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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 4.3% - 4.8% | 4.5% |
| Discount Rate | 8.4% - 7.4% | 7.9% |
| Fair Value | €10.33 - €16.05 | €12.56 |
| Upside | 12.3% - 74.4% | 36.4% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (SGD in millions) | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Terminal | |
| Net Income to Common | 598 | 621 | 647 | 697 | 765 | 835 | 835 | |
| % Growth | 4.7% | 3.8% | 4.2% | 7.7% | 9.8% | 9.2% | ||
| Payout Ratio | 61.0% | 67.0% | 73.0% | 79.0% | 85.0% | 90.0% | 92.5% | |
| Projected Dividends | 365 | 416 | 472 | 551 | 650 | 752 | 772 | |
| % Growth | 14.0% | 13.6% | 16.6% | 18.1% | 15.6% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (SGD in millions) | Jun-20 | Jun-21 | Jun-22 | Jun-23 | Jun-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 321 | 342 | 342 | 344 | 365 | 182 | 193 | |
| % Growth | 7% | 0% | 1% | 6% | 6% | |||
| Net Income to Common | 472 | 445 | 451 | 571 | 598 | 282 | 340 | |
| % Growth | -6% | 1% | 26% | 5% | 21% | |||
| Payout Ratio | 68% | 77% | 76% | 60% | 61% | 65% | 57% | |
| Retention Ratio | 32% | 23% | 24% | 40% | 39% | 35% | 43% | |
| Adjusted EBITDA | 588 | 554 | 570 | 622 | 635 | 345 | 425 | |
| % Growth | -6% | 3% | 9% | 2% | 23% | |||
| Total Debt | 393 | 539 | 789 | 727 | 728 | 712 | 719 | |
| Shareholder's Equity | 1,245 | 1,385 | 1,544 | 1,701 | 1,960 | 1,704 | 2,032 | |
| Debt / EBITDA | 0.7 | 1.0 | 1.4 | 1.2 | 1.1 | 1.0 | ||
| Debt / Equity | 32% | 39% | 51% | 43% | 37% | 42% | 35% | |
| 3-Yr Avg. Dividend Growth | 2.2% | |||||||
| 5-Yr Median Payout Ratio | 68.1% | |||||||