Company Valuation: Singapore Exchange Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 8,915 11,950 10,103 10,263 10,131 14,687 - -
Change - 34.04% -15.46% 1.59% -1.29% 44.97% - -
Enterprise Value (EV) 1 8,008 10,890 9,800 9,230 9,133 13,482 13,285 13,032
Change - 35.99% -10.01% -5.82% -1.06% 47.63% -1.47% -1.9%
P/E ratio 18.9x 26.9x 22.4x 18x 17x 23.2x 22.3x 21.2x
PBR 7.19x 8.6x 6.52x 6.04x 5.3x 6.91x 6.23x 5.61x
PEG - -4.75x 15.53x 0.7x 3.63x 4.01x 5.09x 4.21x
Capitalization / Revenue 8.47x 11.3x 9.19x 8.59x 8.23x 10.8x 10.4x 9.94x
EV / Revenue 7.61x 10.3x 8.92x 7.73x 7.41x 9.96x 9.41x 8.82x
EV / EBITDA 12.2x 17.4x 15.5x 13.4x 13x 16.4x 15.6x 14.6x
EV / EBIT 14.2x 20.5x 18.2x 15.7x 15.1x 18.3x 17.3x 16.2x
EV / FCF 13.6x 21.5x 18.2x 23.5x 16.6x 22x 21x 19.6x
FCF Yield 7.36% 4.66% 5.5% 4.25% 6.04% 4.54% 4.76% 5.11%
Dividend per Share 2 0.305 0.32 0.32 0.325 0.345 0.3686 0.3893 0.4132
Rate of return 3.66% 2.86% 3.38% 3.38% 3.64% 2.68% 2.83% 3.01%
EPS 2 0.441 0.416 0.422 0.534 0.559 0.5914 0.6173 0.6483
Distribution rate 69.2% 76.9% 75.8% 60.9% 61.7% 62.3% 63.1% 63.7%
Net sales 1 1,053 1,056 1,099 1,194 1,232 1,354 1,412 1,477
EBITDA 1 655.7 625.2 634.1 687.9 702.2 820.2 849.2 891.9
EBIT 1 565.8 530.7 537.4 589.5 606.4 738.1 768.4 805.5
Net income 1 472 445.4 451.4 570.9 597.9 639 661.1 694.8
Net Debt 1 -907.4 -1,060 -303 -1,033 -998.1 -1,205 -1,402 -1,655
Reference price 2 8.34 11.18 9.46 9.61 9.48 13.74 13.74 13.74
Nbr of stocks (in thousands) 1,068,979 1,068,890 1,067,985 1,067,988 1,068,647 1,068,906 - -
Announcement Date 7/30/20 8/4/21 8/17/22 8/16/23 8/7/24 - - -
1SGD in Million2SGD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.23x9.96x16.44x2.68% 11.42B
33.1x12.03x18.2x1.07% 102B
54.3x6.76x14.05x1.3% 76.82B
33.2x13.72x18.74x2.66% 63.21B
24.66x8.88x15.16x1.58% 57.63B
33.98x11.36x19.94x1.21% 49.43B
22.74x8.95x14.5x2.2% 17.11B
14.35x6.73x9.64x6.69% 12.88B
33.02x10.31x18.54x1.42% 11.47B
31.54x8.71x17.39x1.4% 8.24B
Average 30.41x 9.74x 16.26x 2.22% 41.06B
Weighted average by Cap. 34.68x 10.31x 16.81x 1.73%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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