Projected Income Statement: Singapore Exchange Limited

Forecast Balance Sheet: Singapore Exchange Limited

Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -1,060 -303 -1,033 -998 -1,130 -819 -1,408 -1,444
Change - 71.42% -240.92% 3.39% -13.23% 27.52% -71.92% -2.56%
Announcement Date 04/08/21 17/08/22 16/08/23 07/08/24 07/08/25 - - -
1SGD in Million
Estimates

Cash Flow Forecast: Singapore Exchange Limited

Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 45.28 44.15 54.3 64.57 68.11 90.02 89.34 89.25
Change - -2.5% 23% 18.9% 5.49% 32.16% -0.75% -0.1%
Free Cash Flow (FCF) 1 507.7 539.4 392.4 551.2 773.6 704.2 789.7 855.4
Change - 6.25% -27.25% 40.48% 40.33% -8.97% 12.14% 8.33%
Announcement Date 04/08/21 17/08/22 16/08/23 07/08/24 07/08/25 - - -
1SGD in Million
Estimates

Forecast Financial Ratios: Singapore Exchange Limited

Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 59.2% 57.7% 57.59% 57.01% 60.7% 62.23% 62.87% 64.12%
EBIT Margin (%) 50.26% 48.9% 49.36% 49.23% 54.2% 56.96% 57.76% 58.67%
EBT Margin (%) 50.8% 49.55% 56.41% 57.57% 57.34% 57.87% 59.18% 60.41%
Net margin (%) 42.18% 41.07% 47.8% 48.54% 47.28% 47.61% 48.76% 49.72%
FCF margin (%) 48.07% 49.08% 32.85% 44.75% 56.44% 48.41% 50.8% 51.89%
FCF / Net Income (%) 113.98% 119.49% 68.73% 92.19% 119.38% 101.67% 104.2% 104.38%

Profitability

        
ROA 15.68% 13.29% 14.96% 15.4% 15.94% 15.87% 16.18% 16.35%
ROE 33.99% 31.16% 35.18% 32.67% 31.15% 30.01% 29.84% 29.09%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 4.29% 4.02% 4.55% 5.24% 4.97% 6.19% 5.75% 5.41%
CAPEX / EBITDA (%) 7.24% 6.96% 7.89% 9.19% 8.19% 9.94% 9.14% 8.44%
CAPEX / FCF (%) 8.92% 8.19% 13.84% 11.71% 8.81% 12.78% 11.31% 10.43%

Items per share

        
Cash flow per share 1 0.5096 0.5282 - - 0.7828 0.667 0.723 -
Change - 3.65% - - - -14.79% 8.4% -
Dividend per Share 1 0.32 0.32 0.325 0.345 0.375 0.4465 0.4911 0.539
Change - 0% 1.56% 6.15% 8.7% 19.06% 10% 9.75%
Book Value Per Share 1 1.3 1.45 1.59 1.79 2.046 2.266 2.474 2.754
Change - 11.54% 9.66% 12.58% 14.3% 10.74% 9.18% 11.32%
EPS 1 0.416 0.422 0.534 0.559 0.603 0.6477 0.7109 0.7681
Change - 1.44% 26.54% 4.68% 7.87% 7.41% 9.77% 8.04%
Nbr of stocks (in thousands) 1,068,890 1,067,985 1,067,988 1,068,647 1,068,906 1,070,031 1,070,031 1,070,031
Announcement Date 04/08/21 17/08/22 16/08/23 07/08/24 07/08/25 - - -
1SGD
Estimates
2026 *2027 *
P/E ratio 27.5x 25.1x
PBR 7.87x 7.2x
EV / Sales 12.5x 11.4x
Yield 2.51% 2.76%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
17.82SGD
Average target price
18.60SGD
Spread / Average Target
+4.39%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. S68 Stock
  4. Financials Singapore Exchange Limited