# DBS Group Holdings (DEVL.F)

Canonical: https://gigainvestors.com/s/DEVL.F

Analysis as of: 2026-10-16T07:33:38.191Z. Financial observations: FY2018–FY2025.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 51.30 per share; close as of 2026-10-15.

Estimated value: low EUR 67.20 per share, central EUR 71.41 per share, high EUR 77.02 per share. Buy at or below the central value EUR 71.41 per share. Valuation as of 2026-10-16T07:33:38.191Z; scenarios are not confidence intervals.

Expected annual return: 20.2% at the stated quote. About 20.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.88×

- FY2019: 0.93×

- FY2020: 0.59×

- FY2021: 0.67×

- FY2022: 0.87×

- FY2023: 1.28×

- FY2024: 1.32×

- FY2025: 1.17×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 17.1%

- ROIC, second-lowest year: 12.3%

- Years with nonpositive capital: 8

- Capital spending / revenue: 4.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 18.5%

- FY2019: 21.0%

- FY2020: 12.3%

- FY2021: 13.1%

- FY2022: 12.1%

- FY2023: 21.1%

- FY2024: 19.3%

- FY2025: 15.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 48B

- Net income, five-year total: SGD 47B

- Return on incremental invested capital: 1923.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.01×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.03×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.5% vs 19.3%

- Per-share earnings: 2.19 to 3.84 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: SGD 99B

- Cumulative retained earnings: SGD 26B

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.9%

- Per-share value change: SGD 1.65

- Per-share value, starting three-year median: SGD 2.19

- Per-share value, ending three-year median: SGD 3.84

- Buybacks concentrated in cheaper years (correlation): -0.12

- Average buyback yield: 0.7%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 18.5%

- ROIC, last three-year median: 19.3%

Chart: Earnings per share; fiscal year observations.

- FY2018: SGD 2.19

- FY2019: SGD 2.50

- FY2020: SGD 1.68

- FY2021: SGD 2.41

- FY2022: SGD 2.89

- FY2023: SGD 3.55

- FY2024: SGD 3.97

- FY2025: SGD 3.84

### accounting: pass

- Sloan accruals: -0.0%

- Receivables to sales index (DSRI): 0.90×

- Stock compensation / operating cash flow: 1.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.01×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2018: 1.2%

- FY2019: -0.8%

- FY2020: -3.1%

- FY2021: -0.1%

- FY2022: 0.7%

- FY2023: 0.6%

- FY2024: -0.5%

- FY2025: -0.0%

## Holders

## Price story

Price needs cash profits to shrink 10.1% a year for ten years · "DBS Q4 Profit Drops 10% as Margins Shrink" (finance.yahoo.com, Feb 2026) · sales +3.1%

Story as of 2026-10-16T09:59:56.309Z; price observation 2026-10-15.

Price needs cash profits to shrink 10.1% a year for ten years

- 2025-05-07: DBS tweaks 2025 guidance as Q1 profit beats expectations ([finance.yahoo.com](https://finance.yahoo.com/news/singapore-bank-dbs-first-quarter-224544126.html))

- 2025-08-13: DBS sees rising demand for yuan settlements from Chinese exporters ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/dbs-sees-rising-demand-yuan-060702609.html))

- 2026-02-09: DBS Q4 Profit Drops 10% as Margins Shrink ([finance.yahoo.com](https://finance.yahoo.com/news/dbs-q4-profit-drops-10-152250061.html))

### Sales · FY2024–2025

sales +3.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: SGD 13B 

- FY2019: SGD 15B 

- FY2020: SGD 15B 

- FY2021: SGD 14B 

- FY2022: SGD 16B 

- FY2023: SGD 20B 

- FY2024: SGD 22B 

- FY2025: SGD 23B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are SGD 22.9 billion.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.191Z); FY2025: revenue 22895000000; operatingIncome 26767000000; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DEVL.F: DBS Group Holdings Ltd provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Personal Banking; Institutional Banking; and Global Financial Markets segments. The Personal Banking segment offers banking and related financial services, including current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment, and insurance products for individual customers. The Institutional Banking segment provides financial services and products comprise short-term working capital financing and specialized lending; cash management, trade finance, and securities and fiduciary services; treasury and markets products; corporate finance and advisory banking services; and capital markets solutions for bank and non-bank financial institutions, government-linked companies, large corporates, and small and medium sized businesses. The Global Financial Markets segment is involved in the structuring, market-making, and trading in various treasury products. DBS Group Holdings Ltd was founded in 1968 and is headquartered in Singapore.

