Company Valuation: Singapore Exchange Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 11,950 10,103 10,263 10,131 15,905 18,854 - -
Change - -15.46% 1.59% -1.29% 57% 18.54% - -
Enterprise Value (EV) 1 10,890 9,800 9,230 9,133 14,775 17,825 17,566 17,374
Change - -10.01% -5.82% -1.06% 61.79% 20.64% -1.45% -1.09%
P/E ratio 26.9x 22.4x 18x 17x 24.7x 27.2x 25.3x 23.3x
PBR 8.6x 6.52x 6.04x 5.3x 7.27x 7.79x 7.11x 6.37x
PEG - 15.53x 0.7x 3.63x 3.14x 3.78x 3.23x 2.75x
Capitalization / Revenue 11.3x 9.19x 8.59x 8.23x 11.6x 13.1x 12.3x 11.6x
EV / Revenue 10.3x 8.92x 7.73x 7.41x 10.8x 12.4x 11.5x 10.7x
EV / EBITDA 17.4x 15.5x 13.4x 13x 17.8x 20.1x 18.5x 17x
EV / EBIT 20.5x 18.2x 15.7x 15.1x 19.9x 21.9x 20.1x 18.5x
EV / FCF 21.5x 18.2x 23.5x 16.6x 19.1x 25.8x 23.4x 21.5x
FCF Yield 4.66% 5.5% 4.25% 6.04% 5.24% 3.88% 4.27% 4.65%
Dividend per Share 2 0.32 0.32 0.325 0.345 0.375 0.4455 0.4887 0.532
Rate of return 2.86% 3.38% 3.38% 3.64% 2.52% 2.53% 2.77% 3.02%
EPS 2 0.416 0.422 0.534 0.559 0.603 0.6464 0.6971 0.7562
Distribution rate 76.9% 75.8% 60.9% 61.7% 62.2% 68.9% 70.1% 70.3%
Net sales 1 1,056 1,099 1,194 1,232 1,371 1,441 1,529 1,622
EBITDA 1 625.2 634.1 687.9 702.2 832 888.9 950.7 1,024
EBIT 1 530.7 537.4 589.5 606.4 742.8 813.6 873.8 940.1
Net income 1 445.4 451.4 570.9 597.9 648 686 738.6 800
Net Debt 1 -1,060 -303 -1,033 -998.1 -1,130 -1,030 -1,288 -1,480
Reference price 2 11.18 9.46 9.61 9.48 14.88 17.61 17.61 17.61
Nbr of stocks (in thousands) 1,068,890 1,067,985 1,067,988 1,068,647 1,068,906 1,070,658 - -
Announcement Date 04/08/21 17/08/22 16/08/23 07/08/24 07/08/25 - - -
1SGD in Million2SGD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.38x12.43x20.16x2.52% 14.7B
31.01x11.83x17.95x1.11% 99.2B
31.85x15.41x19.87x2.82% 71.04B
43.08x5.79x11.89x1.55% 62.4B
35.36x13x22.39x1.04% 57.66B
19.35x7.14x12.21x2% 44.88B
16.02x7.74x11.15x4.7% 14.54B
18.88x7.47x11.94x2.64% 14.12B
30.29x9.44x17.06x1.63% 10.32B
21.16x-1.81x-3.05x1.4% 8.52B
Average 27.44x 8.84x 14.16x 2.14% 39.74B
Weighted average by Cap. 31.03x 10.52x 16.48x 1.83%
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Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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