City Developments Ltd (CDEVY) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of City Developments Ltd $7.10, price $5.95, upside +19.3%, quality 39 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $3.10 – $7.96 · fair‑value band $6.79 – $8.38 · the $5.95 price screens below the $7.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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City Developments Limited (CDL) is a leading global real estate company with a network spanning 167 locations across 28 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalization.
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City Developments Limited (CDL) is a leading global real estate company with a network spanning 167 locations across 28 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalization. Its income-stable and geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. With a proven track record of over 60 years in real estate development, investment, and management, the Group has developed over 55,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. The Group owns, operates and manages more than 160 hotels worldwide, many in key gateway cities, primarily through its flagship Millennium Hotels and Resorts (MHR). City Developments Limited was established on September 7th, 1963 and incorporated in Singapore.
Stock analysis
City Developments Ltd (CDEVY) currently trades at $5.95, while our model-based Fair Value estimate is $7.10, implying the stock looks roughly 16.2% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $8.70 per share, and 4 of the 8 models we run sit above the $5.95 price.
Bear case: the Dividend Discount group reads lowest at $1.95, and 4 of the 8 models stay below the price. Evidence for this calculation is high.
Scenario range: $6.79 (bear) to $8.38 (bull), the price of $5.95 sits below 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 39/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
City Developments Ltd reported revenue of 3.5B SGD in FY2025 versus 2.6B SGD in FY2021, a compound +7.8%/yr. Reported net income was 620M SGD in FY2025, compounding +64.5%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $5.5B · P/E ratio 11.2 · P/S ratio 1.96 · EPS (TTM) $0.5300 · Dividend yield 4.2% · Net margin 17.5% · Return on equity 6.4% · Return on assets (EBIT) 3.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 19%, CDEVY screens richer than that median.
Fair Value models
Bear $6.79Fair Value $7.10Bull $8.38
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.2048 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.Evidence ⓘEvidence = 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.56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.5%
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.
+2.5%
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.
+11.0%
Start year 2020 (pandemic). Over 10 years: +0.7% a year
Revenue growth 26 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.
+2.2%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+41.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+37.7%
Dividend (yield on the price)4.2%
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.14% vs −2%, picking up
Profit margin 2020 to 2025 ⓘ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.−40% → 11%
2025 sits 100% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
News mood ⓘNews mood, the average tone of recent news (60 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.
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.Real Estate - Development · 578 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside+19% · Above median
Profitability
Return on equity (TTM)6% · Above median
Return on assets1% · Below median
Net margin (TTM)18% · Above median
Operating margin (TTM)11% · Above median
Growth and dividend
Revenue growth11% · Above median
Dividend yield (TTM)4.2% · Above median
Balance sheet
Debt / equity1.07× · Highest 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
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Is City Developments Ltd (CDEVY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $7.10 versus a price of $5.95, about +19% upside (undervalued).
What is the fair value of CDEVY?
Our model-based fair value for City Developments Ltd is $7.10 (as of Sep 24, 2026), built from audited fundamentals. The current price: $5.95.
What is the quality score of CDEVY?
City Developments Ltd has a Quality Score of 39/100. 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 City Developments Ltd (CDEVY)?
Our model-based price target is the fair value of $7.10 (as of Sep 24, 2026) from 8 valuation models. Cautious scenario $6.79, optimistic scenario $8.38. It is a calculation from audited fundamentals, not an analyst target.
What is the City Developments Ltd stock forecast for 2026?
Our models put fair value at $7.10, about +19% upside versus a price of $5.95 (undervalued). Cautious scenario $6.79, optimistic scenario $8.38. The calculation is refreshed regularly with new filings.
What is the revenue of City Developments Ltd (CDEVY)?
City Developments Ltd reported trailing-twelve-month revenue of about 3.6B SGD (latest available figure, as of Sep 24, 2026).
Does City Developments Ltd pay a dividend?
