Discounted Cash Flow (DCF) Analysis Levered

Singapore Land Group Limited (U06.SI)

$2.17

-0.03 (-1.36%)

All numbers are in Millions, Currency in USD

Stock DCF: 2.94 | 2.17 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,292.17	656.97	789.45	671.13	607.14	525.91	455.56	394.61	341.82	296.09
Revenue (%)
Operating Cash Flow	852.59	369.14	434.25	194.01	167.46	245.78	212.90	184.41	159.74	138.37
Operating Cash Flow (%)
Capital Expenditure	-7.75	-6.37	-12.34	-27.88	-28.68	-12.63	-10.94	-9.48	-8.21	-7.11
Capital Expenditure (%)
Free Cash Flow	844.84	362.77	421.91	166.13	138.79	233.15	201.95	174.94	151.53	131.26

Weighted Average Cost Of Capital

Share price	$ 2.17
Beta	0.438
Diluted Shares Outstanding	1,432.68
Cost of Debt
Tax Rate	9.88
After-tax Cost of Debt	1.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.445
Total Debt	552.22
Total Equity	3,108.92
Total Capital	3,661.14
Debt Weighting	15.08
Equity Weighting	84.92
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,292.17	656.97	789.45	671.13	607.14	525.91	455.56	394.61	341.82	296.09
Operating Cash Flow	852.59	369.14	434.25	194.01	167.46	245.78	212.90	184.41	159.74	138.37
Capital Expenditure	-7.75	-6.37	-12.34	-27.88	-28.68	-12.63	-10.94	-9.48	-8.21	-7.11
Free Cash Flow	844.84	362.77	421.91	166.13	138.79	233.15	201.95	174.94	151.53	131.26
WACC
PV LFCF						222.49	183.91	152.03	125.67	103.88
SUM PV LFCF										787.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.79
Free cash flow (t + 1)	133.88
Terminal Value	4,798.72
Present Value of Terminal Value	3,797.75

Intrinsic Value

Enterprise Value	4,585.73
Net Debt	366.89
Equity Value	4,218.83
Shares Outstanding	1,432.68
Equity Value Per Share	2.94