SINGAPORE EXCHANGE LIMITED (S68) Fair Value & Analysis
Financial Services · SG · Market cap 25.5B SGD (≈ $20.1B) · ISIN SG1J26887955
What is SINGAPORE EXCHANGE LIMITED really worth?
A strong business, but trading 221% above our fair value of 7.88 SGD.
Strengths
Risks
For context
Fair value as of: Aug 30, 2026
From 13 valuation models · updated 6 days ago
Share price +5.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 83/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (14.96 SGD). The favourable scenario is already priced in.
- A fairly wide model range (5.91 SGD to 14.96 SGD) leaves room in how you read the outcome.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range 7.31 SGD – 25.57 SGD · fair‑value band 5.91 SGD – 14.96 SGD · the 25.30 SGD price screens above the 7.88 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
SINGAPORE EXCHANGE LIMITED (S68) currently trades at 25.30 SGD, while our model-based Fair Value estimate is 7.88 SGD, implying the stock looks roughly 221.0% overvalued today. The Quality Score stands at 83/100 (high quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of 10.31 SGD per share, and 0 of the 13 models we run sit above the 25.30 SGD price. Bear case: the Asset-Based group reads lowest at 1.38 SGD, and 13 of the 13 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, SINGAPORE EXCHANGE LIMITED generated revenue of 1.4B SGD at a net margin of 45.7%. Revenue grew 7.9% year over year. It earns a return on equity of 30.1%. The stock trades on a trailing P/E of 41.5. Fundamentals as of Aug 30, 2026
Our scenario range runs from 5.91 SGD (bear case) to 14.96 SGD (bull case); at 25.30 SGD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 89% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −55% fair-value upside, at −69%, S68 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly 0.1750 SGD per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: DCF Models (10.31 SGD) versus Asset-Based (1.38 SGD). Highest evidence: Growth DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 79 · Market factors (momentum, volatility) 90
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
S68 screens 221% overvalued. Compare with S&P Global Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- 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
Peer Group
Financial Data & Stock Exchanges · 53 stocks
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.
Valuation Multiples vs Financial Data & Stock Exchanges median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
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 (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| S&P Global Inc SPGI | $435.39 | $196.36 | −55% |
| CME Group CME | $285.80 | $145.51 | −49% |
| Moody's Corporation MCO | $514.95 | $192.63 | −63% |
| Intercontinental Exchange, Inc ICE | $162.33 | $75.95 | −53% |
| Hong Kong Exchanges and Clearing Limited 80388 | HK$360.20 | HK$280.07 | −22% |
| Deutsche Börse AG DB1 | €291.20 | €142.42 | −51% |
| Nasdaq, Inc NDAQ | $99.35 | $41.12 | −59% |
| MSCI Inc MSCI | $570.76 | $214.91 | −62% |
| Coinbase Global, Inc COIN | $190.72 | $73.66 | −61% |
| Cboe Global Markets, Inc CBOE | $310.45 | $136.64 | −56% |
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