Singapore Exchange Limited

DB:SOU Stock Report

Market Cap: €9.5b

Singapore Exchange Valuation

Is SOU undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SOU when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SOU (€8.74) is trading below our estimate of fair value (€9.51)

Significantly Below Fair Value: SOU is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SOU?

Key metric: As SOU is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SOU. This is calculated by dividing SOU's market cap by their current earnings.
What is SOU's PE Ratio?
PE Ratio22.4x
EarningsS$597.91m
Market CapS$13.42b

Price to Earnings Ratio vs Peers

How does SOU's PE Ratio compare to its peers?

The above table shows the PE ratio for SOU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.7x
DB1 Deutsche Börse
21.2x4.6%€39.1b
DWS DWS Group GmbH KGaA
13.3x12.7%€7.9b
DBK Deutsche Bank
8x13.4%€31.1b
FTK flatexDEGIRO
12.4x8.4%€1.4b
SOU Singapore Exchange
22.4x3.9%€13.4b

Price-To-Earnings vs Peers: SOU is expensive based on its Price-To-Earnings Ratio (22.4x) compared to the peer average (13.7x).

Price to Earnings Ratio vs Industry

How does SOU's PE Ratio compare vs other companies in the DE Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AR4 AURELIUS Equity Opportunities SE KGaA
3.8xn/aUS$408.35m
HXCK Ernst Russ
3.7x-18.2%US$206.94m
VG8 Varengold Bank
1.9xn/aUS$24.63m
XE8 Black Sea Property
0.7xn/aUS$7.73m
No more companies available in this PE range
SOU 22.4xIndustry Avg. 20.6xNo. of Companies7PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SOU is expensive based on its Price-To-Earnings Ratio (22.4x) compared to the German Capital Markets industry average (20.6x).

Price to Earnings Ratio vs Fair Ratio

What is SOU's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SOU PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.4x
Fair PE Ratio15.9x

Price-To-Earnings vs Fair Ratio: SOU is expensive based on its Price-To-Earnings Ratio (22.4x) compared to the estimated Fair Price-To-Earnings Ratio (15.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SOU forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€8.74
€8.50
-2.7%
10.3%€10.11€7.15n/a14
Nov ’25€7.74
€8.02
+3.6%
9.1%€8.97€7.02n/a13
Oct ’25€7.80
€7.78
-0.3%
9.3%€8.85€6.90n/a13
Sep ’25€7.40
€7.34
-0.8%
6.8%€8.77€6.65n/a13
Aug ’25€6.72
€7.19
+6.9%
7.1%€8.54€6.41n/a12
Jul ’25€6.37
€7.04
+10.4%
8.6%€8.55€6.18n/a12
Jun ’25€6.38
€6.94
+8.9%
8.8%€8.47€6.12n/a12
May ’25€6.21
€6.82
+9.9%
9.8%€8.51€5.83n/a12
Apr ’25€6.20
€6.87
+10.9%
9.1%€8.52€5.84n/a13
Mar ’25€6.40
€6.89
+7.6%
9.3%€8.57€5.88n/a13
Feb ’25€6.40
€6.97
+8.9%
9.5%€8.54€6.17n/a13
Jan ’25€6.60
€7.07
+7.1%
8.7%€8.53€6.19n/a13
Dec ’24€6.50
€7.05
+8.5%
9.8%€8.89€6.15n/a13
Nov ’24€6.40
€7.04
+9.9%
11.6%€9.00€5.54€7.7413
Oct ’24€6.70
€6.90
+3.0%
13.0%€8.93€5.50€7.8013
Sep ’24€6.40
€6.82
+6.6%
12.5%€8.85€5.44€7.4014
Aug ’24€6.50
€6.68
+2.8%
13.2%€8.76€5.39€6.7213
Jul ’24€6.45
€6.86
+6.3%
12.6%€8.97€5.52€6.3714
Jun ’24€6.40
€6.86
+7.1%
12.6%€8.97€5.52€6.3814
May ’24€6.40
€6.60
+3.1%
9.9%€8.02€5.48€6.2113
Apr ’24€6.35
€6.68
+5.2%
10.2%€8.14€5.56€6.2013
Mar ’24€6.00
€6.81
+13.6%
9.6%€8.24€5.63€6.4014
Feb ’24€6.34
€6.87
+8.3%
10.5%€8.22€5.61€6.4014
Jan ’24€6.14
€6.86
+11.7%
10.1%€8.10€5.53€6.6015
Dec ’23€6.27
€7.13
+13.7%
9.0%€8.26€5.64€6.5016
Nov ’23€6.00
€7.29
+21.5%
9.0%€8.41€5.75€6.4016

Analyst Forecast: Target price is lower than the current share price.

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