The Discounted Cash Flow (DCF) valuation of Raffles Medical Group Ltd (BSL.SI) is 0.72 SGD. With the latest stock price at 1.01 SGD, the upside of Raffles Medical Group Ltd based on DCF is -29.1%.

Is BSL.SI a buy or a sell?

Based on the latest price of 1.01 SGD and our DCF valuation, Raffles Medical Group Ltd (BSL.SI) is a sell. Selling BSL.SI stocks now will result in a potential gain of 29.1%.

	Range	Selected
WACC / Discount Rate	5.7% - 8.1%	6.9%
Long-term Growth Rate	2.0% - 4.0%	3.0%
Fair Price	0.5 - 1.46	0.72
Upside	-50.1% - 44.4%	-29.1%

1.01 SGD

Stock Price

0.72 SGD

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

BSL.SI DCF Valuation: Revenue & Expenses Forecast

(SGD in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	752	790	825	905	934	977
% Growth	6%	5%	4%	10%	3%	5%

Cost of goods sold	(99)	(104)	(108)	(119)	(122)	(128)
% of Revenue	13%	13%	13%	13%	13%	13%

Selling, G&A expenses	(318)	(334)	(349)	(383)	(395)	(413)
% of Revenue	42%	42%	42%	42%	42%	42%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(248)	(261)	(273)	(299)	(309)	(323)
% of Revenue	33%	33%	33%	33%	33%	33%

Tax expense	(25)	(23)	(24)	(26)	(27)	(28)
Tax rate	28%	25%	25%	25%	25%	25%

Net profit	62	69	72	78	81	85
% Margin	8%	9%	9%	9%	9%	9%