### Why customers stay

It earns 17.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.191Z); FY2023: operatingIncome / revenue = 127.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.191Z); FY2024: operatingIncome / revenue = 132.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.191Z); FY2025: operatingIncome / revenue = 116.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.191Z); 8-year return on capital observations [[2018,0.1852702620042818],[2019,0.20997038112237892],[2020,0.1229268114084868],[2021,0.13080607029864758],[2022,0.1206995122575308],[2023,0.21068801680670202],[2024,0.19262207305035542],[2025,0.15649323290036568]]; median 0.17088174745232373. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 2.8% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2018-12-31 (filed 2026-10-16T07:33:38.191Z); FY2018: growth capex 0; upkeep 533000000; owner earnings 5375000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2019-12-31 (filed 2026-10-16T07:33:38.191Z); FY2019: growth capex 0; upkeep 586000000; owner earnings 6414000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2020-12-31 (filed 2026-10-16T07:33:38.191Z); FY2020: growth capex 0; upkeep 547000000; owner earnings 4822000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2021-12-31 (filed 2026-10-16T07:33:38.191Z); FY2021: growth capex 0; upkeep 567000000; owner earnings 6907000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2022-12-31 (filed 2026-10-16T07:33:38.191Z); FY2022: growth capex 0; upkeep 669000000; cash acquisitions 114000000; owner earnings 8225000000. Growth capex plus acquisitions / owner earnings = 0.013860182370820668.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2023-12-31 (filed 2026-10-16T07:33:38.191Z); FY2023: growth capex 0; upkeep 718000000; cash acquisitions 0; owner earnings 10090000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2024-12-31 (filed 2026-10-16T07:33:38.191Z); FY2024: growth capex 87000000; upkeep 829000000; cash acquisitions 583000000; owner earnings 11290000000. Growth capex plus acquisitions / owner earnings = 0.05934455270150576.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.191Z); FY2025: growth capex 0; upkeep 525000000; cash acquisitions 314000000; owner earnings 11256000000. Growth capex plus acquisitions / owner earnings = 0.027896233120113717.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.191Z); Incremental return on capital 19.238191849009326, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.191Z); Dividend observations: [[2018,4432000000],[2019,3931000000],[2020,2411000000],[2021,2392000000],[2022,3789000000],[2023,6013000000],[2024,6083000000],[2025,8151000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/DEVL.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.191Z); FY2025: cash repurchases 397000000 SGD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DEVL.F SharesStats.PercentInsiders = 0.6 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 10.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.191Z); Ten-year compound average after fade. Initial solved rate -0.1532685249075329. Price 51.3; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 9.69 per share

