Discounted Cash Flow (DCF) Analysis Unlevered
Singapore Land Group Limited (U06.SI)
$2.21
+0.03 (+1.38%)
All numbers are in Millions, Currency in USD
Operating Data
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 (%) | ||||||||||
| EBITDA | 385.47 | 388.79 | 704.52 | 176.59 | 417.33 | 287.47 | 249.01 | 215.69 | 186.84 | 161.84 |
| EBITDA (%) | ||||||||||
| EBIT | 362.88 | 365.69 | 669.95 | 126.65 | 375.57 | 262.26 | 227.18 | 196.78 | 170.46 | 147.65 |
| EBIT (%) | ||||||||||
| Depreciation | 22.59 | 23.09 | 34.57 | 49.94 | 41.76 | 25.20 | 21.83 | 18.91 | 16.38 | 14.19 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 177.38 | 247.89 | 181.61 | 178.55 | 185.33 | 138.41 | 119.90 | 103.86 | 89.96 | 77.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 340.27 | 271.56 | 181.10 | 121.56 | 95.21 | 130.85 | 113.34 | 98.18 | 85.05 | 73.67 |
| Inventories (%) | ||||||||||
| Accounts Payable | 81.97 | 74.59 | 70.14 | 52.26 | 42.78 | 43.56 | 37.73 | 32.69 | 28.31 | 24.53 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -7.75 | -6.37 | -12.34 | -27.88 | -28.68 | -12.63 | -10.94 | -9.48 | -8.21 | -7.11 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.21 |
|---|---|
| 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 | 5.629 |
| Total Debt | 552.22 |
| Total Equity | 3,166.22 |
| Total Capital | 3,718.44 |
| Debt Weighting | 14.85 |
| Equity Weighting | 85.15 |
| Wacc |
Build Up Free Cash
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 385.47 | 388.79 | 704.52 | 176.59 | 417.33 | 287.47 | 249.01 | 215.69 | 186.84 | 161.84 |
| EBIT | 362.88 | 365.69 | 669.95 | 126.65 | 375.57 | 262.26 | 227.18 | 196.78 | 170.46 | 147.65 |
| Tax Rate | 19.53% | 17.69% | 17.87% | 16.24% | 9.88% | 16.24% | 16.24% | 16.24% | 16.24% | 16.24% |
| EBIAT | 292.03 | 301 | 550.22 | 106.08 | 338.46 | 219.67 | 190.28 | 164.82 | 142.77 | 123.67 |
| Depreciation | 22.59 | 23.09 | 34.57 | 49.94 | 41.76 | 25.20 | 21.83 | 18.91 | 16.38 | 14.19 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 68.71 | 90.46 | 59.54 | 26.34 | -35.64 | 17.51 | 15.16 | 13.14 | 11.38 |
| Accounts Payable | - | -7.38 | -4.45 | -17.88 | -9.48 | 0.78 | -5.83 | -5.05 | -4.37 | -3.79 |
| Capital Expenditure | -7.75 | -6.37 | -12.34 | -27.88 | -28.68 | -12.63 | -10.94 | -9.48 | -8.21 | -7.11 |
| UFCF | 306.87 | 379.06 | 658.46 | 169.80 | 368.41 | 197.38 | 212.85 | 184.37 | 159.70 | 138.34 |
| WACC | ||||||||||
| PV UFCF | 188.07 | 193.24 | 159.49 | 131.64 | 108.65 | |||||
| SUM PV UFCF | 781.10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.95 |
| Free cash flow (t + 1) | 141.11 |
| Terminal Value | 4,783.24 |
| Present Value of Terminal Value | 3,756.73 |
Intrinsic Value
| Enterprise Value | 4,537.83 |
|---|---|
| Net Debt | 366.89 |
| Equity Value | 4,170.94 |
| Shares Outstanding | 1,432.68 |
| Equity Value Per Share | 2.91 |