Singapore Airlines Limited

SGX:C6L Stock Report

Market Cap: S$19.0b

Singapore Airlines Valuation

Is C6L undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of C6L when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: C6L (SGD6.38) is trading below our estimate of fair value (SGD49.4)

Significantly Below Fair Value: C6L is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for C6L?

Key metric: As C6L is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for C6L. This is calculated by dividing C6L's market cap by their current earnings.
What is C6L's PE Ratio?
PE Ratio9.6x
EarningsS$1.98b
Market CapS$18.97b

Price to Earnings Ratio vs Peers

How does C6L's PE Ratio compare to its peers?

The above table shows the PE ratio for C6L vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27.1x
S58 SATS
26.8x14.2%S$5.3b
IAG International Consolidated Airlines Group
6.3x5.6%UK£14.9b
600221 Hainan Airlines Holding
49.7xn/aCN¥79.7b
INDIGO InterGlobe Aviation
25.6x17.8%₹1.7t
C6L Singapore Airlines
9.6x-22.4%S$19.0b

Price-To-Earnings vs Peers: C6L is good value based on its Price-To-Earnings Ratio (9.6x) compared to the peer average (27.1x).

Price to Earnings Ratio vs Industry

How does C6L's PE Ratio compare vs other companies in the Asian Airlines Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
C6L 9.6xIndustry Avg. 10.8xNo. of Companies7PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: C6L is good value based on its Price-To-Earnings Ratio (9.6x) compared to the Asian Airlines industry average (10.8x).

Price to Earnings Ratio vs Fair Ratio

What is C6L's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

C6L PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.6x
Fair PE Ratio12.1x

Price-To-Earnings vs Fair Ratio: C6L is good value based on its Price-To-Earnings Ratio (9.6x) compared to the estimated Fair Price-To-Earnings Ratio (12.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst C6L forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentS$6.38
S$6.17
-3.3%
7.6%S$7.00S$5.25n/a13
Dec ’25S$6.31
S$6.10
-3.4%
6.8%S$6.76S$5.25n/a12
Nov ’25S$6.44
S$6.37
-1.0%
11.5%S$7.80S$5.30n/a12
Oct ’25S$6.75
S$6.48
-4.0%
11.8%S$7.80S$5.30n/a12
Sep ’25S$6.28
S$6.44
+2.5%
11.4%S$7.80S$5.30n/a12
Aug ’25S$6.24
S$6.56
+5.1%
9.6%S$7.80S$5.60n/a12
Jul ’25S$6.88
S$6.89
+0.1%
13.4%S$9.17S$5.60n/a11
Jun ’25S$6.77
S$6.88
+1.6%
13.4%S$9.17S$5.60n/a11
May ’25S$6.54
S$6.87
+5.1%
15.4%S$9.17S$5.50n/a11
Apr ’25S$6.43
S$6.93
+7.8%
15.4%S$9.17S$5.50n/a11
Mar ’25S$6.46
S$7.03
+8.8%
15.4%S$9.17S$5.50n/a11
Feb ’25S$6.75
S$6.82
+1.0%
15.3%S$9.17S$5.30n/a11
Jan ’25S$6.56
S$6.61
+0.8%
16.8%S$9.17S$5.30n/a11
Dec ’24S$6.39
S$6.61
+3.5%
16.8%S$9.17S$5.30S$6.3111
Nov ’24S$6.11
S$6.89
+12.8%
14.6%S$9.17S$5.10S$6.4411
Oct ’24S$6.46
S$6.99
+8.3%
13.2%S$9.17S$5.10S$6.7511
Sep ’24S$6.87
S$6.83
-0.5%
15.9%S$9.17S$4.70S$6.2812
Aug ’24S$7.22
S$6.83
-5.3%
15.9%S$9.17S$4.70S$6.2412
Jul ’24S$7.15
S$6.43
-10.1%
12.6%S$7.30S$4.70S$6.8812
Jun ’24S$6.60
S$6.03
-8.6%
12.3%S$7.23S$4.65S$6.7711
May ’24S$5.85
S$5.85
-0.02%
12.1%S$6.80S$4.65S$6.5411
Apr ’24S$5.73
S$5.73
-0.06%
12.2%S$6.80S$4.65S$6.4311
Mar ’24S$5.72
S$5.73
+0.1%
12.2%S$6.80S$4.65S$6.4611
Feb ’24S$5.93
S$5.63
-5.0%
12.0%S$6.80S$4.65S$6.7511
Jan ’24S$5.53
S$5.61
+1.5%
11.5%S$6.64S$4.65S$6.5611
Dec ’23S$5.55
S$5.60
+0.8%
11.5%S$6.64S$4.65S$6.3911

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 20:41
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Singapore Airlines Limited is covered by 34 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null Research DepartmentAmInvestment Bank Berhad
Arnaud BouchetBNP Paribas Securities (Asia)
Nathan GeeBofA Global Research