- 2016-11: EUR 11.46 per share

- 2016-12: EUR 11.20 per share

- 2017-01: EUR 12.38 per share

- 2017-02: EUR 12.50 per share

- 2017-03: EUR 12.76 per share

- 2017-04: EUR 12.56 per share

- 2017-05: EUR 13.19 per share

- 2017-06: EUR 13.14 per share

- 2017-07: EUR 13.39 per share

- 2017-08: EUR 12.77 per share

- 2017-09: EUR 12.78 per share

- 2017-10: EUR 14.06 per share

- 2017-11: EUR 15.18 per share

- 2017-12: EUR 15.34 per share

- 2018-01: EUR 16.16 per share

- 2018-02: EUR 17.46 per share

- 2018-03: EUR 16.78 per share

- 2018-04: EUR 19.26 per share

- 2018-05: EUR 18.16 per share

- 2018-06: EUR 16.71 per share

- 2018-07: EUR 16.60 per share

- 2018-08: EUR 15.49 per share

- 2018-09: EUR 16.10 per share

- 2018-10: EUR 14.63 per share

- 2018-11: EUR 15.30 per share

- 2018-12: EUR 14.82 per share

- 2019-01: EUR 15.01 per share

- 2019-02: EUR 16.06 per share

- 2019-03: EUR 16.48 per share

- 2019-04: EUR 18.53 per share

- 2019-05: EUR 15.45 per share

- 2019-06: EUR 16.60 per share

- 2019-07: EUR 17.10 per share

- 2019-08: EUR 15.92 per share

- 2019-09: EUR 16.26 per share

- 2019-10: EUR 17.14 per share

- 2019-11: EUR 16.80 per share

- 2019-12: EUR 16.78 per share

- 2020-01: EUR 16.57 per share

- 2020-02: EUR 15.60 per share

- 2020-03: EUR 11.73 per share

- 2020-04: EUR 13.14 per share

- 2020-05: EUR 12.46 per share

- 2020-06: EUR 13.31 per share

- 2020-07: EUR 12.10 per share

- 2020-08: EUR 12.84 per share

- 2020-09: EUR 12.40 per share

- 2020-10: EUR 12.73 per share

- 2020-11: EUR 15.71 per share

- 2020-12: EUR 15.37 per share

- 2021-01: EUR 15.54 per share

- 2021-02: EUR 16.41 per share

- 2021-03: EUR 18.17 per share

- 2021-04: EUR 18.66 per share

- 2021-05: EUR 18.64 per share

- 2021-06: EUR 18.61 per share

- 2021-07: EUR 18.96 per share

- 2021-08: EUR 18.86 per share

- 2021-09: EUR 19.06 per share

- 2021-10: EUR 20.01 per share

- 2021-11: EUR 19.68 per share

- 2021-12: EUR 21.55 per share

- 2022-01: EUR 22.98 per share

- 2022-02: EUR 22.43 per share

- 2022-03: EUR 23.59 per share

- 2022-04: EUR 23.49 per share

- 2022-05: EUR 21.41 per share

- 2022-06: EUR 20.44 per share

- 2022-07: EUR 22.17 per share

- 2022-08: EUR 22.98 per share

- 2022-09: EUR 23.65 per share

- 2022-10: EUR 24.37 per share

- 2022-11: EUR 24.47 per share

- 2022-12: EUR 23.66 per share

- 2023-01: EUR 25.04 per share

- 2023-02: EUR 23.93 per share

- 2023-03: EUR 22.79 per share

- 2023-04: EUR 22.30 per share

- 2023-05: EUR 21.43 per share

- 2023-06: EUR 21.29 per share

- 2023-07: EUR 23.14 per share

- 2023-08: EUR 22.63 per share

- 2023-09: EUR 23.29 per share

- 2023-10: EUR 22.45 per share

- 2023-11: EUR 21.80 per share

- 2023-12: EUR 22.62 per share

- 2024-01: EUR 21.71 per share

- 2024-02: EUR 22.76 per share

- 2024-03: EUR 24.60 per share

- 2024-04: EUR 23.91 per share

- 2024-05: EUR 24.55 per share

- 2024-06: EUR 25.10 per share

- 2024-07: EUR 25.18 per share

- 2024-08: EUR 24.86 per share

- 2024-09: EUR 26.17 per share

- 2024-10: EUR 27.72 per share

- 2024-11: EUR 29.90 per share

- 2024-12: EUR 30.84 per share

- 2025-01: EUR 31.84 per share

- 2025-02: EUR 32.96 per share

- 2025-03: EUR 32.27 per share

- 2025-04: EUR 28.34 per share

- 2025-05: EUR 30.69 per share

- 2025-06: EUR 30.44 per share

- 2025-07: EUR 32.80 per share

- 2025-08: EUR 33.94 per share

- 2025-09: EUR 34.28 per share

- 2025-10: EUR 35.28 per share

- 2025-11: EUR 36.22 per share

- 2025-12: EUR 37.41 per share

- 2026-01: EUR 39.03 per share

- 2026-02: EUR 38.03 per share

- 2026-03: EUR 38.22 per share

- 2026-04: EUR 39.38 per share

- 2026-05: EUR 42.43 per share

- 2026-06: EUR 44.59 per share

- 2026-07: EUR 50.03 per share

- 2026-08: EUR 52.73 per share

- 2026-09: EUR 53.33 per share

- 2026-10: EUR 51.05 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 47.74 per share, central EUR 50.44 per share, high EUR 54.03 per share

- FY2023: low EUR 55.38 per share, central EUR 59.01 per share, high EUR 63.84 per share

- FY2024: low EUR 63.77 per share, central EUR 67.85 per share, high EUR 73.28 per share

- FY2025: low EUR 67.06 per share, central EUR 71.26 per share, high EUR 76.86 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.