SINGAPORE EXCHANGE LIMITED (S68) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of SINGAPORE EXCHANGE LIMITED stock S$10.44, price S$21.01, that is 50.3% below the price, quality 78 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range 7.31 SGD – 25.57 SGD · fair‑value band 6.36 SGD – 18.20 SGD · the 21.01 SGD price screens above the 10.44 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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Singapore Exchange Limited, an investment holding, engages in the operation of integrated securities and derivatives exchange, related clearing houses, and an electricity market in Singapore.
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It operates through Fixed Income, Currencies and Commodities; Equities " Cash; Equities " Derivatives; and Platform and Others segments.
The company offers treasury management; management and administrative services to related corporations; market data and technology connectivity services; fixed income issuer, derivatives and securities trading, clearing, securities settlement, and collateral and depository management services.
It also provides various services associated with the platform businesses, including market data, connectivity, indices, and membership subscription.
In addition, the company is involved in the provision and distribution of bulk freight market indices and information, index administration and related services, and operation of electronic foreign exchange (FX) trading solutions and platforms; operation of an electronic communication network; and provision of counterparty guarantee, depository, and related services for securities transactions.
Further, it offers front-line regulatory function, management consultancy services of index activities, and FX pricing and risk solutions; membership services; financial services for dealing, trading, and clearing of financial instruments; and computer and software maintenance services, as well as administration services for index calculation, risk analyses, and financial research.
Singapore Exchange Limited was incorporated in 1999 and is headquartered in Singapore.
Stock analysis
SINGAPORE EXCHANGE LIMITED (S68) currently trades at 21.01 SGD, while our model-based Fair Value estimate is 10.44 SGD, 50% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 13.40 SGD per share, and 0 of the 13 models we run sit above the 21.01 SGD price.
Bear case: the Asset-Based group reads lowest at 1.15 SGD, and 13 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: 6.36 SGD (bear) to 18.20 SGD (bull), the price of 21.01 SGD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 78/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
SINGAPORE EXCHANGE LIMITED reported revenue of 1.6B SGD in FY2026 versus 1.1B SGD in FY2022, a compound +9.1%/yr. Reported net income was 698M SGD in FY2026, compounding +11.5%/yr from FY2022.
Key figures
Market cap 22.5B SGD (≈ $17.5B) Large · P/E ratio 32.3 · P/S ratio 14.4 · EPS (TTM) 0.6500 SGD · Dividend yield 2.1% · Net margin 44.8% · Return on equity 30.6% · Return on assets (EBIT) 16.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 93 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 30% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −30% fair-value upside, at −50%, S68 screens richer than that median.
Fair Value models
Bear6.36 SGDFair Value 10.44 SGDBull18.20 SGD
Price 21.01 SGD · Downside -50.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 4 months old). Earnings retained since then (0.0754 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.1%
Start year 2021 (pandemic). Over 10 years: +6.7% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)2.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9.1% vs 7.4%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.50% → 57%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +8.4% a year for the price and +3.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Compare SINGAPORE EXCHANGE LIMITED with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Financial Data & Stock Exchanges · 49 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score78 · Top 25%
Fair Value upside−50.3% · Bottom 25%
Profitability
Return on equity (12 months)30.6% · Top 25%
Return on assets15.4% · Above median
Net margin (12 months)44.8% · Top 25%
Operating margin (12 months)56.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)19.6% · Above median
Dividend yield (12 months)2.1% · Above median
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/E (12 months)32.3× · Priciest 25%
P/B9.50× · Priciest 25%
P/S (12 months)14.40× · Priciest 25%
Price / free cash flow28.5× · Pricier than median
EV/EBITDA22.7× · Pricier than median
PEG2.65× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)98· sector 71
PAST (return on equity)100· sector 81
HEALTH (low debt)100· sector 94
DIVIDEND (yield)41· sector 33
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is SINGAPORE EXCHANGE LIMITED (S68) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of 10.44 SGD versus a price of 21.01 SGD, about 50% lower (overvalued).
What is the fair value of S68?
Our model-based fair value for SINGAPORE EXCHANGE LIMITED is 10.44 SGD (as of Nov 1, 2026), built from audited fundamentals. The current price: 21.01 SGD.
What is the quality score of S68?
SINGAPORE EXCHANGE LIMITED has a Quality Score of 78/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for SINGAPORE EXCHANGE LIMITED (S68)?
Our model-based price target is the fair value of 10.44 SGD (as of Nov 1, 2026) from 13 valuation models. Cautious scenario 6.36 SGD, optimistic scenario 18.20 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the SINGAPORE EXCHANGE LIMITED stock forecast for 2026?
Our models put fair value at 10.44 SGD, about 50% lower versus a price of 21.01 SGD (overvalued). Cautious scenario 6.36 SGD, optimistic scenario 18.20 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of SINGAPORE EXCHANGE LIMITED (S68)?
SINGAPORE EXCHANGE LIMITED reported trailing-twelve-month revenue of about 1.6B SGD (latest available figure, as of Nov 1, 2026).
Does SINGAPORE EXCHANGE LIMITED pay a dividend?
SINGAPORE EXCHANGE LIMITED currently shows a dividend yield of 2.07% relative to its recent price (as of Nov 1, 2026).
What growth is priced into SINGAPORE EXCHANGE LIMITED (S68)?
For today's price to be fair in a discounted-cash-flow model, SINGAPORE EXCHANGE LIMITED would have to grow free cash flow by +10.6 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.1 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of S68 use?
