Singapore Airlines Limited

OTCPK:SING.F Stock Report

Market Cap: US$14.0b

Singapore Airlines Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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 SING.F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SING.F ($4.73) is trading below our estimate of fair value ($69.35)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SING.F?

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

The above table shows the Price to Earnings ratio for SING.F. This is calculated by dividing SING.F's market cap by their current earnings.
What is SING.F's PE Ratio?
PE Ratio9.6x
EarningsS$1.98b
Market CapS$18.88b

Price to Earnings Ratio vs Peers

How does SING.F's PE Ratio compare to its peers?

The above table shows the PE ratio for SING.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.8x
AAL American Airlines Group
34.4x39.5%US$9.4b
UAL United Airlines Holdings
11.3x11.6%US$31.3b
ALK Alaska Air Group
20.7x29.3%US$6.7b
DAL Delta Air Lines
8.7x3.6%US$40.6b
SING.F Singapore Airlines
9.6x-22.8%US$18.9b

Price-To-Earnings vs Peers: SING.F is good value based on its Price-To-Earnings Ratio (9.6x) compared to the peer average (18.8x).

Price to Earnings Ratio vs Industry

How does SING.F's PE Ratio compare vs other companies in the Global Airlines Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SING.F 9.6xIndustry Avg. 10.4xNo. of Companies10PE0816243240+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SING.F is good value based on its Price-To-Earnings Ratio (9.6x) compared to the Global Airlines industry average (10.1x).

Price to Earnings Ratio vs Fair Ratio

What is SING.F'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.

SING.F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.6x
Fair PE Ratio8.5x

Price-To-Earnings vs Fair Ratio: SING.F is expensive based on its Price-To-Earnings Ratio (9.6x) compared to the estimated Fair Price-To-Earnings Ratio (8.5x).

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 SING.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$4.73
US$4.53
-4.3%
6.8%US$5.02US$3.90n/a12
Nov ’25US$4.68
US$4.84
+3.4%
11.5%US$5.92US$4.03n/a12
Oct ’25US$5.16
US$5.04
-2.3%
11.8%US$6.07US$4.12n/a12
Sep ’25US$4.80
US$4.89
+1.9%
11.4%US$5.93US$4.03n/a12
Aug ’25US$4.82
US$4.90
+1.7%
9.6%US$5.83US$4.19n/a12
Jul ’25US$4.90
US$5.10
+4.0%
13.4%US$6.78US$4.14n/a11
Jun ’25US$4.95
US$5.10
+3.1%
13.4%US$6.81US$4.16n/a11
May ’25US$4.75
US$5.05
+6.4%
15.4%US$6.75US$4.05n/a11
Apr ’25US$4.76
US$5.16
+8.5%
15.4%US$6.83US$4.10n/a11
Mar ’25US$4.84
US$5.23
+8.1%
15.4%US$6.83US$4.10n/a11
Feb ’25US$4.88
US$5.08
+4.2%
15.3%US$6.84US$3.95n/a11
Jan ’25US$4.95
US$4.95
-0.08%
16.8%US$6.86US$3.96n/a11
Dec ’24US$4.73
US$4.95
+4.7%
16.8%US$6.86US$3.96n/a11
Nov ’24US$4.47
US$5.04
+12.7%
14.6%US$6.70US$3.73US$4.6811
Oct ’24US$4.80
US$5.13
+6.9%
13.2%US$6.72US$3.74US$5.1611
Sep ’24US$4.95
US$5.14
+3.8%
15.9%US$6.90US$3.53US$4.8012
Aug ’24US$5.50
US$5.14
-6.6%
15.9%US$6.90US$3.53US$4.8212
Jul ’24US$5.27
US$4.78
-9.3%
12.6%US$5.43US$3.49US$4.9012
Jun ’24US$4.85
US$4.47
-7.7%
12.3%US$5.36US$3.45US$4.9511
May ’24US$4.36
US$4.39
+0.6%
12.1%US$5.10US$3.49US$4.7511
Apr ’24US$4.31
US$4.27
-1.0%
12.2%US$5.07US$3.46US$4.7611
Mar ’24US$4.25
US$4.27
+0.4%
12.2%US$5.07US$3.46US$4.8411
Feb ’24US$4.51
US$4.27
-5.2%
12.0%US$5.16US$3.53US$4.8811
Jan ’24US$4.00
US$4.15
+3.7%
11.5%US$4.91US$3.44US$4.9511
Dec ’23US$4.10
US$4.13
+0.8%
11.5%US$4.91US$3.44US$4.7311
Nov ’23US$3.69
US$4.10
+11.1%
12.4%US$4.94US$3.25US$4.4712

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

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