DDM Analysis: S68.SI

Valuation Snapshot

Stable Growth	$27.27 - $75.52	$42.25
Multi-Stage	$27.45 - $30.08	$28.74
Blended Fair Value	$35.49
Current Price	$14.88
Upside	138.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.71%	2.54%	0.35	0.34	0.32	0.32	0.32	0.30	0.37	0.28	0.28	0.31
YoY Growth	-	-	5.59%	6.04%	0.56%	-0.08%	6.63%	-19.98%	33.86%	0.00%	-9.73%	10.76%
Dividend Yield	-	-	2.39%	3.58%	3.30%	3.33%	2.82%	3.55%	4.69%	3.85%	3.76%	4.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,245.89
(-) Cash Dividends Paid (M)	557.84
(=) Cash Retained (M)	688.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	249.18	155.74	93.44
Cash Retained (M)	688.05	688.05	688.05
(-) Cash Required (M)	-249.18	-155.74	-93.44
(=) Excess Retained (M)	438.87	532.31	594.61
(/) Shares Outstanding (M)	1,085.81	1,085.81	1,085.81
(=) Excess Retained per Share	0.40	0.49	0.55
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.40	0.49	0.55
(=) Adjusted Dividend	0.92	1.00	1.06
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	3.42%	4.42%	5.42%
Fair Value	$27.27	$42.25	$75.52
Upside / Downside	83.25%	183.92%	407.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,245.89	1,300.96	1,358.46	1,418.50	1,481.20	1,546.67	1,593.07
Payout Ratio	44.77%	53.82%	62.86%	71.91%	80.95%	90.00%	92.50%
Projected Dividends (M)	557.84	700.17	853.99	1,020.04	1,199.11	1,392.00	1,473.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	3.42%	4.42%	5.42%
Year 1 PV (M)	648.70	654.97	661.24
Year 2 PV (M)	733.04	747.29	761.67
Year 3 PV (M)	811.20	834.96	859.18
Year 4 PV (M)	883.50	918.17	953.85
Year 5 PV (M)	950.22	997.06	1,045.73
PV of Terminal Value (M)	25,782.77	27,053.62	28,374.09
Equity Value (M)	29,809.43	31,206.07	32,655.76
Shares Outstanding (M)	1,085.81	1,085.81	1,085.81
Fair Value	$27.45	$28.74	$30.08
Upside / Downside	84.50%	93.14%	102.12%

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Singapore Exchange Limited (S68.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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