Our models discount SINGAPORE EXCHANGE LIMITED at 7.9 %: a base by market capitalisation (large), damped by beta 0.30, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For SINGAPORE EXCHANGE LIMITED that is +10.6 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has SINGAPORE EXCHANGE LIMITED (S68) delivered so far?
Over the past 5 years revenue at SINGAPORE EXCHANGE LIMITED grew +8.1 % a year. The price currently implies +10.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of SINGAPORE EXCHANGE LIMITED (S68) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into SINGAPORE EXCHANGE LIMITED (+10.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of SINGAPORE EXCHANGE LIMITED (S68)?
The free-cash-flow yield on the price is 3.51 %: that much free cash flow SINGAPORE EXCHANGE LIMITED produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SINGAPORE EXCHANGE LIMITED (S68)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SINGAPORE EXCHANGE LIMITED it is 10.44 SGD per share (as of Nov 1, 2026), against a price of 21.01 SGD. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is SINGAPORE EXCHANGE LIMITED stock overvalued or undervalued in 2026?
As of Nov 1, 2026, S68 trades above its calculated fair value: price 21.01 SGD, fair value 10.44 SGD, a gap of about −50% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of S68?
No. The price is what the market pays today (21.01 SGD); the fair value is what the company's own numbers justify (10.44 SGD). For SINGAPORE EXCHANGE LIMITED the two are 10.57 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is SINGAPORE EXCHANGE LIMITED worth?
The market values SINGAPORE EXCHANGE LIMITED at about 22.5B SGD (market capitalisation, as of Nov 1, 2026). Per share that is 21.01 SGD; our models calculate a fair value of 10.44 SGD per share.
What do the bullish and bearish scenarios say about S68?
Our models span a range for SINGAPORE EXCHANGE LIMITED: cautious scenario 6.36 SGD, base 10.44 SGD, optimistic 18.20 SGD per share (as of Nov 1, 2026, price 21.01 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of S68?
SINGAPORE EXCHANGE LIMITED trades at a price-to-earnings ratio of 32.3 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 10.44 SGD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 22.0. Other multiples: PEG 2.6, P/B 9.5, P/S 14.4, EV/EBITDA 22.7.
What is the PEG ratio of S68?
The PEG ratio of SINGAPORE EXCHANGE LIMITED is 2.65 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of SINGAPORE EXCHANGE LIMITED (S68)?
Balance-sheet figures for SINGAPORE EXCHANGE LIMITED (as of Nov 1, 2026): return on equity 30.6%. They feed the Quality Score of 78/100, which measures business quality independently of the share price.
How far is S68 from its 52-week high?
SINGAPORE EXCHANGE LIMITED trades at 21.01 SGD, about 18% below its 52-week high of 25.57 SGD and 30% above the low of 16.15 SGD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 10.44 SGD is for.
Which stocks are comparable to SINGAPORE EXCHANGE LIMITED?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is SINGAPORE EXCHANGE LIMITED stock attractive at the current price?
The data as of Nov 1, 2026: price 21.01 SGD, calculated fair value 10.44 SGD (−50%), Quality Score 78/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of S68 calculated?
We run SINGAPORE EXCHANGE LIMITED through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 10.44 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. SINGAPORE EXCHANGE LIMITED itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of SINGAPORE EXCHANGE LIMITED (S68)?
The closing price on Nov 5, 2026 was 21.01 SGD. Our model-based fair value is 10.44 SGD, about 50% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SINGAPORE EXCHANGE LIMITED right now?
A high-quality business (quality 78/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (18.20 SGD). The favourable scenario is already priced in. The model range is unusually wide (6.36 SGD to 18.20 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of SINGAPORE EXCHANGE LIMITED
How large is the market capitalisation of SINGAPORE EXCHANGE LIMITED (S68)?
The market capitalisation of SINGAPORE EXCHANGE LIMITED is 22.5B SGD (≈ $17.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of SINGAPORE EXCHANGE LIMITED (S68)?
The price-to-sales ratio of SINGAPORE EXCHANGE LIMITED is 14.4 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of SINGAPORE EXCHANGE LIMITED (S68)?
Earnings per share at SINGAPORE EXCHANGE LIMITED are 0.6500 SGD (price ÷ EPS = P/E 32.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SINGAPORE EXCHANGE LIMITED (S68)?
The dividend yield of SINGAPORE EXCHANGE LIMITED is 2.1% (payout 66.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of SINGAPORE EXCHANGE LIMITED (S68)?
The net margin of SINGAPORE EXCHANGE LIMITED is 44.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of SINGAPORE EXCHANGE LIMITED (S68)?
The return on equity (ROE) of SINGAPORE EXCHANGE LIMITED is 30.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of SINGAPORE EXCHANGE LIMITED (S68)?
On an EBIT basis the return on assets of SINGAPORE EXCHANGE LIMITED is 16.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of SINGAPORE EXCHANGE LIMITED (S68)?
The operating margin of SINGAPORE EXCHANGE LIMITED is 56.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SINGAPORE EXCHANGE LIMITED (S68)?
Revenue at SINGAPORE EXCHANGE LIMITED is growing +19.6% versus a year earlier (3y avg +9.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at SINGAPORE EXCHANGE LIMITED (S68)?
Earnings per share at SINGAPORE EXCHANGE LIMITED are growing +15.0% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 1, 2026