SBS Transit Ltd (S61) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of SBS Transit Ltd S$3.64, price S$3.71, upside -1.9%, quality 70 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 27, 2026.
How to read this chart
60‑month range 1.73 SGD – 3.80 SGD · fair‑value band 2.71 SGD – 4.56 SGD · the 3.71 SGD price screens above the 3.64 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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SBS Transit Ltd engages in public transport operations and consultancy services relating to land transport in Singapore. It operates through Public Transport Services and Other Commercial Services segments.
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SBS Transit Ltd engages in public transport operations and consultancy services relating to land transport in Singapore. It operates through Public Transport Services and Other Commercial Services segments. The company offers basic, express, and city direct bus services; and rail services under the North East and Downtown lines, and the Sengkang and Punggol light rail transits to commuters traveling on public transport systems. It also provides advertising on buses, trains, bus interchanges, and rail stations; wheelchair-accessible bus services; and roadshow and shop spaces for rent at bus interchanges and rail stations. As of December 31, 2025, the company operated a fleet of 3,384 buses. The company was formerly known as Singapore Bus Services Limited and changed its name to SBS Transit Ltd in November 2001. The company was incorporated in 1992 and is based in Singapore. SBS Transit Ltd operates as a subsidiary of ComfortDelGro Corporation Limited.
Stock analysis
SBS Transit Ltd (S61) currently trades at 3.71 SGD, while our model-based Fair Value estimate is 3.64 SGD, so the stock looks roughly fairly valued today (gap 1.9%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 3.85 SGD per share, and 10 of the 22 models we run sit above the 3.71 SGD price.
Bear case: the Asset-Based group reads lowest at 1.46 SGD, and 12 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: 2.71 SGD (bear) to 4.56 SGD (bull), the price of 3.71 SGD sits inside 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 70/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
SBS Transit Ltd reported revenue of 1.5B SGD in FY2025 versus 1.3B SGD in FY2021, a compound +3.7%/yr. Reported net income was 61.2M SGD in FY2025, compounding +4.3%/yr from FY2021.
Key figures
Market cap 1.2B SGD (≈ $907M) · P/E ratio 19.5 · P/S ratio 0.79 · EPS (TTM) 0.1900 SGD · Dividend yield 4.6% · Net margin 4.0% · Return on equity 9.4% · Return on assets (EBIT) 6.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 2% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −19% fair-value upside, at −2%, S61 screens cheaper than that median.
Fair Value models
Bear 2.71 SGDFair Value 3.64 SGDBull 4.56 SGD
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 (0.0144 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.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
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.7%
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.
+0.0%
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.
+4.3%
Start year 2020 (pandemic). Over 10 years: +4.0% 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.
+5.0%
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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.
−0.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.0%
Dividend (yield on the price)4.6%
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.−5.0% vs 6.8%, slowing
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.7% → 5%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−2.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about −4.7% a year for the price.
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.Railroads · 106 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−1.9% · Above median
Profitability
Return on equity (TTM)9.4% · Above median
Return on assets4.1% · Above median
Net margin (TTM)3.8% · Below median
Operating margin (TTM)4.1% · Below median
Growth and dividend
Revenue growth5.8% · Above median
Dividend yield (TTM)4.6% · Top 25%
Valuation Multiplesvs Railroads median · lower = cheaper
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Is SBS Transit Ltd (S61) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 3.64 SGD versus a price of 3.71 SGD, about −2% upside (fairly valued).
What is the fair value of S61?
Our model-based fair value for SBS Transit Ltd is 3.64 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 3.71 SGD.
What is the quality score of S61?
SBS Transit Ltd has a Quality Score of 70/100. 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 SBS Transit Ltd (S61)?
Our model-based price target is the fair value of 3.64 SGD (as of Sep 27, 2026) from 22 valuation models. Cautious scenario 2.71 SGD, optimistic scenario 4.56 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the SBS Transit Ltd stock forecast for 2026?
Our models put fair value at 3.64 SGD, about −2% upside versus a price of 3.71 SGD (fairly valued). Cautious scenario 2.71 SGD, optimistic scenario 4.56 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of SBS Transit Ltd (S61)?
SBS Transit Ltd reported trailing-twelve-month revenue of about 1.6B SGD (latest available figure, as of Sep 27, 2026).
Does SBS Transit Ltd pay a dividend?
SBS Transit Ltd currently shows a dividend yield of about 4.61% relative to its recent price (as of Sep 27, 2026).
What growth is priced into SBS Transit Ltd (S61)?
