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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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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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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