Singapore Exchange Limited (SPXCF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Singapore Exchange Limited $6.46, price $17.00, upside -62.0%, quality 83 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Singapore Exchange Limited
SPXCF · USQuality Too ExpensiveExcellent quality, but the valuation looks stretched.
What runs behind every stock
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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 29, 2026.
How to read this chart
60‑month range $4.15 – $20.45 · fair‑value band $4.62 – $11.59 · the $17.00 price screens above the $6.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
Company profile
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. It operates through Fixed Income, Currencies and Commodities; Equities " Cash; Equities " Derivatives; and Platform and Others segments.
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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. 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 (SPXCF) currently trades at $17.00, while our model-based Fair Value estimate is $6.46, 62.0% 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 $8.22 per share, and 0 of the 13 models we run sit above the $17.00 price.
Bear case: the Asset-Based group reads lowest at $1.08, and 13 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: $4.62 (bear) to $11.59 (bull), the price of $17.00 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 83/100 (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 1.4B SGD in FY2025 versus 1.1B SGD in FY2021, a compound +6.7%/yr. Reported net income was 648M SGD in FY2025, compounding +9.8%/yr from FY2021.
Key figures
Market cap $19.8B · P/E ratio 36.2 · P/S ratio 17.1 · EPS (TTM) $0.4700 · Dividend yield 2.4% · Net margin 47.3% · Return on equity 30.1% · Return on assets (EBIT) 16.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
The share trades about 17% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at −62%, SPXCF screens richer than that median.
Fair Value models
All 13 models by family
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Set up alert →Quality Score breakdown
Of which business quality 79 · Market factors (momentum, volatility) 66
Revenue & earnings trend
Growth Forecast
SPXCF screens overvalued: fair value 62% below the price. Compare with S&P Global Inc →
Earlier news
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- Ambiq Expands Global Capital Markets Presence Through Singapore Exchange Mainboard Dual Listing
- Is It Too Late To Consider Singapore Exchange (SGX:S68) After A 55% One Year Rally?
- Assessing Singapore Exchange (SGX:S68) Valuation After Strong Recent Share Price Momentum
Compare Singapore Exchange Limited with another stock
Price, fair value, quality and upside side by side.
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 · 52 stocks
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| S&P Global Inc SPGI | $394.47 | $216.54 | −45% |
| CME Group CME | $265.10 | $199.88 | −25% |
| Intercontinental Exchange, Inc ICE | $152.03 | $138.87 | −9% |
| Moody's Corporation MCO | $460.08 | $198.41 | −57% |
| Deutsche Börse AG DB1 | €287.30 | €226.86 | −21% |
| Coinbase Global, Inc COIN | $189.29 | $185.08 | −2% |
| Nasdaq, Inc NDAQ | $91.85 | $41.61 | −55% |
| MSCI Inc MSCI | $539.76 | $262.25 | −51% |
| Cboe Global Markets, Inc CBOE | $253.26 | $247.55 | −2% |
| Hithink RoyalFlush Information Network Co 300033 | ¥204.10 | ¥135.82 | −33% |
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Frequently asked questions
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Key figures of Singapore Exchange Limited
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