For today's price to be fair in a discounted-cash-flow model, SBS Transit Ltd would have to grow free cash flow by -2.7 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of S61 use?
Our models discount SBS Transit Ltd at 9.6 %: a base by market capitalisation (small), damped by beta 0.06, 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 SBS Transit Ltd that is -2.7 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has SBS Transit Ltd (S61) delivered so far?
Over the past 5 years revenue at SBS Transit Ltd grew +4.3 % a year. The price currently implies -2.7 % 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 SBS Transit Ltd (S61) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into SBS Transit Ltd (-2.7 % 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 SBS Transit Ltd (S61)?
The free-cash-flow yield on the price is 8.99 %: that much free cash flow SBS Transit Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SBS Transit Ltd (S61)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SBS Transit Ltd it is 3.64 SGD per share (as of Sep 27, 2026), against a price of 3.71 SGD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is SBS Transit Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, S61 trades above its calculated fair value: price 3.71 SGD, fair value 3.64 SGD, a gap of about −2% (fairly valued). 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 S61?
No. The price is what the market pays today (3.71 SGD); the fair value is what the company's own numbers justify (3.64 SGD). For SBS Transit Ltd the two are 0.0700 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is SBS Transit Ltd worth?
The market values SBS Transit Ltd at about 1.2B SGD (market capitalisation, as of Sep 27, 2026). Per share that is 3.71 SGD; our models calculate a fair value of 3.64 SGD per share.
What do the bullish and bearish scenarios say about S61?
Our models span a range for SBS Transit Ltd: cautious scenario 2.71 SGD, base 3.64 SGD, optimistic 4.56 SGD per share (as of Sep 27, 2026, price 3.71 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of S61?
SBS Transit Ltd trades at a price-to-earnings ratio of 19.5 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.64 SGD is built from several models across several years. Other multiples: PEG 1.8, P/B 1.7, P/S 0.7, EV/EBITDA 8.5.
What is the PEG ratio of S61?
The PEG ratio of SBS Transit Ltd is 1.78 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of SBS Transit Ltd (S61)?
Balance-sheet figures for SBS Transit Ltd (as of Sep 27, 2026): return on equity 9.4%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is S61 from its 52-week high?
SBS Transit Ltd trades at 3.71 SGD, about 2% below its 52-week high of 3.80 SGD and 41% above the low of 2.63 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 3.64 SGD is for.
Which stocks are comparable to SBS Transit Ltd?
From the same area (Industrials) we also value Union Pacific Corporation, CSX Corporation, Canadian Pacific Kansas City Limited, Canadian National Railway Company, 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 SBS Transit Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price 3.71 SGD, calculated fair value 3.64 SGD (−2%), Quality Score 70/100, from 22 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 S61 calculated?
We run SBS Transit Ltd through 22 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 3.64 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 14.5 % above its aggregate fair value. SBS Transit Ltd 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 SBS Transit Ltd (S61)?
The closing price on Oct 2, 2026 was 3.71 SGD. Our model-based fair value is 3.64 SGD, about −2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SBS Transit Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of SBS Transit Ltd
How large is the market capitalisation of SBS Transit Ltd (S61)?
The market capitalisation of SBS Transit Ltd is 1.2B SGD (≈ $907M). 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 SBS Transit Ltd (S61)?
The price-to-sales ratio of SBS Transit Ltd is 0.79 (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 SBS Transit Ltd (S61)?
Earnings per share at SBS Transit Ltd are 0.1900 SGD (price ÷ EPS = P/E 19.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SBS Transit Ltd (S61)?
The dividend yield of SBS Transit Ltd is 4.6% (payout 90.0%). 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 SBS Transit Ltd (S61)?
The net margin of SBS Transit Ltd is 4.0% (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 SBS Transit Ltd (S61)?
The return on equity (ROE) of SBS Transit Ltd is 9.4% (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 SBS Transit Ltd (S61)?
On an EBIT basis the return on assets of SBS Transit Ltd is 6.1% (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 SBS Transit Ltd (S61)?
The operating margin of SBS Transit Ltd is 4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SBS Transit Ltd (S61)?
Revenue at SBS Transit Ltd is growing +5.8% versus a year earlier (3y avg +0.0%). 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 SBS Transit Ltd (S61)?
Earnings per share at SBS Transit Ltd are growing −9.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SBS Transit Ltd (S61) carry?
The net debt of SBS Transit Ltd is 19.4M SGD (fiscal year 2020, ≈ 0.2 yrs of FCF). 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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