City Developments Ltd currently shows a dividend yield of about 4.20% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of City Developments Ltd (CDEVY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For City Developments Ltd it is $7.10 per share (as of Sep 24, 2026), against a price of $5.95. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is City Developments Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CDEVY trades below its calculated fair value: price $5.95, fair value $7.10, a gap of about +19% (undervalued). 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 CDEVY?
No. The price is what the market pays today ($5.95); the fair value is what the company's own numbers justify ($7.10). For City Developments Ltd the two are $1.15 per share apart. That gap is exactly why we show both numbers side by side.
How much is City Developments Ltd worth?
The market values City Developments Ltd at about $5.5B (market capitalisation, as of Sep 24, 2026). Per share that is $5.95; our models calculate a fair value of $7.10 per share.
What do the bullish and bearish scenarios say about CDEVY?
Our models span a range for City Developments Ltd: cautious scenario $6.79, base $7.10, optimistic $8.38 per share (as of Sep 24, 2026, price $5.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CDEVY?
City Developments Ltd trades at a price-to-earnings ratio of 11.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $7.10 is built from several models across several years. Other multiples: PEG 0.6, P/B 0.6, P/S 1.5, EV/EBITDA 21.3.
What is the PEG ratio of CDEVY?
The PEG ratio of City Developments Ltd is 0.58 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of City Developments Ltd (CDEVY)?
Balance-sheet figures for City Developments Ltd (as of Sep 24, 2026): return on equity 6.4%, debt of 1.07 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is CDEVY from its 52-week high?
City Developments Ltd trades at $5.95, about 25% below its 52-week high of $7.96 and 22% above the low of $4.86 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $7.10 is for.
Which stocks are comparable to City Developments Ltd?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 City Developments Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price $5.95, calculated fair value $7.10 (+19%), Quality Score 39/100, from 8 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 CDEVY calculated?
We run City Developments Ltd through 8 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 $7.10, 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 14.1 % above its aggregate fair value. City Developments Ltd currently trades 19 % below its own fair value, and the market average says nothing about that. 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 City Developments Ltd (CDEVY)?
The closing price on Sep 23, 2026 was $5.95. Our model-based fair value is $7.10, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with City Developments Ltd right now?
The price is below even our cautious bear case ($6.79). The market is more pessimistic than our downside scenario. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of City Developments Ltd (CDEVY) come from?
Earnings per share at City Developments Ltd grew −6.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.1 %, EBIT margin −5.4 %, tax rate −1.8 %, residual (interest, one-offs) −0.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of City Developments Ltd
How large is the market capitalisation of City Developments Ltd (CDEVY)?
The market capitalisation of City Developments Ltd is $5.5B. 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 City Developments Ltd (CDEVY)?
The price-to-sales ratio of City Developments Ltd is 1.96 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of City Developments Ltd (CDEVY)?
Earnings per share at City Developments Ltd are $0.5300 (price ÷ EPS = P/E 11.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of City Developments Ltd (CDEVY)?
The dividend yield of City Developments Ltd is 4.2% (payout 47.2%). 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 City Developments Ltd (CDEVY)?
The net margin of City Developments Ltd is 17.5% (fiscal year 2025). 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 City Developments Ltd (CDEVY)?
The return on equity (ROE) of City Developments Ltd is 6.4% (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 City Developments Ltd (CDEVY)?
On an EBIT basis the return on assets of City Developments Ltd is 3.4% (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 City Developments Ltd (CDEVY)?
The operating margin of City Developments Ltd is 10.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at City Developments Ltd (CDEVY)?
Revenue at City Developments Ltd is growing +11.1% versus a year earlier (3y avg +2.5%). 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 City Developments Ltd (CDEVY)?
Earnings per share at City Developments Ltd are growing +366% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does City Developments Ltd (CDEVY) generate?
The free cash flow of City Developments Ltd is −2.3B SGD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does City Developments Ltd (CDEVY) carry?
The net debt of City Developments Ltd is 12.6B SGD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026