise Value	N/A	N/A	30,526	25,127	21,042	7,399
Full Range Median Enterprise Value	N/A	N/A	31,976	27,755	24,399	8,388
(-) Net Debt	6,214	6,214	6,214	6,214	6,214	6,214
Winsorized Equity Value	57,441	50,137	24,312	18,913	14,828	1,185
Full Range Median Equity Value	59,766	57,696	25,762	21,541	18,185	2,174
(/) Shares Outstanding	12,784	12,784	12,784	12,784	12,784	12,784
Winsorized Fair Value	$4.49	$3.92	$1.90	$1.48	$1.16	$0.09
Full Range Median Fair Value	$4.68	$4.51	$2.02	$1.69	$1.42	$0.17
Current Price	$4.49	$4.49	$4.49	$4.49	$4.49	$4.49
Upside / Downside	0.07%	-12.65%	-57.64%	-67.05%	-74.17%	-97.94%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.15	$2.75	$1.33	$1.04	$0.81	$0.06
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy